§ 2.414. Refunding bonds; tax.

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Article 7, section 7, paragraph 1, of the Constitution of Georgia, which has heretofore been amended, shall be further amended by adding at the end thereof a new paragraph in the following words to wit:
And except that the City of Sylvania, in Screven County, Georgia, may issue refunding serial bonds not in excess of the aggregate sum of $20,000.00, for the purpose of refunding and retiring any bonded indebtedness of said city outstanding, passed due and unpaid up to and including January 1, 1940, and providing for the assessment and collection of an annual tax sufficient in amount to pay the principal and interest of said bonds as they fall due; the proceeds of all such refunding bonds so issued by the City of Sylvania to be used exclusively for the purpose of paying and retiring said bonded indebtedness that is or may become due and unpaid as of January 1, 1940. Said refunding bonds shall be issued when authorized by a vote of the mayor and councilmen and shall be validated by law.

(1939 Ga. Laws, page 81, § 1)

                    
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