05 LC
25 3968-EC
House
Bill 525
By:
Representatives Lunsford of the
110th,
Golick of the
34th,
Harbin of the
118th,
Smith of the
113th,
Roberts of the
154th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Part 1 of Article 1 of Chapter 10 of Title 32 of the Official Code of
Georgia Annotated, relating to general provisions relative to the Georgia
Highway Authority, so as to change certain provisions relating to designation of
certain moneys received by the Georgia Highway Authority as trust funds; to
provide an effective date; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Part
1 of Article 1 of Chapter 10 of Title 32 of the Official Code of Georgia
Annotated, relating to general provisions relative to the Georgia Highway
Authority, is amended by striking Code Section 32-10-14, relating to designation
of certain moneys received by the Georgia Highway Authority as trust funds, and
inserting in lieu thereof the following:
"32-10-14.
(a)
All moneys received pursuant to this article, whether as proceeds from the sale
of bonds or as revenues, tolls, and earnings, shall be deemed trust funds to be
held and applied solely as provided in this article; and the bondholders paying
or entitled to receive the benefit of such funds shall have a lien on all such
funds until applied as provided for in any resolution or trust indentures of the
authority.
(b)
The provisions of subsection (a) of this Code section notwithstanding, the
Governor is authorized to direct the authority to make a one-time transfer of
not more than $4.5 million of legally unencumbered funds during State Fiscal
Year 2006 from the general fund of the authority to the general fund of the
Georgia Environmental Facilities Authority to be used in the operation of a
state infrastructure bank; and the authority, if so directed in accordance with
this subsection, shall forthwith make such transfer of funds; and the Georgia
Environmental Facilities Authority shall be authorized to accept such funds and
administer the same in accordance with Chapter 23 of Title
50."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.