25 LC 44 2889
Senate Bill 70
By: Senator Anderson of the 43rd
A BILL TO BE ENTITLED
AN ACT
To provide for the creation of one or more community improvement districts within the City
1
of Conyers, Georgia; to provide for a short title; to provide for the purpose of such districts;2
to provide for definitions; to provide for boards to administer such districts; to provide for3
appointment and election of members of such boards; to provide for taxes, fees, and4
assessments; to provide for the boundaries of such districts; to provide procedures for5
determining the specifications for projects to be undertaken by districts and the manner of6
levying taxes, fees, and assessments with respect thereto; to provide for the debt of such7
districts; to provide for cooperation with local governments; to provide for powers of such8
boards; to provide for general obligation bonds, notes, and other obligations of such districts;9
to provide for the form of bonds, provisions for exchange and transfer, certificates of10
validation, and specification of interest rates; to provide for definition of the terms "cost of11
the project" and "cost of any project" as used in bond resolutions and elsewhere; to provide12
for authorized contents of agreements and instruments of the boards generally; to provide for13
use of proceeds of sale of bonds, notes, and other obligations; to provide for subsequent14
issues thereof; to provide for construction; to provide that no notice, proceeding, publication,15
or referendum shall be required; to provide for procedures connected with all of the16
foregoing; to provide for the dissolution and reactivation of districts under certain conditions;17
to provide for related matters; to repeal conflicting laws; and for other purposes.18
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BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
19
SECTION 1.20
Short title.21
This Act shall be known and may be cited as the "Conyers Community Improvement22
Districts Act."23
SECTION 2.24
Purpose.25
The purpose of this Act shall be to provide for the creation of one or more community26
improvement districts within the City of Conyers, Georgia, and each such district shall be27
created for the provision of such of the following governmental services and facilities as may28
be provided for in the resolution activating each district created hereby. Such services and29
facilities shall be one or more of:30
(1) Street and road construction and maintenance, including curbs, sidewalks, streetlights,31
and devices to control the flow of traffic on streets and roads;32
(2) Parks and recreational areas and facilities;33
(3) Stormwater and sewage collection and disposal systems;34
(4) Development, storage, treatment, purification, and distribution of water;35
(5) Public transportation;36
(6) Terminal and dock facilities and parking facilities; and37
(7) Such other services and facilities as may be provided for by general law.38
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SECTION 3.
39
Definitions.40
As used in this Act, the term:41
(1) "Agricultural" means the growing of crops for sale or raising of animals for sale or use,42
including the growing of field crops, fruit or nut trees, the raising of livestock or poultry,43
and the operation of dairies, horse boarding facilities, and riding stables.44
(2) "Board" means the governing authority created for the governance of each community45
improvement district authorized by this Act.46
(3) "Bonds" or "general obligation bonds" means any bonds of a district that are authorized47
to be issued under the Constitution and laws of Georgia, including refunding bonds, but not48
including notes or other obligations of a district.49
(4) "Caucus of electors" means for each district, the meeting of electors provided for in50
this Act at which the elected board members of the district are elected.51
(5) "Cost of the project" or "cost of any project" means and includes:52
(A) All costs of acquisition by purchase or otherwise, construction, assembly,53
installation, modification, renovation or rehabilitation incurred in connection with any54
project or any part of any project;55
(B) All costs of real property, fixtures, or personal property used in or in connection with56
or necessary for any project or for any facilities related thereto, including, but not limited57
to, the cost of all land, estates for years, easements, rights, improvements, water rights,58
connections for utility services, fees, franchises, permits, approvals, licenses, and59
certificates; the cost of securing any such franchises, permits, approvals, licenses, or60
certificates; and the cost of preparation of any application therefor and the cost of all61
fixtures, machinery, equipment (including all transportation equipment and rolling stock),62
furniture, and other property used in or in connection with or necessary for any project;63
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(C) All interest and other financing charges and loan fees and all interest on bonds, notes,
64
or other obligations of a district which accrue or are paid prior to and during the period65
of construction of a project and during such additional period as the board may66
reasonably determine to be necessary to place such project in operation;67
(D) All costs of engineering, surveying, and architectural and legal services and all68
expenses incurred by engineers, surveyors, architects, and attorneys in connection with69
any project;70
(E) All expenses for inspection of any project;71
(F) All fees of fiscal agents, paying agents, and trustees for bondholders under any trust72
agreement, indenture of trust, or similar instrument or agreement; all expenses incurred73
by any such fiscal agents, paying agents, and trustees; and all other costs and expenses74
incurred relative to the issuance of any bonds, notes, or other obligations for any project;75
(G) All expenses of or incidental to determining the feasibility of practicability of any76
project;77
(H) All costs of plans and specifications for any project;78
(I) All costs of title insurance and examinations of title with respect to any project;79
(J) Repayment of any loans made for the advance payment of any part of any of the80
foregoing costs, including interest thereon and any other expenses of such loans;81
(K) Administrative expenses of the board and such other expenses as may be necessary82
for or incidental to any project or the financing thereof or the placing of any project in83
operation; 84
(L) The establishment of a fund or funds for the creation of a debt service reserve, a85
renewal and replacement reserve, or such other funds or reserves as the board may86
approve with respect to the financing and operation of any project and as may be87
authorized by any bond resolution, trust agreement, indenture of trust, or similar88
instrument or agreement pursuant to the provisions of which the issuance of any bonds,89
notes, or other obligations of the district may be authorized; and90
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(M) Any cost, obligation, or expense incurred for any of the foregoing purposes.
