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GA HB1258

Bill

Status

Passed

5/20/2010

Primary Sponsor

Jon Burns

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Origin

House of Representatives

2009-2010 Regular Session

AI Summary

  • 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)

  • 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

  • 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

  • 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

  • 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

Committee Referrals

State and Local Governmental Operations3/18/2010
Budget and Fiscal Affairs Oversight3/8/2010

Full Bill Text

No bill text available