23 LC 46 0617
H. B. 785
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House Bill 785
By: Representative Rhodes of the 124
th
A BILL TO BE ENTITLED
AN ACT
To provide for the creation of one or more community improvement districts in Greene
1
County; to provide for a short title; to provide for the purpose of such districts; to provide for2
definitions; to provide for boards to administer such districts; to provide for conditions and3
written consents; to provide for appointment and election of members of such boards; to4
provide for taxes, fees, and assessments; to provide for the boundaries of such districts; to5
provide procedures for determining the specifications for projects to be undertaken by the6
district and the manner of levying taxes, fees, and assessments with respect thereto; to7
provide for the debt of such districts; to provide for cooperation with local governments; to8
provide for powers of such boards; to provide for general obligation bonds, notes, and other9
obligations of such districts; to provide for the form of bonds, provisions for exchange and10
transfer, certificates of validation, and specification of interest rates; to provide for definition11
of the terms "cost of the project" and "cost of any project" as used in bond resolutions and12
elsewhere; to provide for authorized contents of agreements and instruments of the boards13
generally; to provide for use of proceeds of sale of bonds, notes, and other obligations; to14
provide for subsequent issues thereof; to provide for construction; to provide that no notice,15
proceeding, publication, or referendum shall be required; to provide for procedures16
connected with all of the foregoing; to provide for the dissolution and reactivation of districts17 23 LC 46 0617
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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 "Greene County 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 Greene County, and each such district shall be created for the28
provision of the following governmental services and facilities as may be provided for in the29
resolution activating such district created hereby. Such services and facilities shall be one30
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 46 0617
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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 a district, the meeting of electors provided for in this51
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 46 0617
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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 46 0617
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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 of Greene County consenting to the creation of the community96
improvement district or as thereafter modified pursuant to subsection (b) of Section 7 of97
this Act.98
(7) "Electors" means the owners of real property used nonresidentially within the district99
which is then subject to taxes, fees, and assessments levied by the board, as they appear100
on the most recent ad valorem real property tax return records of Greene County, or one101
officer or director of a corporate elector, one trustee of a trust which is an elector, one102
partner of a partnership elector, or one designated representative of an elector whose103
designation is made in writing. An owner of property subject to taxes, fees, or104
assessments levied by the board shall have one vote for an election based on numerical105
majority. An owner of multiple parcels has one vote, not one vote per parcel, for an106
election based on numerical majority. Multiple owners of one parcel have one vote for107
an election based on numerical majority.108
(8) "Equitably apportioned among the properties subject to such taxes, fees, and109
assessments according to the need for governmental services and facilities created by the110
degree of density of development of each such property," with reference to taxes, fees,111
and assessments levied by the board, means that the burden of the taxes, fees, and112
assessments shall be apportioned among the properties subject thereto based upon the113
values established in the most recent ad valorem tax reassessment of such properties114
certified by the chairperson of the Greene County Board of Tax Assessors or may be115
apportioned among the properties subject thereto in direct or approximate proportion to116
the receipt of services or benefits derived from the improvements or other activities for117
which the taxes, fees, or assessments are to be expended or may be apportioned in any118 23 LC 46 0617
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other manner or combination of manners deemed equitable by the board, including, but
119
not limited to, the recognition of differential benefits which may reasonably be expected120
to accrue to new land development in contrast to lands and improvements already in121
existence at the time of creation of the community improvement district.122
(9) "Forestry" means the planting and growing of trees for sale in a program that includes123
reforestation of harvested trees, regular underbrush and undesirable growth clearing,124
fertilizing, pruning, thinning, cruising, and marking which indicate an active tree-farming125
operation; it does not include the casual growing of trees on land otherwise idle or held126
for investment, even though some harvesting of trees may occur thereon.127
(10) "Majority" means 50 percent or more of the total number of individuals composing128
the group or classification at issue.129
(11) "Project" means the acquisition, construction, installation, modification, renovation,130
rehabilitation, or operation of land; interests in land, buildings, structures, facilities, or131