91
(6) "District" means the geographical area designated as such by the resolution of the92
governing body of the City of Conyers consenting to the creation of the community93
improvement district or as thereafter modified pursuant to subsection (b) of Section 7 of94
this Act.95
(7) "Electors" means the owners of real property used nonresidentially within the district96
which is then subject to taxes, fees, and assessments levied by the board, as they appear on97
the most recent ad valorem real property tax return records of Rockdale County, or one98
officer or director of a corporate elector, one trustee of a trust which is an elector, one99
partner of a partnership elector, or one designated representative of an elector whose100
designation is made in writing. An owner of property subject to taxes, fees, or assessments101
levied by the board shall have one vote for an election based on numerical majority. An102
owner of multiple parcels has one vote, not one vote per parcel, for an election based on103
numerical majority. Multiple owners of one parcel have one vote for an election based on104
numerical majority.105
(8) "Equitably apportioned among the properties subject to such taxes, fees, and106
assessments according to the need for governmental services and facilities created by the107
degree of density of development of each such property," with reference to taxes, fees, and108
assessments levied by the board, means that the burden of the taxes, fees, and assessments109
shall be apportioned among the properties subject thereto based upon the values established110
in the most recent ad valorem tax reassessment of such properties certified by the111
chairperson of the Rockdale County Board of Tax Assessors or may be apportioned among112
the properties subject thereto in direct or approximate proportion to the receipt of services113
or benefits derived from the improvements or other activities for which the taxes, fees, or114
assessments are to be expended or may be apportioned in any other manner or combination115
of manners deemed equitable by the board, including, but not limited to, the recognition116
of differential benefits which may reasonably be expected to accrue to new land117
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development in contrast to lands and improvements already in existence at the time of
118
creation of the community improvement district.119
(9) "Forestry" means the planting and growing of trees for sale in a program that includes120
reforestation of harvested trees, regular underbrush and undesirable growth clearing,121
fertilizing, pruning, thinning, cruising, and marking which indicate an active tree farming122
operation; it does not include the casual growing of trees on land otherwise idle or held for123
investment, even though some harvesting of trees may occur thereon.124
(10) "Majority" means 50 percent or more of the total number of individuals composing125
the group or classification at issue.126
(11) "Project" means the acquisition, construction, installation, modification, renovation,127
rehabilitation or operation of land; interests in land, buildings, structures, facilities, or other128
improvements located or to be located within or otherwise providing service to the district,129
and the acquisition, installation, modification, renovation, rehabilitation, or furnishing of130
fixtures, machinery, equipment, furniture, or other property of any nature whatsoever used131
on, in, or in connection with any such land, interest in land, building, structure, facility, or132
other improvement, all for the essential public purposes set forth in Section 2 of this Act.133
(12) "Property owner" or "owner of real property" means any entity or person shown as134
a taxpayer for one or more parcels of real estate on the most recent ad valorem tax records135
of Rockdale County within the district. Ownership as shown by the most recent ad136
valorem tax records of Rockdale County shall serve as prima-facie proof of ownership.137
Multiple owners of one parcel shall constitute one property owner, and they shall designate138
in writing one of their number to represent the whole.139
(13) "Property used nonresidentially" means property or any portion thereof used for140
neighborhood shopping, planned shopping centers, general commercial, transient lodging141
facilities, tourist services, office or institutional, office services, light industry, heavy142
industry, central business districts, parking, or other commercial or business use, as well143
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as vacant land zoned or approved for any of the uses listed in this paragraph, which does
144
not include residential use.145
(14) "Residential" means a specific work or improvement undertaken primarily to provide146
single-family or multifamily dwelling accommodations for persons and families and such147
community facilities as may be incidental or appurtenant thereto.148
(15) "Taxpayer" means any entity or person paying ad valorem taxes on real property,149
whether on one or more parcels of property within the district. Multiple owners of one150
parcel shall constitute one taxpayer, and they shall designate in writing one of their number151
to represent the whole.152
SECTION 4.153
Creation.154
(a) Pursuant to Article IX, Section VII of the Constitution of the State of Georgia, there are155
hereby created one or more community improvement districts to be located in the City of156
