23 LC 47 2027/AP
H. B. 160
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House Bill 160 (AS PASSED HOUSE AND SENATE)
By: Representatives Greene of the 154
th
, Sampson of the 153
rd
, Yearta of the 152
nd
, and
Cheokas of the 151
st
A BILL TO BE ENTITLED
AN ACT
To provide for the creation of one or more community improvement districts in the City of
1
Albany; to provide for a short title; to provide for the purposes of such districts; to provide2
for definitions; to provide for boards to administer such districts; to provide for appointment3
or election of members of such boards; to provide for taxes, fees, and assessments; to provide4
for the boundaries of such districts; to provide procedures for determining the specifications5
for projects to be undertaken by the district and the manner of levying taxes, fees, and6
assessments with respect thereto; to provide for the debt of such districts; to provide for7
cooperation with local governments; to provide for powers of such boards; to provide for8
general obligation bonds, notes, and other obligations of such districts; to provide for the9
form of bonds, provisions for exchange and transfer, certificates of validation, and10
specification of interest rates; to provide for definition of the terms "cost of the project" and11
"cost of any project" as used in bond resolutions and elsewhere; to provide for authorized12
contents of agreements and instruments of the boards generally; to provide for use of13
proceeds of sale of bonds, notes, and other obligations; to provide for subsequent issues of14
bonds, notes, and other obligations; to provide for construction; to provide that no notice,15
proceeding, publication, or referendum shall be required; to provide the procedures16
connected with all of the foregoing; to provide for the dissolution and reactivation of districts17 23 LC 47 2027/AP
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under certain conditions; to provide for related matters; to repeal conflicting laws; and for
18
other purposes.19
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:20
SECTION 1.21
Short title.22
This Act shall be known and may be cited as the "City of Albany Community Improvement23
Districts Act."24
SECTION 2.25
Purpose.26
The purpose of this Act shall be to provide for the creation of one or more community27
improvement districts within the City of Albany, and each such district shall be created for28
the provision of the following governmental services and facilities as may be provided for29
in the resolution activating such district created hereby. Such services and facilities shall be30
one or more of:31
(1) Street and road construction and maintenance, including curbs, sidewalks, street32
lights, and devices to control the flow of traffic on streets and roads;33
(2) Parks and recreational areas and facilities;34
(3) Storm-water and sewage collection and disposal systems;35
(4) Development, storage, treatment, purification, and distribution of water;36
(5) Public transportation;37
(6) Terminal and dock facilities and parking facilities; or38
(7) Such other services and facilities as may be provided for by general law.39 23 LC 47 2027/AP
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SECTION 3.
40
Definitions.41
As used in this Act, the term:42
(1) "Agricultural" means the growing of crops for sale or raising of animals for sale or43
use, including the growing of field crops and fruit or nut trees, the raising of livestock or44
poultry, and the operation of dairies, horse boarding facilities, and riding stables.45
(2) "Board" means the governing authority created for the governance of each46
community improvement district authorized by this Act.47
(3) "Bonds" or "general obligation bonds" means any bonds of a district which are48
authorized to be issued under the Constitution and laws of Georgia, including refunding49
bonds but not including notes or other obligations of a district.50
(4) "Caucus of electors" means for the district, the meeting of electors provided for in51
this Act at which board members of the district are elected.52
(5) "Cost of the project" or "cost of any project" means and includes:53
(A) All costs of acquisition by purchase or otherwise, construction, assembly,54
installation, modification, renovation, or rehabilitation incurred in connection with any55
project or any part of any project;56
(B) All costs of real property, fixtures, or personal property used in or in connection57
with or necessary for any project or for any facilities related thereto, including, but not58
limited to, the cost of all land, estates for years, easements, rights, improvements, water59
rights, connections for utility services, fees, franchises, permits, approvals, licenses, and60
certificates; the cost of securing any such franchises, permits, approvals, licenses, or61
certificates; and the cost of preparation of any application therefor and the cost of all62
fixtures; machinery; equipment, including all transportation equipment and rolling63
stock; furniture; and other property used in or in connection with or necessary for any64
project;65 23 LC 47 2027/AP
