Georgia § 20-2-438 - Local and consolidated school district bonds - Transfer to county board; disbursing funds to bondholders; recommending tax levy.

§ 20-2-438. Local and consolidated school district bonds - Transfer to county board; disbursing funds to bondholders; recommending tax levy.

In any local or consolidated school district in any county where there is an outstanding bonded indebtedness created for the purpose of building schoolhouses or equipping schoolhouses, the county board of education shall, on February 1, 1946, become the trustee of all funds which shall have been or may be collected from taxes or received from other sources for the purpose of retiring the principal and interest on the bonds or for creating a sinking fund for such purpose. The county board is charged with the duty of disbursing such funds to the bondholders in accordance with the terms under which the bonds were issued and the duty of constructing any buildings or acquiring any building sites or any equipment for which the bonds were issued. The county board shall also annually, within the time required by law or the terms of the bond issue, recommend to the fiscal authorities of the county the levy upon the property subject to taxation in the district originally voting the bonds of such tax as may be necessary to provide a sinking fund for the retirement of the bonds and for paying the principal thereof and the interest thereon in accordance with the terms under which the bonds were issued, this to be in addition to the general tax for the maintenance of the schools of the districts. (Ga. L. 1919, p. 288, § 144; Ga. L. 1925, p. 251, § 1; Code 1933, § 32-1402; Ga. L. 1946, p. 206, § 21.)