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GA SB315
Bill
Status
Passed
4/26/2016
Primary Sponsor
Michael Williams
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AI Summary
- Expands the definition of "Project" for the Forsyth County Public Facilities Authority to include buildings, facilities, and equipment for the Forsyth County School District, in addition to county operations, and any undertaking permitted by the Revenue Bond Law
- Prohibits revenue bonds from being issued for any courthouse, jail, or any single building with anticipated construction costs exceeding $35 million, unless county voters approve the building in a referendum or construction is required by court order
- Subjects the $35 million monetary limitation to annual upward adjustments based on the consumer price index, and allows bonds for unanticipated cost overruns on buildings originally estimated to fall within the limit
- Revenue bonds may mature up to 40 years from their date of issuance, with principal and interest payable solely from a designated special fund
- Takes effect upon approval by the Governor or upon becoming law without such approval, with a severability clause protecting remaining provisions if any section is struck down
Legislative Description
Forsyth County Public Facilities Authority; revise a definition; provide a monetary limitation
Last Action
Effective Date
4/26/2016
Full Bill Text
No bill text available