other improvements located or to be located within or otherwise providing service to the132
district; and the acquisition, installation, modification, renovation, rehabilitation, or133
furnishing of fixtures, machinery, equipment, furniture, or other property of any nature134
whatsoever used on, in, or in connection with any such land, interest in land, building,135
structure, facility, or other improvement, for all essential public purposes set forth in136
Section 2 of this Act.137
(12) "Property owner" or "owner of real property" means any entity or person shown as138
a taxpayer for one or more parcels of real estate on the most recent ad valorem tax139
records of Greene County within the district. Ownership as shown by the most recent ad140
valorem tax records of Greene County shall serve as prima-facie proof of ownership.141
Multiple owners of one parcel shall constitute one property owner and shall designate in142
writing one of their number to represent the whole.143
(13) "Property used nonresidentially" means property or any portion thereof used for144
neighborhood shopping, planned shopping centers, general commercial, transient lodging145 23 LC 46 0617
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facilities, tourist services, office or institutional, office services, light industry, heavy
146
industry, central business district, parking, or other commercial or business use, as well147
as vacant land zoned or approved for any of the uses listed in this paragraph which does148
not include residential.149
(14) "Residential" means a specific work or improvement undertaken primarily to150
provide single-family or multifamily dwelling accommodations for persons and families151
and such community facilities as may be incidental or appurtenant thereto.152
(15) "Taxpayer" means any entity or person paying ad valorem taxes on real property,153
whether on one or more parcels of property within the district. Multiple owners of one154
parcel shall constitute one taxpayer and shall designate in writing one of their number to155
represent the whole.156
SECTION 4.157
Creation.158
(a) Pursuant to Article IX, Section VII of the Constitution of the State of Georgia, there are159
created one or more community improvement districts to be located in Greene County in the160
unincorporated area thereof, each of which shall be activated upon compliance with the161
conditions provided in this Act and which shall be governed by a board as constituted162
pursuant to this Act. The conditions for such activation shall be:163
(1) The adoption of a resolution consenting to the creation of each community164
improvement district by the governing authority of Greene County; and165
(2) Written consent to the creation of the community improvement district by:166
(A) A majority of the owners of real property within the district which will be subject167
to taxes, fees, and assessments levied by the board of the district; and168
(B) The owners of real property within the district which constitutes at least 75 percent169
by value of all real property within the district which will be subject to taxes, fees, and170 23 LC 46 0617
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assessments levied by the board. For this purpose, value shall be determined by the
171
most recent approved county ad valorem tax digest.172
(b) The written consents provided for in paragraph (2) of subsection (a) of this section shall173
be submitted to the Greene County tax commissioner, who shall certify whether174
paragraph (2) of subsection (a) of this section has been satisfied with respect to each such175
proposed district.176
(c) No district or board created under this Act shall transact any business or exercise any177
powers under this Act until the foregoing conditions of this section are met. A copy of such178
resolutions shall be filed with the Secretary of State, who shall maintain a record of all179
districts activated under this Act, and a second copy shall be filed with the Department of180
Community Affairs.181
SECTION 5.182
Administration, appointment, and election of board members.183
(a)(1) Each district created pursuant to this Act shall be administered by a board184
composed of five members as follows:185
(A) A person appointed by the chairperson of the governing authority of Greene186
County, who shall serve on Post 1;187
(B) A person appointed by a majority vote of the Greene County legislative delegation188
to the General Assembly, which legislative delegation shall be composed of all189
Representatives and Senators in the Georgia General Assembly whose districts are190
located wholly or partially in Greene County, who shall serve on Post 2; and191
(C) Three electors elected by a majority vote of the electors who shall serve on Posts 3,192
4, and 5. The initial term of office for the member serving on Post 3 shall be one year,193
and the initial terms of office of the members serving on Posts 4 and 5 shall be two194 23 LC 46 0617
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years. Thereafter, the terms of the members serving on Posts 3, 4, and 5 shall be two
195
years.196
(2) Members appointed by elected officials to Posts 1 or 2 shall serve at the pleasure of197
the chairperson and the members of the governing authority concurrent with their terms,198
respectively. Should such a member cease to be an elector, such member's position on199
the board shall immediately become vacant and be filled for the remainder of the200
respective term as provided for the initial appointment in this subsection.201
(b) The initial board members to be elected by the electors as provided in subsection (a) of202
this section shall be elected in a caucus of electors, which shall be held within 90 days after203
the adoption of the resolutions and obtaining of the written consents provided for in this Act204