Conyers, Georgia, wholly within the incorporated area thereof. Each community157
improvement district shall be activated upon compliance with the conditions provided in this158
Act. Each district shall be governed by a board as constituted pursuant to this Act. The159
conditions for such activation shall be:160
(1) The adoption of a resolution consenting to the creation of each community161
improvement district by the Mayor and City Council of the City of Conyers; 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
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assessments levied by the board and for this purpose value shall be determined by the
168
most recent approved county ad valorem tax digest.169
(b) The written consents provided for in paragraph (2) of subsection (a) of this section shall170
be submitted to the Rockdale 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 Georgia Secretary of State, who shall maintain a record of176
all districts activated under this Act, and a second copy shall be filed with the Georgia177
Department of Community Affairs.178
SECTION 5.179
Administration, appointment and election of board members.180
(a) Each district created pursuant hereto shall be administered by a board composed of a181
minimum of five board members as follows: one board member shall be appointed by the182
Mayor and City Council of the City of Conyers and four board members shall be elected by183
the vote of electors. The members representing the electors shall be elected to serve in post184
positions 2 through 5, respectively. Each elected board member must receive a majority of185
the votes cast for the post for which he or she is a candidate. The initial term of office for186
the member representing Post 2 shall be one year, and the initial terms of office of the187
members serving on Posts 3 and 4 shall be two years. The initial term of office of the188
member representing Post 5 shall be three years. Thereafter, all terms of office shall be for189
two years, except the appointed board member for Post 1, who serve at the pleasure of the190
governing body who appointed him or her. Should a member cease to be an elector, such191
member's position on the board shall immediately become vacant and shall be filled for the192
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remainder of the respective term as provided for by the initial appointment or election in this
193
subsection.194
(b) The initial board members to be elected as provided in subsection (a) of this section shall195
be elected in a caucus of electors, which shall be held within 90 days after the adoption of196
the resolutions and obtaining the written consents provided herein. The caucus shall be held197
at such time and place within the district as the governing body of the City of Conyers shall198
designate after notice is given to said electors by publishing notice in the legal organ of199
Rockdale County at least once each week for four weeks prior to such meeting. A quorum200
at such caucus shall consist of those electors present, and a majority of those present and201
voting is necessary to elect board members. No proxy votes may be cast. The Mayor of the202
City of Conyers or the Mayor's designee shall convene the initial caucus of electors.203
Thereafter, there shall be conducted annually, not later than 60 days following the last day204
for filing ad valorem real property tax returns in Rockdale County, a caucus of said electors205
at such time and place within the district as the board shall designate in such notice for the206
purpose of electing board members to Posts 2 through 5 for those positions which have terms207
expiring, or are vacant, as appropriate. If a vacancy occurs in an elected position on the208
board, the board shall, within 60 days thereafter, call a special election to fill the same. Said209
special election shall be held within 60 days of the call, unless such vacancy occurs within210
180 days of the next regularly scheduled election, in which case a special election may, but211
need not, be called.212
(c) Board members shall be subject to recall by the electors as any other elected public213
official.214
(d) Board members shall receive no compensation for their services, but they shall be215
reimbursed for actual expenses incurred in the performance of their duties. They shall elect216
one of their members as chairperson, and another member as vice chairperson. They shall217
also elect either a secretary and a treasurer, or they shall elect a secretary-treasurer, either of218
whom may, but need not, be a member of the board.219
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(e) Chapter 2 of Title 21 of the O.C.G.A. (O.C.G.A. ยง 21-2-1, et seq.), the Election Code of
220
Georgia, shall not apply to the election of district board members. The district board may221
adopt such bylaws not inconsistent herewith to provide for any matter concerning such222
elections.223
SECTION 6.224
Taxes, fees, and assessments.225
(a) The board may levy taxes, fees, and assessments within the district only on real property226
used nonresidentially, specifically excluding all property exempt from ad valorem taxation227
under the Constitution or laws of the State of Georgia and all property used for residential,228
agricultural, or forestry purposes and specifically excluding tangible personal property and229
intangible property. Any tax, fee, or assessment so levied shall not exceed five mills of the230
aggregate assessed value of all such real property. The taxes, fees, and assessments levied231
