reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-186 - Economic development share

(a)
Commencing on April 1, 1990, the economic development share for 1990 is established in an amount equal to 40 percent of the state ceiling. The 1990 percentage shall include any allocations made from the competitive pool prior to April 1, 1990. The economic development share for 1991 and each year thereafter is established in an amount equal to 42 1/2 percent of the state ceiling. The economic development share shall be divided among the periods of the year as follows:
(1)
In 1990, during period 2, notices of allocation may be given for amounts up to 100 percent of the economic development share, minus the amount of any notices of allocation from the competitive pool made prior to April 1, 1990; and
(2)
In 1991 and each year thereafter:
(A)
During period 1, notices of allocation may be given for amounts up to 40 percent of the economic development share;
(B)
During period 2, notices of allocation may be given for amounts up to 40 percent of the economic development share; and
(C)
During period 3, notices of allocation may be given for amounts up to 20 percent of the economic development share.
(b)
At any time, notices of allocation may be given for any unused amount.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-188 - Employment test

(a)
In order to qualify for a notice of allocation from the economic development share, a project must satisfy the employment tests as defined in this Code section. To satisfy the employment tests, a project must either:
(1)
Be reasonably expected to increase employment within the territorial area of operation of the issuer by not less than one job for each $125,000.00 or part thereof in bond financing. This requirement shall be known as the increased employment test; or
(2)
Be reasonably expected to retain within the territorial area of operation of the issuer not less than one job for each $125,000.00 or part thereof in bond financing. This requirement shall be known as the retained employment test.
(b)
The increased employment test shall be satisfied if a borrower reasonably expects that the required additional jobs will be available not later than two years after completion of the project and certifies to this effect in writing. The retained employment test shall be satisfied if the borrower certifies in writing, addressed to the department, that, except for the issuance of the bonds which are the subject of the application, such borrower or other entity which operates the project reasonably expects that it would, within two years after the date of the application, either cease operation at the site of the project, thereby reducing employment by not less than the required number, or reduce employment by not less than the required number without ceasing operation.
(c)
A job shall mean, for purposes of either employment test, a position held by a full-time, paid employee with no agreement or arrangement which would limit the duration of such employment. Such an employee either must spend substantially all of his time on the job performing the duties of his job at the location of the project or must be based at the project and spend substantially all of his time on the job performing the duties of his job within the territorial area of operation of the issuer.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-189 - Housing share

Commencing on April 1, 1990, the housing share for 1990 is established in an amount equal to 40 percent of the state ceiling. The 1990 percentage shall include any allocations made from the housing share made prior to April 1, 1990. The housing share for 1991 and each year thereafter is established in an amount equal to 42 1/2 percent of the state ceiling.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-190 - Reservations from housing share

(a)
Commencing on April 1, 1990, and extending through June 30, 1990, and for 1991 and each year thereafter commencing on January 1 and extending through September 30, reservations from the housing share shall be as follows:
(1)
Sixty-two percent shall be reserved for the Georgia Housing and Finance Authority for any qualified housing project. This shall be known as the state housing reservation;
(2)
Nineteen percent shall be reserved for urban residential finance authorities for any qualified housing project. This shall be known as the urban housing reservation; and
(3)
Nineteen percent shall be reserved for local housing authorities for any qualified housing projects. This shall be known as the local housing reservation. The local housing reservation shall be available for notices of allocation on a first-come, first-served basis. If applications exceed the amount available, the department shall apply the policy guidelines provided in Code Section
36-82-195
.
(b)
Any allocations made in 1990 prior to April 1, 1990, shall be subtracted from the total sum which would be available to an issuer based upon which reservation the issuer qualified for and based upon the percentage formula provided in this Code section.
(c)
On July 1, 1990, and October 1, 1991, and October 1 in each year thereafter, the housing share shall expire and any unused amounts remaining in the housing share and any amounts for which the notice of allocation ceases to be in effect shall automatically be added to the flexible share.
(d)
If at any time amounts of the state housing reservation or the urban housing reservation remain available for allocation, the Georgia Housing and Finance Authority or the urban residential finance authorities may, upon written notification to the department, transfer any available reservation, or any part thereof, to the state housing reservation, urban housing reservation, or the local housing reservation, if the issuer making the transfer anticipates that such amounts are more likely to be used in the reservation to which the transfer is made.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-193 - Flexible share for 1990