at such time and place within the district as the governing authority of Greene County shall205
designate after notice thereof shall have been given to said electors by publishing notice in206
the legal organ of Greene County at least once each week for four weeks prior to such207
meeting. A quorum at such caucus shall consist of those electors present, and a majority of208
those present and voting is necessary to elect board members. No proxy votes may be cast.209
The chairperson of the governing authority of Greene County or such chairperson's designee210
shall convene the initial caucus of electors. Thereafter, there shall be conducted annually,211
not later than 60 days following the last day for filing ad valorem real property tax returns212
in Greene County, a caucus of such electors, as appropriate, at such time and place within213
the district as the board shall designate in such notice for the purpose of electing board214
members to Posts 3, 4, and 5, for those positions which have terms expiring or are vacant,215
as appropriate. If a vacancy occurs in an elected position on the board, the board shall,216
within 60 days thereafter, call a special election to fill the same to be held within 60 days of217
the call unless such vacancy occurs within 180 days of the next regularly scheduled election,218
in which case a special election may, but need not, be called.219
(c) The elected board members shall be subject to recall by the electors as any other elected220
public official.221 23 LC 46 0617
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(d) Board members shall receive no compensation for their services but shall be reimbursed
222
for actual expenses incurred in the performance of their duties. They shall elect one of their223
number as chairperson and another as vice chairperson and shall also elect a secretary and224
a treasurer or a secretary-treasurer, either of whom may, but need not, be a member of the225
board.226
(e) Chapter 2 of Title 21 of the O.C.G.A., the "Georgia Election Code," shall not apply to227
the election of district board members. Any district board may adopt such bylaws not228
inconsistent herewith to provide for any matter concerning such elections.229
SECTION 6.230
Taxes, fees, and assessments.231
(a) The board may levy taxes, fees, and assessments within the district only on real property232
used nonresidentially, specifically excluding all property exempt from ad valorem taxation233
under the Constitution or laws of the State of Georgia; all property used for residential,234
agricultural, or forestry purposes; and all tangible personal property and intangible property.235
Any tax, fee, or assessment so levied shall not exceed five mills on the aggregate assessed236
value of all such real property. The taxes, fees, and assessments levied by the board shall be237
equitably apportioned among the properties subject to such taxes, fees, and assessments238
according to the need for governmental services and facilities created by the degree of239
density of development of each such property. The proceeds of taxes, fees, and assessments240
levied by the board shall be used only for the purpose of providing governmental services241
and facilities which are specially required by the degree of density of development within the242
applicable district and not for the purpose of providing those governmental services and243
facilities provided to the county as a whole. Any tax, fee, or assessment so levied shall be244
collected by Greene County in the same manner as taxes, fees, and assessments are levied245
by the county. Delinquent taxes shall bear the same interest and penalties as Greene County246 23 LC 46 0617
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ad valorem taxes and may be enforced and collected in the same manner. The proceeds of
247
taxes, fees, and assessments so levied, less a fee to cover the costs of collection of 1 percent248
thereof, but not more than $25,000.00 in any one calendar year, shall be transmitted by249
Greene County to the board and shall be expended by the board only for the purposes250
authorized by this Act.251
(b) The board shall levy the taxes, fees, and assessments provided for in subsection (a) of252
this section subsequent to the report of the assessed taxable values for the current calendar253
year and shall notify in writing the collecting governing authority so it may include the levy254
on its regular ad valorem tax bills. The proceeds of taxes, fees, and assessments so levied,255
less the fee to cover the costs of collection as specified in subsection (a) of this section, shall256
be transmitted by the collecting governing authority to the board and shall be expended by257
the board only for the purposes authorized by this Act.258
(c) If, but for this provision, a parcel of real property is removed from a district or otherwise259
would become nontaxable, it shall continue to bear its tax millage, then extant upon such260
event for bonded indebtedness of the district then outstanding, until the bonded indebtedness261
then outstanding is paid or refunded.262
(d) Each property owner paying taxes, fees, or assessments levied by the board for any263
public facility as set forth in Section 2 of this Act may receive a credit equal to the present264
value of all such taxes, fees, and assessments toward any impact fee as may be levied by265
Greene County against such property for system improvements which are in the same266
category as said public facility in accordance with Chapter 71 of Title 36 of the O.C.G.A.,267
the "Georgia Development Impact Fee Act." Application for such development impact fee268
credit may be granted by legislative action of the governing authority of Greene County in269
its discretion.270 23 LC 46 0617
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SECTION 7.
