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GA HR804
Resolution
Status
Passed
2/13/2024
Primary Sponsor
Charles Martin
Click for details
AI Summary
- Proposes an amendment to the Georgia Constitution (Article IX, Section V) to change the repayment deadline for temporary loans obtained by counties, municipalities, and other political subdivisions from December 31 of the calendar year to within 12 months of the initial funding date of the loan
- Retains the existing cap limiting aggregate temporary loans to no more than 75% of total gross tax income collected in the preceding year
- Prohibits a political subdivision from obtaining a new temporary loan if an existing loan authorized under this provision has not been paid in full within 12 months of its initial funding date
- Limits aggregate temporary loans, contracts, notes, warrants, or obligations for current expenses to no more than the total anticipated revenue over the immediately following 12 months, replacing the prior calendar-year revenue reference
- Requires submission of the proposed constitutional amendment to Georgia voters for ratification or rejection on the ballot
Legislative Description
Local government; temporary loans are payable from end of calendar year to 12 months of initial funding date; change date - CA
Last Action
Senate Tabled
3/26/2024
Committee Referrals
Finance2/15/2024
Governmental Affairs1/22/2024
Full Bill Text
No bill text available