Bill > HB1448

This bill establishes the Georgia Local Government Finance Authority (GLGFA) to help local governments, which are defined as counties, municipalities, school districts, and other political subdivisions, finance necessary assets like vehicles and equipment at potentially lower costs. The GLGFA will be a public body, separate from state government, governed by five members appointed by the Governor, the President of the Senate, and the Speaker of the House, all of whom must be elected local government officials. The Authority has broad powers to enter into contracts, issue bonds (which are forms of debt like revenue bonds, notes, and certificates), and manage the financing and leasing of assets for participating local governments. These bonds are not considered a debt of the state or local governments, and the Authority, its property, and its activities are generally tax-exempt, though not from sales and use tax on property purchased by the Authority unless a participating local government would be exempt. The bill also clarifies that the GLGFA is considered a "local governmental entity" for the purposes of interest rate management agreements, allowing it to engage in such financial transactions.

Government Affairs

https://www.legis.ga.gov/legislation/73610