Syfert Injury Law Firm
Your Trusted Partner in Personal Injury & Workers' Compensation
Call Now: 904-383-7448Your Trusted Partner in Personal Injury & Workers' Compensation
Call Now: 904-383-7448The acquisition, construction, reconstruction, improvement, betterment, or extension of any undertaking and the issuance, in anticipation of the collection of the revenues of such undertaking, of bonds to provide funds to pay the cost thereof, may be authorized under this article by resolution or resolutions of the governing body, which may be adopted at a regular or special meeting by a majority of the members of the governing body. Unless otherwise provided therein, such resolution or resolutions shall take effect immediately and need not be laid over or published or posted. The governing body, in determining such cost, may include all costs and estimated costs of the issuance of the bonds; all engineering, inspection, fiscal, and legal expenses; interest estimated to accrue during the construction period and for six months thereafter on money borrowed or which it is estimated will be borrowed pursuant to this article; and moneys not in excess of an amount equal to 15 percent of the total principal amount of each such bond issue, to establish a debt service reserve with respect to principal and interest requirements on the bonds.
(Ga. L. 1937, p. 761, § 4; Ga. L. 1978, p. 2062, § 1.)
- Resolution and bonds become a contract between the municipality and bond purchasers which the latter can enforce by mandamus, and the resolution must contain the essential contractual element of definiteness and certainty with reference to the project or improvement to be built or effected. Such a resolution must reasonably show the nature, kind, and location, and such other facts as will with reasonable fullness and definiteness describe and define the undertaking including the estimated costs thereof. Miller v. State, 83 Ga. App. 135, 62 S.E.2d 921 (1951).
Revenue bonds must be issued to pay for a definite undertaking, reasonable details of which must be contemplated, chosen, and planned by the governing body of the municipality. It is not absolutely necessary that an intricate and detailed set of plans be incorporated in the resolution but enough facts concerning the proposed project or improvement must appear to afford a key from which the full picture of the project or improvement may be ascertained, such as, for example, a reference to reasonably specific plans, maps, and specifications or their equivalent. Miller v. State, 83 Ga. App. 135, 62 S.E.2d 921 (1951).
- Validation proceeding was not subject to motion to dismiss for vagueness and indefiniteness when the resolution of the municipal authorities by which the proceeding was instituted referred to engineering plans and specifications on file in the office of the clerk of council of the city, which contained sufficient detailed information to afford a key by which the full picture of the project might be ascertained. Carter v. State, 93 Ga. App. 12, 90 S.E.2d 672 (1955).
- The very purpose of the Revenue Bond Law (O.C.G.A. Art. 3, Ch. 82, T. 36) is to pay for planned improvements. The approximate fixing of the costs is as vital a part of the resolution as the authorization of the bonds. They are supplemental and inseparable, and indispensable to the rights of the municipality and he municipality's citizens and to the purchasers of the certificates. Miller v. State, 83 Ga. App. 135, 62 S.E.2d 921 (1951).
Cited in Miller v. Head, 186 Ga. 694, 198 S.E. 680 (1938); Dade County v. State, 77 Ga. App. 139, 48 S.E.2d 144 (1948); Findley v. City of Vidalia, 78 Ga. App. 581, 51 S.E.2d 542 (1949).
- 64 Am. Jur. 2d, Public Securities and Obligations, § 117.
- 64A C.J.S., Municipal Corporations, §§ 2135, 2136.
- Power and discretion of officer or board authorized to issue bonds of governmental unit as regards terms or conditions to be included therein, 119 A.L.R. 190.
No results found for Georgia Code 36-82-63.