08 LC
34 1431
Senate
Bill 410
By:
Senators Stoner of the 6th, Williams of the 19th, Seay of the 34th, Pearson of
the 51st and Mullis of the 53rd
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 32-10-63 of the Official Code of Georgia Annotated, relating
to powers of the State Road and Tollway Authority, so as to authorize the
creation of a state congestion relief fund to be used for projects initiated by
community improvement districts; to provide for related matters; 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 32-10-63 of the Official Code of Georgia Annotated, relating to powers
of the State Road and Tollway Authority, is amended by removing "and" from the
end of paragraph (14), renumbering paragraph (15) as paragraph (16), and
inserting a new paragraph (15) as follows:
"(15)
To promulgate rules and regulations, subject to available funding, for the
creation of a state congestion relief fund to be used for traffic congestion
relief projects initiated by community improvement districts throughout the
state. The state congestion relief fund may provide loans to a community
improvement district to pay for all or part of the eligible costs of a qualified
project. The term of the loan or other financial assistance shall not exceed
the useful life of the project. The authority may require the community
improvement district to enter into a financing agreement in connection with its
loan obligation. The authority shall determine the form and content of loan
applications, financing agreements, and loan obligations including the term and
rate or rates of interest on a financing agreement. In order to qualify for a
loan from this fund, a community improvement district shall demonstrate that it
is able to provide funds to match the loan amount requested from the fund. The
loan application shall require, among other items, a detailed analysis of how
the project will alleviate traffic congestion, a specific method by which the
community improvement district intends to raise the necessary matching funds,
and the specific method by which the community improvement district intends to
repay the loan. The authority shall have all power necessary, useful, or
appropriate to fund, operate, and administer the fund."
SECTION
2.
This
Act shall become effective on July 1, 2008.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.