(ii) If the proceeds of the tax are specified to be used solely for the purpose of payment of general obligation debt issued in conjunction with the imposition of the tax authorized to be levied pursuant to Part 3 of this article, then any net proceeds of the tax in excess of the amount required for final payment of such debt may be used for additional transit projects, provided that such projects are selected from the regional transit plan and approved by the authority. If approval from the authority regarding additional transit projects to be funded with any excess net proceeds is not obtained, then such excess proceeds shall be subject to and applied as provided in paragraph (2) of this subsection.
History. Code 1981, § 48-8-269.57 , enacted by Ga. L. 2018, p. 377, § 1-3/HB 930.
Structure Georgia Code
Title 48 - Revenue and Taxation
Chapter 8 - Sales and Use Taxes
Article 5B - Special Districts for Transit Purposes (Transit Splost)
Part 4 - Procedures for Levy of a Tax for Transit Projects
§ 48-8-269.47. Tax Rate; Procedure for Imposition of Tax
§ 48-8-269.48. Administration and Collection of Tax
§ 48-8-269.49. Sales Tax Return; Requirements
§ 48-8-269.50. Disbursement of Proceeds
§ 48-8-269.51. Allocation or Balancing of Funds
§ 48-8-269.52. Exemption From Taxation
§ 48-8-269.54. Purchases Outside Geographical Area
§ 48-8-269.55. Regulatory Authority
§ 48-8-269.56. Provisions Create Additional Tax
§ 48-8-269.57. Exclusive Use of Tax Proceeds; Audits; Payment of Debt