Bill > SB237

This bill revises the provisions of the Newton County Public Facilities Authority, expanding its powers and clarifying its operational framework. The bill modifies definitions of "project" to include buildings, facilities, and equipment for Newton County, its school district, and local municipalities, and redefines "revenue bonds" as those authorized under the Act. It grants the authority broader contractual powers, allowing it to execute leases, installment sale agreements, and other financial instruments for project acquisition, construction, and financing. The bill specifies that revenue bonds can be issued to fund projects, with maturities not exceeding 40 years, and requires Board of Commissioners approval for school district or municipal projects. Importantly, the bill emphasizes that these revenue bonds do not constitute a debt of Newton County, the school system, or the state, and are payable solely from specific funds. The bill also provides that upon the authority's dissolution, its assets will become the property of Newton County, unless specific project agreements dictate otherwise. This legislation essentially provides more flexibility and clarity for the Newton County Public Facilities Authority's financial and operational capabilities while maintaining important fiscal safeguards.

Government Affairs

https://www.legis.ga.gov/legislation/70661