shall be obligated for payment pursuant to a contract or contracts within 36 months from the date of issuance and delivery of such bonds. The remaining bond proceeds shall either be obligated pursuant to a contract or contracts or actually expended within 48 months from the date of issuance and delivery of such bonds. Any bond proceeds not expended or obligated within 48 months from the date of issuance and delivery of such bonds shall be paid to the sinking fund for the retirement of the bonds issued. For purposes of this subsection, land which is being acquired through condemnation proceedings shall be considered obligated for payment pursuant to a contract in an amount equal to the sum of moneys deposited with the court pursuant to a special master or other appropriate judicial proceedings. The provisions of this subsection shall apply to all general obligation bonds issued and delivered on or after December 1, 1986.
History. Code 1933, § 87-201.1, enacted by Ga. L. 1981, p. 1439, § 1; Ga. L. 1982, p. 3, § 36; Ga. L. 1988, p. 1921, § 1; Ga. L. 1992, p. 1232, § 1.
Code Commission notes.
Pursuant to Code Section 28-9-5, in 1988, a colon was added at the end of the introductory paragraph of subsection (d).
Structure Georgia Code
Article 1 - General Provisions
§ 36-82-2. Voting in Election for Bonded Debt; Returns and Declaration of Election Result
§ 36-82-4. Action for Collection of Bonds by Holders
§ 36-82-4.2. Expenditure of Bond Funds for Purposes Other Than Stated in Public Bond Notice
§ 36-82-5. Destruction of Unsold Bonds
§ 36-82-7. Authorized Investments for Bond Proceeds
§ 36-82-7.1. Assessment and Collection of Tax to Pay Refunding Bonds
§ 36-82-8. Deduction of Sinking Fund in Computing Bonded Indebtedness
§ 36-82-9. Certification Requirement for Pension Obligation Bonds; Requirement for Reserve Fund