Constitution of the State of Georgia, 2017

CONSTITUTION
of the
STATE of GEORGIA
Revised January 2017

Designated as The Constitution of the State of Georgia
Copies may be obtained from:
Brian P. Kemp
Georgia Secretary of State 214 State Capitol
Atlanta, Georgia 30334

The Office of the Secretary of State
The Constitution of the State of Georgia is the governing document of the state of Georgia. It outlines the three branches of government. The executive branch is headed by the Governor. The legislative branch is comprised of the bicameral General Assembly. The judicial branch is headed by the Supreme Court. Besides providing for the organization of these branches, the Constitution carefully outlines which powers each branch may exercise.
The Constitution of the State of Georgia was ratified on November 2, 1982 by a vote of the people and became effective on July 1, 1983. It is one of the newest state constitutions in the United States of America and is the 10th Constitution of the State of Georgia, replacing the previous 1976 Constitution.
I am pleased to provide the Constitution of the State of Georgia to you. The Constitution is a representation of our great state and its citizens. Please let me know if I can ever be of service to you. For any issues regarding voting, corporate registrations, securities or professional licensing, please do not hesitate to call the Office of the Secretary of State at 404-656-2881.
Sincerely,
Brian P. Kemp Georgia Secretary of State

Designated as The Constitution of the State of Georgia
CONSTITUTION OF THE
STATE OF GEORGIA
TABLE OF CONTENTS
ARTICLE I. Bill of Rights ..................................................... ARTICLE II. Voting and Elections ...................................... ARTICLE III. Legislative Branch ........................................ ARTICLE IV. Constitutional Boards and Commissions . ARTICLE V. Executive Branch ............................................ ARTICLE VI. Judicial Branch ............................................. ARTICLE VII. Taxation and Finance ................................. ARTICLE VIII. Education .................................................... ARTICLE IX. Counties and Municipal Corporations ...... ARTICLE X. Amendments to the Constitution................. ARTICLE XI. Miscellaneous Provisions.............................

CERTIFICATE
45 5 5 5
(5 (5)%5') .5))45&*'(*$)5)%5)5&'%+ ( %$(5%5') "5 45) %$5 45 ''&5 5 %5 )5 &'%&%(5 $,5 %$() )*) %$5 %5 )5 ))5 %5 %' 45 )5 *$'( $45,%5%$() )*)5)5$) '5##'( &5%5)5%## (( %$5')5 .5( 5''&45+5&'%'#5)5*) (5&'(' 5 $5( 5''&5$5 +5 $%'&%')5)5(&')5#$#$)5'''5)%5 $5( 5''&5 $)%5 )5 %$() )*) %$5 , 5 (5 ))35 5 *$'( $5 *')'5 ') .5 ))5 )5 ))5%*#$)5 (5 $5" +'5)%5)5')'.5%5))5$45(5&'%+ 5 $5( 5''&45(*5%*#$)45%$5
*".5/45/21045(""55)5%$() )*) %$5%5 )5))5%5%' 35
5
(5/()5.5%5 '45/21035

%5'$!5'' (45%+'$%'5
""5 ""'45 *)$$)5%+'$%'5
%#(535 *'&.45&!' %*(5%5&'($)) +(5
"5
35%,'(45))%'$.5$'"5
'$!535,'(45 (") +5%*$("5

Article I. Section I. Paragraph I.
CONSTITUTION OF THE STATE OF GEORGIA PREAMBLE
To perpetuate the principles of free government, insure justice to all, preserve peace, promote the interest and happiness of the citizen and of the family, and transmit to posterity the enjoyment of liberty, we the people of Georgia, relying upon the protection and guidance of Almighty God, do ordain and establish this Constitution.
ARTICLE I. BILL OF RIGHTS
SECTION I. RIGHTS OF PERSONS
Paragraph I. Life, liberty, and property. No person shall be deprived of life, liberty, or property except by due process of law.
Paragraph II. Protection to person and property; equal protection. Protection to person and property is the paramount duty of government and shall be impartial and complete. No person shall be denied the equal protection of the laws.
Paragraph III. Freedom of conscience. Each person has the natural and inalienable right to worship God, each according to the dictates of that person's own conscience; and no human authority should, in any case, control or interfere with such right of conscience.
Paragraph IV. Religious opinions; freedom of religion. No inhabitant of this state shall be molested in person or property or be prohibited from holding any public office or trust on account of religious opinions; but the right of freedom of religion shall not be so construed as to excuse acts of licentiousness or justify practices inconsistent with the peace and safety of the state.
Paragraph V. Freedom of speech and of the press guaranteed. No law shall be passed to curtail or restrain the freedom of speech or of the press. Every person may speak, write, and publish sentiments on all subjects but shall be responsible for the abuse of thatliberty.
Paragraph VI. Libel. In all civil or criminal actions for libel, the truth may be given in evidence; and, if it shall appear to the trier of fact that the matter charged as libelous is true, the party shall be discharged.
Paragraph VII. Citizens, protection of. All citizens of the United States, resident in this state, are hereby declared citizens of this state; and it shall be the duty of the General Assembly to enact such laws as will protect them in the full enjoyment of the rights, privileges, and immunities due to such citizenship.

Article I. Section I. Paragraph VIII.
Paragraph VIII. Arms, right to keep and bear. The right of the people to keep and bear arms shall not be infringed, but the General Assembly shall have power to prescribe the manner in which arms may be borne.
Paragraph IX. Right to assemble and petition. The people have the right to assemble peaceably for their common good and to apply by petition or remonstrance to those vested with the powers of government for redress of grievances.
Paragraph X. Bill of attainder; ex post facto laws; and retroactive laws. No bill of attainder, ex post facto law, retroactive law, or laws impairing the obligation of contract or making irrevocable grant of special privileges or immunities shall be passed.
Paragraph XI. Right to trial by jury; number of jurors; selection and compensation of jurors. (a) The right to trial by jury shall remain inviolate, except that the court shall render judgment without the verdict of a jury in all civil cases where no issuable defense is filed and where a jury is not demanded in writing by either party. In criminal cases, the defendant shall have a public and speedy trial by an impartial jury; and the jury shall be the judges of the law and the facts.
(b) A trial jury shall consist of 12 persons; but the General Assembly may prescribe any number, not less than six, to constitute a trial jury in courts of limited jurisdiction and in superior courts in misdemeanor cases.
(c) The General Assembly shall provide by law for the selection and compensation of persons to serve as grand jurors and trial jurors.
Paragraph XII. Right to the courts. No person shall be deprived of the right to prosecute or defend, either in person or by an attorney, that person's own cause in any of the courts of this state.
Paragraph XIII. Searches, seizures, and warrants. The right of the people to be secure in their persons, houses, papers, and effects against unreasonable searches and seizures shall not be violated; and no warrant shall issue except upon probable cause supported by oath or affirmation particularly describing the place or places to be searched and the persons or things to be seized.
Paragraph XIV. Benefit of counsel; accusation; list of witnesses; compulsory process. Every person charged with an offense against the laws of this state shall have the privilege and benefit of counsel; shall be furnished with a copy of the accusation or indictment and, on demand, with a list of the witnesses on whose testimony such charge is founded; shall have compulsory process to obtain the testimony of that person's own witnesses; and shall be confronted with the witnesses testifying against such person.
Paragraph XV. Habeas corpus. The writ of habeas corpus shall not be suspended unless, in case of rebellion or invasion, the public safety may require it.

Article I. Section I. Paragraph XVI.
Paragraph XVI. Self-incrimination. No person shall be compelled to give testimony tending in any manner to be self-incriminating.
Paragraph XVII. Bail; fines; punishment; arrest, abuse of prisoners. Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted; nor shall any person be abused in being arrested, while under arrest, or in prison.
Paragraph XVIII. Jeopardy of life or liberty more than once forbidden. No person shall be put in jeopardy of life or liberty more than once for the same offense except when a new trial has been granted after conviction or in case of mistrial.
Paragraph XIX. Treason. Treason against the State of Georgia shall consist of insurrection against the state, adhering to the state's enemies, or giving them aid and comfort. No person shall be convicted of treason except on the testimony of two witnesses to the same overt act or confession in open court.
Paragraph XX. Conviction, effect of. No conviction shall work corruption of blood or forfeiture of estate.
Paragraph XXI. Banishment and whipping as punishment for crime. Neither banishment beyond the limits of the state nor whipping shall be allowed as a punishment for crime.
Paragraph XXII. Involuntary servitude. There shall be no involuntary servitude within the State of Georgia except as a punishment for crime after legal conviction thereof or for contempt of court.
Paragraph XXIII. Imprisonment for debt. There shall be no imprisonment for debt.
Paragraph XXIV. Costs. No person shall be compelled to pay costs in any criminal case except after conviction on final trial.
Paragraph XXV. Status of the citizen. The social status of a citizen shall never be the subject of legislation.
Paragraph XXVI. Exemptions from levy and sale. The General Assembly shall protect by law from levy and sale by virtue of any process under the laws of this state a portion of the property of each person in an amount of not less than $1,600.00 and shall have authority to define to whom any such additional exemptions shall be allowed; to specify the amount of such exemptions; to provide for the manner of exempting such property and for the sale, alienation, and encumbrance thereof; and to provide for the waiver of said exemptions by the debtor.

Article I. Section I. Paragraph XXVII.
Paragraph XXVII. Spouse's separate property. The separate property of each spouse shall remain the separate property of that spouse except as otherwise provided by law.
Paragraph XXVIII. Fishing and hunting. The tradition of fishing and hunting and the taking of fish and wildlife shall be preserved for the people and shall be managed by law and regulation for the public good.
Paragraph XXIX. Enumeration of rights not denial of others. The enumeration of rights herein contained as a part of this Constitution shall not be construed to deny to the people any inherent rights which they may have hitherto enjoyed.
SECTION II. ORIGIN AND STRUCTURE OF GOVERNMENT
Paragraph I. Origin and foundation of government. All government, of right, originates with the people, is founded upon their will only, and is instituted solely for the good of the whole. Public officers are the trustees and servants of the people and are at all times amenable to them.
Paragraph II. Object of government. The people of this state have the inherent right of regulating their internal government. Government is instituted for the protection, security, and benefit of the people; and at all times they have the right to alter or reform the same whenever the public good may require it.
Paragraph III. Separation of legislative, judicial, and executive powers. The legislative, judicial, and executive powers shall forever remain separate and distinct; and no person discharging the duties of one shall at the same time exercise the functions of either of the others except as herein provided.
Paragraph IV. Contempts. The power of the courts to punish for contempt shall be limited by legislative acts.
Paragraph V. What acts void. Legislative acts in violation of this Constitution or the Constitution of the United States are void, and the judiciary shall so declare them.
Paragraph VI. Superiority of civil authority. The civil authority shall be superior to the military.
Paragraph VII. Separation of church and state. No money shall ever be taken from the public treasury, directly or indirectly, in aid of any church, sect, cult, or religious denomination or of any sectarian institution.
Paragraph VIII. Lotteries and nonprofit bingo games. (a) Except as herein specifically provided in this Paragraph VIII, all lotteries, and the sale of lottery tickets,

Article I. Section II. Paragraph VIII.
and all forms of pari-mutuel betting and casino gambling are hereby prohibited; and this prohibition shall be enforced by penal laws.
(b) The General Assembly may by law provide that the operation of a nonprofit bingo game shall not be a lottery and shall be legal in this state. The General Assembly may by law define a nonprofit bingo game and provide for the regulation of nonprofit bingo games.
(c) The General Assembly may by law provide for the operation and regulation of a lottery or lotteries by or on behalf of the state and for any matters relating to the purposes or provisions of this subparagraph. Proceeds derived from the lottery or lotteries operated by or on behalf of the state shall be used to pay the operating expenses of the lottery or lotteries, including all prizes, without any appropriation required by law, and for educational programs and purposes as hereinafter provided. Lottery proceeds shall not be subject to Article VII, Section III, Paragraph II; Article III, Section IX, Paragraph VI(a); or Article III, Section IX, Paragraph IV(c), except that the net proceeds after payment of such operating expenses shall be subject to Article VII, Section III, Paragraph II. Net proceeds after payment of such operating expenses shall be separately accounted for and shall be specifically identified by the Governor in his annual budget presented to the General Assembly as a separate budget category entitled "Lottery Proceeds" and the Governor shall make specific recommendations as to educational programs and educational purposes to which said net proceeds shall be appropriated. In the General Appropriations Act adopted by the General Assembly, the General Assembly shall appropriate all net proceeds of the lottery or lotteries by such separate budget category to educational programs and educational purposes. Such net proceeds shall be used to support improvements and enhancements for educational programs and purposes and such net proceeds shall be used to supplement, not supplant, non-lottery educational resources for educational programs and purposes. The educational programs and educational purposes for which proceeds may be so appropriated shall include only the following:
(1) Tuition grants, scholarships, or loans to citizens of this state to enable such citizens to attend colleges and universities located within this state, regardless of whether such colleges or universities are operated by the board of regents, or to attend institutions operated under the authority of the Department of Technical and Adult Education; (2) Voluntary pre-kindergarten; (3) One or more educational shortfall reserves in a total amount of not less than 10 percent of the net proceeds of the lottery for the preceding fiscal year; (4) Costs of providing to teachers at accredited public institutions who teach levels K-12, personnel at public postsecondary technical institutes under the authority of the Department of Technical and Adult Education, and professors and instructors within the University System of Georgia the necessary training in the use and application of computers and advanced electronic instructional technology to implement interactive learning environments in the classroom and to access the state-wide distance learning network; and (5) Capital outlay projects for educational facilities; provided, however, that no funds shall be appropriated for the items listed in paragraphs

