Counties, municipalities, county boards of education, and other political subdivisions of the state which are authorized to levy taxes shall have the power and authority, within the limitations prescribed by Article IX, Section V, Paragraph V of the Constitution of Georgia, to issue notes, certificates, or other evidence of indebtedness in anticipation of the collection of taxes levied or to be levied during the calendar year.
(Ga. L. 1963, p. 450, § 1; Ga. L. 1983, p. 3, § 57.)
OPINIONS OF THE ATTORNEY GENERAL
Borrowing for construction projects.
- When allotted funds from the State Board of Education for school construction result in construction projects of less than $200,000.00, the Georgia Education Authority (Schools) does not directly supervise construction but requires the local school system to construct the project itself and then be reimbursed by the authority. This procedure often makes it necessary for the local school system to borrow a substantial part of the construction costs for a period of nine months to a year, and such borrowing is within the legal power of local school systems. 1968 Op. Att'y Gen. No. 68-18.
RESEARCH REFERENCES
ALR.
- Power of legislature to add to or make more onerous the conditions or limitations prescribed by Constitution upon incurring public debts, 106 A.L.R. 231.