08 LC 37
0624/AP
House
Bill 1330 (AS PASSED HOUSE AND SENATE)
By:
Representatives Golick of the
34th,
Tumlin of the
38th,
Dollar of the
45th,
Ehrhart of the
36th,
Teilhet of the
40th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend an Act creating the Cobb County-Marietta Water Authority, approved
February 21, 1951 (Ga. L. 1951, p. 497), as amended, particularly by an Act
approved March 28, 1986 (Ga. L. 1986, p. 5296), so as to provide for an
increase in the debt limit for the issuance of negotiable bonds; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
An
Act creating the Cobb County-Marietta Water Authority, approved February 21,
1951 (Ga. L. 1951, p. 497), as amended, particularly by an Act approved March
28, 1986 (Ga. L. 1986, p. 5296), is amended by revising Section 5 as
follows:
"Section
5. The authority, or any authority or body which has or which may in the future
succeed to the powers, duties, and liabilities vested in the authority created
hereby, shall have power and is hereby authorized at one time, or from time to
time, to provide by resolution for the issuance of negotiable revenue bonds in a
sum not to exceed $400 million outstanding at any one time of the authority for
the purpose of paying all or any part of the cost as herein defined of any one
or more projects. The principal and interest of such revenue bonds shall be
payable solely from the special fund herein provided for such payment. The
bonds of each issue shall be dated, shall bear interest at such rate or rates
not exceeding the interest allowed by Chapter 62 of Title 36 of the Official
Code of Georgia Annotated, the 'Revenue Bond Law,' as now or hereafter amended,
payable semiannually, shall mature at such time or times not exceeding 40 years
from their date or dates, shall be payable in such medium of payment as to both
principal and interest as may be determined by the authority, and may be made
redeemable before maturity, at the option of the authority, at such price or
prices and under such terms and conditions as may be fixed by the authority in
the resolution providing for the issuance of the bonds."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.