Article I. Section II. Paragraph VIII.
(4) and (5) of this subsection until all persons eligible for and applying for assistance as provided in paragraph (1) of this subsection have received such assistance, all approved pre-kindergarten programs provided for in paragraph (2) of this subsection have been fully funded, and the education shortfall reserve or reserves provided for in paragraph (3) of this subsection have been fully funded.
(d) On and after January 1, 1995, the holding of raffles by nonprofit organizations shall be lawful and shall not be prohibited by any law enacted prior to January 1, 1994. Laws enacted on or after January 1, 1994, however, may restrict, regulate, or prohibit the operation of such raffles.
Paragraph IX. Sovereign immunity and waiver thereof; claims against the state and its departments, agencies, officers, and employees. (a) The General Assembly may waive the state's sovereign immunity from suit by enacting a State Tort Claims Act, in which the General Assembly may provide by law for procedures for the making, handling, and disposition of actions or claims against the state and its departments, agencies, officers, and employees, upon such terms and subject to such conditions and limitations as the General Assembly may provide.
(b) The General Assembly may also provide by law for the processing and disposition of claims against the state which do not exceed such maximum amount as provided therein.
(c) The state's defense of sovereign immunity is hereby waived as to any action ex contractu for the breach of any written contract now existing or hereafter entered into by the state or its departments and agencies.
(d) Except as specifically provided by the General Assembly in a State Tort Claims Act, all officers and employees of the state or its departments and agencies may be subject to suit and may be liable for injuries and damages caused by the negligent performance of, or negligent failure to perform, their ministerial functions and may be liable for injuries and damages if they act with actual malice or with actual intent to cause injury in the performance of their official functions. Except as provided in this subparagraph, officers and employees of the state or its departments and agencies shall not be subject to suit or liability, and no judgment shall be entered against them, for the performance or nonperformance of their official functions. The provisions of this subparagraph shall not be waived.
(e) Except as specifically provided in this Paragraph, sovereign immunity extends to the state and all of its departments and agencies. The sovereign immunity of the state and its departments and agencies can only be waived by an Act of the General Assembly which specifically provides that sovereign immunity is thereby waived and the extent of such waiver.
(f) No waiver of sovereign immunity under this Paragraph shall be construed as a waiver of any immunity provided to the state or its departments, agencies, officers, or employees by the United States Constitution.

Article I. Section III. Paragraph I.
SECTION III. GENERAL PROVISIONS
Paragraph I. Eminent domain. (a) Except as otherwise provided in this Paragraph, private property shall not be taken or damaged for public purposes without just and adequate compensation being first paid.
(b) When private property is taken or damaged by the state or the counties or municipalities of the state for public road or street purposes, or for public transportation purposes, or for any other public purposes as determined by the General Assembly, just and adequate compensation therefor need not be paid until the same has been finally fixed and determined as provided by law; but such just and adequate compensation shall then be paid in preference to all other obligations except bonded indebtedness.
(c) The General Assembly may by law require the condemnor to make prepayment against adequate compensation as a condition precedent to the exercise of the right of eminent domain and provide for the disbursement of the same to the end that the rights and equities of the property owner, lien holders, and the state and its subdivisions may be protected.
(d) The General Assembly may provide by law for the payment by the condemnor of reasonable expenses, including attorney's fees, incurred by the condemnee in determining just and adequate compensation.
(e) Notwithstanding any other provision of the Constitution, the General Assembly may provide by law for relocation assistance and payments to persons displaced through the exercise of the power of eminent domain or because of public projects or programs; and the powers of taxation may be exercised and public funds expended in furtherance thereof.
Paragraph II. Private ways. In case of necessity, private ways may be granted upon just and adequate compensation being first paid by the applicant.
Paragraph III. Tidewater titles confirmed. The Act of the General Assembly approved December 16, 1902, which extends the title of ownership of lands abutting on tidal water to low water mark, is hereby ratified and confirmed.
SECTION IV. MARRIAGE
Paragraph I. Recognition of marriage. (a) This state shall recognize as marriage only the union of man and woman. Marriages between persons of the same sex are prohibited in this state.
(b) No union between persons of the same sex shall be recognized by this state as entitled to the benefits of marriage. This state shall not give effect to any public act, record, or judicial proceeding of any other state or jurisdiction respecting a relationship between persons of the same sex that is treated as a marriage under the laws of such other state or jurisdiction. The courts of this state shall have no jurisdiction to grant a divorce or separate maintenance with respect to any such relationship or otherwise to consider or

Article I. Section IV. Paragraph I.
rule on any of the parties' respective rights arising as a result of or in connection with such relationship.
ARTICLE II. VOTING AND ELECTIONS
SECTION I. METHOD OF VOTING; RIGHT TO REGISTER AND VOTE
Paragraph I. Method of voting. Elections by the people shall be by secret ballot and shall be conducted in accordance with procedures provided by law.
Paragraph II. Right to register and vote. Every person who is a citizen of the United States and a resident of Georgia as defined by law, who is at least 18 years of age and not disenfranchised by this article, and who meets minimum residency requirements as provided by law shall be entitled to vote at any election by the people. The General Assembly shall provide by law for the registration of electors.
Paragraph III. Exceptions to right to register and vote. (a) No person who has been convicted of a felony involving moral turpitude may register, remain registered, or vote except upon completion of the sentence.
(b) No person who has been judicially determined to be mentally incompetent may register, remain registered, or vote unless the disability has been removed.
SECTION II. GENERAL PROVISIONS
Paragraph I. Procedures to be provided by law. The General Assembly shall provide by law for a method of appeal from the decision to allow or refuse to allow any person to register or vote and shall provide by law for a procedure whereby returns of all elections by the people shall be made to the Secretary of State.
Paragraph II. Run-off election. A run-off election shall be a continuation of the general election and only persons who were entitled to vote in the general election shall be entitled to vote therein; and only those votes cast for the persons designated for the runoff shall be counted in the tabulation and canvass of the votes cast.
Paragraph III. Persons not eligible to hold office. No person who is not a registered voter; who has been convicted of a felony involving moral turpitude, unless that person's civil rights have been restored and at least ten years have elapsed from the date of the completion of the sentence without a subsequent conviction of another felony involving moral turpitude; who is a defaulter for any federal, state, county, municipal, or school system taxes required of such officeholder or candidate if such person has been finally adjudicated by a court of competent jurisdiction to owe those taxes, but such ineligibility may be removed at any time by full payment thereof, or by making payments

Article II. Section II. Paragraph III.
to the tax authority pursuant to a payment plan, or under such other conditions as the General Assembly may provide by general law; or who is the holder of public funds illegally shall be eligible to hold any office or appointment of honor or trust in this state. Additional conditions of eligibility to hold office for persons elected on a write-in vote and for persons holding offices or appointments of honor or trust other than elected offices created by this Constitution may be provided by law.
Paragraph IV. Recall of public officials holding elective office. The General Assembly is hereby authorized to provide by general law for the recall of public officials who hold elective office. The procedures, grounds, and all other matters relative to such recall shall be provided for in such law.
Paragraph V. Vacancies created by elected officials qualifying for other office. The office of any state, county, or municipal elected official shall be declared vacant upon such elected official qualifying, in a general primary or general election, or special primary or special election, for another state, county, or municipal elective office or qualifying for the House of Representatives or the Senate of the United States if the term of the office for which such official is qualifying for begins more than 30 days prior to the expiration of such official's present term of office. The vacancy created in any such office shall be filled as provided by this Constitution or any general or local law. This provision shall not apply to any elected official seeking or holding more than one elective office when the holding of such offices simultaneously is specifically authorized by law.
SECTION III. SUSPENSION AND REMOVAL OF PUBLIC OFFICIALS
Paragraph I. Procedures for and effect of suspending or removing public officials upon felony indictment. (a) As used in this Paragraph, the term "public official" means the Governor, the Lieutenant Governor, the Secretary of State, the Attorney General, the State School Superintendent, the Commissioner of Insurance, the Commissioner of Agriculture, the Commissioner of Labor, and any member of the General Assembly.
(b) Upon indictment for a felony by a grand jury of this state or by the United States, which felony indictment relates to the performance or activities of the office of any public official, the Attorney General or district attorney shall transmit a certified copy of the indictment to the Governor or, if the indicted public official is the Governor, to the Lieutenant Governor who shall, subject to subparagraph (d) of this Paragraph, appoint a review commission. If the indicted public official is the Governor, the commission shall be composed of the Attorney General, the Secretary of State, the State School Superintendent, the Commissioner of Insurance, the Commissioner of Agriculture, and the Commissioner of Labor. If the indicted public official is the Attorney General, the commission shall be composed of three other public officials who are not members of the General Assembly. If the indicted public official is not the Governor, the Attorney General, or a member of the General Assembly, the commission shall be composed of the Attorney General and two other public officials who are not members of the General

Article II. Section III. Paragraph I.
Assembly. If the indicted public official is a member of the General Assembly, the commission shall be composed of the Attorney General and one member of the Senate and one member of the House of Representatives. If the Attorney General brings the indictment against the public official, the Attorney General shall not serve on the commission. In place of the Attorney General, the Governor shall appoint a retired Supreme Court Justice or a retired Court of Appeals Judge. The commission shall provide for a speedy hearing, including notice of the nature and cause of the hearing, process for obtaining witnesses, and the assistance of counsel. Unless a longer period of time is granted by the appointing authority, the commission shall make a written report within 14 days. If the commission determines that the indictment relates to and adversely affects the administration of the office of the indicted public official and that the rights and interests of the public are adversely affected thereby, the Governor or, if the Governor is the indicted public official, the Lieutenant Governor shall suspend the public official immediately and without further action pending the final disposition of the case or until the expiration of the officer's term of office, whichever occurs first. During the term of office to which such officer was elected and in which the indictment occurred, if a nolle prosequi is entered, if the public official is acquitted, or if after conviction the conviction is later overturned as a result of any direct appeal or application for a writ of certiorari, the officer shall be immediately reinstated to the office from which he was suspended. While a public official is suspended under this Paragraph and until initial conviction by the trial court, the officer shall continue to receive the compensation from his office. After initial conviction by the trial court, the officer shall not be entitled to receive the compensation from his office. If the officer is reinstated to office, he shall be entitled to receive any compensation withheld under the provisions of this Paragraph.
(c) Unless the Governor is the public officer under suspension, for the duration of any suspension under this Paragraph, the Governor shall appoint a replacement officer except in the case of a member of the General Assembly. If the Governor is the public officer under suspension, the provisions of Article V, Section I, Paragraph V of this Constitution shall apply as if the Governor were temporarily disabled. Upon a final conviction with no appeal or review pending, the office shall be declared vacant and a successor to that office shall be chosen as provided in this Constitution or the laws enacted in pursuance thereof.
(d) No commission shall be appointed for a period of 14 days from the day the indictment is received. This period of time may be extended by the Governor. During this period of time, the indicted public official may, in writing, authorize the Governor or, if the Governor is the indicted public official, the Lieutenant Governor to suspend him from office. Any such voluntary suspension shall be subject to the same conditions for review, reinstatement, or declaration of vacancy as are provided in this Paragraph for a nonvoluntary suspension.
(e) After any suspension is imposed under this Paragraph, the suspended public official may petition the appointing authority for a review. The Governor or, if the indicted public official is the Governor, the Lieutenant Governor may reappoint the commission to review the suspension. The commission shall make a written report within 14 days. If the commission recommends that the public official be reinstated, he shall immediately be reinstated to office.

