| 3 | 3 | | By: Representatives Crowe of the 118 |
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| 4 | 4 | | th |
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| 5 | 5 | | , Reeves of the 99 |
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| 6 | 6 | | th |
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| 7 | 7 | | , Camp of the 135 |
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| 8 | 8 | | th |
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| 9 | 9 | | , and New of |
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| 10 | 10 | | the 40 |
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| 11 | 11 | | th |
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| 12 | 12 | | |
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| 13 | 13 | | A BILL TO BE ENTITLED |
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| 14 | 14 | | AN ACT |
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| 15 | 15 | | To amend Chapter 26 of Title 50 of the Official Code of Georgia Annotated, relating to the |
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| 16 | 16 | | 1 |
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| 17 | 17 | | Georgia Housing and Finance Authority, so as to increase the outstanding bond limit; to2 |
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| 18 | 18 | | provide for related matters; to provide for an effective date; to repeal conflicting laws; and3 |
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| 19 | 19 | | for other purposes.4 |
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| 20 | 20 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 |
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| 21 | 21 | | SECTION 1.6 |
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| 22 | 22 | | Chapter 26 of Title 50 of the Official Code of Georgia Annotated, relating to the Georgia7 |
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| 23 | 23 | | Housing and Finance Authority, is amended in Code Section 50-26-10, relating to obligations8 |
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| 24 | 24 | | not subject to "Georgia Uniform Securities Act of 2008," payment of operating costs,9 |
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| 25 | 25 | | authority's revenue, bond anticipation notes, terms of bond, replacement of bond, validation,10 |
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| 26 | 26 | | and interest rates, by revising subsection (i) as follows:11 |
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| 27 | 27 | | "(i)(1) The authority shall not have outstanding at any one time bonds and notes for its12 |
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| 28 | 28 | | single-family residential housing program in an aggregate amount exceeding $3 billion |
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| 29 | 29 | | 13 |
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| 30 | 30 | | $6 billion, excluding bonds and notes issued to refund outstanding bonds and notes.14 |
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| 31 | 31 | | (2) The authority shall not have outstanding at any one time bonds and notes for15 |
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| 32 | 32 | | financing of enterprises, other than enterprises contained in a health facility and other16 |
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| 35 | 35 | | than housing, exceeding $140 million and shall not issue any such bonds or notes after |
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| 36 | 36 | | 17 |
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| 37 | 37 | | June 30, 1995; provided, however, that such limitations shall not apply with respect to18 |
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| 38 | 38 | | bonds and notes issued to refund outstanding bonds and notes.19 |
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| 39 | 39 | | (3) The authority shall not have outstanding at any one time bonds and notes for the20 |
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| 40 | 40 | | financing of health care services exceeding $30 million; provided, however, that such21 |
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| 41 | 41 | | limitations shall not apply with respect to bonds and notes issued to refinance outstanding22 |
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| 42 | 42 | | bonds and notes.23 |
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| 43 | 43 | | (4) Any limitations with respect to interest rates or any maximum interest rate or rates24 |
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| 44 | 44 | | found in Article 3 of Chapter 82 of Title 36, the 'Revenue Bond Law,' the usury laws of25 |
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| 45 | 45 | | this state, or any other laws of this state do not apply to bonds of the authority."26 |
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| 46 | 46 | | SECTION 2.27 |
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| 47 | 47 | | This Act shall become effective upon its approval by the Governor or upon its becoming law28 |
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| 48 | 48 | | without such approval.29 |
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| 49 | 49 | | SECTION 3.30 |
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| 50 | 50 | | All laws and parts of laws in conflict with this Act are repealed.31 |
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