271
Boundaries of the districts.272
(a) The boundaries of each district shall be designated by the governing authority of Greene273
County and shall lie wholly within the incorporated area of Greene County as set forth in the274
resolutions required by Section 4 of this Act, or as may thereafter be added as provided in275
this Act.276
(b) The boundaries of a district may be increased after the initial creation of a district277
pursuant to the following:278
(1) Written consent of a majority of the owners of real property within the area sought279
to be annexed into the district and which will be subject to taxes, fees, and assessments280
levied by the board of the district is first obtained;281
(2) Written consent of the owners of real property within the area sought to be annexed282
into the district which constitutes at least 75 percent by value of all real property within283
the area sought to be annexed into the district which will be subject to taxes, fees, and284
assessments levied by the board. For this purpose, value shall be determined by the most285
recent approved county ad valorem tax digest;286
(3) The adoption of a resolution consenting to the annexation by the board of the district;287
and288
(4) The adoption of a resolution consenting to the annexation by the governing authority289
of Greene County.290
SECTION 8.291
Debt.292
Each district may incur debt without regard to the requirements of Article IX, Section V of293
the Constitution of Georgia, or any other provision of law prohibiting or restricting the294 23 LC 46 0617
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borrowing of money or the creation of debt by political subdivisions of the State of Georgia,
295
and the debt shall be backed by the full faith, credit, and taxing power of the district but shall296
not be an obligation of the State of Georgia, Greene County, or any other unit of government297
of the State of Georgia other than the district.298
SECTION 9.299
Cooperation with local governments.300
The services and facilities provided pursuant to this Act shall be provided for in a301
cooperation agreement executed jointly by the board and the governing authority of Greene302
County. The provisions of this section shall in no way limit the authority of Greene County303
to provide services or facilities within the district; and Greene County shall retain full and304
complete authority and control over any of its facilities located within its respective areas of305
any district. Such control shall include, but not be limited to, the modification of, access to,306
and degree and type of services provided through or by facilities of the county. Nothing307
contained in this section shall be construed to limit or preempt the application of any308
governmental laws, ordinances, resolutions, or regulations to the district or the services or309
facilities provided within the district.310
SECTION 10.311
Powers.312
(a) Each district and its board created pursuant to this Act shall have all of the powers313
necessary or convenient to carry out and effectuate the purposes and provisions of this Act,314
including, without limiting the generality of the foregoing, the power:315
(1) To bring and defend actions;316
(2) To adopt and amend a corporate seal;317 23 LC 46 0617
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(3) To make and execute contracts, agreements, and other instruments necessary or
318
convenient to exercise the powers of the board or to further the public purposes for which319
the district is created, including, but not limited to, contracts for construction of projects,320
leases of projects, contracts for sale of projects, agreements for loans to finance projects,321
contracts with respect to the use of projects, and agreements with other jurisdictions or322
community improvement districts regarding multijurisdictional projects or services or for323
other cooperative endeavors to further the public purposes of the district;324
(4) To acquire by purchase, lease, or otherwise and to hold, lease, and dispose of real and325
personal property of every kind and character, or any interest therein, in furtherance of326
the public purposes of the district;327
(5) To finance by loan, grant, lease, or otherwise and to construct, erect, assemble,328
purchase, acquire, own, repair, remodel, renovate, rehabilitate, modify, maintain, extend,329
improve, install, sell, equip, expand, add to, operate, or manage projects and to pay the330
cost of any project from the proceeds of bonds, notes, or other obligations of the district331
or any other funds of the district, or from any contributions or loans by persons,332
corporations, partnerships, whether limited or general, or other entities, all of which the333
board is authorized to receive, accept, and use;334