by the board shall be equitably apportioned among the properties subject to such taxes, fees,232
and assessments according to the need for governmental services and facilities created by the233
degree of density of development of each such property. The proceeds of taxes, fees, and234
assessments levied by the board shall be used only for the purpose of providing governmental235
services and facilities that are specially required by the degree of density of development236
within the applicable district and not for the purpose of providing those governmental237
services and facilities provided to the municipality as a whole. Any tax, fee, or assessment238
so levied shall be collected by the City of Conyers in the same manner as taxes, fees, and239
assessments are levied by the City of Conyers. Delinquent taxes shall bear the same interest240
and penalties as City of Conyers ad valorem taxes, and may be enforced and collected in the241
same manner. The proceeds of taxes, fees, and assessments so levied, less a fee to cover the242
costs of collection of one percent thereof, but not more than $25,000.00 in any one calendar243
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year, shall be transmitted by the City of Conyers to the board of said district and shall be
244
expended by the board only for the purposes authorized by this Act.245
(b) The board shall levy the taxes, fees and assessments provided for in subsection (a) of this246
section subsequent to the report of the assessed taxable values for the current calendar year247
and shall notify in writing the collecting governing bodies so they may include the levy on248
their regular ad valorem tax bills. The proceeds of taxes, fees and assessments so levied, less249
the fee to cover the costs of collection as specified in subsection (a) of this section, shall be250
transmitted by the collecting governing authority to the board and shall be expended by the251
board only for the purposes authorized by this Act.252
(c) If, but for this provision, a parcel of real property is removed from a district or otherwise253
would become nontaxable, it shall continue to bear its tax millage then extant upon such254
event, for bonded indebtedness of the district then outstanding, until said bonded255
indebtedness then outstanding is paid or refunded.256
SECTION 7.257
Boundaries of districts.258
(a) The boundaries of each district shall be as designated by the Mayor and City Council of259
the City of Conyers, as set forth in the resolution required by Section 4 of this Act, or as may260
thereafter be added as provided in this Act.261
(b) The boundaries of a district may be increased after the initial creation of a district if all262
of the following requirements are met:263
(1) Written consent of a majority of the owners of real property within the area sought to264
be annexed who will be subject to taxes, fees, and assessments levied by the board of the265
district is first obtained;266
(2) Written consent of the owners of real property within the area sought to be annexed267
into the district which constitutes at least 75 percent by value of all real property sought to268
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be annexed into the district which will be subject to taxes, fees, and assessments levied by
269
the board. For this purpose, value shall be determined by the most recently approved270
county ad valorem tax digest;271
(3) The adoption of a resolution consenting to the annexation by the board of the district;272
and273
(4) The adoption of a resolution consenting to the annexation by the City of Conyers.274
SECTION 8.275
Debt.276
Each community improvement district may incur debt without regard to the requirements of277
Section V of Article IX of the Constitution of Georgia, or any other provision of law278
prohibiting or restricting the borrowing of money or the creation of debt by political279
subdivisions of the State of Georgia, which debt shall be backed by the full faith, credit, and280
taxing power of the community improvement district, but said debt shall not be an obligation281
of the State of Georgia, the City of Conyers, or any other unit of government of the State of282
Georgia other than the district.283
SECTION 9.284
Cooperation with local governments.285
The services and facilities provided pursuant to this Act shall be provided for in a286
cooperation agreement executed jointly by the board and the governing body of the City of287
Conyers. The provisions of this section shall in no way limit the authority of the City of288
Conyers to provide services or facilities within the district; and the City of Conyers shall289
retain full and complete authority and control over any of its facilities located within its290
respective areas of any district. Said control shall include but not be limited to the291
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modification of, access to, and degree and type of services provided through or by facilities
292
of the municipality. Nothing contained in this section shall be construed to limit or preempt293
the application of any governmental laws, ordinances, resolutions, or regulations to the294
district or the services or facilities provided therein.295
SECTION 10.296
Powers of district and board.297
(a) Each district and its board created pursuant to this Act shall have all of the powers298
necessary or convenient to carry out and effectuate the purposes and provisions of this Act,299
