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2018 Georgia Code 46-3-146 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 46-3-146 Case Law from Google Scholar Amendments to OCGA 46-3-146

TITLE 46 PUBLIC UTILITIES AND PUBLIC TRANSPORTATION

Section 3. Electrical Service, 46-3-1 through 46-3-541.

ARTICLE 3 MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA

46-3-146. Preservation of interests and rights of owners of bonds and notes.

While any of the bonds or notes issued by the authority remain outstanding, the powers, duties, or existence of the authority or of its officers, employees, or agents shall not be diminished, impaired, or affected in any manner which will affect adversely the interest and rights of the owners of such bonds or notes; and no other authority, instrumentality, or body will be created or empowered to compete with the authority so as to affect adversely the interests and rights of the owners of such bonds or notes; nor will the state itself so compete with the authority. This article shall be for the benefit of the state, the authority, and every owner of the authority's bonds and notes and, upon and after the issuance of bonds or notes under this article, shall constitute an irrevocable contract by the state with the owners of such bonds and notes.

(Ga. L. 1975, p. 107, § 30.)

JUDICIAL DECISIONS

No unconstitutional delegation of legislative powers in this section.

- Ga. L. 1975, p. 107, § 30 (see O.C.G.A. § 46-3-146), limiting the power of the state to adversely affect the interests of the owners of the authority's bonds and notes, does not constitute unconstitutional delegation of legislative powers in violation of Ga. Const. 1976, Art. III, Sec. I, Para. I (Ga. Const. 1983, Art. I, Sec. I, Para. I), because it does not limit the right of the General Assembly to legislate except to prevent legislation which will impair the contracts with the bond owners, and this is consistent with the Constitution. Thompson v. Municipal Elec. Auth., 238 Ga. 19, 231 S.E.2d 720 (1976).

Constitutional limits on power of state to adversely affect interests of owners of bonds and notes.

- Ga. L. 1975, p. 107, § 30 (see O.C.G.A. § 46-3-146), limiting the power of the state to adversely affect the interests of the owners of the authority's bonds and notes, is not in violation of Ga. Const. 1976, Art. III, Sec. VII, Para. IV (Ga. Const. 1983, Art. III, Sec. V, Para. III), which prohibits an act from containing matter different from what is expressed in the title. Thompson v. Municipal Elec. Auth., 238 Ga. 19, 231 S.E.2d 720 (1976).

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