Section 20-2-480. Notification of proposed issuance of bonded indebtedness; authorization to withhold appropriations to pay indebtedness

   (a) Prior to the issuance of any bonded indebtedness, the governing body of any county school district or system, any independent school district or system, or any area school district or system may notify the State Board of Education of the proposed issuance of such indebtedness and authorize and direct the State Board of Education to withhold from such school district or system sufficient moneys from any state appropriation to which such school district or system may be entitled and apply so much as shall be necessary to the payment of the principal of and interest on such indebtedness then due.

(b) The notice and authorization referred to in subsection (a) of this Code section shall set forth the following information:

   (1) The proposed date of issuance of the bonded indebtedness;

   (2) Each payment date with respect to such indebtedness and the principal of and interest on such indebtedness coming due on each such date; and

   (3) The name and address of the financial institution serving as custodian, trustee, or paying agent for such indebtedness to whom any payment by the State Board of Education should be made.

Code 1981, § 20-2-480, enacted by Ga. L. 1991, p. 1579, § 2.