Bill Text: GA HB844 | 2011-2012 | Regular Session | Comm Sub

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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

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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

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.