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GA SB624
Bill
Status
Passed
4/25/2022
Primary Sponsor
Jason Anavitarte
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AI Summary
- Creates the City of Cedartown Public Facilities Authority as a public body corporate and political subdivision of Georgia, with perpetual existence and the purpose of providing public buildings, facilities, equipment, and services for citizens within the city
- Authority consists of 5 members appointed by the Cedartown city commission, with initial staggered terms of 1-3 years and subsequent 3-year terms; members must be at least 21, residents of the city for 2+ years, and have no felony convictions
- Authorizes the authority to issue revenue bonds with maturities up to 40 years to finance self-liquidating projects, including buildings and equipment for the city, Polk County school district, and Polk County, provided all county/school district projects are located within city limits
- Revenue bonds are payable solely from authority revenues and pledged properties and do not constitute a debt or pledge the credit of the state or any political subdivision
- Grants the authority tax-exempt status on its income, properties, and obligations, as well as tort immunity equivalent to that of the City of Cedartown; upon dissolution, all authority assets revert to the city
Legislative Description
"City of Cedartown Public Facilities Authority Act"; enact
Last Action
Effective Date 2022-04-25
4/25/2022
Committee Referrals
Intragovernmental Coordination3/18/2022
State and Local Governmental Operations3/15/2022
Full Bill Text
No bill text available