including, without limiting the generality of the foregoing, the power:300
(1) To bring and defend actions;301
(2) To adopt and amend a corporate seal;302
(3) To make and execute contracts, agreements, and other instruments necessary or303
convenient to exercise the powers of the board or to further the public purposes for which304
the district is created, including, but not limited to, contracts for construction of projects,305
leases of projects, contracts for sale of projects, agreements for loans to finance projects,306
contracts with respect to the use of projects, and agreements with other jurisdictions or307
community improvement districts regarding multijurisdictional projects or services or for308
other cooperative endeavors to further the public purposes of the district;309
(4) To acquire by purchase, lease, or otherwise and to hold, lease, and dispose of real and310
personal property of every kind and character, or any interest therein, in furtherance of the311
public purposes of the district;312
(5) To finance (by loan, grant, lease, or otherwise) and to construct, erect, assemble,313
purchase, acquire, own, repair, remodel, renovate, rehabilitate, modify, maintain, extend,314
improve, install, sell, equip, expand, add to, operate, or manage projects and to pay the cost315
of any project from the proceeds of bonds, notes, or other obligations of the district or any316
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other funds of the district, or from any contributions or loans by persons, corporations,
317
partnerships (whether limited or general), or other entities, all of which the board is318
authorized to receive, accept, and use;319
(6) To borrow money to further or carry out its public purposes and to execute bonds,320
notes, other obligations, leases, trust indentures, trust agreements, agreements for the sale321
of its bonds, notes, or other obligations, loan agreements, security agreements, assignments,322
and such other agreements or instruments as may be necessary or desirable, in the judgment323
of the board, to evidence and to provide security for such borrowing;324
(7) To issue bonds, notes, or other obligations of the district and use the proceeds thereof325
for the purpose of paying or reimbursing all or any part of the cost of any project and to326
otherwise further or carry out the public purposes of the district and to pay all costs of the327
board incidental to, or necessary and appropriate to, furthering or carrying out such328
purposes;329
(8) To make application directly or indirectly to any federal, state, county, or municipal330
government or agency or to any other source, whether public or private, for loans, grants,331
guarantees, or other financial assistance in furtherance of the district's public purposes and332
to accept and use the same upon such terms and conditions as are prescribed by such333
federal, state, county, or municipal government or agency or other source;334
(9) To enter into agreements with the federal government or any agency thereof to use the335
facilities or services of the federal government or any agency thereof in order to further or336
carry out the public purposes of the district;337
(10) To contract for any period not exceeding 50 years with the State of Georgia, state338
institutions, or any municipal corporation, county, or political subdivision of this State for339
the use by the district of any facilities or services of the State or any such State institution,340
municipal corporation, county, or political subdivision of this state, or for the use by any341
State institution or any municipal corporation, county, or political subdivision of the State342
of any facilities or services of the district, provided that such contracts shall deal with such343
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activities and transactions as the district and any such political subdivision with which the
344
district contracts are authorized by law to undertake;345
(11) To receive and use the proceeds of any tax levied by any county or any municipal346
corporation to pay the costs of any project or for any other purpose for which the board347
may use its own funds pursuant to this Act;348
(12) To receive and administer gifts, grants, and devises of money and property of any349
kind and to administer trusts;350
(13) To use any real property, personal property, fixtures or any interest therein or to rent351
or lease such property to or from others or make contracts with respect to the use thereof352
or to sell, lease, exchange, transfer, assign, pledge, or otherwise dispose of or grant options353
for any such property in any manner as it deems to be the best advantage of the district and354
the public purposes thereof;355
(14) To appoint, select, and employ engineers, surveyors, architects, urban or city356
planners, fiscal agents, attorneys, and others and to fix their compensation and pay their357
expenses;358
(15) To encourage and promote the improvement and development of the district and to359
make, contract for, or otherwise cause to be made long range plans or proposals for the360
district in cooperation with the City of Conyers;361
(16) To adopt bylaws governing the conduct of business by the board, the election and362
duties of officers of the board, and other matters which the board considers appropriate for363
the bylaws;364
(17) To invest its funds, whether derived from the issuance of bonds or otherwise, in such365
manner as it may deem prudent and appropriate;366