Article II. Section III. Paragraph I.
(f) The report and records of the commission and the fact that the public official has or has not been suspended shall not be admissible in evidence in any court for any purpose. The report and record of the commission shall not be open to the public.
(g) The provisions of this Paragraph shall not apply to any indictment handed down prior to January 1, 1985.
(h) If a public official who is suspended from office under the provisions of this Paragraph is not first tried at the next regular or special term following the indictment, the suspension shall be terminated and the public official shall be reinstated to office. The public official shall not be reinstated under this subparagraph if he is not so tried based on a continuance granted upon a motion made only by the defendant.
Paragraph II. Suspension upon felony conviction. Upon initial conviction of any public official designated in Paragraph I of this section for any felony in a trial court of this state or the United States, regardless of whether the officer has been suspended previously under Paragraph I of this section, such public official shall be immediately and without further action suspended from office. While a public official is suspended from office under this Paragraph, he or she shall not be entitled to receive the compensation from his or her office. If, during the remainder of the elected official's term of office, the conviction is later overturned as a result of any direct appeal or application for a writ of certiorari, the public official shall be immediately reinstated to the office from which he or she was suspended and shall be entitled to receive any compensation withheld under the provisions of this Paragraph. Unless the Governor is the public official under suspension, for the duration of any suspension under this Paragraph, the Governor shall appoint a replacement official except in the case of a member of the General Assembly. If the public officer under suspension is a member of the Senate or House of Representatives, then a replacement member for the duration of the suspension shall be elected as now or hereafter provided by law, in a manner the same as or similar to the election of a member to fill a vacancy in the General Assembly but to serve only for the duration of the suspension. If the Governor is the public officer under suspension, the provisions of Article V, Section I, Paragraph V of this Constitution shall apply as if the Governor were temporarily disabled. Upon a final conviction with no appeal or review pending, the office shall be declared vacant and a successor to that office shall be chosen as provided in this Constitution or the laws enacted in pursuance thereof. The provisions of this Paragraph shall not apply to any conviction rendered prior to January 1, 1987.
ARTICLE III. LEGISLATIVE BRANCH
SECTION I. LEGISLATIVE POWER Paragraph I. Power vested in General Assembly. The legislative power of the state shall be vested in a General Assembly which shall consist of a Senate and a House of Representatives.
11

Article III. Section II. Paragraph I.
SECTION II. COMPOSITION OF GENERAL ASSEMBLY
Paragraph I. Senate and House of Representatives. (a) The Senate shall consist of not more than 56 Senators, each of whom shall be elected from single-member districts.
(b) The House of Representatives shall consist of not fewer than 180 Representatives apportioned among representative districts of the state.
Paragraph II. Apportionment of General Assembly. The General Assembly shall apportion the Senate and House districts. Such districts shall be composed of contiguous territory. The apportionment of the Senate and of the House of Representatives shall be changed by the General Assembly as necessary after each United States decennial census.
Paragraph III. Qualifications of members of General Assembly. (a) At the time of their election, the members of the Senate shall be citizens of the United States, shall be at least 25 years of age, shall have been citizens of this state for at least two years, and shall have been legal residents of the territory embraced within the district from which elected for at least one year.
(b) At the time of their election, the members of the House of Representatives shall be citizens of the United States, shall be at least 21 years of age, shall have been citizens of this state for at least two years, and shall have been legal residents of the territory embraced within the district from which elected for at least one year.
Paragraph IV. Disqualifications. (a) No person on active duty with any branch of the armed forces of the United States shall have a seat in either house unless otherwise provided by law.
(b) No person holding any civil appointment or office having any emolument annexed thereto under the United States, this state, or any other state shall have a seat in either house.
(c) No Senator or Representative shall be elected by the General Assembly or appointed by the Governor to any office or appointment having any emolument annexed thereto during the time for which such person shall have been elected unless the Senator or Representative shall first resign the seat to which elected; provided, however, that, during the term for which elected, no Senator or Representative shall be appointed to any civil office which has been created during such term.
Paragraph V. Election and term of members. (a) The members of the General Assembly shall be elected by the qualified electors of their respective districts for a term of two years and shall serve until the time fixed for the convening of the next General Assembly.
(b) The members of the General Assembly in office on June 30, 1983, shall serve out the remainder of the terms to which elected.
(c) The first election for members of the General Assembly under this Constitution shall take place on Tuesday after the first Monday in November, 1984, and subsequent elections biennially on that day until the day of election is changed by law.
12

Article III. Section III. Paragraph I.
SECTION III. OFFICERS OF THE GENERAL ASSEMBLY
Paragraph I. President and President Pro Tempore of the Senate. (a) The presiding officer of the Senate shall be styled the President of the Senate.
(b) A President Pro Tempore shall be elected by the Senate from among its members. The President Pro Tempore shall act as President in case of the temporary disability of the President. In case of the death, resignation, or permanent disability of the President or in the event of the succession of the President to the executive power, the President Pro Tempore shall become President and shall receive the same compensation and allowances as the Speaker of the House of Representatives. The General Assembly shall provide by law for the method of determining disability as provided in this Paragraph.
Paragraph II. Speaker and Speaker Pro Tempore of the House of Representatives. (a) The presiding officer of the House of Representatives shall be styled the Speaker of the House of Representatives and shall be elected by the House of Representatives from among its members.
(b) A Speaker Pro Tempore shall be elected by the House of Representatives from among its members. The Speaker Pro Tempore shall become Speaker in case of the death, resignation, or permanent disability of the Speaker and shall serve until a Speaker is elected. Such election shall be held as provided in the rules of the House. The General Assembly shall provide by law for the method of determining disability as provided in this Paragraph.
Paragraph III. Other officers of the two houses. The other officers of the two houses shall be a Secretary of the Senate and a Clerk of the House of Representatives.
SECTION IV. ORGANIZATION AND PROCEDURE
OF THE GENERAL ASSEMBLY
Paragraph I. Meeting, time limit, and adjournment. (a) The Senate and House of Representatives shall organize each odd-numbered year and shall be a different General Assembly for each two-year period. The General Assembly shall meet in regular session on the second Monday in January of each year, or otherwise as provided by law, and may continue in session for a period of no longer than 40 days in the aggregate each year. By concurrent resolution, the General Assembly may adjourn any regular session to such later date as it may fix for reconvening. Separate periods of adjournment may be fixed by one or more such concurrent resolutions.
(b) Neither house shall adjourn during a regular session for more than three days or meet in any place other than the state capitol without the consent of the other. Following the fifth day of a special session, either house may adjourn not more than twice for a period not to exceed seven days for each such adjournment. In the event either house, after the thirtieth day of any session, adopts a resolution to adjourn for a specified
13

Article III. Section IV. Paragraph I.
period of time and such resolution and any amendments thereto are not adopted by both houses by the end of the legislative day on which adjournment was called for in such resolution, the Governor may adjourn both houses for a period of time not to exceed ten days.
(c) If an impeachment trial is pending at the end of any session, the House shall adjourn and the Senate shall remain in session until such trial is completed.
Paragraph II. Oath of members. Each Senator and Representative, before taking the seat to which elected, shall take the oath or affirmation prescribed by law.
Paragraph III. Quorum. A majority of the members to which each house is entitled shall constitute a quorum to transact business. A smaller number may adjourn from day to day and compel the presence of its absent members.
Paragraph IV. Rules of procedure; employees; interim committees. Each house shall determine its rules of procedure and may provide for its employees. Interim committees maybecreated byorpursuant totheauthorityoftheGeneralAssemblyorof either house.
Paragraph V. Vacancies. When a vacancy occurs in the General Assembly, it shall be filled as provided by this Constitution and by law. The seat of a member of either house shall be vacant upon the removal of such member's legal residence from the district from which elected.
Paragraph VI. Salaries. The members of the General Assembly shall receive such salary as shall be provided for by law, provided that no increase in salary shall become effective prior to the end of the term during which such change is made.
Paragraph VII. Election and returns; disorderly conduct. Each house shall be the judge of the election, returns, and qualifications of its members and shall have power to punish them for disorderly behavior or misconduct by censure, fine, imprisonment, or expulsion; but no member shall be expelled except by a vote of two-thirds of the members of the house to which such member belongs.
Paragraph VIII. Contempts, how punished. Each house may punish by imprisonment, not extending beyond the session, any person not a member who shall be guilty of a contempt by any disorderly behavior in its presence or who shall rescue or attempt to rescue any person arrested by order of either house.
Paragraph IX. Privilege of members. The members of both houses shall be free from arrest during sessions of the General Assembly, or committee meetings thereof, and in going thereto or returning therefrom, except for treason, felony, or breach of the peace. No member shall be liable to answer in any other place for anything spoken in either house or in any committee meeting of either house.
14

Article III. Section IV. Paragraph X.
Paragraph X. Elections by either house. All elections by either house of the General Assembly shall be by recorded vote, and the vote shall appear on the respective journal of each house.
Paragraph XI. Open meetings. The sessions of the General Assembly and all standing committee meetings thereof shall be open to the public. Either house may by rule provide for exceptions to this requirement.
SECTION V. ENACTMENT OF LAWS
Paragraph I. Journals and laws. Each house shall keep and publish after its adjournment a journal of its proceedings. The original journals shall be the sole, official records of the proceedings of each house and shall be preserved as provided by law. The General Assembly shall provide for the publication of the laws passed at each session.
Paragraph II. Bills for revenue. All bills for raising revenue, or appropriating money, shall originate in the House of Representatives.
Paragraph III. One subject matter expressed. No bill shall pass which refers to more than one subject matter or contains matter different from what is expressed in the title thereof.
ParagraphIV. Statutes and sections of Code, how amended. Nolaworsectionof the Code shall be amended or repealed by mere reference to its title or to the number of the section of the Code; but the amending or repealing Act shall distinctly describe the law or Code section to be amended or repealed as well as the alteration to be made.
Paragraph V. Majority of members to pass bill. No bill shall become law unless it shall receive a majority of the votes of all the members to which each house is entitled, and such vote shall so appear on the journal of each house.
Paragraph VI. When roll-call vote taken. In either house, when ordered by the presiding officer or at the desire of one-fifth of the members present or a lesser number if so provided by the rules of either house, a roll-call vote on any question shall be taken and shall be entered on the journal. The yeas and nays in each house shall be recorded and entered on the journal upon the passage or rejection of any bill or resolution appropriating money and whenever the Constitution requires a vote of two-thirds of either or both houses for the passage of a bill or resolution.
Paragraph VII. Reading of general bills. The title of every general bill and of every resolution intended to have the effect of general law or to amend this Constitution or to propose a new Constitution shall be read three times and on three separate days in each house before such bill or resolution shall be voted upon; and the third reading of such bill and resolution shall be in their entirety when ordered by the presiding officer or by a majority of the members voting on such question in either house.
15

Article III. Section V. Paragraph VIII.
Paragraph VIII. Procedure for considering local legislation. The General Assembly may provide by law for the procedure for considering local legislation. The title of every local bill and every resolution intended to have the effect of local law shall be read at least once before such bill or resolution shall be voted upon; and no such bill or resolution shall be voted upon prior to the second day following the day of introduction.
Paragraph IX. Advertisement of notice to introduce local legislation. The General Assembly shall provide by law for the advertisement of notice of intention to introduce local bills.
Paragraph X. Acts signed. All Acts shall be signed by the President of the Senate and the Speaker of the House of Representatives.
Paragraph XI. Signature of Governor. No provision in this Constitution for a two-thirds' vote of both houses of the General Assembly shall be construed to waive the necessity for the signature of the Governor as in any other case, except in the case of the two-thirds' vote required to override the veto or to submit proposed constitutional amendments or a proposal for a new Constitution.
Paragraph XII. Rejected bills. No bill or resolution intended to have the effect of law which shall have been rejected by either house shall again be proposed during the same regular or special session under the same or any other title without the consent of two-thirds of the house by which the same was rejected.
Paragraph XIII. Approval, veto, and override of veto of bills and resolutions. (a) All bills and all resolutions which have been passed by the General Assembly intended to have the effect of law shall become law if the Governor approves or fails to veto the same within six days from the date any such bill or resolution is transmitted to the Governor unless the General Assembly adjourns sine die or adjourns for more than 40 days prior to the expiration of said six days. In the case of such adjournment sine die or of such adjournment for more than 40 days, the same shall become law if approved or not vetoed by the Governor within 40 days from the date of any such adjournment.
(b) During sessions of the General Assembly or during any period of adjournment of a session of the General Assembly, no bill or resolution shall be transmitted to the Governor after passage except upon request of the Governor or upon order of two-thirds of the membership of each house. A local bill which is required by the Constitution to have a referendum election conducted before it shall become effective shall be transmitted immediately to the Governor when ordered by the presiding officer of the house wherein the bill shall have originated or upon order of two-thirds of the membership of such house.
(c) The Governor shall have the duty to transmit any vetoed bill or resolution, together with the reasons for such veto, to the presiding officer of the house wherein it originated within three days from the date of veto if the General Assembly is in session on the date of transmission. If the General Assembly adjourns sine die or adjourns for more than 40 days, the Governor shall transmit any vetoed bill or resolution, together with
16