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(C) All interest and other financing charges and loan fees and all interest on bonds,
66
notes, or other obligations of a district which accrue or are paid prior to and during the67
period of construction of a project and during such additional period as the board may68
reasonably determine to be necessary to place such project in operation;69
(D) All costs of engineering, surveying, and architectural and legal services and all70
expenses incurred by engineers, surveyors, architects, and attorneys in connection with71
any project;72
(E) All expenses for inspection of any project;73
(F) All fees of fiscal agents, paying agents, and trustees for bondholders under any trust74
agreement, indenture of trust, or similar instrument or agreement; all expenses incurred75
by any such fiscal agents, paying agents, and trustees; and all other costs and expenses76
incurred relative to the issuance of any bonds, notes, or other obligations for any77
projects;78
(G) All expenses of or incidental to determining the feasibility or practicability of any79
project;80
(H) All costs of plans and specifications for any project;81
(I) All costs of title insurance and examinations of title with respect to any project;82
(J) Repayment of any loans made for the advance payment of any part of any of the83
foregoing costs, including interest thereon and any other expenses of such loans;84
(K) Administrative expenses of the board and such other expenses as may be necessary85
for or incidental to any project or the financing thereof or the placing of any project in86
operation;87
(L) The establishment of a fund or funds for the creation of a debt service reserve, a88
renewal and replacement reserve, or such other funds or reserves as the board may89
approve with respect to the financing and operation of any project and as may be90
authorized by any bond resolution, trust agreement, indenture of trust, or similar91 23 LC 47 2027/AP
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instrument or agreement pursuant to the provisions of which the issuance of any bonds,
92
notes, or other obligations of the district may be authorized; and93
(M) Any cost, obligation, or expense incurred for any of the foregoing purposes.94
(6) "District" means the geographical area designated as such by the resolution of the95
governing authority consenting to the creation of the community improvement district or96
as thereafter modified pursuant to subsection (b) of Section 7 of this Act.97
(7) "Electors" means the owners of real property used nonresidentially within the district98
which is then subject to taxes, fees, and assessments levied by the board, as they appear99
on the most recent ad valorem real property tax return records of Dougherty County, or100
one officer or director of a corporate elector, one trustee of a trust which is an elector, one101
partner of a partnership elector, or one designated representative of an elector whose102
designation is made in writing. An owner of property subject to taxes, fees, or103
assessments levied by the board shall have one vote for an election based on numerical104
majority. An owner of multiple parcels has one vote, not one vote per parcel, for an105
election based on numerical majority. Multiple owners of one parcel have one vote for106
elections based on numerical majority.107
(8) "Equitably apportioned among the properties subject to such taxes, fees, and108
assessments according to the need for governmental services and facilities created by the109
degree of density of development of each such property," with reference to taxes, fees,110
and assessments levied by the board, means that the burden of the taxes, fees, and111
assessments shall be apportioned among the properties subject thereto based upon the112
values established in the most recent ad valorem tax reassessment of such properties113
certified by the chairperson of the Dougherty County Board of Tax Assessors or may be114
apportioned among the properties subject thereto in direct or approximate proportion to115
the receipt of services or benefits derived from the improvements or other activities for116
which the taxes, fees, or assessments are to be expended or may be apportioned in any117
other manner or combination of manners deemed equitable by the board, including, but118 23 LC 47 2027/AP
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not limited to, the recognition of differential benefits which may reasonably be expected
119
to accrue to new land development in contrast to lands and improvements already in120
existence at the time of creation of the community improvement district.121
(9) "Forestry" means the planting and growing of trees for sale in a program that includes122
reforestation of harvested trees, regular underbrush and undesirable growth clearing,123
fertilizing, pruning, thinning, cruising, and marking which indicate an active tree-farming124
operation; it does not include the casual growing of trees on land otherwise idle or held125
for investment, even though some harvesting of trees may occur thereon.126
(10) "Project" means the acquisition, construction, installation, modification, renovation,127