Commencing on April 1, 1990, the flexible share for 1990 is established in an amount equal to 20 percent of the state ceiling. The 1990 percentage shall include any allocations made from the flexible pool prior to April 1, 1990. The flexible share for 1991 and years thereafter shall be in an amount equal to 15 percent of the state ceiling. The flexible share shall be available for notices of allocation given during period 2 through period 4 in 1990 and period 1 through period 4 in 1991 and each year thereafter.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-194 - Application for flexible pool allocation; issue of notice; confirmation; expiration

(a)
Applications for notices of allocation from the flexible share shall be received and acted on by the department as set forth in this Code section.
(b)
Applications for housing bonds shall be filed on the same forms and accompanied by the same items as applications for notices of allocation with respect to such bonds from the housing share. Applications for student loan bonds shall be filed on the same forms and accompanied by the same items as required by Code Section
36-82-185
and a written opinion of legal counsel, addressed to the department, to the effect that the bonds which are covered by the application will, based upon information available at that time to such legal counsel, qualify as student loan bonds under Section 144(b) of the Federal Code when issued. Applications for all other bonds shall be filed on the same forms and accompanied by the same items as applications for notices of allocation from the economic development share. Such applications need not designate that they are filed for a notice of allocation from the flexible share but may be treated as such by the department in its discretion.
(c)
The department shall, in its discretion, decide which application or applications shall receive a notice of allocation. The decision of the department shall be final and conclusive.
(d)
The provisions of subsection (i) of Code Section
36-82-187
with respect to notices of allocation from the economic development share shall also apply to notices of allocation from the flexible share. Notwithstanding the requirements of subsection (i) of Code Section
36-82-187
, however, the expiration date for a notice of allocation for the private activity portion of governmental use bonds shall be such date as the commissioner may determine, separately in the case of each notice of allocation, and may be extended for any period of time at the department's discretion.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-196 - Factors to consider in applying policy guidelines

When the department is required to apply the policy guidelines it may consider such factors, known as evaluation factors, in deciding which applications should receive a notice of allocation. The evaluation factors to be considered shall include, but are not limited to, the number of permanent jobs created or retained; the commitment of the borrower to hire individuals eligible for training under the Job Training Partnership Act or its successor program; the unemployment rate of the territorial area of the issuer compared to the state as a whole; the ratio of private investment to bond financing; evidence of HoDAG or UDAG approval; the amount of benefit to low-income to moderate-income individuals; the cost per qualified residential rental unit; the housing vacancy rate of the territory of the issuer compared to the state as a whole, as determined by the department; and the degree to which the combination of income and price limits serve to target the single-family housing bonds to low-income to moderate-income households.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-197 - Transfer of fund from economic development share or applicable reservation component of housing share to the flexible share

If after the first six months of the year, 75 percent or more of the economic development share or any one or more reservation components of the housing share remains unallocated, the commissioner may transfer any available state ceiling, or any part thereof, from the economic development share or the applicable reservation component of the housing share, as the case may be, to the flexible share, if the commissioner anticipates that such amounts are not likely to be used in either the economic development share or the applicable reservation component of the housing share; provided, however, that no such transfer may be made by the commissioner if an issuer submits a letter to the commissioner indicating that such issuer intends to use all or a portion exceeding 25 percent of the respective share or components thereof.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-198 - Flexible share carryforward funds

The department may set aside and reserve from the flexible share amounts which may be treated as a carryforward for one or more carryforward purposes, within the meaning of Section 146 of the Federal Code. Section 146 of the Federal Code requires an election for the use of such carryforward to a future year or years, and regulations with respect to such carryforwards may be promulgated under the Federal Code. The department shall promulgate such rules and procedures as may be necessary in order to use the provisions of the Federal Code and any regulations promulgated pursuant to the Federal Code for such carryforward. The amount of any such carryforward which is set aside and reserved shall be subtracted from the outstanding amount of the flexible share with the same effect as if a notice of allocation were in the amount of the carryforward and confirmation of issuance were received prior to the expiration date.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-199 - Carryforward applications

