Senate Bill No. by Senator Womack amends the existing law regarding the Vidalia Port Commission's authority to issue bonds. The bill specifically removes the previous limitation that the total amount of outstanding negotiable bonds or notes cannot exceed $15 million. Additionally, it repeals the provision that classified these bonds as a general obligation of the commission and pledged the full faith and credit of the city of Vidalia. The bill retains the authority for the commission to incur debts, issue negotiable bonds or notes, and pledge revenues for the payment of these financial instruments.

The proposed changes aim to provide the Vidalia Port Commission with greater flexibility in financing its operations and projects by eliminating the cap on bond issuance and the associated obligations to the city. The bill will take effect upon the governor's signature or after the designated period for gubernatorial action if not signed.

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