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Sinking Funds for Redemption of New Bonds; Appointment of Commission to Manage Fund; Contractual Effect of Ordinance

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If any municipal corporation availing itself of this article desires to provide a sinking fund for the redemption of such new bonds, the authorities may pass all ordinances necessary for that purpose and create a commission for the management of such sinking fund and its proper use and application. The commission shall be composed of not less than three nor more than five residents of the municipal corporation. The ordinance or ordinances providing for the sinking fund and for the commission, along with its management and application, the mode of appointing the members thereof, and its duties, shall have the force and effect of law and shall be held and considered as part of the contract between the municipal corporation and the acceptors or holders of the new bonds.

(Ga. L. 1878-79, p. 85, § 4; Code 1882, § 508m(5); Civil Code 1895, § 761; Civil Code 1910, § 908; Code 1933, § 87-504.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 64 Am. Jur. 2d, Public Securities and Obligations, §§ 5, 305.

C.J.S.

- 64A C.J.S., Municipal Corporations, § 2181 et seq.

ALR.

- Liability of officer for loss of sinking fund through failure of bank, 25 A.L.R. 1358.

Constitutional provisions against impairment of obligations of contract as applied to sinking funds for retirement of municipal or other public bonds, 115 A.L.R. 220.

Existing sinking fund as a factor in determining whether indebtedness or proposed indebtedness of municipality or other political subdivision exceeds constitutional or statutory limit, 125 A.L.R. 1393.

CHAPTER 39 STREET IMPROVEMENTS

Sec.

36-39-1. Definitions.
36-39-2. Adoption of chapter; election; effect of adoption of chapter generally.
36-39-3. Procedure for improvements; adoption and publication of resolution; filing of petition by landowners; objections to improvements.
36-39-4. Basis of assessments for improvements; municipal corporation owner of intersecting streets fronting improvement; payment of assessments on frontage.
36-39-5. Improvements when county owns abutting property.
36-39-6. Paving by railroad having tracks in street.
36-39-7. Payment for street improvements and construction of water, gas, and sewer connections; payment of costs of connections.
36-39-8. Resolution letting contract for improvements following time for protests or filing of petition.
36-39-9. Work performed by municipal corporation; property owners' objections to performance of work by municipal corporation.
36-39-10. Publication and contents of notice of contract proposals.
36-39-11. Examination of bids and award of contract; readvertisement for bids.
36-39-12. Appointment of board of appraisers to appraise and apportion cost.
36-39-13. Filing of board of appraisers' report.
36-39-14. Hearing upon board of appraisers' report; review of report and objections; ordinance fixing assessments; taxation of interest.
36-39-15. Time and manner of payment of assessments generally.
36-39-16. Payment of assessment in installments.
36-39-17. Assessments where portion of costs paid by municipal corporation.
36-39-18. Additional assessments.
36-39-19. Publication and contents of notice of due date of assessment; effect of failure to publish notice.
36-39-20. Lien for assessment and interest.
36-39-21. Execution, levy, and sale on unpaid assessments or interest generally.
36-39-22. Affidavit contesting amount of execution; trial by superior court; penalties for delay.
36-39-23. Collection and use of assessments generally; special fund; treasurer's bond.
36-39-24. Limitation period for contesting or enjoining assessments.
36-39-25. Issuance of bonds; payment; interest; terms; form.
36-39-26. Sale of bonds; delivery to contractors.
36-39-27. Disposition of proceeds from bonds remaining after payment.
36-39-28. Petition for validation of ordinance establishing assessments; time; contents.
36-39-29. Order to show cause on petition; time and notice of hearing.
36-39-30. Conduct of hearing; issuance of order by court.
36-39-31. Appeal from judgment of court.
36-39-32. Conclusiveness of superior court's final judgment.
36-39-33. Entry of reference to judgment on bonds following validation; use of entry as evidence.
36-39-34. Construction of chapter.

Cross references.

- Acquisition of property by counties, municipalities, or other governmental entities for transportation purposes generally, T. 32, C. 3.

Powers of municipalities with respect to municipal street systems generally, § 32-4-90 et seq.

Editor's notes.

- Paragraph (11.1) of Ga. L. 1982, p. 3, § 36, effective November 1, 1982, repealed this chapter, but that repealer was in turn repealed by Ga. L. 1982, p. 502, § 2, effective November 1, 1982.

JUDICIAL DECISIONS

Constitutionality.

- This chapter is not unconstitutional on the ground that it is in conflict with Ga. Const. 1877, Art. I, Sec. IV, Para. I (see now Ga. Const. 1983, Art. III, Sec. VI, Para. IV). Wheat v. City of Bainbridge, 168 Ga. 479, 148 S.E. 332 (1929).

This chapter is not unconstitutional on the ground that it is general in its nature but not uniform in its operation, because it is made an alternative method of procedure, and its application is dependent upon its adoption by a favorable vote of the electors, whereas the Constitution does not contemplate the enactment of a law general in its nature, the application of which shall be optional with the municipality, either under a prior local law or a local law enacted subsequent to such general law. Wheat v. City of Bainbridge, 168 Ga. 479, 148 S.E. 332 (1929).

RESEARCH REFERENCES

ALR.

- Governmental tort liability for injury to roller skater allegedly caused by sidewalk or street defects, 58 A.L.R.4th 1197.

Legal aspects of speed bumps, 60 A.L.R.4th 1249.

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