rehabilitation, or operation of land; interests in land, buildings, structures, facilities, or128
other improvements located or to be located within or otherwise providing service to the129
district; and the acquisition, installation, modification, renovation, rehabilitation, or130
furnishing of fixtures, machinery, equipment, furniture, or other property of any nature131
whatsoever used on, in, or in connection with any such land, interest in land, building,132
structure, facility, or other improvement, for all the essential public purposes set forth in133
Section 2 of this Act.134
(11) "Property owner" or "owner of real property" means any entity or person shown as135
a taxpayer for one or more parcels of real estate on the most recent ad valorem tax136
records of Dougherty County within the district. Ownership as shown by the most recent137
ad valorem tax records of Dougherty County shall serve as prima-facie proof of138
ownership. Multiple owners of one parcel shall constitute one property owner and shall139
designate in writing one of their number to represent the whole.140
(12) "Property used nonresidentially" means property or any portion thereof used for141
neighborhood shopping, planned shopping centers, general commercial, transient lodging142
facilities, tourist services, office or institutional, office services, light industry, heavy143
industry, central business district, parking, or other commercial or business use, as well144 23 LC 47 2027/AP
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as vacant land zoned or approved for any of the uses listed in this paragraph which does
145
not include residential.146
(13) "Residential" means a specific work or improvement undertaken primarily to147
provide single-family or multifamily dwelling accommodations for persons and families148
and such community facilities as may be incidental or appurtenant thereto.149
(14) "Taxpayer" means any entity or person paying ad valorem taxes on real property,150
whether on one or more parcels of property within the district. Multiple owners of one151
parcel shall constitute one taxpayer and shall designate in writing one of their number to152
represent the whole.153
SECTION 4.154
Creation.155
(a) Pursuant to Article IX, Section VII of the Constitution of the State of Georgia, there are156
created one or more community improvement districts to be located in the City of Albany,157
wholly within the incorporated area thereof, each of which shall be activated upon158
compliance with the conditions provided in this Act and which shall be governed by a board159
as constituted pursuant to this Act. The conditions for such activation shall be:160
(1) The adoption of a resolution consenting to the creation of each community161
improvement district by the governing authority of the City of Albany; and162
(2) Written consent to the creation of the community improvement district by:163
(A) A majority of the owners of real property within the district which will be subject164
to taxes, fees, and assessments levied by the board of the district; and165
(B) The owners of real property within the district which constitutes at least 75 percent166
by value of all real property within the district which will be subject to taxes, fees, and167
assessments levied by the board and for this purpose, value shall be determined by the168
most recent approved county ad valorem tax digest.169 23 LC 47 2027/AP
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(b) The written consents provided for in paragraph (2) of subsection (a) of this section shall
170
be submitted to the Dougherty County tax commissioner, who shall certify whether171
paragraph (2) of subsection (a) of this section has been satisfied with respect to each such172
proposed district.173
(c) No district or board created under this Act shall transact any business or exercise any174
powers under this Act until the foregoing conditions of this section are met. A copy of such175
resolutions shall be filed with the Secretary of State, who shall maintain a record of all176
districts activated under this Act, and a second copy shall be filed with the Department of177
Community Affairs.178
SECTION 5.179
Administration, appointment, and election of board members.180
(a)(1) Each district created pursuant to this Act shall be administered by a board181
composed of five members as follows:182
(A) The mayor of the City of Albany, or a person appointed by said mayor, who shall183
serve on Post 1;184
(B) A member of city council of the City of Albany, other than the mayor, or a person185
appointed by a majority vote of said city council members, who shall serve on Post 2;186
and187
(C) Three persons elected by a majority vote of the electors, who shall serve on Posts188
3, 4, and 5. The initial term of office for the member serving on Post 3 shall be one189
year, and the initial terms of office of the members serving on Posts 4 and 5 shall be190
two years. Thereafter, the terms of the members serving on Posts 3, 4, and 5 shall be191
two years.192
(2) Members appointed by elected officials to Posts 1 or 2 shall serve at the pleasure of193
the mayor and the city council members, respectively.194 23 LC 47 2027/AP
