2010 Georgia Code
TITLE 36 - LOCAL GOVERNMENT
PROVISIONS - PROVISIONS APPLICABLE TO COUNTIES, MUNICIPAL CORPORATIONS, AND OTHER GOVERNMENTAL ENTITIES
CHAPTER 82 - BONDS
ARTICLE 1 - GENERAL PROVISIONS
§ 36-82-8 - Deduction of sinking fund in computing bonded indebtedness

O.C.G.A. 36-82-8 (2010)
36-82-8. Deduction of sinking fund in computing bonded indebtedness


All amounts collected and held in a sinking fund pursuant to Article IX, Section V, Paragraph VI of the Constitution of Georgia, irrevocably pledged and appropriated to the retirement of the outstanding bonded indebtedness for which they are collected, which can be legally used for no other purpose, shall be deductible from total bonded debt in computing the constitutional limitation on the bonded indebtedness of a political subdivision of this state under Article IX, Section VII of the Constitution of Georgia.

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