GEORGIA HOUSE BILL 475 “Development Authorities Law” PASSED


Yesterday the Georgia House passed a Bill 132 to 28 for an Agenda 21 or big government. If you don’t like Agenda 21 you should be very concerned, because this a T-SPLOST is Agenda 21. Unless the Senate kills it, you have Agenda 21. The 28 votes were the solid good House members that actually have an education and understand how jobs and wealth are created. the 132 voting YES are the masterminds under the Gold Dome.

In sum, this Bill amends the code to allow unelected development authorities to sell Bonds for investment in public/private “projects”. These Bonds are backed by the good faith and credit of the Georgia taxpayers. This is taxation without representation, because you can’t get at these people in the development authorities at the ballot box. The title of the Bill is below.

A BILL to be entitled an Act to amend Chapter 62 of Title 36 of the O.C.G.A., the “Development Authorities Law,” so as amend the definition of the term “project” to include facilities owned by a public or private entity or a combination of the two integrated for purposes of trade, commerce, industry, or employment opportunities; to provide that such term includes highway facilities, surface transportation projects, and projects that are related to transportation; to provide for severability in the event a portion of this Act is found to be unconstitutional; to repeal conflicting laws; and for other purposes.

Roll Call Vote – http://www.legis.ga.gov/Legislation/en-US/Vote.aspx?VoteID=8590

The Bill – http://www.legis.ga.gov/legislation/en-US/Display/20112012/HB/475

The reason it was done was “quote” to create jobs. I want to make a few notes to illustrate how goofy that argument is.

1. Let’s say all these development authorities sell $100M in Bonds. That means $100M in wealth and capital is removed from the economy and the taxpayers are on the hook to pay the interest and principal back. That’s $100M not available to invest in actual profit making viable businesses.

2. If the “project” collapses the taxpayers are still on the hook for the principal and interest. They will not be able to entice people to buy these Bonds unless they are backed by the guarantee of raising taxes to pay them back.

3. Jobs are created in the private sector when people sell products and services for a profit and then reinvest that profit to sell more products and services.

You’re House representative just scammed you if he voted YES. You need to call him or her and chew them out. Educate them. Then call your Senator and ask that they kill it in the Senate.

Let’s keep our eye on the ball.

It’s always hard to educate anyone to believe that there are some instances in which the Constitution, correctly read, does not yield the outcome they’d prefer. – Kevin R. C. Gutzman, JD, PhD

Bill Evelyn
Director
State of Georgia Tea Party, LLC

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