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(b) The initial board members to be elected by the electors as provided in subsection (a) of
195
this section shall be elected in a caucus of electors, which shall be held within 90 days after196
the adoption of the resolutions and obtaining of the written consents provided for in this Act197
at such time and place within the district as the governing authority of the City of Albany198
shall designate after notice thereof shall have been given to said electors by publishing notice199
in the legal organ of Dougherty County at least once each week for four weeks prior to such200
meeting. A quorum at such caucus shall consist of those electors present, and a majority of201
those present and voting is necessary to elect board members. No proxy votes may be cast.202
The mayor of the City of Albany or the mayor's designee shall convene the initial caucus of203
electors. Thereafter, there shall be conducted annually, not later than 60 days following the204
last day for filing ad valorem real property tax returns in Dougherty County, a caucus of such205
electors, as appropriate, at such time and place within the district as the board shall designate206
in such notice for the purpose of electing board members to Posts 3, 4, and 5, for those207
positions which have terms expiring or are vacant, as appropriate. If a vacancy occurs in an208
elected position on the board, the board shall, within 60 days thereafter, call a special election209
to fill the same to be held within 60 days of the call unless such vacancy occurs within 180210
days of the next regularly scheduled election, in which case a special election may, but need211
not, be called.212
(c) The elected board members shall be subject to recall as any other elected public official213
by the electors.214
(d) The board members shall receive no compensation for their services but shall be215
reimbursed for actual expenses incurred in the performance of their duties. They shall elect216
one of their members as chairperson and another as vice chairperson and shall also elect a217
secretary and a treasurer or a secretary-treasurer, either of whom may, but need not, be a218
member of the board.219 23 LC 47 2027/AP
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(e) Chapter 2 of Title 21 of the O.C.G.A., the 'Georgia Election Code,' shall not apply to the
220
election of district board members. Any district board may adopt such bylaws not221
inconsistent herewith to provide for any matter concerning such elections.222
SECTION 6.223
Taxes, fees, and assessments.224
(a) The board may levy taxes, fees, and assessments within the district only on real property225
used nonresidentially, specifically excluding all property exempt from ad valorem taxation226
under the Constitution or laws of the State of Georgia; all property used for residential,227
agricultural, or forestry purposes; and all tangible personal property and intangible property.228
Any tax, fee, or assessment so levied shall not exceed 2 1/2 percent of the aggregate assessed229
value of all such real property. The taxes, fees, and assessments levied by the board shall be230
equitably apportioned among the properties subject to such taxes, fees, and assessments,231
according to the need for governmental services and facilities created by the degree of232
density of development of each such property. The proceeds of taxes, fees, and assessments233
levied by the board shall be used only for the purpose of providing governmental services234
and facilities which are specially required by the degree of density of development within the235
applicable district and not for the purpose of providing those governmental services and236
facilities provided to the county or municipality as a whole. Any tax, fee, or assessment so237
levied shall be collected by Dougherty County in the same manner as taxes, fees, and238
assessments are levied by the county. Delinquent taxes shall bear the same interest and239
penalties as Dougherty County ad valorem taxes and may be enforced and collected in the240
same manner. The proceeds of taxes, fees, and assessments so levied, less a fee to cover the241
costs of collection of 1 percent thereof, but not more than $25,000.00 in any one calendar242
year, shall be transmitted by Dougherty County to the board and shall be expended by the243
board only for the purposes authorized by this Act.244 23 LC 47 2027/AP
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(b) The board shall levy the taxes, fees, and assessments provided for in subsection (a) of
245
this section subsequent to the report of the assessed taxable values for the current calendar246
year and shall notify in writing the collecting governing authority so it may include the levy247
on its regular ad valorem tax bills. The proceeds of taxes, fees, and assessments so levied,248
less the fee to cover the costs of collection as specified in subsection (a) of this section, shall249
be transmitted by the collecting governing authority to the board and shall be expended by250
the board only for the purposes authorized by this Act.251
(c) If, but for this provision, a parcel of real property is removed from a district or otherwise252
