§ 1-123. Construction of stands and stadiums—Issuance of revenue anticipation obligations.

Revenue anticipation obligations may be issued by the City of Atlanta, Fulton County or DeKalb County, or either of them, or by any public corporation created by them or either of them, to provide funds for the construction, in whole or in part, of grandstands and stadiums, or either of them, or to provide funds to extend, repair or improve such existing facilities. Such revenue anticipation obligations shall be payable, as to principal and interest, only from revenue produced by such facilities, and shall not be deemed debts of or to create debts against, the issuing political subdivision within the meaning of the constitution, as amended; and no such issuing political subdivision shall exercise the power of taxation for the purpose of paying the principal or interest of any such revenue anticipation obligations or any part thereof.

(1947 Ga. Laws (Act No. 26), page 1759, § 1)

Cross reference

Parks and recreation, ch. 30.

Editor's note

The above amendment to Ga. Const. (1947) art. VII, § VII, ¶ V was continued in effect by 1986 Ga. Laws (Act No. 1193), page 4786. See Ga. Const. (1983) art. XI, § I, ¶ IV.