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Georgia State Financing and Investment Commission - Administration - Defeasance of Bond Issues Files

 Series
Identifier: 010-01-006

Scope and Contents

This series consists of documents related to the defeasance of the Georgia Education Authority (Schools) bond issues in 1979. The Supplementary Appropriations Act for fiscal year 1978 - 1979 authorized the Georgia State Financing and Investment Commission (GSFIC) to spend up to $105 million to "fully-fund" the outstanding bond issues of the Georgia Education Authority (Schools). The GSFIC purchased United States government securities and deposited them in a Bonds Escrow Deposit Fund in the banks which had been administering the state bonds. All participants in the process agreed that these deposits and the interest which they would earn would be sufficient to pay the principal and interest due on the Georgia bonds and would, therefore, result in the cancellation of the trust indentures which were securing the bonds. For a statement on the functions of the GSFIC, please see the beginning of this record group. Related series include RGSGSERIES 10-1-2, Trust Indentures, and RGSGSERIES 10-1-8, Official Documents Register.

The documents related to this particular set of transactions include: (1) closing documents delivered by each of the parties, (2) worksheets used to calculate Depreciation and Joint Hazard Reserve Funds (by counties and by bond series), (3) letters notifying each local system that insurance coverage would cease, (4) annual (1973 - 1979) and quarterly (1977 - 1979) computer printouts of system bond funds and revenue depreciation for each bond series and of construction depreciation for each series, (5) correspondence, 1979 - 1980, (6) lease agreements, (7) trust indentures, (8) letters returning quit claim deeds to local systems, (9) GSFIC meeting minutes, (10) letters with final disbursement of Depreciation and Joint Hazard Reserve Funds to local systems. Although most of these documents consist of photocopies, these files also contain computer printouts, large numbers of ledger pages, mimeographed forms and other sheets used as worksheets, calculator tapes, and several types of binders.

Dates

  • Created: 1973-1979

Creator

Conditions Governing Access

Unrestricted

Extent

2.00 Cubic Feet

Language of Materials

English

Arrangement Note

The records retention schedule for this series indicates that the material is arranged "by subject, alphabetically," but no organization is readily apparent.

Title
Georgia State Financing and Investment Commission - Administration - Defeasance of Bond Issues Files
Author
Georgia Archives
Description rules
Local
Language of description
English
Script of description
Latin

Repository Details

Part of the Georgia Archives Repository

Contact:
5800 Jonesboro Rd
Morrow GA 30260 United States