(6) To borrow money to further or carry out its public purposes and to execute bonds,335
notes, other obligations, leases, trust indentures, trust agreements, agreements for the sale336
of its bonds, notes, or other obligations, loan agreements, security agreements,337
assignments, and such other agreements or instruments as may be necessary or desirable,338
in the judgment of the board, to evidence and to provide security for such borrowing;339
(7) To issue bonds, notes, or other obligations of the district and use the proceeds thereof340
for the purpose of paying or reimbursing all or any part of the cost of any project and341
otherwise to further or carry out the public purposes of the district and to pay all costs of342
the board incidental to, or necessary and appropriate to, furthering or carrying out such343
purposes;344 23 LC 46 0617
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(8) To make application directly or indirectly to any federal, state, county, or municipal
345
government or agency or to any other source, whether public or private, for loans, grants,346
guarantees, or other financial assistance in furtherance of the district's public purposes347
and to accept and use the same upon such terms and conditions as are prescribed by such348
federal, state, county, or municipal government or agency or other source;349
(9) To enter into agreements with the federal government or any agency thereof to use350
the facilities or services of the federal government or any agency thereof in order to351
further or carry out the public purposes of the district;352
(10) To contract for any period, not exceeding 50 years, with the State of Georgia, state353
institutions, or any municipal corporation, county, or political subdivision of this state for354
the use by the district of any facilities or services of the state or any such state institution,355
municipal corporation, county, or political subdivision of this state, or for the use by any356
state institution, municipal corporation, county, or political subdivision of the state of any357
facilities or services of the district, provided that such contracts shall deal with such358
activities and transactions as the district and any such political subdivision with which359
the district contracts are authorized by law to undertake;360
(11) To receive and use the proceeds of any tax levied by any county or any municipal361
corporation to pay the costs of any project or for any other purpose for which the board362
may use its own funds pursuant to this Act;363
(12) To receive and administer gifts, grants, and devises of money and property of any364
kind and to administer trusts;365
(13) To use any real property, personal property, or fixtures, or any interest therein, or366
to rent or lease such property to or from others or make contracts with respect to the use367
thereof, or to sell, lease, exchange, transfer, assign, pledge, or otherwise dispose of or368
grant options for any such property in any manner for the advantage of the district and369
the public purposes thereof;370 23 LC 46 0617
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(14) To appoint, select, and employ engineers, surveyors, architects, urban or city
371
planners, fiscal agents, attorneys, and others and to fix their compensation and pay their372
expenses;373
(15) To encourage and promote the improvement and development of the district and to374
make, contract for, or otherwise cause to be made long-range plans or proposals for the375
district in cooperation with Greene County;376
(16) To adopt bylaws governing the conduct of business by the board, the election and377
duties of officers of the board, and other matters as the board considers appropriate for378
the bylaws;379
(17) To invest its funds, whether derived from the issuance of bonds or otherwise, in380
such manner as it may deem prudent and appropriate;381
(18) To exercise any power granted by the laws of this state to public or private382
corporations which is not in conflict with the public purposes of the district; and383
(19) To do all things necessary or convenient to carry out the powers conferred by this384
Act.385
(b) The powers enumerated in this section are cumulative of and in addition to those powers386
enumerated elsewhere in this Act; and no such power shall limit or restrict any other power387
of the board.388
(c) The powers enumerated in this section are conferred for an essential governmental389
function for a public purpose, and the revenues and debt of any district are not subject to390
taxation.391
SECTION 11.392
Bonds generally.393
(a) Notes or other obligations issued by a district, other than general obligation bonds, shall394
be paid solely from the property pledged to pay such notes or other obligations. General395 23 LC 46 0617
