The governing body, after the expiration of 30 days from the passage of the ordinance confirming and levying the assessment, shall, by resolution, provide for the issuance of bonds in the aggregate amount of the assessments remaining unpaid, bearing date not more than 30 days after the passage of the ordinance fixing the assessment and of such denomination as the governing body shall determine. Such bond or bonds, unless authority is thereafter granted and exercised for making them direct obligations of the municipal corporation, shall in no event become a liability of the municipal corporation or of the governing body of the municipal corporation issuing them. The bonds shall be payable in equal annual installments over the same period of years, not less than two nor more than ten, as has been fixed and provided by the governing body of the municipal corporation for the payment of the assessments in installments under Code Section 36-39-16. One installment of any such series of bonds, with interest upon the whole series to date, shall be payable on such day and at such place as may be determined by the governing body, and one installment thereof with the yearly interest upon the whole amount remaining unpaid shall be payable on the same day in each succeeding year, until all are paid. Such bonds shall bear interest at a rate not exceeding 10 percent per annum from their date until maturity, payable annually. They shall be designated as "street-improvement bonds" and on the face thereof shall recite the street or streets, the part of the street or streets, or other public places for the improvement of which they have been issued. Unless authority is thereafter granted and exercised for making them direct obligations of the municipal corporation, such bonds shall be payable solely from assessments which have been fixed upon the lots or tracts of land benefited by the improvement under authority of this chapter. The bonds shall be signed by the mayor or chairman of the board of commissioners and attested by the clerk of the governing body, shall have the impression of the corporate seal of the municipal corporation thereon, and shall have interest coupons attached. All bonds issued by authority of this chapter shall be payable at such place either within or outside this state as shall be designated by the governing body.
(Ga. L. 1927, p. 321, § 10; Code 1933, § 69-417; Ga. L. 1947, p. 1539, § 2; Ga. L. 1989, p. 1078, § 2.)
OPINIONS OF THE ATTORNEY GENERALStreet improvement bonds issued pursuant to statutory scheme contained in this chapter are not obligations of surplus of a bank as being obligation of any one obligor. 1952-53 Op. Att'y Gen. p. 7.
RESEARCH REFERENCES
Am. Jur. 2d.
- 64 Am. Jur. 2d, Public Securities and Obligations, § 72. 70C Am. Jur. 2d, Special or Local Assessments, § 168.
C.J.S.- 64A C.J.S., Municipal Corporations, § 2118 et seq.
ALR.
- Assignment and transfer of government bonds, 22 A.L.R. 775.
Provision in statute or ordinance limiting rate of interest per annum as precluding requirement of payment at maximum rate at intervals of less than a year, 29 A.L.R. 1109.
Constitutional provision against impairing obligation of contract as applicable to statutes affecting rights or remedies of holders or owners of improvement bonds or liens, 97 A.L.R. 911.
Priority as between successive issues of obligations of permanently organized local improvement district, 99 A.L.R. 1488.
Liability of municipality in consequence of its inability, refusal, or failure to collect the cost of local improvements from the property benefited, 172 A.L.R. 1030.