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Call Now: 904-383-7448Within 20 days from the date of service of the notice provided for in Code Section 36-82-74, the district attorney or the Attorney General shall prepare and file, in the office of the clerk of the superior court of the county issuing the bonds or of the county in which the governmental body is located, a petition directed to the superior court of such county in the name of the state and against the governmental body desiring to issue the revenue bonds. The petition shall set forth service of the notice, the name of the governmental body seeking to issue the bonds, the amount of bonds to be issued, for what purpose the bonds are to be issued, what interest they are to bear, how much principal and interest is to be paid annually, when the bonds are to be paid in full, and the security to be pledged to the payment of the bonds; provided, however, the petition may provide for a maximum interest rate and a maximum annual principal and interest payment. The district attorney or the Attorney General shall obtain from the judge of the court an order requiring the governmental body by its proper officers to show cause, at such time and place, either in term or chambers, within 20 days from the filing of the petition, as the judge may direct, why the bonds and the security for the payment thereof should not be confirmed and validated. The petition and order shall be served in the manner now provided by law for the service of petitions upon counties, governmental bodies, or political subdivisions. The officers of the governmental body shall make sworn answers to the petition within the time prescribed.
(Ga. L. 1937, p. 761, § 11; Ga. L. 1991, p. 1103, § 1.)
- When the solicitor general (now district attorney), or the Attorney General, fails to file a validation petition within the 20-day period, any petition filed, without a prior order of court directing such filing, is a nullity. State v. Smallwood, 103 Ga. App. 400, 119 S.E.2d 297 (1961).
Petition sets forth interest rate with reasonable specificity under the circumstances when the petition states the interest rate "will not exceed 103/4%" and there was testimony at the validation hearing that the interest rate will be set at the time of closing. Alexander v. Macon-Bibb County Urban Dev. Auth. & Urban Properties #47, 257 Ga. 181, 357 S.E.2d 62 (1987).
Citizens of municipality have right to object to validation of revenue bonds on grounds that project is unreasonable or unsound. Miller v. State, 83 Ga. App. 135, 62 S.E.2d 921 (1951).
- On appeal by intervening taxpayers and citizens from a judgment of the superior court overruling their objections and validating the bonds, the state is a necessary and indispensable party, and, it appearing that the state had not been made a party to the bill of exceptions or served with a copy of the bill of exceptions, the writ of error is properly dismissed. Darby v. City of Vidalia, 75 Ga. App. 804, 44 S.E.2d 454 (1947).
- State is a necessary and indispensable party to an action to require validation of water and sewer revenue anticipation bonds as the express provisions of this section require that the action be brought in its name. The burden of making out the state's case for the validation of the revenue anticipation bonds was upon the state. Darby v. City of Vidalia, 75 Ga. App. 804, 44 S.E.2d 454 (1947) (see O.C.G.A. § 36-82-75).
Cited in Gibbs v. City of Social Circle, 191 Ga. 422, 12 S.E.2d 335 (1940); Dade County v. State, 77 Ga. App. 139, 48 S.E.2d 144 (1948); Rich v. State, 237 Ga. 291, 227 S.E.2d 761 (1976); Nations v. Downtown Dev. Auth., 255 Ga. 324, 338 S.E.2d 240 (1985); Hay v. Newton County, 246 Ga. App. 44, 538 S.E.2d 181 (2000); Citizens for Ethics in Gov't, LLC v. Atlanta Dev. Auth., 303 Ga. App. 724, 694 S.E.2d 680 (2010), cert. denied, No. S10C1350, 2010 Ga. LEXIS 722 (Ga. 2010).
- 64 Am. Jur. 2d, Public Securities and Obligations, § 353 et seq.
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