Section 36-82-122. Exemption of bonds from Constitution and laws of Georgia regulating interest rates; fixing of rates of interest by resolution or ordinance

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   (a) From and after March 16, 1981, any bonds issued by a municipality shall be exempt from:

   (1) All laws of this state governing usury or prescribing or limiting interest rates to be borne by bonds; and

   (2) All provisions of the Constitution of Georgia prescribing or limiting interest rates to be borne by bonds to the extent that the Constitution of Georgia permits the General Assembly by law to define further the powers and duties of any such municipality and to enlarge or restrict the same.

(b) The interest rate or rates to be borne by any bonds issued by a municipality shall be fixed by the governing body of such municipality in the resolution or ordinance adopted by such governing body to authorize the issuance of any such bonds.

Ga. L. 1981, p. 384, § 3; Ga. L. 1982, p. 1603, §§ 1, 3.

                    
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