would become nontaxable, it shall continue to bear its tax millage, then extant upon such253
event for bonded indebtedness of the district then outstanding, until the bonded indebtedness254
then outstanding is paid or refunded.255
(d) Each property owner paying taxes, fees, or assessments levied by the board for any256
public facility as set forth in Section 2 of this Act may receive a credit equal to the present257
value of all such taxes, fees, and assessments toward any impact fee as may be levied by the258
City of Albany against such property for system improvements which are in the same259
category as said public facility in accordance with Chapter 71 of Title 36 of the O.C.G.A.,260
the 'Georgia Development Impact Fee Act.' Application for such development impact fee261
credit may be granted by legislative action of the governing authority of the City of Albany262
in its discretion.263
SECTION 7.264
Boundaries of the districts.265
(a) The boundaries of each district shall be as designated as such by the governing authority266
of the City of Albany and shall lie wholly within the incorporated area of the City of Albany267
as set forth in the resolutions required in Section 4 of this Act, or as may thereafter be added268
as provided in this Act.269 23 LC 47 2027/AP
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(b) The boundaries of a district may be increased after the initial creation of a district
270
pursuant to the following:271
(1) Written consent of a majority of the owners of real property within the area sought272
to be annexed into the district and which will be subject to taxes, fees, and assessments273
levied by the board of the district is first obtained;274
(2) Written consent of owners of real property within the area sought to be annexed into275
the district which constitutes at least 75 percent by value of all real property within the276
area sought to be annexed into the district which will be subject to taxes, fees, and277
assessments levied by the board and, for this purpose, value shall be determined by the278
most recent approved county ad valorem tax digest;279
(3) The adoption of a resolution consenting to the annexation by the board of the district;280
and281
(4) The adoption of a resolution consenting to the annexation by the governing authority282
of the City of Albany.283
SECTION 8.284
Debt.285
Each district may incur debt without regard to the requirements of Article IX, Section V, of286
the Constitution of Georgia, or any other provision of law prohibiting or restricting the287
borrowing of money or the creation of debt by political subdivisions of the State of Georgia,288
and the debt shall be backed by the full faith, credit, and taxing power of the district, but shall289
not be an obligation of the State of Georgia, the City of Albany, or any other unit of290
government of the State of Georgia other than the district.291 23 LC 47 2027/AP
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SECTION 9.
292
Cooperation with local governments.293
The services and facilities provided pursuant to this Act shall be provided for in a294
cooperation agreement executed jointly by the board and the governing authority of the City295
of Albany. The provisions of this section shall in no way limit the authority of the City of296
Albany to provide services or facilities within the district; and the City of Albany shall retain297
full and complete authority and control over any of its facilities located within its respective298
areas of any district. Such control shall include, but not be limited to, the modification of,299
access to, and degree and type of services provided through or by facilities of the300
municipality. Nothing contained in this section shall be construed to limit or preempt the301
application of any governmental laws, ordinances, resolutions, or regulations to the district302
or the services or facilities provided within the district.303
SECTION 10.304
Powers.305
(a) Each district and its board created pursuant to this Act shall have all of the powers306
necessary or convenient to carry out and effectuate the purposes and provisions of this Act,307
including, without limiting the generality of the foregoing, the power:308
(1) To bring and defend actions;309
(2) To adopt and amend a corporate seal;310
(3) To make and execute contracts, agreements, and other instruments necessary or311
convenient to exercise the powers of the board or to further the public purposes for which312
the district is created, including, but not limited to, contracts for construction of projects,313
leases of projects, contracts for sale of projects, agreements for loans to finance projects,314
contracts with respect to the use of projects, and agreements with other jurisdictions or315 23 LC 47 2027/AP
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community improvement districts regarding multijurisdictional projects or services or for
316
other cooperative endeavors to further the public purposes of the district;317
(4) To acquire by purchase, lease, or otherwise, and to hold, lease, and dispose of real318
and personal property of every kind and character, or any interest therein, in furtherance319