Article III. Section V. Paragraph XIII.
the reasons for such veto, to the presiding officer of the house wherein it originated within 60 days of the date of such adjournment.
(d) During sessions of the General Assembly, any vetoed bill or resolution may upon receipt be immediately considered by the house wherein it originated for the purpose of overriding the veto. If two-thirds of the members to which such house is entitled vote to override the veto of the Governor, the same shall be immediately transmitted to the other house where it shall be immediately considered. Upon the vote to override the veto by two-thirds of the members to which such other house is entitled, such bill or resolution shall become law. All bills and resolutions vetoed during the last three days of the session and not considered for the purpose of overriding the veto and all bills and resolutions vetoed after the General Assembly has adjourned sine die may be considered at the next session of the General Assembly for the purpose of overriding the veto in the manner herein provided. If either house shall fail to override the Governor's veto, neither house shall again consider such bill or resolution for the purpose of overriding such veto.
(e) The Governor may approve any appropriation and veto any other appropriation in the same bill, and any appropriation vetoed shall not become law unless such veto is overridden in the manner herein provided.
Paragraph XIV. Jointly sponsored bills and resolutions. The General Assembly may provide by law for the joint sponsorship of bills and resolutions.
SECTION VI. EXERCISE OF POWERS
Paragraph I. General powers. The General Assembly shall have the power to make all laws not inconsistent with this Constitution, and not repugnant to the Constitution of the United States, which it shall deem necessary and proper for the welfare of the state.
Paragraph II. Specific powers. (a) Without limitation of the powers granted under Paragraph I, the General Assembly shall have the power to provide by law for:
(1) Restrictions upon land use in order to protect and preserve the natural resources, environment, and vital areas of this state. (2) A militia and for the trial by courts-martial and nonjudicial punishment of its members, the discipline of whom, when not in federal service, shall be in accordance with law and the directives of the Governor acting as commander in chief. (3) The participation by the state and political subdivisions and instrumentalities of the state in federal programs and the compliance with laws relating thereto, including but not limited to the powers, which may be exercised to the extent and in the manner necessary to effect such participation and compliance, to tax, to expend public money, to condemn property, and to zone property. (4) The continuity of state and local governments in periods of emergency resulting from disasters caused by enemy attack including but not limited to the
17

Article III. Section VI. Paragraph II.
suspension of all constitutional legislative rules during such emergency. (5) The participation by the state with any county, municipality, nonprofit organization, or any combination thereof in the operation of any of the facilities operated by such agencies for the purpose of encouraging and promoting tourism in this state. (6) The control and regulation of outdoor advertising devices adjacent to federal aid interstate and primary highways and for the acquisition of property or interest therein for such purposes and may exercise the powers of taxation and provide for the expenditure of public funds in connection therewith. (b) The General Assembly shall have the power to implement the provisions of Article I, Section III, Paragraph I(2.); Article IV, Section VIII, Paragraph II; Article IV, Section VIII, Paragraph III; and Article X, Section II, Paragraph XII of the Constitution of 1976 in force and effect on June 30, 1983; and all laws heretofore adopted thereunder and valid at the time of their enactment shall continue in force and effect until modified or repealed. (c) The distribution of tractors, farm equipment, heavy equipment, new motor vehicles, and parts thereforintheState ofGeorgia vitallyaffectsthegeneraleconomyof the state and the public interest and public welfare. Notwithstanding the provisions of Article I, Section I, Paragraphs I, II, and III or Article III, Section VI, Paragraph V(c) of this Constitution, the General Assembly in the exercise of its police power shall be authorized to regulate tractor, farm equipment, heavy equipment, and new motor vehicle manufacturers, distributors, dealers, and their representatives doing business in Georgia, including agreements among such parties, in order to prevent frauds, unfair business practices, unfair methods of competition, impositions, and other abuses upon its citizens. Any law enacted by the General Assembly shall not impair the obligation of an existing contract but may apply with respect to the renewal of such a contract after the effective date of such law.
Paragraph III. Powers not to be abridged. The General Assembly shall not abridge its powers under this Constitution. No law enacted by the General Assembly shall be construed to limit its powers.
Paragraph IV. Limitations on special legislation. (a) Laws of a general nature shall have uniform operation throughout this state and no local or special law shall be enacted in any case for which provision has been made by an existing general law, except that the General Assembly may by general law authorize local governments by local ordinance or resolution to exercise police powers which do not conflict with general laws.
(b) No population bill, as the General Assembly shall define by general law, shall be passed. No bill using classification by population as a means of determining the applicability of any bill or law to any political subdivision or group of political subdivisions may expressly or impliedly amend, modify, supersede, or repeal the general law defining a population bill.
(c) No special law relating to the rights or status of private persons shall be enacted.
18

Article III. Section VI. Paragraph II.
Paragraph V. Specific limitations. (a) The General Assembly shall not have the power to grant incorporation to private persons but shall provide by general law the manner in which private corporate powers and privileges may be granted.
(b) The General Assembly shall not forgive the forfeiture of the charter of any corporation existing on August 13, 1945, nor shall it grant any benefit to or permit any amendment to the charter of any corporation except upon the condition that the acceptance thereof shall operate as a novation of the charter and that such corporation shall thereafter hold its charter subject to the provisions of this Constitution.
(c)(1) The General Assembly shall not have the power to authorize any contract or agreement which may have the effect of or which is intended to have the effect of encouraging a monopoly, which is hereby declared to be unlawful and void. Except as otherwise provided in subparagraph (c)(2) of this Paragraph, the General Assembly shall not have the power to authorize any contract or agreement which may have the effect of or which is intended to have the effect of defeating or lessening competition, which is hereby declared to be unlawful and void. (2) The General Assembly shall have the power to authorize and provide by general law for judicial enforcement of contracts or agreements restricting or regulating competitive activities between or among:
(A) Employers and employees; (B) Distributors and manufacturers; (C) Lessors and lessees; (D) Partnerships and partners; (E) Franchisors and franchisees; (F) Sellers and purchasers of a business or commercial enterprise; or (G) Two or more employers. (3) The authority granted to the General Assembly in subparagraph (c)(2) of this Paragraph shall include the authority to grant to courts by general law the power to limit the duration, geographic area, and scope of prohibited activities provided in a contract or agreement restricting or regulating competitive activities to render such contract or agreement reasonable under the circumstances for which it was made. (d) The General Assembly shall not have the power to regulate or fix charges of public utilities owned or operated by any county or municipality of this state, except as authorized by this Constitution. (e) No municipal or county authority which is authorized to construct, improve, or maintain any road or street on behalf of, pursuant to a contract with, or through the use of taxes or other revenues of a county or municipal corporation shall be created by any local Act or pursuant to any general Act nor shall any law specifically relating to any such authority be amended unless the creation of such authority or the amendment of such law is conditioned upon the approval of a majority of the qualified voters of the county or municipal corporation affected voting in a referendum thereon. This subparagraph shall not apply to or affect any state authority.
Paragraph VI. Gratuities. (a) Except as otherwise provided in the Constitution, (1) the General Assembly shall not have the power to grant any donation or gratuity or to forgive any debt or obligation owing to the public, and (2) the General Assembly shall not
19

Article III. Section VI. Paragraph VI.
grant or authorize extra compensation to any public officer, agent, or contractor after the service has been rendered or the contract entered into.
(b) All laws heretofore adopted under Article III, Section VIII, Paragraph XII of the Constitution of 1976 in force and effect on June 30, 1983, shall continue in force and effect and may be amended if such amendments are consistent with the authority granted to the General Assembly by such provisions of said Constitution.
(c) The General Assembly may provide by law and may expend or authorize the expenditure of public funds for a health insurance plan or program for persons and the spouses and dependent children of persons who are retired former employees of public schools or public school systems of this state.
(d) The General Assembly may provide by law for indemnification with respect to licensed emergency management rescue specialists who are or have been killed or permanently disabled in the line of duty on or after January 1, 1991, and publicly employed emergency medical technicians who are or have been killed or permanently disabled in the line of duty on or after January 1, 1987.
(e)(1) The General Assembly may provide by law for a program of indemnification with respect to the death or permanent disability of any law enforcement officer, fireman, prison guard, or publicly employed emergency medical technician who is or at any time in the past was killed or permanently disabled in the line of duty. Funds shall be appropriated as necessary for payment of such indemnification or for the purchase of insurance for such indemnification or both. (2) The General Assembly may provide by law for a program of compensation for injuries incurred by law enforcement officers and firemen in the line of duty. A law enforcement officer who becomes physically disabled, but not permanently disabled, as a result of a physical injury incurred in the line of duty and caused by a willful act of violence and a fireman who becomes physically disabled, but not permanently disabled, as a result of a physical injury incurred in the line of duty while fighting a fire shall be entitled to receive monthly compensation from the state in an amount equal to any such person's regular compensation for the period of time that the law enforcement officer or fireman is physically unable to perform the duties of his or her employment; provided, however, that such benefits provided in this subparagraph shall not be granted for more than a total of 12 months for injuries resulting from a single incident. A law enforcement officer or fireman shall be required to submit to a state agency satisfactory evidence of such disability. Benefits made available under this subparagraph shall be subordinate to workers' compensation benefits, disability and other compensation benefits from an employer which the law enforcement officer or fireman is awarded and shall be limited to the difference between the amount of workers' compensation benefits, disability and other compensation benefits actually paid and the amount of the law enforcement officer's or fireman's regular compensation. Any law enforcement officer or fireman who receives indemnification under subparagraph (1) of this subparagraph (e) shall not be entitled to any compensation under this subparagraph. (f) The General Assembly is authorized to provide by law for compensating

Article III. Section VI. Paragraph VI.
innocent victims of crimes which occur on and after July 1, 1989. The General Assembly is authorized to define the types of victims eligible to receive compensation and to vary the amounts of compensation according to need. The General Assembly shall be authorized to allocate certain funds, to appropriate funds, to provide for a continuing fund, or to provide for any combination thereof for the purpose of compensating innocent victims of crime and for the administration of any laws enacted for such purpose.
(g) The General Assembly may provide by law for indemnification with respect to public school teachers, administrators, and employees who are killed or permanently disabled by an act of violence in the line of duty, a nonlapsing indemnification fund for such purposes, and dedication of revenue from special and distinctive motor vehicle license plates honoring Georgia educators to such fund.
(g) The General Assembly may provide by law for a program of indemnification with respect to the death or permanent disability of any state highway employee who is or at any time in the past was killed or permanently disabled in the line of duty. Funds shall be appropriated as necessary for payment of such indemnification or for the purchase of insurance for such indemnification or both.
Paragraph VII. Regulation of alcoholic beverages. The State of Georgia shall have full and complete authority to regulate alcoholic beverages and to regulate, restrict, or prohibit activities involving alcoholic beverages. This regulatory authority of the state shall include all such regulatory authority as is permitted to the states under the TwentyFirst Amendment to the United States Constitution. This regulatory authority of the state is specifically delegated to the counties and municipalities of the state for the purpose of regulating, restricting, or prohibiting the exhibition of nudity, partial nudity, or depictions of nudity in connection with the sale or consumption of alcoholic beverages; and such delegated regulatory authority may be exercised by the adoption and enforcement of regulatory ordinances by the counties and municipalities of this state. A general law exercising such regulatory authority shall control over conflicting provisions of any local ordinance but shall not preempt any local ordinance provisions not in direct conflict with general law.
SECTION VII. IMPEACHMENTS
Paragraph I. Power to impeach. The House of Representatives shall have the sole power to vote impeachment charges against any executive or judicial officer of this state or any member of the General Assembly.
Paragraph II. Trial of impeachments. The Senate shallhave the sole power to try impeachments. When sitting for that purpose, the Senators shall be on oath, or affirmation, and shall be presided over by the Chief Justice of the Supreme Court. Should the Chief Justice be disqualified, then the Presiding Justice shall preside. Should the Presiding Justice be disqualified, then the Senate shall select a Justice of the Supreme Court to preside. No person shall be convicted without concurrence of two-thirds of the members to which the Senate is entitled.
21