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obligation bonds issued by any district shall constitute a general obligation of the district to
396
the repayment of which the full faith, credit, and taxing power of the district shall be pledged.397
(b) All bonds, notes, and other obligations of a district shall be authorized by resolution of398
its board and adopted by a majority vote of the board members at a regular or special399
meeting.400
(c) Bonds, notes, or other obligations shall bear such date or dates, shall mature at such time401
or times but not more than 30 years from their respective dates, shall bear interest at such rate402
or rates which may be fixed or may fluctuate or otherwise change from time to time, shall403
be subject to redemption on such terms, and shall contain such other terms, provisions,404
covenants, assignments, and conditions as the resolution authorizing the issuance of such405
bonds, notes, or other obligations may permit or provide. The terms, provisions, covenants,406
assignments, and conditions contained in or provided or permitted by any resolution of the407
board authorizing the issuance of such bonds, notes, or other obligations shall bind the board408
members of the district then in office and their successors.409
(d) The board shall have power from time to time, and whenever it deems it expedient, to410
refund any bonds by the issuance of new bonds, whether or not the bonds to be refunded411
have matured, and may issue bonds partly to refund bonds then outstanding and partly for412
any other purpose permitted by this Act. The refunding bonds may be exchanged for the413
bonds to be refunded, with such cash adjustments as may be agreed upon, or may be sold and414
the proceeds applied to the purchase or redemption of the bonds to be refunded.415
(e) There shall be no limitation upon the interest rates or any maximum interest rate or rates416
on any bonds, notes, or other obligations of the district; and the usury laws of this state shall417
not apply to bonds, notes, or other obligations of these districts.418
(f) Bonds issued by a district may be in such form, either coupon or fully registered, or both419
coupon and fully registered, and may be subject to such exchangeability and transferability420
provisions as the bond resolution authorizing the issuance of such bonds or any indenture or421
trust agreement may provide.422 23 LC 46 0617
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(g) Bonds issued by a district shall be validated under and in accordance with Article 3 of
423
Chapter 82 of Title 36 of the O.C.G.A., known as the "Revenue Bond Law," or in accordance424
with such other successor provision governing bond validation generally as may be provided425
by law. The signature of the clerk of the Superior Court of Greene County shall be made on426
the certificate of validation of such bonds by facsimile or by manual execution, stating the427
date on which such bonds were validated, and such entry shall be original evidence of the428
fact of judgment and shall be received as original evidence in any court in this state.429
(h) In lieu of specifying the rate or rates of interest which such bonds are to bear and the430
principal amount and maturities of such bonds, the notice to the district attorney or the431
Attorney General, the notice to the public of the time, place, and date of the validation432
hearing, and the petition and complaint for validation may state that the bonds when issued433
will bear interest at a rate not exceeding a maximum per annum rate of interest, which may434
be fixed or may fluctuate or otherwise change from time to time, and that the principal435
amount will not exceed and the final maturity date will not be later than as specified in such436
notices and petition and complaint; or the notice or notices may state that, in the event the437
bonds are to bear different rates of interest for different maturity dates, none of such rates438
will exceed the maximum rate, which may be fixed or may fluctuate or otherwise change439
from time to time, as so specified; provided, however, that nothing in this section shall be440
construed as prohibiting or restricting the right of a board to sell such bonds at a discount,441
even if in doing so, the effective interest cost resulting therefrom would exceed the maximum442
per annum interest rate specified in such notices and in the petition and complaint.443
(i) The terms "cost of the project" and "cost of any project" shall have the meaning444
prescribed by this Act whenever those terms are referred to in bond resolutions of a board;445
in bonds, notes, or other obligations of the districts; or in notices of proceedings to validate446
such bonds of a district.447 23 LC 46 0617
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SECTION 12.