(a)
Unless otherwise determined by the commissioner, carryforward election applications must be filed with the department no later than December 1 of each year. Carryforward election applications shall be filed, received, and acted upon by the department as set forth in this Code section.
(b)
Carryforward election applications shall be filed on a form promulgated from time to time by the commissioner. Each carryforward election application shall be accompanied by the following:
(1)
A copy of the inducement resolution or other similar official action to the effect the issuer has taken preliminary official action approving the undertaking of the carryforward project;
(2)
A written opinion of legal counsel, addressed to the department, to the effect that the issuer is authorized under the laws of the state to issue bonds for projects of the same type and nature as the project which is the subject of the carryforward election application. This opinion shall cite by constitutional or statutory reference, including a reference to the session laws of the General Assembly in the case of a constitutional reference, the provisions of the Constitution or law of the state which authorizes bonds for the project;
(3)
A written opinion of legal counsel, addressed to the department, to the effect that the bonds which are covered by the carryforward election application will, based upon the information available at the time to such legal counsel, qualify for carryforward under Section 146(f) of the Federal Code; and
(4)
Any other information as reasonably required by the department.
(c)
The department shall, in its discretion, decide which carryforward election applications shall receive a notice of allocation. The decision of the department shall be final and conclusive.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-200 - Mortgage credit certificate carryforward election

No issuer of single-family housing bonds may elect to exchange any part of a notice of allocation for mortgage credit certificates without the written authorization of the department. Such authorization shall be in the discretion of the commissioner, and no issuer shall have any right to such authorization. Any unused amount of the state ceiling remaining on the last business day of each year and not subject to a notice of allocation shall automatically be exchanged for mortgage credit certificates carryforward elections in such amounts and to such issuers as the department may determine. Applications for mortgage credit certificates for carryforward purposes shall be on the same forms and accompanied by the same items as required by Code Section
36-82-199
.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-201 - State ceiling deemed allocated and assigned

If necessary or appropriate for complying with federal rules and regulations implementing the Federal Code, the state ceiling shall be deemed to be allocated to the state and the state's allocation shall be deemed to be or have been assigned to the issuers to which notices of allocations are or were issued.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 8 - GEORGIA ALLOCATION SYSTEM (§§ 36-82-180 — 36-82-202) › Section 36-82-202 - Applicability

The provisions of this article shall apply to all bonds issued on or after April 1, 1990.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 9 - TRUSTS (§§ 36-82-220 — 36-82-222) › Section 36-82-220 - Definitions

As used in this article, the term:
(1)
"Governmental unit" means any county, municipal corporation, school district, or political subdivision of the state.
(2)
"Local authority" means any public corporation or authority created by or pursuant to a local or special Act of the General Assembly or a local or special amendment to the Constitution.
(3)
"Obligations" means any bonds, notes, certificates, or obligations of any kind to evidence any repayment obligation for money borrowed or to evidence any divided or undivided interest in any lease or installment purchase contract or other obligation.
(4)
"Sponsoring governmental unit" means:
(A)
Any governmental unit the governing body of which, or any member thereof which, is authorized by law or constitutional amendment to appoint or elect any member of the governing body of a local authority;
(B)
Any governmental unit within the territorial or corporate limits of which any member of the governing body of a local authority is required by law or constitutional amendment to reside;
(C)
Any governmental unit an elected or appointed official of which is required by law or constitutional amendment to be a member of the governing body of a local authority; or
(D)
Any governmental unit any part of the territorial or corporate limits of which are located within the territorial or corporate limits of a governmental unit described in subparagraph (A), (B), or (C) of this paragraph.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 9 - TRUSTS (§§ 36-82-220 — 36-82-222) › Section 36-82-221 - Sponsoring governmental unit requirement

No local authority shall issue or be a grantor of a trust which issues any obligations to finance or refinance any real or personal property to be owned, leased, or operated by any governmental unit which is not a sponsoring governmental unit of such local authority.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 9 - TRUSTS (§§ 36-82-220 — 36-82-222) › Section 36-82-222 - Construction

This article shall be liberally construed to effect the purposes hereof. Insofar as the provisions of this article may be inconsistent with the provisions of any local or special amendment to the Constitution, this article shall control and shall be deemed to be an exercise of the power to enlarge or restrict the provisions of such local or special constitutional amendment.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 10 - COMMERCIAL PAPER NOTES (§§ 36-82-240 — 36-82-241) › Section 36-82-240 - Definitions