Article III. Section VII. Paragraph III.
Paragraph III. Judgments in impeachment. In cases of impeachment, judgments shall not extend further than removal from office and disqualification to hold and enjoy any office of honor, trust, or profit within this state or to receive a pension therefrom, but no such judgment shall relieve any party from any criminal or civil liability.
SECTION VIII. INSURANCE REGULATION
Paragraph I. Regulation of insurance. Provision shall be made by law for the regulation of insurance.
Paragraph II. Issuance of licenses. Insurance licenses shall be issued by the Commissioner of Insurance as required by law.
SECTION IX. APPROPRIATIONS
Paragraph I. Public money, how drawn. No money shall be drawn from the treasury except by appropriation made by law.
Paragraph II. Preparation, submission, and enactments of general appropriations bill. (a) The Governor shall submit to the General Assembly within five days after its convening in regular session each year a budget message and a budget report, accompanied by a draft of a general appropriations bill, in such form and manner as may be prescribed by statute, which shall provide for the appropriation of the funds necessary to operate all the various departments and agencies and to meet the current expenses of the state for the next fiscal year.
(b) The General Assembly shall annually appropriate those state and federal funds necessary to operate all the various departments and agencies. To the extent that federal funds received by the state for any program, project, activity, purpose, or expenditure are changed by federal authority or exceed the amount or amounts appropriated in the general appropriations Act or supplementary appropriation Act or Acts, or are not anticipated, such excess, changed or unanticipated federal funds are hereby continually appropriated for the purposes authorized and directed by the federal government in making the grant. In those instances where the conditions under which the federal funds have been made available do not provide otherwise, federal funds shall first be used to replace state funds that were appropriated to supplant federal funds in the same state fiscal year. The fiscal year of the state shall commence on the first day of July of each year and terminate on the thirtieth of June following.
(c) The General Assembly shall by general law provide for the regulation and management of the finance and fiscal administration of the state.
Paragraph III. General appropriations bill. The general appropriations bill shall embrace nothing except appropriations fixed by previous laws; the ordinary expenses of the executive, legislative, and judicial departments of the government; payment of the
22

Article III. Section IX. Paragraph III.
public debt and interest thereon; and for support of the public institutions and educational interests of the state. All other appropriations shall be made by separate bills, each embracing but one subject.
Paragraph IV. General appropriations Act. (a) Each general appropriations Act, now of force or hereafter adopted with such amendments as are adopted from time to time, shall continue in force and effect for the next fiscal year after adoption and it shall then expire, except for the mandatory appropriations required by this Constitution and those required to meet contractual obligations authorized by this Constitution and the continued appropriation of federal grants.
(b) The General Assembly shall not appropriate funds for any given fiscal year which, in aggregate, exceed a sum equal to the amount of unappropriated surplus expected to have accrued in the state treasury at the beginning of the fiscal year together with an amount not greater than the total treasury receipts from existing revenue sources anticipated to be collected in the fiscal year, less refunds, as estimated in the budget report and amendments thereto. Supplementary appropriations, if any, shall be made in the manner provided in Paragraph V of this section of the Constitution; but in no event shall a supplementary appropriations Act continue in force and effect beyond the expiration of the general appropriations Act in effect when such supplementary appropriations Act was adopted and approved.
(c) All appropriated state funds, except for the mandatory appropriations required by this Constitution, remaining unexpended and not contractually obligated at the expiration of such general appropriations Act shall lapse.
(d) Funds appropriated to or received by the State Housing Trust Fund for the Homeless shall not be subject to the provisions of Article III, Section IX, Paragraph IV(c), relative to the lapsing of funds, and may be expended for programs of purely public charity for the homeless, including programs involving the participation of churches and religious institutions, notwithstanding the provisions of Article I, Section II, Paragraph VII.
Paragraph V. Other or supplementary appropriations. In addition to the appropriations made by the general appropriations Act and amendments thereto, the General Assembly may make additional appropriations by Acts, which shall be known as supplementary appropriation Acts, provided no such supplementary appropriation shall be available unless there is an unappropriated surplus in the state treasury or the revenue necessary to pay such appropriation shall have been provided by a tax laid for such purpose and collected into the general fund of the state treasury. Neither house shall pass a supplementary appropriation bill until the general appropriations Act shall have been finally adopted by both houses and approved by the Governor.
Paragraph VI. Appropriations to be for specific sums. (a) Except as hereinafter provided, the appropriation for each department, officer, bureau, board, commission, agency, or institution for which appropriation is made shall be for a specific sum of money; and no appropriation shall allocate to any object the proceeds of any particular tax or fund or a part or percentage thereof.
23

Article III. Section IX. Paragraph VI.
(b) An amount equal to all money derived from motor fuel taxes received by the state in each of the immediately preceding fiscal years, less the amount of refunds, rebates, and collection costs authorized by law, is hereby appropriated for the fiscal year beginning July 1, of each year following, for all activities incident to providing and maintaining an adequate system of public roads and bridges in this state, as authorized by laws enacted by the General Assembly of Georgia, and for grants to counties by law authorizing road construction and maintenance, as provided by law authorizing such grants. Said sum is hereby appropriated for, and shall be available for, the aforesaid purposes regardless of whether the General Assembly enacts a general appropriations Act; and said sum need not be specifically stated in any general appropriations Act passed by the General Assembly in order to be available for such purposes. However, this shall not preclude the General Assembly from appropriating for such purposes an amount greater than the sum specified above for such purposes. The expenditure of such funds shall be subject to all the rules, regulations, and restrictions imposed on the expenditure of appropriations by provisions of the Constitution and laws of this state, unless such provisions are in conflict with the provisions of this paragraph. And provided, however, that the proceeds of the tax hereby appropriated shall not be subject to budgetary reduction. In the event of invasion of this state by land, sea, or air or in case of a major catastrophe so proclaimed by the Governor, said funds may be utilized for defense or relief purposes on the executive order of the Governor.
(c) A trust fund for use in the reimbursement of a portion of an employer's workers' compensation expenses resulting to an employee from the combination of a previous disability with subsequent injury incurred in employment may be provided for by law. As authorized by law, revenues raised for purposes of the fund may be paid into and disbursed from the trust without being subject to the limitations of subparagraph (a) of this Paragraph or of Article VII, Section III, Paragraph II.
(d) As provided by law, additional penalties may be assessed in any case in which any court in this state imposes a fine or orders the forfeiture of any bond in the nature of the penalty for all offenses against the criminal and traffic laws of this state or of the political subdivisions of this state. The proceeds derived from such additional penalty assessments may be allocated for the specific purpose of meeting any and all costs, or any portion of the cost, of providing training to law enforcement officers and to prosecuting officials.
(e) The General Assembly may by general law approved by a three-fifths' vote of both houses designate any part or all of the proceeds of any state tax now or hereafter levied and collected on alcoholic beverages to be used for prevention, education, and treatment relating to alcohol and drug abuse.
(f) The General Assembly is authorized to provide by law for the creation of a State Children's Trust Fund from which funds shall be disbursed for child abuse and neglect prevention programs. The General Assembly is authorized to appropriate moneys to such fund and such moneys paid into the fund shall not be subject to the provisions of Article III, Section IX, Paragraph IV(c), relative to the lapsing of funds.
(g) The General Assembly is authorized to provide by law for the creation of a Seed-Capital Fund from which funds shall be disbursed at the direction of the Advanced Technology Development Center of the University System of Georgia to provide equity
24

Article III. Section IX. Paragraph VI.
and other capital to small, young, entrepreneurial firms engaged in innovative work in the areas of technology, manufacturing, or agriculture. Funds shall be disbursed in the form of loans or investments which shall provide for repayment, rents, dividends, royalties, or other forms of return on investments as provided by law. Moneys received from returns on loans or investments shall be deposited in the Seed-Capital Fund for further disbursement. The General Assembly is authorized to appropriate moneys to such fund and such moneys paid into the fund shall not be subject to the provisions of Article III, Section IX, Paragraph IV(c) relative to the lapsing of funds. The General Assembly shall be authorized to provide by law for any matters relating to the purpose or provisions of this subparagraph.
(h) The General Assembly is authorized to provide by general law for additional penalties or fees in any case in any court in this state in which a person is adjudged guilty of an offense against the criminal or traffic laws of this state or an ordinance of a political subdivision of this state. The General Assembly is authorized to provide by general law for the allocation of such additional penalties or fees for the construction, operation, and staffing of jails, correctional institutions, and detention facilities by counties.
(i) The General Assembly is authorized to provide by general law for the creation of an Indigent Care Trust Fund. Any hospital, hospital authority, county, or municipality is authorized to contribute or transfer moneys to the fund and any other person or entity specified by the General Assembly may also contribute to the fund. The General Assembly may provide by general law for the dedication and deposit of revenues raised from specified sources for the purposes of the fund into the fund. Moneys in the fund shall be exclusively used for primary health care programs for medically indigent citizens and children of this state, for expansion of Medicaid eligibility and services, or for programs to support rural and other health care providers, primarily hospitals, who disproportionately serve the medically indigent. Any other appropriation from the Indigent Care Trust Fund shall be void. Contributions and revenues deposited to the fund shall not lapse and shall not be subject to the limitations of subparagraph (a) of this Paragraph or of Article VII, Section III, Paragraph II. Contributions in the fund which are not appropriated as required by this subparagraph shall be refunded pro rata to the contributors thereof, as provided by the General Assembly.
(j) The General Assembly is authorized to provide by general law for the creation of an emerging crops fund from which to pay interest on loans made to farmers to enable such farmers to produce certain crops on Georgia farms and thereby promote economic development. The General Assembly is authorized to appropriate moneys to such fund and moneys so appropriated shall not be subject to the provisions of Article III, Section IX, Paragraph IV(c), relative to the lapsing of appropriated funds. Interest on loans made to farmers shall be paid from such fund pursuant to such terms, conditions, and requirements as the General Assembly shall provide by general law. The General Assembly may provide by general law for the administration of such fund by such state agency or public authority as the General Assembly shall determine.
(k) The General Assembly is authorized to provide by general law for additional penalties or fees in any case in any court in this state in which a person is adjudged guilty of an offense involving driving under the influence of alcohol or drugs. The General Assembly is authorized to provide by general law for the allocation of such additional
25

Article III. Section IX. Paragraph VI.
penalties or fees to the Brain and Spinal Injury Trust Fund, as provided by law, for the specified purpose of meeting any and all costs, or any portion of the costs, of providing care and rehabilitative services to citizens of the state who have survived neurotrauma with head or spinal cord injuries. Moneys appropriated for such purposes shall not lapse. The General Assembly may provide by general law for the administration of such fund by such authority as the General Assembly shall determine.
(l) The General Assembly is authorized to provide by general law for the creation of a roadside enhancement and beautification fund from which funds shall be disbursed for enhancement and beautification of public rights of way; for allocation and dedication of revenue from tree and other vegetation trimming or removal permit fees, other related assessments, and special and distinctive wildflower motor vehicle license plate fees to such fund; that moneys paid into the fund shall not lapse, the provisions of Article III, Section IX, Paragraph IV(c) notwithstanding; and for any matters relating to the purpose or provisions of this subparagraph. An Act creating such fund and making such provisions effective January 1, 1999, or later may originate or have originated in the Senate or the House of Representatives.
(m) There shall be within the Department of Agriculture a dog and cat reproductive sterilization support program to control dog and cat overpopulation and thereby reduce the number of animals housed and killed in animal shelters, which program shall be administered by the Commissioner of Agriculture. In order to fund the program, there shall be issued beginning in 2003 specially designed license plates promoting the program. The General Assembly shall provide by law for the issuance of such license plates and for dedication of certain revenue derived from fees for such plates to the support of the program. All such dedicated revenue derived from special license plate fees, any funds appropriated to the department for such purposes, and any voluntary contributions or other funds made available to the department for such purposes and all interest thereon shall be deposited in a special fund for support of the program, shall not be used for any purpose other than support of the program, and shall not lapse. The General Assembly may provide by law for all matters necessary or appropriate to the implementation of this paragraph.
(n) The General Assembly may provide by law for the issuance and renewal of special motor vehicle license plates that motor vehicle owners may optionally purchase and renew for additional fees. The General Assembly may provide for all or a portion of the net revenue, as defined by the General Assembly, derived from the additional fees charged for any such special license plate to be dedicated to an agency, fund, or nonprofit corporation to implement or support programs related to the nature of the special license plate, as intended by the authorizing statute. Any dedication of funds enacted pursuant to the authority of this subparagraph may be in whole or in part for the ultimate use of a nonprofit corporation, without limitation by Article III, Section VI, Paragraph VI, if the General Assembly determines that the license plate program and such appropriation will benefit both the state and the nonprofit corporation. Any law enacted pursuant to the authority of this subparagraph may provide that funds dedicated pursuant to such law shall not lapse as otherwise required by Article III, Section IX, Paragraph IV(c). Any law enacted pursuant to the authority of this subparagraph shall be required to receive a two thirds' majority vote in both the Senate and the House of Representatives.
26

