TITLE 36 LOCAL GOVERNMENT

Chapter 85 information not found

ARTICLE 11 INTEREST RATE MANAGEMENT AGREEMENTS

36-85-9. Local government liability for funds.

Each county or municipality shall be jointly and severally liable for all legal obligations of a fund which arise out of an event which occurred while such county or municipality was a member of such fund; provided, however, that a fund shall not assume a risk greater than an amount to be determined by the Commissioner; and provided, further, that this legal obligation may be enforced by an assessment against such member as provided in the bylaws of the agency.

(Code 1981, §36-85-9, enacted by Ga. L. 1986, p. 1496, § 1.)