Senate Bill No. 1862, introduced by Senator Womack, amends the existing law regarding the Vidalia Port Commission's authority to issue bonds. The bill allows the commission, with the approval of the State Bond Commission, to incur debts and issue negotiable bonds or notes for its lawful purposes. Notably, the previous limitation that the amount of outstanding bonds or notes could not exceed fifteen million dollars has been deleted. Additionally, the bill removes the stipulation that these bonds constitute a general obligation of the commission and that the full faith and credit of the city of Vidalia is pledged.

The amended law also enhances the commission's ability to secure the payment of its bonds or notes by allowing the use of conventional mortgages on properties it constructs or acquires. Furthermore, the commission is authorized to accept financial assistance from various sources, including the federal government and state entities, and to pledge these funds for the payment of its obligations. The bill will take effect upon the governor's signature or, if not signed, after the designated period for bills to become law without signature.

Statutes affected:
SB144 Original: 34:1862(C)
SB144 Engrossed: 34:1862(C)
SB144 Enrolled: 34:1862(C)