of the public purposes of the district;320
(5) To finance by loan, grant, lease, or otherwise, and to construct, erect, assemble,321
purchase, acquire, own, repair, remodel, renovate, rehabilitate, modify, maintain, extend,322
improve, install, sell, equip, expand, add to, operate, or manage projects and to pay the323
cost of any project from the proceeds of bonds, notes, or other obligations of the district324
or any other funds of the district, or from any contributions or loans by persons,325
corporations, partnerships, whether limited or general, or other entities, all of which the326
board is authorized to receive, accept, and use;327
(6) To borrow money to further or carry out its public purposes and to execute bonds,328
notes, other obligations, leases, trust indentures, trust agreements, agreements for the sale329
of its bonds, notes, or other obligations, loan agreements, security agreements,330
assignments, and such other agreements or instruments as may be necessary or desirable,331
in the judgment of the board, to evidence and to provide security for such borrowing;332
(7) To issue bonds, notes, or other obligations of the district and use the proceeds thereof333
for the purpose of paying or reimbursing all or any part of the cost of any project and334
otherwise to further or carry out the public purposes of the district and to pay all costs of335
the board incidental to, or necessary and appropriate to, furthering or carrying out such336
purposes;337
(8) To make application directly or indirectly to any federal, state, county, or municipal338
government or agency or to any other source, whether public or private, for loans, grants,339
guarantees, or other financial assistance in furtherance of the district's public purposes340
and to accept and use the same upon such terms and conditions as are prescribed by such341
federal, state, county, or municipal government or agency or other source;342 23 LC 47 2027/AP
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(9) To enter into agreements with the federal government or any agency thereof to use
343
the facilities or services of the federal government or any agency thereof in order to344
further or carry out the public purposes of the district;345
(10) To contract for any period, not exceeding 50 years, with the State of Georgia, state346
institutions, or any municipal corporation, county, or political subdivision of this state for347
the use by the district of any facilities or services of the state or any such state institution,348
municipal corporation, county, or political subdivision of this state, or for the use by any349
state institution or any municipal corporation, county, or political subdivision of the state350
of any facilities or services of the district, provided that such contracts shall deal with351
such activities and transactions as the district and any such political subdivision with352
which the district contracts are authorized by law to undertake;353
(11) To receive and use the proceeds of any tax levied by any county or any municipal354
corporation to pay the costs of any project or for any other purpose for which the board355
may use its own funds pursuant to this Act;356
(12) To receive and administer gifts, grants, and devises of money and property of any357
kind and to administer trusts;358
(13) To use any real property, personal property, or fixtures, or any interest therein, or359
to rent or lease such property to or from others or make contracts with respect to the use360
thereof, or to sell, lease, exchange, transfer, assign, pledge, or otherwise dispose of or361
grant options for any such property in any manner for the advantage of the district and362
the public purposes thereof;363
(14) To appoint, select, and employ engineers, surveyors, architects, urban or city364
planners, fiscal agents, attorneys, and others, and to fix their compensation and pay their365
expenses;366
(15) To encourage and promote the improvement and development of the district and to367
make, contract for, or otherwise cause to be made long-range plans or proposals for the368
district in cooperation with the City of Albany;369 23 LC 47 2027/AP
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(16) To adopt bylaws governing the conduct of business by the board, the election and
370
duties of officers of the board, and other matters as the board considers appropriate for371
the bylaws;372
(17) To invest its funds, whether derived from the issuance of bonds or otherwise, in373
such manner as it may deem prudent and appropriate;374
(18) To exercise any power granted by the laws of this state to public or private375
corporations which is not in conflict with the public purposes of the district; and376
(19) To do all things necessary or convenient to carry out the powers conferred by this377
Act.378
(b) The powers enumerated in this section are cumulative of and in addition to those powers379
enumerated elsewhere in this Act; and no such power shall limit or restrict any other power380
of the board.381
(c) The powers enumerated in this section are conferred for an essential governmental382
function for a public purpose, and the revenues and debt of any district are not subject to383
