A qualified interest rate management agreement meeting the requirements of this paragraph may also provide that the state’s obligations will terminate immediately and absolutely at such time as appropriated and other funds encumbered for payment by the state pursuant to the terms of such qualified interest rate management agreement are no longer available to satisfy such obligations. The total obligation of the state for the fiscal year payable pursuant to a qualified interest rate management agreement may be stated in contingent but objective terms with respect to variable rate payments or termination payments, but in that event a qualified interest rate management agreement must provide that it will terminate immediately and absolutely at such time as appropriated and other funds encumbered for its payment are no longer available to satisfy the obligations of the state under such agreement. A qualified interest rate management agreement executed under this paragraph shall not be deemed to create a debt of the state or otherwise obligate the payment of any sum beyond the fiscal year of execution or, in the event of a renewal, beyond the fiscal year of such renewal. When a qualified interest rate management agreement is executed under this paragraph or paragraph (1) of this subsection, the obligation of the state may be treated as an operating expense of the commission within the meaning of Paragraph VII of Section IV of Article VII of the Constitution and within the meaning of paragraph (2) of subsection (g) of Code Section 50-17-22 and of subsection (b) of Code Section 50-17-27.
History. Code 1981, § 50-17-101 , enacted by Ga. L. 2005, p. 642, § 2/SB 227; Ga. L. 2006, p. 72, § 50/SB 465; Ga. L. 2010, p. 863, § 2/SB 296.
Code Commission notes.
Pursuant to Code Section 28-9-5, in 2006, “the” was deleted preceding “Part 1” in paragraphs (e)(1) and (e)(2).