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In response to
"WTF does this ballot question even mean?"
by
JCVDano
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To authorize local school districts to use tax funds for community redevelopment purposes. (more)
Posted by
ty97
Oct 29 '08, 11:09
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Amendment 2
To authorize local school districts to use tax funds for community redevelopment purposes.
�Shall the Constitution of Georgia be amended so as to authorize community redevelopment and authorize counties, municipalities, and local boards of education to use tax funds for redevelopment purposes and programs?"
( ) YES ( ) NO
This proposal affirms that the General Assembly may authorize counties, municipalities, and housing authorities to carry out community redevelopment.
The proposal also revises the Constitution's provisions relative to redevelopment powers and tax allocation bonds. As revised by the proposed amendment, the current provisions for community redevelopment, after providing for such powers, will contain revised provisions relative to tax allocation bonds. In general, tax allocation bonds are government borrowings which are repaid specifically from future growth in the property tax digest of an area under redevelopment.
Under the proposal a general law will be able to authorize the use of county, municipal, and school tax funds, or any combination thereof, to fund redevelopment purposes and programs, including repayment of tax allocation bonds. The general law may provide for such use of tax funds without regard to whether the local government approved such use before January 1, 2009. No county, municipal, or school tax funds may be used for such purposes and programs without approval by the applicable local governing body.
With respect to school taxes only, such taxes may be used for redevelopment purposes and programs only if: (1) they have been pledged for repayment of tax allocation bonds which have been judicially validated (approved by a court for issuance); or (2) such use is authorized by general law after January 1, 2009.
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Responses:
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