448
Authorized contents of agreements and instruments of the board generally;449
use of proceeds of sale of bonds, notes, and other obligations;450
subsequent issues thereof.451
(a) Subject to the limitations and procedures provided by this section and Section 11 of this452
Act, the agreements or instruments executed by a board may contain such provisions not453
inconsistent with law as shall be determined by such board.454
(b) The proceeds derived from the sale of all bonds, notes, and other obligations issued by455
a district shall be held and used for the ultimate purpose of paying, directly or indirectly as456
permitted by this Act, all or part of the cost of any project, or for the purpose of refunding457
any bonds, notes, or other obligations issued in accordance with this Act.458
(c) Issuance by a board of one or more series of bonds, notes, or other obligations for one459
or more purposes shall not preclude it from issuing other bonds, notes, or obligations in460
connection with the same project or with any other project; but the proceeding wherein any461
subsequent bonds, notes, or other obligations are issued shall recognize and protect any prior462
loan agreement, security agreement, or other agreement or instrument made for any prior463
issue of bonds, notes, or other obligations, unless, in the resolution authorizing such prior464
issue, the right is expressly reserved to the board to issue subsequent bonds, notes, or other465
obligations on a parity with such prior issue.466
SECTION 13.467
Construction; notice, proceeding, publication, referendum.468
This Act shall be liberally construed to effect the purposes hereof. No notice, proceeding,469
or publication, except those required by this Act, shall be necessary to the performance of470
any act authorized by this Act, nor shall any such act be subject to referendum.471 23 LC 46 0617
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SECTION 14.
472
Dissolution.473
(a)(1) Any district activated under the provisions of this Act may be dissolved.474
(2) The conditions for such dissolution shall be:475
(A) The adoption of a resolution approving of the dissolution of such community476
improvement district by the governing authority of Greene County; and477
(B) The written consent to the dissolution of the community improvement district by:478
(i) A majority of the owners of real property within the district which are subject to479
taxes, fees, and assessments levied by the board of the district; and480
(ii) The owners of real property constituting at least 75 percent by value of all real481
property within the district which are subject to taxes, fees, and assessments levied482
by the board. For this purpose, value shall be determined by the most recent approved483
county ad valorem tax digest.484
(3) The written consent provided for in subparagraph (B) of paragraph (2) of this485
subsection shall be submitted to the Greene County tax commissioner, who shall certify486
whether subparagraph (B) of paragraph (2) of this subsection has been satisfied with487
respect to each proposed district dissolution.488
(b) In the event that successful action is taken pursuant to this section to dissolve the district,489
the dissolution shall become effective at such time as all debt obligations of the district have490
been satisfied. Following a successful dissolution action and until the dissolution becomes491
effective, no new projects may be undertaken, obligations or debts incurred, or property492
acquired.493
(c) Upon a successful dissolution action, all noncash assets of the district other than public494
facilities or land or easements to be used for such public facilities, as described in Section 2495
of this Act, shall be reduced to cash and, along with all other cash on hand, shall be applied496 23 LC 46 0617
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to the repayment of any debt obligation of the district. Any cash remaining after all
497
outstanding obligations are satisfied shall be remitted to Greene County.498
(d) When a dissolution becomes effective, Greene County shall take title to all property499
previously in the ownership of the district, and all taxes, fees, and assessments of the district500
shall cease to be levied and collected.501
(e) A district may be reactivated in the same manner as an original activation.502
(f) In the event that any district shall be dissolved in accordance with this section, the board503
shall serve until December 31 of the year in which dissolution was approved for the purpose504
of concluding any ongoing matters and projects. However, if such ongoing matters and505
projects cannot be concluded by December 31 of such year, then the governing authority of506
Greene County shall assume the duties of the board and shall be expressly authorized to507
exercise the authority of the board of the dissolved district. In the alternative, the governing508
authority of Greene County may, by resolution, assume all rights and obligations of the509
district, either bonds or otherwise, and the district shall cease to exist upon the adoption of510
such resolution.511
SECTION 15.512
Repealer.513
All laws and parts of laws in conflict with this Act are repealed.514