As used in this article, the term:
(1)
"Governing body" means the board, commission, council, or other local legislative body of governmental entity.
(2)
"Governmental entity" means any school district, independent school system, county, municipal corporation, consolidated city-county government, or other political subdivision of the state, any local authority, local body corporate, or local public corporation created by or pursuant to the Constitution of Georgia or any general, local, or special Act of the General Assembly, or any special district or community improvement district of the state. The term "governmental entity" does not include "state authorities" as defined in paragraph (9) of Code Section
50-17-21
.
Added by 2004 Ga. Laws 614, § 5, eff. 5/17/2004.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 11 - INTEREST RATE MANAGEMENT AGREEMENTS (§§ 36-82-250 — 36-82-256) › Section 36-82-251 - Qualified interest rate management agreements authorized

With respect to all or any portion of any debt or lease or installment purchase contract, either issued or anticipated to be issued by the local governmental entity, the local governmental entity may enter into, terminate, amend, or otherwise modify a qualified interest rate management agreement under such terms and conditions as the local governmental entity may determine, including, without limitation, provisions permitting the local governmental entity to pay to or receive from any counterparty any loss of benefits under such agreement upon early termination thereof or default under such agreement.
Added by 2005 Ga. Laws 129,§ 1, eff. 5/2/2005.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 11 - INTEREST RATE MANAGEMENT AGREEMENTS (§§ 36-82-250 — 36-82-256) › Section 36-82-252 - Plan required; annual review of plan and report

(a)
Prior to executing and delivering a qualified interest rate management agreement, the local governmental entity shall have adopted an interest rate management plan that includes:
(1)
An analysis of the interest rate risk, basis risk, termination risk, credit risk, market-access risk, and other risks to the local governmental entity entering into qualified interest rate management agreements;
(2)
The local governmental entity's procedure for approving and executing qualified interest rate management agreements;
(3)
The local governmental entity's plan to monitor interest rate risk, basis risk, termination risk, credit risk, market-access risk, and other risks;
(4)
The local governmental entity's procedure for maintaining current records of all qualified interest rate management agreements that have been approved and executed; and
(5)
Such other provisions as may from time to time be required by the governing body of the local governmental entity, including but not limited to additional provisions due to changes in market conditions for qualified interest rate management agreements.
(b)
The local governmental entity shall conduct an annual review of its interest rate management plan as to the adequacy of the procedures set forth in such plan for the analysis and monitoring requirements set forth in subsection (a) of this Code section. A report summarizing the results of such review shall be submitted annually to the governing body of the local governmental entity. The requirements of this subsection shall not be construed as to require the review of any existing interest rate management plan by an independent financial adviser.
Added by 2005 Ga. Laws 129,§ 1, eff. 5/2/2005.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 11 - INTEREST RATE MANAGEMENT AGREEMENTS (§§ 36-82-250 — 36-82-256) › Section 36-82-254 - Required information in annual financial statements

The local governmental entity that has entered into a qualified interest rate management agreement shall include in its annual financial statements information with respect to each qualified interest rate management agreement it has authorized or entered into, including any information required pursuant to any statement issued by the Governmental Accounting Standards Board.
Added by 2005 Ga. Laws 129,§ 1, eff. 5/2/2005.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 11 - INTEREST RATE MANAGEMENT AGREEMENTS (§§ 36-82-250 — 36-82-256) › Section 36-82-255 - Applicability of Georgia law; jurisdiction

When entering into any qualified interest rate management agreement authorized under this article, the agreement shall be governed by the laws of the State of Georgia, and jurisdiction over the local governmental entity in any matter concerning a qualified interest rate management agreement shall lie exclusively in the courts of the State of Georgia or in the applicable federal court having jurisdiction and located within the State of Georgia.
Added by 2005 Ga. Laws 129,§ 1, eff. 5/2/2005.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 82 - BONDS (§§ 36-82-1 — 36-82-256) › Article 11 - INTEREST RATE MANAGEMENT AGREEMENTS (§§ 36-82-250 — 36-82-256) › Section 36-82-256 - Applicability to prior contracts

Any contract which has been duly authorized and executed by a local governmental entity before May 2, 2005, shall not be rendered invalid or improper by the provisions of this article; provided, however, that this article shall apply to any renewal of such a contract after May 2, 2005, unless the contract permitted the renewal and set the terms of the renewal contract before January 1, 2005, in which case this article shall not apply to any such renewals.
Added by 2005 Ga. Laws 129,§ 1, eff. 5/2/2005.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 83 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 36-83-1 — 36-83-8) › Section 36-83-1 - Short title

