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GA SB43
Bill
Status
Passed
8/5/2020
Primary Sponsor
Chuck Payne
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AI Summary
- Amends the definition of "undertaking" in Georgia's revenue bond law (Code Section 36-82-61) to add "transmission" explicitly to the types of electric systems covered, alongside generating and distribution systems
- Requires governmental bodies with electric utility assets having a net book value of less than $300 million to obtain voter approval at an election before issuing revenue certificates for electric generating, transmission, and distribution projects
- Elections for such voter approval must be conducted in the same manner as general bond elections and called by the fiscal officers of the affected county, municipal corporation, or political subdivision
- Effectively exempts larger governmental utilities (with electric assets at or above $300 million net book value) from the voter referendum requirement for revenue certificates
- Takes effect immediately upon the Governor's approval or upon becoming law without such approval
Legislative Description
Revenue Bonds; definition of the term "undertaking" as it relates to electric systems; revise
Last Action
Effective Date
8/5/2020
Full Bill Text
No bill text available