(18) To exercise any power granted by the laws of this State to public or private367
corporations which is not in conflict with the public purposes of the district; and368
(19) To do all things necessary or convenient to carry out the powers conferred by this369
Act.370
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(b) The powers enumerated in this section are cumulative of and in addition to those powers
371
enumerated herein and elsewhere in this Act, and no such power shall limit or restrict any372
other power of the board.373
(c) The powers enumerated in this section are conferred for an essential governmental374
function for a public purpose, and the revenues and debt of any district are not subject to375
taxation.376
SECTION 11.377
Bonds generally.378
(a) Notes or other obligations issued by a district other than general obligation bonds shall379
be paid solely from the property pledged to pay such notes or other obligations. General380
obligation bonds issued by any district shall constitute a general obligation of the district to381
the repayment of which the full faith, credit and taxing power of the district shall be pledged.382
(b) All bonds, notes, and other obligations of any district shall be authorized by resolution383
of its board, adopted by a majority vote of the board members at a regular or special meeting.384
(c) Bonds, notes, or other obligations shall bear such date or dates, shall mature at such time385
or times (not more than 30 years from their respective dates), shall bear interest at such rate386
or rates (which may be fixed or may fluctuate or otherwise change from time to time), shall387
be subject to redemption on such terms, and shall contain such other terms, provisions,388
covenants, assignments, and conditions as the resolution authorizing the issuance of such389
bonds, notes, or other obligations may permit or provide. The terms, provisions, covenants,390
assignments, and conditions contained in or provided or permitted by any resolution of the391
board authorizing the issuance of such bonds, notes, or other obligations shall bind the board392
members of the district then in office and their successors.393
(d) The board shall have power from time to time and whenever it deems it expedient to394
refund any bonds by the issuance of new bonds, whether or not the bonds to be refunded395
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have matured, and may issue bonds partly to refund bonds then outstanding and partly for
396
any other purpose permitted by this Act. The refunding bonds may be exchanged for the397
bonds to be refunded, with such cash adjustments as may be agreed upon, or may be sold and398
the proceeds applied to the purchase or redemption of the bonds to be refunded.399
(e) There shall be no limitation upon the interest rates or any maximum interest rate or rates400
on any bonds, notes, or other obligations of the district; the usury laws of this State shall not401
apply to bonds, notes, or other obligations of these districts.402
(f) Bonds issued by a district may be in such form, either coupon or fully registered, or both403
coupon and fully registered and may be subject to such exchangeability and transferability404
provisions as the bond resolution authorizing the issuance of such bonds or as any indenture405
or trust agreement may provide.406
(g) Bonds issued by a district shall be validated and in accordance with Article 3 of Chapter407
82 of Title 36 of the O.C.G.A., known as the "Revenue Bond Law," or in accordance with408
such other successor provision governing bond validation generally as may be provided by409
law. The signature of the Clerk of the Superior Court of Rockdale County shall be made on410
the certificate of validation of such bonds by facsimile or by manual execution, stating the411
date on which such bonds were validated; such entry shall be original evidence of the fact412
of judgment and shall be received as original evidence in any court in this State.413
(h) In lieu of specifying the rate or rates of interest which such bonds are to bear, and the414
principal amount and maturities of such bonds, the notice to the district attorney or the415
attorney general, the notice to the public of the time, place, and date of the validation hearing,416
and the petition and complaint for validation may state that the bonds when issued will bear417
interest at a rate not exceeding a maximum per annum rate of interest (which may be fixed418
or may fluctuate or otherwise change from time to time) and that the principal amount will419
not exceed and the final maturity date will not be later than as specified in such notices and420
petition and complaint or may state that, in the event the bonds are to bear different rates of421
interest for different maturity dates, none of such rates will exceed the maximum rate (which422
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may be fixed or may fluctuate or otherwise change from time to time) so specified; provided,
423
however, that nothing in this section shall be construed as prohibiting or restricting the right424
of a board to sell such bonds at a discount, even if in doing so the effective interest cost425
resulting therefrom would exceed the maximum per annum interest rate specified in such426
notices and in the petition and complaint.427
(i) The terms "cost of the project" and "cost of any project" shall have the meaning428
prescribed herein whenever those terms are referred to in bond resolutions of a board, in429
