If the State Board of Education has received the notification from any local school system or district described in Code Section 20-2-480 and if at any time the State Board of Education is notified by the sinking fund custodian, trustee, or paying agent for bonded indebtedness of such school district or system that the school district or system has failed to effect the punctual payment of the principal of or interest on such indebtedness, the State Board of Education is authorized to and shall withhold from any state appropriation to which such school district or system may be entitled and apply so much thereof as shall be necessary to the payment of the principal of and interest on such indebtedness then due.
History. Code 1981, § 20-2-170 , enacted by Ga. L. 1991, p. 1579, § 1.
Structure Georgia Code
Chapter 2 - Elementary and Secondary Education
Article 6 - Quality Basic Education
§ 20-2-161. Quality Basic Education Formula
§ 20-2-162. Annual Recalculation of Amount of Funding; Midterm Adjustment
§ 20-2-164. Local Five Mill Share Funds
§ 20-2-165. Equalization Grants; Annual Calculation; Allocation
§ 20-2-165.1. Charter System Earnings for Each Full-Time Equivalent Student; Use of Funds
§ 20-2-166. State Funds; Calculation; Allotment; Distribution
§ 20-2-167.2. Virtual Instruction Through Virtual Schools; No Waivers
§ 20-2-169. Receipt of Federal Funds for Career, Occupational, or Technical Education
§ 20-2-170. Authority to Withhold Payment of Bonded Indebtedness From Appropriation