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2006 Georgia Code - 21-2-45.1
21-2-45.1. (a) The governing authority of a county,
municipality, or political subdivision desiring to incur bonded
debt in accordance with the provisions of the Constitution of
Georgia shall call a special election to be held on a certain day
for the purpose of submitting to the electorate the question of
whether such bonded debt shall be incurred. The governing authority
shall publish notice of such election once a week for a period of
four weeks immediately preceding the day of the election in a
newspaper which publishes the sheriff´s advertisements for
the county containing all or the largest part of the area of the
county, municipality, or political subdivision involved. Such
notice shall specify (1) the date of the election and the question
to be submitted to the electorate, and (2) the principal amount of
bonds to be issued, the purpose for which such bonds are to be
issued, the interest rate or rates such bonds are to bear, and the
amount of principal to be paid in each year during the life of such
bonds; provided, however, that the governing authority, in lieu of
specifying the rate or rates of interest which such bonds are to
bear, may specify in the notice that such bonds when issued will
bear interest at a rate not exceeding a maximum per annum rate of
interest as stated in the notice or that, in the event such bonds
are to bear different rates of interest for different maturity
dates, none of such rates will exceed the maximum rates stated in
the notice. (b) The date of a
municipal bond election shall be specified by the governing
authority of the municipality. Such date shall not be less than 30
days after call of such bond election. (c) Nothing contained in this Code section shall
prohibit the issuer from selling such bonds at a discount, even if
in so doing the effective interest cost resulting therefrom would
exceed the maximum per annum interest rate specified in the notice
of the election.
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