25 LC 62 0158S
The House Committee on Banks and Banking offers the following substitute to HB 159:
A BILL TO BE ENTITLED
AN ACT
To amend Chapter 26 of Title 50 of the Official Code of Georgia Annotated, relating to the1
Georgia Housing and Finance Authority, so as to increase the outstanding bond limit; to2
provide for related matters; to provide for an effective date; to repeal conflicting laws; and3
for other purposes.4
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5
SECTION 1.6
Chapter 26 of Title 50 of the Official Code of Georgia Annotated, relating to the Georgia7
Housing and Finance Authority, is amended in Code Section 50-26-10, relating to obligations8
not subject to "Georgia Uniform Securities Act of 2008," payment of operating costs,9
authority's revenue, bond anticipation notes, terms of bond, replacement of bond, validation,10
and interest rates, by revising subsection (i) as follows:11
"(i)(1) The authority shall not have outstanding at any one time bonds and notes for its12
single-family residential housing program in an aggregate amount exceeding $3 billion13
$6 billion, excluding bonds and notes issued to refund outstanding bonds and notes.14
(2) The authority shall not have outstanding at any one time bonds and notes for15
financing of enterprises, other than enterprises contained in a health facility and other16
H. B. 159 (SUB)
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than housing, exceeding $140 million and shall not issue any such bonds or notes after17
June 30, 1995; provided, however, that such limitations shall not apply with respect to18
bonds and notes issued to refund outstanding bonds and notes.19
(3) The authority shall not have outstanding at any one time bonds and notes for the20
financing of health care services exceeding $30 million; provided, however, that such21
limitations shall not apply with respect to bonds and notes issued to refinance outstanding22
bonds and notes.23
(4) Any limitations with respect to interest rates or any maximum interest rate or rates24
found in Article 3 of Chapter 82 of Title 36, the 'Revenue Bond Law,' the usury laws of25
this state, or any other laws of this state do not apply to bonds of the authority."26
SECTION 2.27
This Act shall become effective upon its approval by the Governor or upon its becoming law28
without such approval.29
SECTION 3.30
All laws and parts of laws in conflict with this Act are repealed.31
H. B. 159 (SUB)
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