taxation.384
SECTION 11.385
Bonds - generally.386
(a) Notes or other obligations issued by a district, other than general obligation bonds, shall387
be paid solely from the property pledged to pay such notes or other obligations. General388
obligation bonds issued by any district shall constitute a general obligation of the district to389
the repayment of which the full faith, credit, and taxing power of the district shall be pledged.390
(b) All bonds, notes, and other obligations of any district shall be authorized by resolution391
of its board, adopted by a majority vote of the board members at a regular or special meeting.392
(c) Bonds, notes, or other obligations shall bear such date or dates, shall mature at such time393
or times but not more than 30 years from their respective dates, shall bear interest at such rate394 23 LC 47 2027/AP
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or rates which may be fixed or may fluctuate or otherwise change from time to time, shall
395
be subject to redemption on such terms, and shall contain such other terms, provisions,396
covenants, assignments, and conditions as the resolution authorizing the issuance of such397
bonds, notes, or other obligations may permit or provide. The terms, provisions, covenants,398
assignments, and conditions contained in or provided or permitted by any resolution of the399
board authorizing the issuance of such bonds, notes, or other obligations shall bind the board400
members of the district then in office and their successors.401
(d) The board shall have power from time to time, and whenever it deems it expedient, to402
refund any bonds by the issuance of new bonds, whether or not the bonds to be refunded403
have matured, and may issue bonds partly to refund bonds then outstanding and partly for404
any other purpose permitted by this Act. The refunding bonds may be exchanged for the405
bonds to be refunded, with such cash adjustments as may be agreed upon, or may be sold and406
the proceeds applied to the purchase or redemption of the bonds to be refunded.407
(e) There shall be no limitation upon the interest rates or any maximum interest rate or rates408
on any bonds, notes, or other obligations of the district; and the usury laws of this state shall409
not apply to bonds, notes, or other obligations of these districts.410
(f) Bonds issued by a district may be in such form, either coupon or fully registered, or both411
coupon and fully registered, and may be subject to such exchangeability and transferability412
provisions as the bond resolution authorizing the issuance of such bonds or any indenture or413
trust agreement may provide.414
(g) Bonds issued by a district shall be validated under and in accordance with Article 3 of415
Chapter 82 of Title 36 of the O.C.G.A., known as the "Revenue Bond Law," or in accordance416
with such other successor provision governing bond validation generally as may be provided417
by law. The signature of the clerk of the Superior Court of Dougherty County shall be made418
on the certificate of validation of such bonds by facsimile or by manual execution, stating the419
date on which such bonds were validated, and such entry shall be original evidence of the420
fact of judgment and shall be received as original evidence in any court in this state.421 23 LC 47 2027/AP
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(h) In lieu of specifying the rate or rates of interest which such bonds are to bear, and the
422
principal amount and maturities of such bonds, the notice to the district attorney or the423
Attorney General, and the notice to the public of the time, place, and date of the validation424
hearing, and the petition and complaint for validation may state that the bonds when issued425
will bear interest at a rate not exceeding a maximum per annum rate of interest, which may426
be fixed or may fluctuate or otherwise change from time to time, and that the principal427
amount will not exceed and the final maturity date will not be later than as specified in such428
notices and petition and complaint; or the notice or notices may state that, in the event the429
bonds are to bear different rates of interest for different maturity dates, none of such rates430
will exceed the maximum rate, which may be fixed or may fluctuate or otherwise change431
from time to time, as so specified; provided, however, that nothing in this section shall be432
construed as prohibiting or restricting the right of a board to sell such bonds at a discount,433
even if in doing so, the effective interest cost resulting therefrom would exceed the maximum434
per annum interest rate specified in such notices and in the petition and complaint.435
(i) The terms "cost of the project" and "cost of any project" shall have the meaning436
prescribed by this Act whenever those terms are referred to in bond resolutions of a board;437
in bonds, notes, or other obligations of the districts; or in notices of proceedings to validate438
such bonds of a district.439
SECTION 12.440
Authorized contents of agreements and instruments of the board generally; use of441
proceeds of sale of bonds, notes, and other obligations; subsequent442
