{"data":{"id":"us-ga/o.c.g.a.-36-60-27","jurisdiction":"us-ga","citation":"O.C.G.A. § 36-60-27","heading":"Banking improvement zones.","body":"(a) As used in this Code section, the term:\n(1) “Bank” shall have the same meaning as provided in paragraph (7) of Code Section 7-1-4.\n(2) “Department” means the Department of Community Affairs.\n(3) “Local government” means any county or municipality of this state.\n(b) Upon submission of an application by a local government, the department may designate a banking improvement zone within the jurisdiction of such local government for the purpose of encouraging the establishment of branches or representative offices of a bank within an area which is underserved by banking services. Application to establish a banking improvement zone shall be made to the department in such form as shall be prescribed by the department. The department may exercise its discretion in its consideration to approve a local government as eligible for a banking improvement zone; provided, however, that prior to the designation of a banking improvement zone, the department shall make a determination whether any potential gains to a bank from a below rate interest agreement authorized pursuant to subsection (c) of this Code section is ample consideration for a substantial public benefit in compliance with Article III, Section VI, Paragraph VI(a) of the Georgia Constitution. Such decision shall also take into consideration:\n(1) The location, number, and proximity of sites where banking services are available in the proposed banking improvement zone;\n(2) Consumer needs for banking services in the proposed banking improvement zone;\n(3) The economic viability and local credit needs of the local government in the proposed banking improvement zone;\n(4) The existing commercial development in the proposed banking improvement zone; and\n(5) The impact additional banking services would have on potential economic development in the proposed banking improvement zone.\n(c) Upon approval of a banking improvement zone, the governing body of a local government may, through ordinance or resolution, designate a bank to be located within a banking improvement zone as the depository for local government funds, provided that applicable standards for deposits of public funds set forth in Chapter 8 of Title 45 have been satisfied. Subject to agreement between the governing body of a local government and a bank, such ordinance or resolution shall designate a fixed interest rate that is at or below the posted two-year certificate of deposit rate at the bank.","path":["TITLE 36 Local Government","Provisions Applicable to Counties and Municipal Corporations","CHAPTER 60 General Provisions"],"source_url":"https://archive.org/download/gov.ga.ocga.2018/release86.2022.11/gov.ga.ocga.title.36.odt","current_through":"Release 86 (2022-11)","vintage":"Public.Resource.Org bulk O.C.G.A., Release 86 (2022-11), retrieved 2026-09-17","retrieved_at":"2026-09-17T19:34:57Z","sha256":"a53dea875f510053cecc0ebbad2963ac5d4207550a382736f7191cfdc45be853","source_id":"us-ga","stale":false,"prev":"us-ga/o.c.g.a.-36-60-26","next":"us-ga/o.c.g.a.-36-60-28"},"notice":"GroundRules: Original legal text. Not legal advice."}