bonds, notes, or other obligations of the district, or in notices or proceedings to validate such430
bonds, notes, or other obligations of a district.431
SECTION 12.432
Authorized contents of agreements and instruments of board generally; use of proceeds of433
sale of bonds, notes and other obligations; subsequent issues thereof.434
(a) Subject to the limitations and procedures provided by this section and by the immediately435
preceding section, the agreements or instruments executed by a board may contain such436
provisions not inconsistent with law as shall be determined by such board.437
(b) The proceeds derived from the sale of all bonds, notes, and other obligations issued by438
a district shall be held and used for the ultimate purpose of paying, directly or indirectly as439
permitted by this Act, all or part of the cost of any project, or for the purpose of refunding440
any bonds, notes, or other obligations issued in accordance with this Act.441
(c) Issuance by a board of one or more series of bonds, notes, or other obligations for one442
or more purposes shall not preclude it from issuing other bonds, notes, or obligations in443
connection with the same project or with any other projects; but the proceeding wherein any444
subsequent bonds, notes, or other obligations are issued shall recognize and protect any prior445
loan agreement, security agreement, or other agreement or instrument made for any prior446
issuance of bonds, notes, or other obligations, unless in the resolution authorizing such prior447
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issuance the right is expressly reserved to the board to issue subsequent bonds, notes, or other
448
obligations on a parity with such prior issuance.449
SECTION 13.450
Construction; notice, proceeding, publication, referendum.451
This Act shall be liberally construed to affect the purposes hereof. No notice, proceeding,452
or publication except those required hereby shall be necessary to the performance of any act453
authorized hereby, nor shall any such act be subject to referendum.454
SECTION 14.455
Dissolution.456
(a)(1) Any district activated under the provisions of this Act may be dissolved.457
(2) The conditions for such dissolution shall be:458
(A) The adoption of a resolution approving of the dissolution of such community459
improvement district by the governing authority of the City of Conyers; and460
(B) The written consent to the dissolution of the community improvement district by:461
(i) A majority of the owners of real property within the district which are subject to462
taxes, fees, and assessments levied by the board of the district; and463
(ii) The owners of real property constituting at least 75 percent by value of all real464
property within the district which are subject to taxes, fees, and assessments levied by465
the board. For this purpose, value shall be determined by the most recent approved466
county ad valorem tax digest.467
(3) The written consents provided for in subparagraph (B) of paragraph (2) of this468
subsection shall be submitted to the Rockdale County Tax Commissioner, who shall certify469
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whether subparagraph (B) of paragraph (2) of this subsection has been satisfied with
470
respect to each proposed district dissolution.471
(b) In the event that successful action is taken pursuant to this section to dissolve the district,472
the dissolution shall become effective at such time as all debt obligations of the district have473
been satisfied. Following a successful dissolution action and until the dissolution becomes474
effective, no new projects may be undertaken, obligations or debts incurred, or property475
acquired.476
(c) Upon a successful dissolution action, all noncash assets of the district other than public477
facilities or land or easements to be used for such public facilities, as described in Section 2478
of this Act, shall be reduced to cash and, along with all other cash on hand, shall be applied479
to the repayment of any debt obligation of the district. Any cash remaining after all480
outstanding obligations are satisfied shall be remitted to the City of Conyers.481
(d) When a dissolution becomes effective, the City of Conyers shall take title to all property482
previously in the ownership of the district, and all taxes, fees, and assessments of the district483
shall cease to be levied and collected.484
(e) A district may be reactivated in the same manner as an original activation.485
(f) In the event that any district shall be dissolved in accordance with this section, the board486
shall serve until December 31 of the year in which dissolution was approved for the purpose487
of concluding any ongoing matters and projects. However, if such ongoing matters and488
projects cannot be concluded by December 31 of such year, then the governing authority of489
the City of Conyers shall assume the duties of the board and shall be expressly authorized490
to exercise the authority of the board of the dissolved district. In the alternative, the491
governing authority of the City of Conyers may, by resolution, assume all rights and492
obligations of the district, either bonds or otherwise, and the district shall cease to exist upon493
the adoption of such resolution.494
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SECTION 15.
495
Repealer.496
All laws and parts of laws in conflict with this Act are repealed.497
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