issues of bonds, notes, and other obligations.443
(a) Subject to the limitations and procedures provided by this section and Section 11 of this444
Act, the agreements or instruments executed by a board may contain such provisions not445
inconsistent with law as shall be determined by such board.446 23 LC 47 2027/AP
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(b) The proceeds derived from the sale of all bonds, notes, and other obligations issued by
447
a district shall be held and used for the ultimate purpose of paying, directly or indirectly as448
permitted by this Act, all or part of the cost of any project, or for the purpose of refunding449
any bonds, notes, or other obligations issued in accordance with this Act.450
(c) Issuance by a board of one or more series of bonds, notes, or other obligations for one451
or more purposes shall not preclude it from issuing other bonds, notes, or obligations in452
connection with the same project or with any other project; but the proceeding wherein any453
subsequent bonds, notes, or other obligations are issued shall recognize and protect any prior454
loan agreement, security agreement, or other agreement or instrument made for any prior455
issue of bonds, notes, or other obligations, unless, in the resolution authorizing such prior456
issue, the right is expressly reserved to the board to issue subsequent bonds, notes, or other457
obligations on a parity with such prior issue.458
SECTION 13.459
Construction; notice, proceeding, publication, referendum.460
This Act shall be liberally construed to effect the purposes hereof. No notice, proceeding,461
or publication, except those required by this Act, shall be necessary to the performance of462
any act authorized by this Act, nor shall any such act be subject to referendum.463
SECTION 14.464
Dissolution.465
(a)(1) Any district activated under the provisions of this Act may be dissolved.466
(2) The conditions for such dissolution shall be:467
(A) The adoption of a resolution approving of the dissolution of such community468
improvement district by the governing authority of the City of Albany; and469 23 LC 47 2027/AP
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(B) The written consent to the dissolution of the community improvement district by:
470
(i) Two-thirds of the owners of real property within the district which are subject to471
taxes, fees, and assessments levied by the board of the district; and472
(ii) The owners of real property constituting at least 75 percent by value of all real473
property within the district which are subject to taxes, fees, and assessments levied474
by the board. For this purpose, value shall be determined by the most recent approved475
county ad valorem tax digest.476
(3) The written consent provided for in subparagraph (B) of paragraph (2) of this477
subsection shall be submitted to the Dougherty County tax commissioner, who shall478
certify whether subparagraph (B) of paragraph (2) of this subsection has been satisfied479
with respect to each proposed district dissolution.480
(b) In the event that successful action is taken pursuant to this section to dissolve the district,481
the dissolution shall become effective at such time as all debt obligations of the district have482
been satisfied. Following a successful dissolution action and until the dissolution becomes483
effective, no new projects may be undertaken, obligations or debts incurred, or property484
acquired.485
(c) Upon a successful dissolution action, all noncash assets of the district other than public486
facilities or land or easements to be used for such public facilities, as described in Section 2487
of this Act, shall be reduced to cash and, along with all other cash on hand, shall be applied488
to the repayment of any debt obligation of the district. Any cash remaining after all489
outstanding obligations are satisfied shall be remitted to the City of Albany.490
(d) When a dissolution becomes effective, the City of Albany shall take title to all property491
previously in the ownership of the district, and all taxes, fees, and assessments of the district492
shall cease to be levied and collected.493
(e) A district may be reactivated in the same manner as an original activation.494
(f) In the event that any district shall be dissolved in accordance with this section, the board495
shall serve until December 31 of the year in which dissolution was approved for the purpose496 23 LC 47 2027/AP
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of concluding any ongoing matters and projects. However, if such ongoing matters and
497
projects cannot be concluded by December 31 of such year, then the governing authority of498
the City of Albany shall assume the duties of the administrative board and shall be expressly499
authorized to exercise the authority of the administrative board. In the alternative, the500
governing authority of the City of Albany may, by resolution, assume all rights and501
obligations of the district, either bonds or otherwise, and the district shall cease to exist upon502
the adoption of such resolution.503
SECTION 15.504
Repealer.505
All laws and parts of laws in conflict with this Act are repealed.506