The state may incur general obligation debt or
guaranteed revenue debt to fund or refund any such debt or to fund or refund any obligations
issued upon the security of contracts to which the provisions of the second paragraph of
Paragraph I(a), Section VI, Article IX of the Constitution of 1976 are applicable. The
issuance of any such debt for the purposes of said funding or refunding shall be subject to
the 10 percent limitation in Paragraph II(b) of this section to the same extent as debt incurred
under Paragraph I of this section; provided, however, in making such computation the annual
debt service requirements and annual contract payments remaining on the debt or obligations
being funded or refunded shall not be taken into account. The issuance of such debt may be
accomplished by resolution of the Georgia State Financing and Investment Commission
without any action on the part of the General Assembly and any appropriation made or
required to be made with respect to the debt or obligation being funded or refunded shall
immediately attach and inure to the benefit of the obligations to be issued in connection with
such funding or refunding. Debt incurred in connection with any such funding or refunding
shall be the same as that originally authorized by the General Assembly, except that general
obligation debt may be incurred to fund or refund obligations issued upon the security of
contracts to which the provisions of the second paragraph of Paragraph I(a), Section VI,
Article IX of the Constitution of 1976 are applicable and the continuing appropriations
required to be made under this Constitution shall immediately attach and inure to the benefit
of the obligation to be issued in connection with such funding or refunding with the same
force and effect as though said obligations so funded or refunded had originally been issued
as a general obligation debt authorized hereunder. The term of a funding or refunding issue
pursuant to this Paragraph shall not extend beyond the term of the original debt or obligation
and the total interest on the funding or refunding issue shall not exceed the total interest to
be paid on such original debt or obligation. The principal amount of any debt issued in
connection with such funding or refunding may exceed the principal amount being funded
or refunded to the extent necessary to provide for the payment of any premium thereby
incurred.