06 LC 18
5311
House
Bill 1495
By:
Representatives Hill of the
21st,
Tumlin of the
38th,
Murphy of the
23rd,
Talton of the
145th,
and Parsons of the
42nd
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 36-82-10 of the Official Code of Georgia Annotated, relating
to reporting requirements regarding bonds, so as to change certain provisions
regarding the contents of such reports; to provide an effective date; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 36-82-10 of the Official Code of Georgia Annotated, relating to
reporting requirements regarding bonds, is amended by striking subsection (b)
and inserting in its place a new subsection (b) to read as follows:
"(b)
A political subdivision which issues general obligation bonds, revenue bonds, or
any other bonds, notes, certificates of participation, or other such obligations
of that political subdivision in an amount exceeding $1 million, shall file a
report with the Department of Community Affairs which contains the
following:
(1)
Name of issuer;
(2)
Whether the issue is a new issue or a refinancing or refunding;
(3)
Total amount issued;
(4)
Term of issue;
(5)
Detailed description of purpose or purposes;
(5.1)
Whether the issue is a general obligation bond, revenue bond, or other bond,
note, certificate of participation, or other obligation;
(6)
Name of underwriter;
(7)
Underwriting
costs
Proceeds used
for bond issuance costs, including
underwriterś
discount as reported on Line 24 of the United States Department of
Treasurýs
Internal Revenue Service Form
8038-G;
(8)
Name of bond counsel;
(9)
Interest rate; and
(10)
True or net interest costs.
Such
information shall be reported to the Department of Community Affairs in
accordance with Code Section
36-81-8."
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laws and parts of laws in conflict with this Act are repealed.