Article III. Section IX. Paragraph VI.
(o) The General Assembly may provide by general law for additional penalties in any case in any court in this state in which a person is adjudged guilty of keeping a place of prostitution, pimping, pandering, pandering by compulsion, solicitation of sodomy, masturbation for hire, trafficking of persons for sexual servitude, or sexual exploitation of children and may impose assessments on adult entertainment establishments as defined by law; and such appropriated amount shall not lapse as required by Article III, Section IX, Paragraph IV(c) and shall not be subject to the limitations of subparagraph (a) of this Paragraph, Article III, Section V, Paragraph II, Article VII, Section III, Paragraph II(a), or Article VII, Section III, Paragraph IV. The General Assembly may provide by general law for the allocation of such assessments and additional penalties to the Safe Harbor for Sexually Exploited Children Fund for the specified purpose of meeting any and all costs, or any portion of the costs, of providing care and rehabilitative and social services to individuals in this state who have been or may be sexually exploited. The General Assembly may provide by general law for the administration of such fund by such authority as the General Assembly shall determine.
(R) The proceeds of any excise tax imposed by general law on the sale of fireworks or consumer fireworks in this state shall be dedicated to the provision of trauma care, fire services, and local public safety purposes in Georgia. The General Assembly shall provide by general law for the use, dedication, and deposit of revenues raised from any such excise tax on fireworks or consumer fireworks. Contributions and revenues deposited for such purposes shall not lapse and shall not be subject to the limitations of subparagraph (a) of this Paragraph or of Article VII, Section III, Paragraph II.
27

Article III. Section IX. Paragraph VII.
Paragraph VII. Appropriations void, when. Any appropriation made in conflict with any of the foregoing provisions shall be void.
SECTION X. RETIREMENT SYSTEMS
Paragraph I. Expenditure of public funds authorized. Public funds may be expended for the purpose of paying benefits and other costs of retirement and pension systems for public officers and employees and their beneficiaries.
Paragraph II. Increasing benefits authorized. Public funds may be expended for the purpose of increasing benefits being paid pursuant to any retirement or pension system wholly or partially supported from public funds.
Paragraph III. Retirement systems covering employees of county boards of education. Notwithstanding Article IX, Section II, Paragraph III(a)(14), the authority to establish or modify heretofore existing local retirement systems covering employees of county boards of education shall continue to be vested in the General Assembly.
Paragraph IV. Firemen's Pension System. The powers of taxation may be exercised by the state through the General Assembly and the counties and municipalities for the purpose of paying pensions and other benefits and costs under a firemen's pension system or systems. The taxes so levied may be collected by such firemen's pension system or systems and disbursed therefrom by authority of the General Assembly for the purposes therein authorized.
Paragraph V. Funding standards. It shall be the duty of the General Assembly to enact legislation to define funding standards which will assure the actuarial soundness of any retirement or pension system supported wholly or partially from public funds and to control legislative procedures so that no bill or resolution creating or amending any such retirement or pension system shall be passed by the General Assembly without concurrent provisions for funding in accordance with the defined funding standards.
Paragraph V-A. Limitation on involuntary separation benefits for Governor of the State of Georgia. Any other provisions of this Constitution to the contrary notwithstanding, no past, present, or future Governor of the State of Georgia who ceases or ceased to hold office as Governor for any reason, except for medical disability, shall receive a retirement benefit based on involuntary separation from employment as a result of ceasing to hold office as Governor. The provisions of any law in conflict with this Paragraph are null and void effective January 1, 1985.
Paragraph VI. Involuntary separation; part-time service. (a) Any public retirement or pension system provided for by law in existence prior to January 1, 1985, may be changed by the General Assembly for any one or more of the following purposes:
(1) To redefine involuntary separation from employment; or
28

Article III. Section X. Paragraph VI.
(2) To provide additional or revise existing limitations or restrictions on the right to qualify for a retirement benefit based on involuntary separation from employment. (b) The General Assembly by law may define or redefine part-time service, including but not limited to service as a member of the General Assembly, for the purposes of any public retirement or pension system presently existing or created in the future and may limit or restrict the use of such part-time service as creditable service under any such retirement or pension system. (c) Any law enacted by the General Assembly pursuant to subparagraph (a) or (b) of this Paragraph may affect persons who are members of public retirement or pension systems on January 1, 1985, and who became members at any time prior to that date. (d) Any law enacted by the General Assembly pursuant to subparagraph (a) or (b) of this Paragraph shall not be subject to any law controlling legislative procedures for the consideration of retirement or pension bills, including, but not limited to, any limitations on the sessions of the General Assembly at which retirement or pension bills may be introduced. (e) No public retirement or pension system created on or after January 1, 1985, shall grant any person whose retirement is based on involuntary separation from employment a retirement or pension benefit more favorable than the retirement or pension benefit granted to a person whose separation from employment is voluntary.
ARTICLE IV. CONSTITUTIONAL BOARDS AND COMMISSIONS
SECTION I. PUBLIC SERVICE COMMISSION
Paragraph I. Public Service Commission. (a) There shall be a Public Service Commission for the regulation of utilities which shall consist of five members who shall be elected by the people. The Commissioners in office on June 30, 1983, shall serve until December 31 after the general election at which the successor of each member is elected. Thereafter, all succeeding terms of members shall be for six years. Members shall serve until their successors are elected and qualified. A chairman shall be selected by the members of the commission from its membership.
(b) The commission shall be vested with such jurisdiction, powers, and duties as provided by law.
(c) The filling of vacancies and manner and time of election of members of the commission shall be as provided by law.
SECTION II. STATE BOARD OF PARDONS AND PAROLES
Paragraph I. State Board of Pardons and Paroles. There shall be a State Board of Pardons and Paroles which shall consist of five members appointed by the Governor, subject to confirmation by the Senate. The members of the board in office on June 30,
29

Article IV. Section II. Paragraph I.
1983, shall serve out the remainder of their respective terms, provided that the expiration date of the term of any such member shall be December 31 of the year in which the member's term expires. As each term of office expires, the Governor shall appoint a successor as herein provided. All such terms of members shall be for seven years. A chairman shall be selected by the members of the board from its membership.
Paragraph II. Powers and authority. (a) Except as otherwise provided in this Paragraph, the State Board of Pardons and Paroles shall be vested with the power of executive clemency, including the powers to grant reprieves, pardons, and paroles; to commute penalties; to remove disabilities imposed by law; and to remit any part of a sentence for any offense against the state after conviction.
(b)(1) When a sentence of death is commuted to life imprisonment, the board shall not have the authority to grant a pardon to the convicted person until such person has served at least 25 years in the penitentiary; and such person shall not become eligible for parole at any time prior to serving at least 25 years in the penitentiary. (2) The General Assembly may by general law approved by two-thirds of the members elected to each branch of the General Assembly in a roll-call vote provide for minimum mandatory sentences and for sentences which are required to be served in their entirety for persons convicted of armed robbery, kidnapping, rape, aggravated child molestation, aggravated sodomy, or aggravated sexual battery and, when so provided by such Act, the board shall not have the authority to consider such persons for pardon, parole, or commutation during that portion of the sentence. (3) The General Assembly may by general law approved by two-thirds of the members elected to each branch of the General Assembly in a roll-call vote provide for the imposition of sentences of life without parole for persons convicted of murder and for persons who having been previously convicted of murder, armed robbery, kidnapping, rape, aggravated child molestation, aggravated sodomy, or aggravated sexual battery or having been previously convicted under the laws of any other state or of the United States of a crime which if committed in this state would be one of those offenses and who after such previous conviction subsequently commits and is convicted of one of those offenses and, when so provided by such Act, the board shall not have the authority to consider such persons for pardon, parole, or commutation from any portion of such sentence. (4) Any general law previously enacted by the General Assembly providing for life without parole or for mandatory service of sentences without suspension, probation, or parole is hereby ratified and approved but such provisions shall be subject to amendment or repeal by general law. (c) Notwithstanding the provisions of subparagraph (b) of this Paragraph, the General Assembly, by law, may prohibit the board from granting and may prescribe the terms and conditions for the board's granting a pardon or parole to: (1) Any person incarcerated for a second or subsequent time for any offense for which such person could have been sentenced to life imprisonment; and (2) Any person who has received consecutive life sentences as the result of offenses occurring during the same series of acts.
30

3 *742708A<0=>5C741>0A3>A0=H>C74A<4<14A34B86=0C431HC741>0A3<0H BDB?4=3C744G42DC8>=>50B4=C4=24>5340C7D=C8;C745D;;1>0A3B70;;70E40=>??>ACD=8CH C>740AC740??;820C8>=>5C742>=E82C43?4AB>=5>A0=HA4;845F8C78=C74?>F4A>5C74 1>0A3
4 $>CF8C7BC0=38=60=H>C74A?A>E8B8>=B>5C78B&0A06A0?7C74)C0C4>0A3>5 &0A3>=B0=3&0A>;4BB70;;70E4C740DC7>A8CHC>?0A3>=0=H?4AB>=2>=E82C43>502A8<4 F7>8BBD1B4@D4=C;H34C4A<8=43C>148==>24=C>5B0832A8<4>AC>8BBD40<43820; A4?A84E4C>0=4=C8A4;H8=20?028C0C43?4AB>=BD554A8=60?A>6A4BB8E4;H3418;8C0C8=6C4A<8=0; 8;;=4BB>A?0A>;40=H?4AB>=F7>8B064 >A>;34A

&0A06A0?7 22##01-,,#*
-0"0*74A4B70;;140)C0C4&4AB>==4;>0A3 F7827B70;;2>=B8BC>558E4<4<14AB0??>8=C431HC74>E4A=>ABD1942CC>2>=58A<0C8>= 1HC74)4=0C4 *74<4<14AB>5C741>0A38=>55824>= D=4 B70;;B4AE4>DCC74 A4<08=34A>5C748AA4B?42C8E4C4A<B B4027C4A<>5>558244G?8A4BC74>E4A=>AB70;; 0??>8=C0BD224BB>A0B74A48=?A>E8343 ;;BD27C4A<B>5<4<14ABB70;;145>A58E4 H40AB #4<14ABB70;;B4AE4D=C8;C748ABD224BB>AB0A40??>8=C430=3@D0;85843 <4<14A >5 C74 )C0C4 &4AB>==4; >0A3 <0H =>C 14 4<?;>H43 8= 0=H >C74A 20?028CH 8= BC0C4 6>E4A=<4=C 2708A<0= B70;; 14 B4;42C43 1H C74 <4<14AB >5 C74 1>0A3 5A>< 8CB <4<14AB78? 1*741>0A3B70;;?A>E834?>;82H38A42C8>=5>A0)C0C4#4A8C)HBC4<>5&4AB>==4; 3<8=8BCA0C8>=0=3<0H14E4BC43F8C7BD270338C8>=0;?>F4AB0=33DC84B0B?A>E83431H ;0F )C0C4?4AB>==4;B70;;14B4;42C43>=C7410B8B>5<4A8C0B?A>E83431H;0F &0A06A0?7 #2#0,1.0#$#0#,!#=HE4C4A0=F7>70BB4AE430B0<4<14A>5 C740A<435>A24B>5C74+=8C43)C0C4B3DA8=6C74?4A8>3>50F0A>A0A<432>=5;82C8= F78270=H1A0=27>5C740A<435>A24B>5C74+=8C43)C0C4B4=60643F74C74AD=34A+=8C43 )C0C4B2><<0=3>A>C74AF8B40=3F0B7>=>A01;H38B270A643C74A45A><B70;;1468E4= BD27E4C4A0=B?A454A4=248=0=H28E8;B4AE824?A>6A0<4BC01;8B7438=BC0C46>E4A=<4=C0B <0H14?A>E83431H;0F =HBD27;0F<DBC?A>E8340C;40BCC4=?>8=CBC>0E4C4A0= 70E8=60C;40BC0 ?4A24=CB4AE8242>==42C4338B018;8CH0BA0C430=324AC858431HC74 ,4C4A0=B3<8=8BCA0C8>=0=30;;>C74ABD27E4C4A0=BB70;;144=C8C;43C>0C;40BC58E4 ?>8=CB