This chapter shall be known and may be cited as the "Local Government Investment Pool Act."
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 83 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 36-83-1 — 36-83-8) › Section 36-83-2 - Legislative findings; purpose of chapter

(a)
The General Assembly finds that the public interest is served by maximum and prudent investment of idle public funds so that the need for taxes and other public revenues is decreased commensurately with the earnings on such investments.
(b)
The purpose of this chapter is to secure the maximum public benefit from the deposit and investment of public funds and, in furtherance of such purpose, to:
(1)
Authorize the State Depository Board to establish and maintain a continuing state-wide policy for the deposit and investment of public funds under its control;
(2)
Establish a state administered pool for the investment of local government funds;
(3)
Authorize the investment of local public funds through the local government investment pool created by this chapter; and
(4)
Permit, upon approval by the State Depository Board, any body created for a public purpose to invest funds through the local government investment pool.
(c)
The General Assembly finds that the objectives of this chapter will best be obtained through improved money management, emphasizing the primary requirements of safety and liquidity and recognizing the different investment objectives of operating and permanent funds and the effect of the investment of public funds within the state or its localities upon respective state and local social and economic conditions.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 83 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 36-83-1 — 36-83-8) › Section 36-83-3 - Definitions

As used in this chapter, the term:
(1)
"Depository institution" means any commercial bank or trust company, mutual savings bank, savings and loan association, or building and loan association existing under the laws of this state or of the United States and domiciled in this state.
(2)
"Local government" means any municipality, county, school district, special district, or other political subdivision of this state, as well as any department, agency, or board of that political subdivision, including but not limited to a public library, which has been authorized to make separate deposits to its own account under this chapter by the governing authority of the political subdivision of which it is a department, agency, or board.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 83 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 36-83-1 — 36-83-8) › Section 36-83-4 - Authorized investments; delegation of investment authority to financial officer; objective of investment

(a)
(1)
Subject to the procedures set forth in this chapter, the governing authority of any local government may invest and reinvest any money subject to its control and jurisdiction in:
(A)
Obligations of this state or of other states;
(B)
Obligations issued by the United States government;
(C)
Obligations fully insured or guaranteed by the United States government or a United States government agency;
(D)
Obligations of any corporation of the United States government;
(E)
Prime bankers' acceptances;
(F)
The local government investment pool established by Code Section
36-83-8
;
(G)
Repurchase agreements; and
(H)
Obligations of other political subdivisions of this state.
(2)
Subject to the procedures set forth in this chapter, any other body created for a public purpose may, upon obtaining prior approval of the State Depository Board, invest and reinvest any money subject to its control and jurisdiction in the local government investment pool established by Code Section
36-83-8
.
(b)
The governing authority of any local government, by resolution or ordinance, may delegate the investment authority provided under subsection (a) of this Code section to the treasurer or other financial officer charged with custody of the funds of the local government.
(c)
In selecting among avenues of investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity.
(d)
This Code section shall in no way impair the power of a unit of local government to hold funds in deposit accounts with eligible depository institutions.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 83 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 36-83-1 — 36-83-8) › Section 36-83-5 - Pledge of collateral from depository institutions

Local governments shall require from a depository institution a pledge of collateral as provided in Chapter 8 of Title 45.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 83 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 36-83-1 — 36-83-8) › Section 36-83-6 - Interfund pooling for investment purposes

(a)
Local governments may effect and are encouraged to effect temporary transfers among separate funds, for the purpose of pooling amounts available for investment.
(b)
This pooling may be accomplished through interfund advances and other appropriate means consistent with recognized principles of governmental accounting, if:
(1)
Moneys are available for the investment period required;
(2)
The investment fund can repay the advance by the time needed;
(3)
The transactions are fully and promptly recorded;
(4)
The interest earned is credited to the loaning or advancing fund; and
(5)
The transaction does not violate subsection (d) of Code Section
36-83-8
with respect to prior agreements, laws, or covenants which may restrict pooling.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 83 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 36-83-1 — 36-83-8) › Section 36-83-7 - State technical assistance

