§ 1-125. Issuance of general obligation bonds; restrictions and limitations.

Fulton County may issue general obligation bonds for any permanent public improvement having anticipated life equal to or greater than the period within which said bonds are to be amortized, without submitting the issuance thereof to the voters of said county at a referendum, subject to the following restrictions and limitations:

(1)

The issuance of such bonds shall be authorized at a public meeting held for such purpose after at least ten days' notice thereof in the official organ of said county and in at least one of the daily newspapers of said county.

(2)

Not more than $3,000,000.00 in the aggregate in such bonds so issued without a referendum shall be issued in any fiscal year.

(3)

The aggregate of all outstanding bonds, including those issued by vote of the people in a referendum and those issued under this amendment without a referendum, shall not exceed the limitations provided elsewhere in this section.

(1969 Ga. Laws (Act No. 107), page 1154, § 1)

Cross reference

Finance, § 2-226 et seq.

Editor's note

The above amendment to Ga. Const. (1945) art. VII, § VII was continued in effect by 1986 Ga. Laws (Act No. 1061), page 4444. See Ga. Const. (1983) art. XI, § I, ¶ IV.