Bill Text: GA SB421 | 2009-2010 | Regular Session | Engrossed
Bill Title: Budget/Financial Affairs; Revenue Shortfall Reserve; not exceed 15 percent of previous year's net revenue for any fiscal year
Sponsorship: Moderate Partisan Bill (Republican 5-1)
Status: (Passed) 2010-05-20 - Effective Date [SB421 Detail]
Download: Georgia-2009-SB421-Engrossed.html
10 LC 28
5043
Senate
Bill 421
By:
Senators Hill of the 4th, Williams of the 19th, Rogers of the 21st, Hooks of the
14th, Goggans of the 7th and others
AS
PASSED SENATE
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Part 1 of Article 4 of Chapter 12 of Title 45 of the Official Code of
Georgia Annotated, relating to management of budgetary and financial affairs, so
as to provide that the Revenue Shortfall Reserve shall not exceed 15 percent of
the previous year's net revenue for any given fiscal year; 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.
Part
1 of Article 4 of Chapter 12 of Title 45 of the Official Code of Georgia
Annotated, relating to management of budgetary and financial affairs, is amended
by revising subsection (h) of Code Section 45-12-93, relating to the
revenue shortfall reserve, as follows:
"(h)
The Revenue Shortfall Reserve shall not exceed
10
15
percent of the previous fiscal year's net revenue for any given fiscal
year."
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laws and parts of laws in conflict with this Act are repealed.
