Bill Text: GA HB951 | 2011-2012 | Regular Session | Introduced

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Bill Title: State financing and investment; general obligation debt may only be used for purposes authorized by General Assembly; provide

Sponsorship: Moderate Partisan Bill (Republican 5-1)

Status: (Introduced - Dead) 2012-02-15 - House Second Readers [HB951 Detail]

Download: Georgia-2011-HB951-Introduced.html

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12 LC 28 6058

House Bill 951

By: Representatives Harbin of the 118th, Powell of the 29th, Smith of the 129th, Martin of the 47th, and Stephens of the 164th

A BILL TO BE ENTITLED
AN ACT

To amend Article 2 of Chapter 17 of Title 50 of the Official Code of Georgia Annotated, relating to state financing and investment, so as to provide that general obligation debt may only be used for the purposes authorized by the General Assembly; to provide that the proceeds of general obligation debt may be redirected only upon authorization by the General Assembly; to provide for related matters; to provide an effective date; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Article 2 of Chapter 17 of Title 50 of the Official Code of Georgia Annotated, relating to state financing and investment, is amended by adding a new Code section to read as follows:

"50-17-31.

(a) General obligation debt authorized by the General Assembly for specified purposes, whether in general or specific terms, and the proceeds therefrom shall be used only for the purposes specified by the General Assembly and shall not be redirected or used for a different purpose unless the General Assembly specifically approves such different purpose for such debt.

(b) Nothing in this Code section shall prevent the investment of debt proceeds in accordance with the provisions of this article."

SECTION 2.

This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval.

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.