GA Code § 36-82-64 (2021)
2021 Georgia Code|Title 36 - Local Government|Chapter 82 - Bonds|Article 3 - Revenue Bonds|§ 36-82-64. Issuance of Revenue Bonds Generally; Form; Terms; Signatures; Interim Receipts; Negotiability; Nontaxability

 Revenue bonds may be issued under this article in one or more series; may bear such date or dates; may mature at such time or times, not exceeding 40 years from their respective dates; may bear interest at such rate or rates not exceeding 9 percent per annum, payable at such time or times; may be payable in such medium of payment at such place or places; may be in such denomination or denominations; may be in such form, either coupon or registered; may carry such registration, conversion, and exchangeability privileges; may be subject to such terms of redemption, with or without premium; may be declared or become due before the maturity date thereof; may be executed in such manner; and may contain such terms, covenants, assignments, and conditions as the resolution or resolutions authorizing the issuance of such bonds may provide. All bonds issued under this article bearing the signature of officers in office on the date of the signing thereof shall be valid and binding, notwithstanding that before delivery thereof and payment therefor such officers whose signatures appear thereon shall have ceased to be officers of the governmental body issuing the bonds. Pending the preparation of the definitive bonds, interim receipts, in such form and with such provisions as the governing body may determine, may be issued to the purchaser or purchasers of bonds to be issued under this article. Such bonds and interim receipts shall be negotiable for all purposes. Such bonds shall be and are declared to be nontaxable for any and all purposes.   (Ga. L. 1937, p. 761, § 5; Ga. L. 1960, p. 1050, § 1; Ga. L. 1967, p. 129, § 1; Ga. L. 1968, p. 1010, § 1; Ga. L. 1970, p. 23, § 1.)   Cross references.   - Repeal of interest rate limitations, § 36-82-123.   JUDICIAL DECISIONS   Constitutionality.    - See Lawson v. City of Moultrie, 194 Ga. 699, 22 S.E.2d 592 (1942).   Requirements of resolution.    - Resolution and bonds become a contract between the municipality and bond purchasers which the latter can enforce by mandamus, and the resolution must contain the essential contractual element of definiteness and certainty with reference to the project or improvement to be built or effected. Such a resolution must reasonably show the nature, kind, and location and such other facts as will with reasonable fullness and definiteness describe and define the undertaking including the estimated costs thereof. Miller v. State, 83 Ga. App. 135, 62 S.E.2d 921 (1951).    Revenue bonds must be issued to pay for a definite undertaking, reasonable details of which must be contemplated, chosen, and planned by the governing body of the municipality. It is not absolutely necessary that an intricate and detailed set of plans be incorporated in the resolution but enough facts concerning the proposed project or improvement must appear to afford a key from which the full picture of the project or improvement may be ascertained, such as, for example, a reference to reasonably specific plans, maps, and specifications or their equivalent. Miller v. State, 83 Ga. App. 135, 62 S.E.2d 921 (1951).   RESEARCH REFERENCES   Am. Jur. 2d.   - 64 Am. Jur. 2d, Public Securities and Obligations, § 148 et seq.   C.J.S.   - 64A C.J.S., Municipal Corporations, § 2168 et seq.   ALR.    - Provision in statute or ordinance limiting rate of interest per annum as precluding requirement of payment at maximum rate at intervals of less than a year, 29 A.L.R. 1109.    Power and discretion of officer or board authorized to issue bonds of governmental unit as regards terms or conditions to be included therein, 119 A.L.R. 190.    Sale of municipal or other public bonds at less than par or face value, 162 A.L.R. 396.