Rule 80-12-7-.06 - Liability Funding of Corporate Activities(1) No MALPB may enter into contractual debt obligations which in the aggregate are dependent upon revenues produced by the MALPB and any subsidiary of the MALPB for annual servicing during the term of the debt in excess of fifty (50) percent of the average annual consolidated net operating earnings of the MALPB and any subsidiary of the MALPB for the three fiscal years immediately preceding the date of the extension of credit.(2) No holding company of an MALPB may enter into contractual debt obligations which in the aggregate are dependent upon revenues primarily produced by the MALPB and any subsidiary of the MALPB for annual servicing during the term of the debt in excess of fifty (50) percent of the average annual consolidated net operating earnings of the MALPB and any subsidiary of the MALPB for the three fiscal years immediately preceding the date of the extension of credit.(3) The Department, upon specific written request of the MALPB, may waive the requirements in this Rule.Ga. Comp. R. & Regs. R. 80-12-7-.06
O.C.G.A. §§ 7-9-3, 7-9-13.
Original Rule entitled "Liability Funding of Corporate Activities" adopted. F. Dec. 20, 2024; eff. Jan. 9, 2025.