The State Depository Board, through the state treasurer, may assist local governments in developing effective cash management policies and in investing funds that are temporarily in excess of operating needs by:
(1)
Explaining investment opportunities provided by the local government investment pool to local governments through publications and other appropriate means;
(2)
Informing local governments of the state's practice and experience in investing short-term funds; and
(3)
In consultation with the Department of Community Affairs, providing technical assistance in the investment of idle funds to municipalities and counties that request such assistance.
Amended by 2012 Ga. Laws 684,§ 36, eff. 5/1/2012.
Amended by 2010 Ga. Laws 621,§ 3, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 84 - PREFERENCE FOR PRODUCTS PRODUCED IN-STATE (§ 36-84-1) › Section 36-84-1 - Preferences for products manufactured in Georgia; reasonableness

(a)
As used in this Code section, the term "local government" means a county, municipality, or consolidated government.
(b)
Local governments, when contracting for or purchasing supplies, materials, equipment, or agricultural products, excluding beverages for immediate consumption, shall give preference as far as may be reasonable and practicable to such supplies, materials, equipment, and agricultural products as may be manufactured or produced in this state. Such preference shall not sacrifice quality.
(c)
In determining whether such a preference is reasonable in any case where the value of a contract for or purchase of such supplies, materials, equipment, or agricultural products exceeds $100,000.00, the local government shall consider, among other factors, information submitted by the bidder which may include the bidder's estimate of the multiplier effect on gross state domestic product and the effect on public revenues of the state and the effect on public revenues of political subdivisions resulting from acceptance of a bid or offer to sell Georgia manufactured or produced goods as opposed to out-of-state manufactured or produced goods. Any such estimates shall be in writing. No local government shall divide a contract or purchase which exceeds $100,000.00 for the purpose of avoiding the requirements of this subsection.
(d)
Nothing in this Code section shall negate the requirements of Code Section
50-5-73
.
Amended by 2009 Ga. Laws 58,§ 2, eff. 7/1/2009.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 85 - INTERLOCAL RISK MANAGEMENT AGENCIES (§§ 36-85-1 — 36-85-20) › Section 36-85-2 - Formation; functions; counties and municipalities as separate classes; agreements creating agencies; files of administrator are sole property of agency

(a)
A group of municipalities or a group of counties may execute an intergovernmental contract among themselves to form and become members of an interlocal risk management agency. After an interlocal risk management agency has been formed, any municipality or county may, subject to the bylaws and requirements of such agency, become a member and, through participation in the agency, may:
(1)
Pool its general liability risks in whole or in part with those of other municipalities or counties;
(2)
Pool its motor vehicle liability risks in whole or in part with those of other municipalities or counties;
(3)
Pool its property damage risks in whole or in part with those of other municipalities or counties; or
(4)
Jointly purchase accident, disability, supplemental medical, general liability, motor vehicle liability, or property damage insurance with other municipalities or counties participating in and belonging to the interlocal risk management agency, the participating municipalities or counties to be coinsured under a master policy or policies with the total premium apportioned among such participants.
(b)
For the purposes of this chapter, municipalities and counties shall be deemed to constitute separate classes, and no member of any one such class shall join with a member of another class for the purpose of creating an interlocal risk management agency. There shall be only one interlocal risk management agency established for each class; provided, however, if the Commissioner determines that there are special or unique circumstances or needs of a group of counties or municipalities which justify the establishment of an additional interlocal risk management agency or agencies, he may authorize the establishment of such additional agency or agencies. Each agency may establish such group self-insurance funds as may be authorized by the Commissioner of Insurance.
(c)
All arrangements and agreements made under the authority of this chapter shall be in writing. A municipality or county may become a member of an interlocal risk management agency by the adoption of a resolution or ordinance by the governing authority of the municipality or county. The interlocal risk management agency shall operate under such name and style as shall be provided in the intergovernmental contract creating such agency and shall have the power to bring and defend actions in all courts.
(d)
All books, records, and files maintained by any administrator of any fund established by the agency, including but not limited to audit data and all active and inactive claim files, shall at all times be the sole property of the agency and shall be surrendered immediately to the agency upon demand.
Amended by 2017 Ga. Laws 142,§ 3, eff. 1/1/2018.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 85 - INTERLOCAL RISK MANAGEMENT AGENCIES (§§ 36-85-1 — 36-85-20) › Section 36-85-3 - Board of trustees

Each intergovernmental contract establishing an intergovernmental risk management agency shall provide for a board of trustees which shall govern the agency. Such board shall be authorized to administer the agency in accordance with the provisions of the intergovernmental contract establishing the agency and shall be authorized to adopt such bylaws, rules, and regulations as may be necessary or desirable in administering such agency.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 85 - INTERLOCAL RISK MANAGEMENT AGENCIES (§§ 36-85-1 — 36-85-20) › Section 36-85-4 - Agency not an insurer

