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GA HB1258
Bill
Status
5/20/2010
Primary Sponsor
Jon Burns
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AI Summary
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Amends Code Section 50-17-22 to expand the powers of Georgia's State Financing and Investment Commission (SFIC) to meet requirements of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5)
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Grants the SFIC authority to mandate, require, treat, or deem the waiver of local bonding authority allocations by resolution or policy when allocating federal funds or bonding authority among governmental jurisdictions
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Requires local governmental entities seeking to issue obligations dependent on a waived allocation to do so consistent with the commission's actions and to include a certification of consistency in any notice to the district attorney or Attorney General
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Strips courts of jurisdiction to consider validation petitions for local obligations issued under a waived allocation if the required certification of consistency with the commission's actions is not included
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Authorizes the SFIC to establish and apply criteria for determining a reasonable expectation that a local governmental entity will not use its allocation, enabling the commission to deem such allocation as waived
Legislative Description
State Financing and Investment Commission; powers to meet requirements; provide
Last Action
Effective Date
5/20/2010