&0A06A0?7 22#0,1.-022'-,
-0"!-++'11'-,#00*74A4B70;;140 )C0C4*A0=B?>AC0C8>=>0A32><?>B43>50B<0=H<4<14AB0BC74A40A42>=6A4BB8>=0; 38BCA82CB8=C74BC0C4 *74<4<14A>5C741>0A35A><40272>=6A4BB8>=0;38BCA82CB70;;14 4;42C431H0<09>A8CHE>C4>5C74<4<14AB>5C74>DB4>5(4?A4B4=C0C8E4B0=3)4=0C4 F7>B4A4B?42C8E438BCA82CB0A44<1A0243>A?0AC;H4<1A0243F8C78=BD272>=6A4BB8>=0; 38BCA82C<44C8=68=20D2DB *74<4<14AB>5C741>0A38=>55824>= D=4 B70;;

B4AE4>DCC74A4<08=34A>5C748AA4B?42C8E4C4A<B *744=4A0;BB4<1;HB70;;?A>E8341H ;0FC74?A>243DA45>AC744;42C8>=>5<4<14AB0=35>A58;;8=6E020=284B>=C741>0A3 #4<14ABB70;;B4AE45>AC4A<B>558E4H40AB0=3D=C8;C748ABD224BB>AB0A44;42C430=3 @D0;85843
1*74)C0C4*A0=B?>AC0C8>=>0A3B70;;B4;42C02><<8BB8>=4A>5CA0=B?>AC0C8>= F7>B70;;14C74278454G42DC8E4>55824A>5C744?0AC<4=C>5*A0=B?>AC0C8>=0=3F7> B70;;70E4BD27?>F4AB0=33DC84B0B?A>E83431H;0F

&0A06A0?7 #2#0,1#04'!#
-0"!-++'11'-,#00*74A4B70;;140)C0C4 4?0AC<4=C>5,4C4A0=B)4AE8240=3,4C4A0=B)4AE824>0A3F7827B70;;2>=B8BC>5B4E4= <4<14AB 0??>8=C43 1H C74 >E4A=>A BD1942C C> 2>=58A<0C8>= 1H C74 )4=0C4 *74 <4<14AB8=>55824>= D=4 B70;;B4AE4>DCC74A4<08=34A>5C748AA4B?42C8E4 C4A<B B4027C4A<>5>558244G?8A4BC74>E4A=>AB70;;0??>8=C0BD224BB>A0B74A48= ?A>E8343 ;;BD27C4A<B>5<4<14ABB70;;145>AB4E4=H40AB #4<14ABB70;;B4AE4D=C8; C748ABD224BB>AB0A40??>8=C430=3@D0;85843 1*741>0A3B70;;0??>8=C02><<8BB8>=4AF7>B70;;14C744G42DC8E4>55824A>5 C7434?0AC<4=C ;;<4<14AB>5C741>0A30=3C742><<8BB8>=4AB70;;14E4C4A0=B>5 B><4F0A>A0A<432>=5;82C8=F7827C74+=8C43)C0C4B70B4=60643 *741>0A3B70;;70E4 BD272>=CA>;3DC84B?>F4AB0=39DA8B382C8>=>5C74)C0C44?0AC<4=C>5,4C4A0=B)4AE824 0BB70;;14?A>E83431H;0F

&0A06A0?7
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

&0A06A0?7 3*'$'!2'-,1 !-+.#,12'-, ," 0#+-4* $0-+ -$$'!# *74 @D0;85820C8>=B2><?4=B0C8>=0=3A4<>E0;5A><>55824>5<4<14AB>52>=BC8CDC8>=0; 1>0A3B0=32><<8BB8>=B?A>E83435>A8=C78B0AC82;4B70;;140B?A>E83431H;0F
&0A06A0?7 -5#01 ," "32'#1 *74 ?>F4AB 0=3 3DC84B >5 <4<14AB >5 2>=BC8CDC8>=0;1>0A3B0=32><<8BB8>=B?A>E83435>A8=C78B0AC82;44G24?CC74>0A3>5 &0A3>=B0=3&0A>;4BB70;;140B?A>E83431H;0F

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

&0A06A0?7, 3*'$'!2'-,1-$-4#0,-0,"'#32#,,2-4#0,-0$>?4AB>= B70;;144;8681;45>A4;42C8>=C>C74>55824>5>E4A=>A>A"84DC4=0=C>E4A=>AD=;4BBBD27 ?4AB>=B70;;70E4144=028C8I4=>5C74+=8C43)C0C4B H40AB0=30;460;A4B834=C>5C74 BC0C4B8GH40AB8<<4380C4;H?A42438=6C744;42C8>=0=3B70;;70E40CC08=43C74064>5 H40AB1HC7430C4>50BBD<8=6>55824
&0A06A0?7, 3!!#11'-, 2- #6#!32'4# .-5#0 0=20B4>5C74C4<?>A0AH 38B018;8CH>5C74>E4A=>A0B34C4A<8=438=C74<0==4A?A>E83438=)42C8>=,>5C78B 0AC82;4C74"84DC4=0=C>E4A=>AB70;;4G4A28B4C74?>F4AB0=33DC84B>5C74>E4A=>A0=3 A4248E4C74B0<42><?4=B0C8>=0BC74>E4A=>AD=C8;BD27C8<40BC74C4<?>A0AH38B018;8CH >5C74>E4A=>A4=3B
1 =20B4>5C74340C7A4B86=0C8>=>A?4A<0=4=C38B018;8CH>5C74>E4A=>A>A C74>E4A=>A4;42CC74"84DC4=0=C>E4A=>A>AC74"84DC4=0=C>E4A=>A4;42CD?>= 142><8=6C74"84DC4=0=C>E4A=>AB70;;142><4C74>E4A=>AD=C8;0BD224BB>AB70;;14 4;42C430=3@D0;858430B74A48=05C4A?A>E8343 BD224BB>AC>B4AE45>AC74D=4G?8A43C4A< B70;;144;42C430CC74=4GC64=4A0;4;42C8>=1DC85BD27340C7A4B86=0C8>=>A?4A<0=4=C 38B018;8CHB70;;>22DAF8C78=30HB>5C74=4GC64=4A0;4;42C8>=>A85C74C4A<F8;;4G?8A4 F8C78=30HB05C4AC74=4GC64=4A0;4;42C8>=C74"84DC4=0=C>E4A=>AB70;;142><4 >E4A=>A5>AC74D=4G?8A43C4A< $>?4AB>=B70;;144;42C43>A0??>8=C43C>C74>55824>5 "84DC4=0=C>E4A=>A5>AC74D=4G?8A43C4A<8=C744E4=CC74"84DC4=0=C>E4A=>AB70;; 142><4>E4A=>A0B74A48=?A>E8343
2 =20B4>5C74340C7A4B86=0C8>=>A?4A<0=4=C38B018;8CH>51>C7C74>E4A=>A >AC74>E4A=>A4;42C0=3C74"84DC4=0=C>E4A=>A>AC74"84DC4=0=C>E4A=>A4;42C>A8= 20B4>5C74340C7A4B86=0C8>=>A?4A<0=4=C38B018;8CH>5C74>E4A=>A0=3C74A4B70;;14 =>"84DC4=0=C>E4A=>AC74)?40:4A>5C74>DB4>5(4?A4B4=C0C8E4BB70;;4G4A28B4C74 ?>F4AB0=33DC84B>5C74>E4A=>AD=C8;C744;42C8>=0=3@D0;85820C8>=>50>E4A=>A0C0 B?4280;4;42C8>=F7827B70;;1474;3F8C78=30HB5A><C7430C4>=F7827C74)?40:4A >5C74>DB4>5(4?A4B4=C0C8E4BB70;;70E40BBD<43C74?>F4AB0=33DC84B>5 C74 >E4A=>A0=3C74?4AB>=4;42C43B70;;B4AE4>DCC74D=4G?8A43C4A<
&0A06A0?7, 2&-$-$$'!#*74>E4A=>A0=3"84DC4=0=C>E4A=>AB70;; 145>A44=C4A8=6>=C743DC84B>5>55824C0:4BD27>0C7>A0558A<0C8>=0B?A4B2A81431H;0F

&0A06A0?7 6#!32'4#.-5#01*74278454G42DC8E4?>F4ABB70;;14E4BC438=C74 >E4A=>A *74>C74A4G42DC8E4>55824ABB70;;70E4BD27?>F4AB0B<0H14?A4B2A81431H C78B>=BC8CDC8>=0=31H;0F &0A06A0?7 5#,$-0!#+#,2*74>E4A=>AB70;;C0:420A4C70CC74;0FB0A4 508C75D;;H4G42DC430=3B70;;14C742>=B4AE0C>A>5C74?4024C7A>D67>DCC74BC0C4 &0A06A0?7 -++,"#0',!&'#$*74>E4A=>AB70;;14C742><<0=34A8= 27845>5C74<8;8C0AH5>A24B>5C78BBC0C4

&0A06A0?7, #2-.-5#0 G24?C0B>C74AF8B4?A>E83438=C78B>=BC8CDC8>= 145>A40=H18;;>AA4B>;DC8>=B70;;142><4;0FC74>E4A=>AB70;;70E4C74A867CC>A4E84F BD2718;;>AA4B>;DC8>=8=C4=343C>70E4C7445542C>5;0FF782770B144=?0BB431HC74 4=4A0;BB4<1;H *74>E4A=>A<0HE4C>0??A>E4>AC0:4=>02C8>=>=0=HBD2718;; >AA4B>;DC8>= =C744E4=CC74>E4A=>AE4C>4B0=HBD2718;;>AA4B>;DC8>=C744=4A0; BB4<1;H<0H1H0CF>C78A3BE>C4>E4AA834BD27E4C>0B?A>E83438=AC82;4>5C78B >=BC8CDC8>=
&0A06A0?7, 0'21-$#*#!2'-,*74>E4A=>AB70;;8BBD4FA8CB>54;42C8>=C>58;; 0;;E020=284BC70C<0H>22DA8=C74)4=0C40=38=C74>DB4>5(4?A4B4=C0C8E4B
&0A06A0?7, ,$-0+2'-,,"0#!-++#,"2'-,12-2&##,#0* 11#+ *7C C741468==8=6>54027A46D;0AB4BB8>=0=35A><C8<4C>C8<4C74>E4A=>A<0H68E4C74 4=4A0; BB4<1;H 8=5>A<0C8>= >= C74 BC0C4 >5 C74 BC0C4 0=3 A42><<4=3 C> 8CB 2>=B834A0C8>=BD27<40BDA4B0BC74>E4A=>A<0H344<=424BB0AH>A4G?4384=C
&0A06A0?7, .#!'*1#11'-,1-$2&##,#0* 11#+ *70 *74>E4A=>A<0H 2>=E4=4C744=4A0;BB4<1;H8=B?4280;B4BB8>=1H?A>2;0<0C8>=F7827<0H140<4=343 1HC74>E4A=>A?A8>AC>C742>=E4=8=6>5C74B?4280;B4BB8>=>A0<4=3431HC74>E4A=>A F8C7C740??A>E0;>5C7A44585C7B>5C74<4<14AB>540277>DB405C4AC74B?4280;B4BB8>= 70B2>=E4=431DC=>;0FBB70;;144=02C430C0=HBD27B?4280;B4BB8>=4G24?CC7>B4F7827 A4;0C4C>C74?DA?>B4BBC0C438=C74?A>2;0<0C8>=>A8=0=H0<4=3<4=CC74A4C>
1 *74>E4A=>AB70;;2>=E4=4C744=4A0;BB4<1;H8=B?4280;B4BB8>=5>A0;; ?DA?>B4BF74=4E4AC7A44585C7B>5C74<4<14ABC>F782740277>DB48B4=C8C;4324AC85HC> C74>E4A=>A8=FA8C8=6F8C702>?HC>C74)42A4C0AH>5)C0C4C70C8=C748A>?8=8>=0= 4<4A64=2H4G8BCB8=C7405508AB>5C74BC0C4 *744=4A0;BB4<1;H<0H2>=E4=48CB4;585 05C4AA4248E8=6BD2724AC85820C8>=C74>E4A=>A508;BC>3>B>F8C78=C7A4430HB4G2;D38=6 )D=30HB
2 )?4280;B4BB8>=B>5C744=4A0;BB4<1;HB70;;14;8<8C43C>0?4A8>3>5 30HBD=;4BB4GC4=3431HC7A44585C7BE>C4>540277>DB40=30??A>E431HC74>E4A=>A>A D=;4BB0CC744G?8A0C8>=>5BD27?4A8>30=8<?4027<4=CCA80;>5B><4>55824A>5BC0C4 6>E4A=<4=C8B?4=38=68=F78274E4=CC74>DB4B70;;039>DA=0=3C74)4=0C4B70;; A4<08=8=B4BB8>=D=C8;BD27CA80;8B2><?;4C43
&0A06A0?7, '**',% 4!,!'#1 0-74=0=H?D1;82>55824B70;;142><4 E020=C1H340C7A4B86=0C8>=>A>C74AF8B4C74>E4A=>AB70;;?A><?C;H58;;BD27E020=2H D=;4BB>C74AF8B4?A>E83431HC78B>=BC8CDC8>=>A1H;0F0=3?4AB>=BB>0??>8=C43B70;; B4AE45>AC74D=4G?8A43C4A<D=;4BB>C74AF8B4?A>E83431HC78B>=BC8CDC8>=>A1H;0F
1=20B4>5C74340C7>AF8C73A0F0;>50?4AB>=F7>A4248E430<09>A8CH>5 E>C4B20BC8=0=4;42C8>=5>AC74>55824>5)42A4C0AH>5)C0C4CC>A=4H4=4A0;)C0C4 )27>>; )D?4A8=C4=34=C ><<8BB8>=4A >5 =BDA0=24 ><<8BB8>=4A >5 6A82D;CDA4 >A ><<8BB8>=4A>5"01>AC74>E4A=>A4;42C430CC74B0<44;42C8>=D?>=142><8=6 >E4A=>A B70;; 70E4 C74 ?>F4A C> 58;; BD27 >55824 1H 0??>8=C8=6 BD1942C C> C74 2>=58A<0C8>=>5C74)4=0C40=8=38E83D0;C>B4AE4D=C8;C74=4GC64=4A0;4;42C8>=0=3D=C8; 0BD224BB>A5>AC7410;0=24>5C74D=4G?8A43C4A<B70;;70E4144=4;42C430=3@D0;85843