An interlocal risk management agency created pursuant to this chapter is not an insurance company or an insurer under Title 33, and the development and administration by such agency of one or more group self-insurance funds shall not constitute doing business as an insurer.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 85 - INTERLOCAL RISK MANAGEMENT AGENCIES (§§ 36-85-1 — 36-85-20) › Section 36-85-6 - Approval of certificate; renewal

(a)
The Commissioner shall examine the application made under Code Section
36-85-5
to determine whether the agency and any established fund will be able to comply with this chapter and applicable rules and regulations. If the Commissioner finds that the agency and any established fund are capable of complying with such requirements, he shall issue a certificate of authority to the agency.
(b)
If the Commissioner refuses to issue a certificate of authority, he shall issue an order setting forth the reasons for refusal and forward it to the agency. A copy of the order shall be sent to each member of the fund.
(c)
Except as otherwise provided in subsection (b) of Code Section
36-85-5
, the Commissioner shall approve or disapprove the application for a certificate of authority within 60 days of receipt by him of the application and all of the supporting information requested.
(d)
The Commissioner may refuse to issue or renew or may suspend or revoke the certificate of authority of any agency, in accordance with Code Section
36-85-12
, for failure of the agency to comply with any provision of this chapter or with any of the rules, regulations, or orders of the Commissioner issued pursuant thereto.
(e)
The certificate shall be renewed annually in accordance with rules and regulations promulgated by the Commissioner.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 85 - INTERLOCAL RISK MANAGEMENT AGENCIES (§§ 36-85-1 — 36-85-20) › Section 36-85-7 - Funds to be maintained

Each fund formed pursuant to this chapter shall possess and thereafter maintain minimum surplus in an amount such as the Commissioner may reasonably establish or subsequently require for the protection of the members. The Commissioner may authorize a fund to maintain a deposit with the Commissioner consisting of securities eligible for deposit by domestic insurance companies in accordance with Chapter 12 of Title 33 or, for a period not to exceed 60 months, to post a surety bond in lieu of maintaining the minimum surplus required by this Code section.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 85 - INTERLOCAL RISK MANAGEMENT AGENCIES (§§ 36-85-1 — 36-85-20) › Section 36-85-8 - Investment of assets

The investable assets of a fund may be invested in securities or other investments permitted by the laws of this state for the investment of assets constituting the legal reserves of property and casualty insurance companies or in such other securities or investments as the Commissioner may permit such insurers to invest their funds under Title 33. Such investments shall be subject to the same terms, conditions, and limitations which apply to property and casualty insurance companies under Title 33.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 85 - INTERLOCAL RISK MANAGEMENT AGENCIES (§§ 36-85-1 — 36-85-20) › Section 36-85-9 - Local government liability for funds

Each county or municipality shall be jointly and severally liable for all legal obligations of a fund which arise out of an event which occurred while such county or municipality was a member of such fund; provided, however, that a fund shall not assume a risk greater than an amount to be determined by the Commissioner; and provided, further, that this legal obligation may be enforced by an assessment against such member as provided in the bylaws of the agency.
2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES (§§ 36-80-1 — 36-93-1) › Chapter 85 - INTERLOCAL RISK MANAGEMENT AGENCIES (§§ 36-85-1 — 36-85-20) › Section 36-85-10 - Contracts between agency and administrator

(a)
If an agency contracts with an administrator, the agency and the administrator must enter into a written agreement which shall be subject to review and approval by the Commissioner in accordance with this Code section and which shall contain at least the following:
(1)
A contractual provision obligating the administrator to obtain and maintain such bonds, deposits, or insurance coverage as may be required to be maintained by this chapter; and
(2)
A requirement that errors and omissions coverage or other appropriate liability insurance in an amount which is not less than that specified by the rules and regulations of the Commissioner be maintained at all times by the administrator.
(b)
The terms of any such agreement shall be reasonable and equitable, and the agreement and any amendments thereto shall be filed with the Commissioner at least 30 days prior to their use. Any such agreement and any and all amendments thereto which have not been specifically disapproved by the Commissioner within 30 days after the filing thereof shall be deemed to be approved.
(c)
A copy of the agreement and any and all amendments thereto shall be furnished to each agency or fund member upon request.