Georgia 2025-2026 Regular Session

Georgia Senate Bill SB237 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		25 LC 44 3010
2	2		Senate Bill 237
3	3		By: Senators Strickland of the 42nd and Anderson of the 43rd
4		-	AS PASSED
	4	+	AS PASSED SENATE
5	5		A BILL TO BE ENTITLED
6	6		AN ACT
7	7		To amend an Act creating and establishing the Newton County Public Facilities Authority,
8	8		1
9	9		approved June 29, 2020 (Ga. L. 2020, p. 3600), so as to revise provisions regarding contracts2
10	10		and borrowing of funds; to revise provisions regarding revenue bonds; to revise provisions3
11	11		regarding credit not pledged; to provide for distribution of assets of the authority upon4
12	12		dissolution; to provide for definitions; to provide for related matters; to repeal conflicting5
13	13		laws; and for other purposes.6
14	14		BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7
15	15		SECTION 1.8
16	16		An Act creating and establishing the Newton County Public Facilities Authority, approved9
17	17		June 29, 2020 (Ga. L. 2020, p. 3600), is amended by revising paragraphs (3) and (5) of10
18	18		Section 3 as follows:11
19	19		"(3) "Project" means all buildings, facilities and equipment necessary or convenient for12
20	20		the efficient operation of Newton County or any department, agency division or13
21	21		commission thereof, the Newton County School District, any municipal corporation14
22	22		located within Newton County and any undertaking permitted by the Revenue Bond15
23	23		Law."16
24	24		S. B. 237
25	25		- 1 - 25 LC 44 3010
26	26		"(5) "Revenue bonds" means revenue bonds authorized to be issued pursuant to this Act."
27	27		17
28	28		SECTION 2.18
29	29		Said Act is further amended by revising paragraphs (4) and (9) of Section 4 as follows:19
30	30		"(4) To execute contracts, leases, installment sale agreements, and other agreements and20
31	31		instruments necessary or convenient in connection with the acquisition, construction,21
32	32		addition, extension, improvement, equipping, operation, maintenance, disposition or22
33	33		financing of a project; and any and all persons, firms, corporations, and Newton County,23
34	34		Newton County School District and any municipal corporation within Newton County24
35	35		are hereby authorized to enter into contracts, leases, installment sale agreements, and25
36	36		other agreements and instruments with the authority upon such terms and for such26
37	37		purposes as they deem advisable and as they are authorized by law;"27
38	38		"(9) To borrow money for any of its corporate purposes, to issue revenue bonds and other28
39	39		forms of obligations, and to provide for the payment of the same and rights of the holders29
40	40		thereof;"30
41	41		SECTION 3.31
42	42		Said Act is further amended by revising Section 5 as follows:32
43	43		"SECTION 5.33
44	44		Revenue bonds.34
45	45		The authority shall have power and is hereby authorized to provide by resolution for the35
46	46		issuance of revenue bonds for the purpose of paying all or any part of the costs of the36
47	47		project and for the purpose of refunding revenue bonds or other obligations previously37
48	48		issued. The principal of and interest on such revenue bonds shall be payable solely from38
49	49		the revenues and properties pledged to the payment of such revenue bonds. The revenue39
50	50		S. B. 237
51	51		- 2 - 25 LC 44 3010
52	52		bonds issued by the authority shall contain such terms as the authority shall determine are
53	53		40
54	54		in the best interest of the authority; provided, however, that no revenue bonds shall have41
55	55		a maturity exceeding 40 years. No such revenue bonds shall be issued to finance a project42
56	56		for the Newton County School District or any municipal corporation within Newton43
57	57		County without the approval of the Board of Commissioners of Newton County."44
58	58		SECTION 4.45
59	59		Said Act is further amended by revising Section 7 as follows:46
60	60		"SECTION 7.47
61	61		Credit not pledged.48
62	62		Revenue bonds of the authority shall not be deemed to constitute a debt of Newton County,49
63	63		the Newton County School System, any municipality located within the county, or the State50
64	64		of Georgia, nor a pledge of the faith and credit of this state or such county, but such51
65	65		revenue bonds shall be payable solely from the fund hereinafter provided for. The issuance52
66	66		of such revenue bonds shall not directly, indirectly, or contingently obligate this state or53
67	67		such county to levy or pledge any form of taxation whatsoever for payment of such revenue54
68	68		bonds or to make any appropriation for their payment, and all such revenue bonds shall55
69	69		contain recitals on their face covering substantially the foregoing provisions of this section. 56
70	70		Notwithstanding the foregoing provisions, this Act shall not affect the ability of the57
71	71		authority and any political subdivision or municipal corporation to enter into an58
72	72		intergovernmental contract pursuant to which the political subdivision or municipal59
73	73		corporation agrees to pay amounts sufficient to pay operating charges and other costs of60
74	74		the authority of any project, including, without limitation, the principal of and interest on61
75	75		revenue bonds or other forms of obligations in consideration for the services or facilities62
76	76		of the authority."63
77	77		S. B. 237
78	78		- 3 - 25 LC 44 3010
79	79		SECTION 5.
80	80		64
81	81		Said Act is further amended by revising subsection (b) of Section 16 as follows:65
82	82		"(b) Upon the dissolution of the authority, all assets owned by the authority shall become66
83	83		property of Newton County unless the agreements executed in connection with a project67
84	84		require otherwise."68
85	85		SECTION 6.69
86	86		All laws and parts of laws in conflict with this Act are repealed.70
87	87		S. B. 237
88	88		- 4 -