Bill Text: GA SB103 | 2011-2012 | Regular Session | Introduced

---

Bill Title: State; increase the amount of public debt permissible to supply a deficit from 1 to 5 percent of total revenue receipts

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2011-02-17 - Senate Read and Referred [SB103 Detail]

Download: Georgia-2011-SB103-Introduced.html

---

11 LC 21 2014

Senate Bill 103

By: Senators Golden of the 8th, Chance of the 16th and Staton of the 18th

A BILL TO BE ENTITLED
AN ACT

To amend Code Section 50-17-24 of the Official Code of Georgia Annotated, relating to authority to incur public debt, purposes, and limitations, so as to increase the amount of public debt permissible to supply a deficit from 1 to 5 percent of total revenue receipts; 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 50-17-24 of the Official Code of Georgia Annotated, relating to authority to incur public debt, purposes, and limitations, is amended by revising paragraph (2) of subsection (b) as follows:

"(2) Public debt may be incurred to supply such a temporary deficit as may exist in the state treasury in any fiscal year because of necessary a delay in collecting the taxes of that year, but the. Such debt so incurred shall not exceed, in the aggregate, 1 5 percent of the total revenue receipts, less refunds, of the state treasury in the fiscal year immediately preceding the year in which such debt is incurred; and any. The debt so incurred shall be repaid out of the taxes levied for the fiscal year in which the loan is made. Such debt shall be payable on or before the last day of the fiscal year in which it is incurred, and no out of taxes levied for that fiscal year. No such debt may be incurred in any fiscal year under the provisions of this paragraph if there is then outstanding unpaid debt from any previous fiscal year which was incurred under this paragraph to supply a temporary deficit in the state treasury."

SECTION 2.

All laws and parts of laws in conflict with this Act are repealed.