Bill Text: GA HB844 | 2011-2012 | Regular Session | Comm Sub
Bill Title: Bonds; certain validation hearing appearance provisions; provide
Spectrum: Partisan Bill (Republican 5-0)
Status: (Engrossed - Dead) 2012-03-21 - Senate Read Second Time [HB844 Detail]
Download: Georgia-2011-HB844-Comm_Sub.html
12
LC 29 5174S
House
Bill 844 (COMMITTEE SUBSTITUTE)
By:
Representatives Martin of the
47th,
Willard of the
49th,
Wilkinson of the
52nd,
and Lindsey of the
54th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 36-62-8 of the Official Code of Georgia Annotated, relating
to obligations of an authority, use of proceeds, status as revenue obligations,
subsequent series of bonds or notes, bond anticipation notes, interest rates,
and issuance and validation, so as to provide for certain validation hearing
appearance provisions; to provide that the confirmation and validation of bonds
may include ancillary or related agreements or documents; to provide for the
effect of filing an appeal; to provide for related matters; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 36-62-8 of the Official Code of Georgia Annotated, relating to
obligations of an authority, use of proceeds, status as revenue obligations,
subsequent series of bonds or notes, bond anticipation notes, interest rates,
and issuance and validation, is amended by revising subsection (g) as
follows:
"(g)
All revenue bonds issued by an authority under this chapter shall be issued and
validated under and in accordance with Article 3 of Chapter 82 of this title,
except as provided in subsection (f) of this Code section and except as
specifically set forth below:
(1)
Revenue bonds issued by an authority may be in such form, either coupon or fully
registered, or both coupon and fully registered, and may be subject to such
exchangeability and transferability provisions as the bond resolution
authorizing the issuance of such bonds or any indenture or trust agreement may
provide;
(2)
Revenue bonds shall bear a certificate of validation. The signature of the clerk
of the superior court of the judicial circuit in which the issuing authority is
located may be made on the certificate of validation of such bonds by facsimile
or by manual execution, stating the date on which such bonds were validated; and
such entry shall be original evidence of the fact of judgment and shall be
received as original evidence in any court in this state;
(3)
The notice to the district attorney or the Attorney General and the notice to
the public of the time, place, and date of the validation hearing need not state
the rate of interest the bonds will bear;
(4)
The term 'cost of project' shall have the meaning prescribed in paragraph (2) of
Code Section 36-62-2 whenever referred to in bond resolutions of an authority,
bonds and bond anticipation notes issued by an authority, or notices and
proceedings to validate such
bonds;
(5)
The district attorney, the Attorney General, or their official representative
shall not be required to appear at the validation hearing or any subsequent
proceedings. In the absence of the district attorney, the Attorney General, or
their official representative, the authority shall bear the burden of making the
case for the validation of the bonds at the validation hearing or any subsequent
proceedings;
(6)
The validation hearing shall provide for confirmation and validation of the
bonds and the security for such bonds that may include any ancillary or related
agreements or documents as the court deems appropriate; and
(7)
In the event that no appeal is filed within the time prescribed by law or, if an
appeal is filed, that the judgment is affirmed on appeal, the judgment of the
superior court confirming and validating the issuance of the bonds and the
security for such bonds shall be forever conclusive against the governmental
body upon the validity of the bonds and the security for such bonds with respect
to all matters and issues that were raised or could have been raised in the bond
validation proceeding."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.