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Georgia State Code
Title      20
Chapter       2  
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Title 20, Chapter 2, Section 564 (20-2-564)

(a) Revenue bonds issued under this part shall not be deemed to constitute a debt of the state or a pledge of the faith and credit of the state, but such bonds shall be payable solely from the fund provided for in Code Section 20-2-577. The issuance of such revenue bonds shall not directly, indirectly, or contingently obligate the state to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment. All such bonds shall contain recitals on their face covering substantially the foregoing provisions of this Code section; provided, however, that such funds as may be received from state appropriations or from any other source are declared to be available and may be used on behalf of the county boards of education, city boards of education, or governing bodies of independent districts or systems for the performance of any lease contract entered into by such boards or governing bodies, unless the use of such funds shall be otherwise stipulated by law.

(b) In the event any county board of education, city board of education, or governing body of an independent school district or system shall enter into a lease contract with the authority as provided in this part, then any sums accruing to and for the benefit of such political subdivision by virtue of any amounts appropriated and allocated for that purpose pursuant to Code Section 20-2-250 shall, by the State Board of Education, be paid all or so much thereof as is necessary directly to the authority until such time as the obligation in respect to such lease or lease contract shall have been paid in full; it being intended that such sums, if any, as may be appropriated by the legislature and accrue and be allocated by the state board for the benefit of any particular political subdivision for "capital outlay" as provided by Code Section 20-2-250 shall be subject to be first applied to the extent necessary to the faithful performance of any lease contract of that particular subdivision with the authority.

(c) In the event such sums so appropriated by the legislature to the state board to be used in accordance with Code Section 20-2-250 and allocated by the state board to and for the benefit of each political subdivision which has entered into a lease contract with the authority are not sufficient to discharge the obligations and undertakings therein agreed to be performed and should the political subdivision fail to pay any sum necessary to make up the difference between the amount to be paid under the lease contract and that actually paid by the state board directly to the authority as provided in subsection (b) of this Code section, then it shall be the duty of the authority to notify immediately, in writing, the state board, the Department of Education, and the Office of Treasury and Fiscal Services, of the amount due said authority, and thereupon the Office of Treasury and Fiscal Services, the state board, and the department are authorized and directed to withhold from any other funds appropriated, allotted, or due to be paid to such county, city, or independent school district or system an amount sufficient to pay the obligation due the authority by the defaulting county, city, or independent school district or system for rental of buildings or facilities, and the state board, the department, and the Office of Treasury and Fiscal Services are authorized and directed to pay such funds to the authority to be applied in payment on such unpaid rentals, such payment being charged against the respective funds due such county, city, or independent school district or system. (d) The rentals contracted to be paid by the state board or other contracting or leasing department, agency, or institution of the state to the authority under leases or contracts entered upon pursuant to this part shall constitute obligations of the state for the payment of which the good faith of the state is pledged. Such rentals shall be paid as provided in the lease contracts from funds appropriated for such purposes by the terms of the Constitution of Georgia. It shall be the duty of the state board or other contracting or leasing department, agency, or institution of the state to see to the punctual payment of all such rentals.

(e) In the event of any failure or refusal on the part of lessees punctually to perform any covenant or obligation contained in any lease entered upon pursuant to this part, the authority may enforce performance by any legal or equitable process against the lessees; and consent is given for the institution of any such action.

(f) The authority shall be permitted to assign any rental due it by the lessees to a trustee or paying agent as may be required by the terms of any trust indenture entered into by the authority.

Sunday May 24 01:30 EDT


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