&0A06A0?7. ..-',2+#,21 7 -4#0,-0 *74>E4A=>AB70;;<0:4BD27 0??>8=C<4=CB0B0A40DC7>A8I431HC78B>=BC8CDC8>=>A1H;0F 50?4AB>=F7>B4 2>=58A<0C8>=8BA4@D8A431HC74)4=0C48B>=24A4942C431HC74)4=0C4C70C?4AB>=B70;;=>C 14A4=><8=0C431HC74>E4A=>A5>A0??>8=C<4=CC>C74B0<4>55824D=C8;C744G?8A0C8>=>5 0?4A8>3>5>=4H40A5A><C7430C4>5BD27A4942C8>=
&0A06A0?7. ,$-0+2'-,$0-+-$$'!#01,"#+.*-7##1*74>E4A=>A<0H A4@D8A48=5>A<0C8>=8=FA8C8=65A><2>=BC8CDC8>=0;>55824AB0=30;;>C74A>55824AB0=3 4<?;>H44B>5C744G42DC8E41A0=27>=0=HBD1942CA4;0C8=6C>C743DC84B>5C748AA4B?42C8E4 >55824B>A4<?;>H<4=C

&0A06A0?7 2&#0 #6#!32'4# -$$'!#01 &-5 #*#!2#" *74)42A4C0AH>5)C0C4 CC>A=4H 4=4A0; )C0C4 )27>>; )D?4A8=C4=34=C ><<8BB8>=4A >5 =BDA0=24 ><<8BB8>=4A>56A82D;CDA40=3><<8BB8>=4A>5"01>AB70;;144;42C438=C74<0==4A ?A4B2A81435>AC744;42C8>=>5<4<14AB>5C744=4A0;BB4<1;H0=3C744;42C>ABB70;;14 C74B0<4 )D274G42DC8E4>55824ABB70;;144;42C430CC74B0<4C8<40=37>;3C748A>55824B 5>AC74B0<4C4A<0BC74>E4A=>A &0A06A0?7 3*'$'!2'-,10$>?4AB>=B70;;144;8681;4C>C74>55824>5C74 )42A4C0AH>5)C0C4CC>A=4H4=4A0;)C0C4)27>>;)D?4A8=C4=34=C><<8BB8>=4A>5 =BDA0=24><<8BB8>=4A>56A82D;CDA4>A><<8BB8>=4A>5"01>AD=;4BBBD27?4AB>= B70;;70E4144=028C8I4=>5C74+=8C43)C0C4B5>AC4=H40AB0=30;460;A4B834=C>5C74BC0C4 5>A5>DAH40AB8<<4380C4;H?A42438=64;42C8>=>A0??>8=C<4=C0=3B70;;70E40CC08=43C74 064>5 H40AB1HC7430C4>50BBD<8=6>55824 ;;>5B083>55824ABB70;;C0:4BD27>0C7 0=368E41>=30=3B42DA8CH0B?A4B2A81431H;0F5>AC74508C75D;38B270A64>5C748A3DC84B 1 $>?4AB>=B70;;14CC>A=4H4=4A0;D=;4BBBD27?4AB>=B70;;70E4144=0= 02C8E4BC0CDB<4<14A>5C74)C0C40A>54>A6805>AB4E4=H40AB &0A06A0?7 -5#01"32'#1!-+.#,12'-,,"**-5,!#1-$-2&#0#6#!32'4# -$$'!#01 G24?C0B>C74AF8B4?A>E83438=C78B>=BC8CDC8>=C744=4A0;BB4<1;HB70;; ?A4B2A814C74?>F4AB3DC84B2><?4=B0C8>=0=30;;>F0=24B>5C7401>E44G42DC8E4 >55824AB 0=3 ?A>E834 0BB8BC0=24 0=3 4G?4=B4B =424BB0AH 5>A C74 >?4A0C8>= >5 C74 34?0AC<4=C>54027 &0A06A0?7, 22-0,#7#,#0*"32'#1*74CC>A=4H4=4A0;B70;;02C0BC74 ;460;03E8B>A>5C744G42DC8E434?0AC<4=CB70;;A4?A4B4=CC74BC0C48=C74)D?A4<4>DAC 8=0;;20?8C0;54;>=84B0=38=0;;28E8;0=32A8<8=0;20B4B8=0=H2>DACF74=A4@D8A431HC74 >E4A=>A0=3B70;;?4A5>A<BD27>C74A3DC84B0BB70;;14A4@D8A431H;0F

&0A06A0?7 *#!2#"!-,12'232'-,*#6#!32'4#-$$'!#0&-5"#$',#"BDB438= C78BB42C8>=C74C4A<4;42C432>=BC8CDC8>=0;4G42DC8E4>55824A<40=BC74>E4A=>AC74 "84DC4=0=C>E4A=>AC74)42A4C0AH>5)C0C4C74CC>A=4H4=4A0;C74)C0C4)27>>; )D?4A8=C4=34=CC74><<8BB8>=4A>5=BDA0=24C74><<8BB8>=4A>56A82D;CDA40=3 C74><<8BB8>=4A>5"01>A &0A06A0?7 0-!#"30#$-0"#2#0+',',%"'1 '*'27+?>=0?4C8C8>=>50=H5>DA >5C744;42C432>=BC8CDC8>=0;4G42DC8E4>55824ABC>C74)D?A4<4>DAC>54>A680C70C 0=>C74A4;42C432>=BC8CDC8>=0;4G42DC8E4>55824A8BD=01;4C>?4A5>A<C743DC84B>5>55824 1420DB4>50?7HB820;>A<4=C0;38B018;8CHC74)D?A4<4>DACB70;;1H0??A>?A80C4AD;4 ?A>E8345>A0B?443H0=3?D1;82740A8=6>=BD27<0CC4A8=2;D38=6=>C824>5C74=0CDA40=3 20DB4>5C74022DB0C8>=?A>24BB5>A>1C08=8=6F8C=4BB4B0=3C740BB8BC0=24>52>D=B4; E834=240CBD27740A8=6B70;;8=2;D34C4BC8<>=H5A><=>C54F4AC70=C7A44@D0;85843 ?7HB8280=B8=?A8E0C4?A02C824>=4>5F7><<DBC140?BH2780CA8BC &0A06A0?7 $$#!2-$"#2#0+',2'-,-$"'1 '*'27505C4A740A8=6C744E834=24 >=38B018;8CHC74)D?A4<4>DAC34C4A<8=4BC70CC74A48B038B018;8CH0=3C70CBD27 38B018;8CH8B?4A<0=4=CC74>55824B70;;14342;0A43E020=C0=3C74BD224BB>AC>C70C>55824 B70;;1427>B4=0B?A>E83438=C78B>=BC8CDC8>=>AC74;0FB4=02C438=?DABD0=24C74A4>5 58C8B34C4A<8=43C70CC7438B018;8CH8B=>C?4A<0=4=CC74)D?A4<4>DACB70;;34C4A<8=4 F74=C7438B018;8CH70B4=3430=3F74=C74>55824AB70;;A4BD<4C744G4A28B4>5C74 ?>F4AB>5>55824 DA8=6C74?4A8>3>5C4<?>A0AH38B018;8CHC74?>F4AB>5BD27>55824 B70;;144G4A28B430B?A>E83431H;0F

&0A06A0?7 3"'!'*.-5#0-$2&#122#*749D38280;?>F4A>5C74BC0C4B70;;14 E4BC434G2;DB8E4;H8=C745>;;>F8=62;0BB4B>52>DACB<068BCA0C42>DACB?A>10C42>DACB 9DE4=8;42>DACBBC0C42>DACBBD?4A8>A2>DACB>DAC>5??40;B0=3)D?A4<4>DAC #068BCA0C42>DACB?A>10C42>DACB9DE4=8;42>DACB0=3BC0C42>DACBB70;;142>DACB>5 ;8<8C439DA8B382C8>= =0338C8>=C744=4A0;BB4<1;H<0H4BC01;8B7>A0DC7>A8I4C74 4BC01;8B7<4=C>5<D=828?0;2>DACB0=3<0H0DC7>A8I403<8=8BCA0C8E4064=284BC>4G4A28B4 @D0B89D38280;?>F4AB #D=828?0;2>DACBB70;;70E49DA8B382C8>=>E4A>A38=0=24E8>;0C8>=B 0=3BD27>C74A9DA8B382C8>=0B?A>E83431H;0F G24?C0B?A>E83438=C78B?0A06A0?70=3 8=)42C8>=.<D=828?0;2>DACB2>D=CHA42>A34AB2>DACB0=328E8;2>DACB8=4G8BC4=24>= D=4 0=303<8=8BCA0C8E4064=284BB70;;=>C14BD1942CC>C74?A>E8B8>=B>5C78B 0AC82;4 *744=4A0;BB4<1;HB70;;70E4C740DC7>A8CHC>2>=54A1H;0F9DA8B382C8>= D?>=<D=828?0;2>DACBC>CAHBC0C4>554=B4B

&0A06A0?7 ,'$'#"(3"'!'*1712#+;;2>DACB>5C74BC0C4B70;;2><?A8B40 D=858439D38280;BHBC4<
&0A06A0?7 3"%#1#6#0!'1#-$.-5#0-321'"#-5,!-3021!-.#-$2#0+ (3"%# &A>E8343C749D3648B>C74AF8B4@D0;8584309D364<0H4G4A28B49D38280;?>F4A 8=0=H2>DACD?>=C74A4@D4BC0=3F8C7C742>=B4=C>5C749D364B>5C70C2>DAC0=3>5C74 9D364B>F=2>DACD=34AAD;4B?A4B2A81431H;0F *74C4A<9D3640BDB438=C78B0AC82;4 B70;;8=2;D34 DBC824B9D364BB4=8>A9D364B<068BCA0C4B0=34E4AH>C74ABD279D38280; >55824>5F70C4E4A=0<44G8BC8=6>A2A40C43
&0A06A0?7, 6#0!'1#-$(3"'!'*.-5#00272>DAC<0H4G4A28B4BD27?>F4AB 0B=424BB0AH8=083>58CB9DA8B382C8>=>AC>?A>C42C>A45542CD0C48CB9D36<4=CB1DC>=;HC74 BD?4A8>A0=30??4;;0C42>DACBB70;;70E4C74?>F4AC>8BBD4?A>24BB8=C74=0CDA4>5 <0=30<DB?A>7818C8>=B?428582?4A5>A<0=24@D>F0AA0=C>0=38=9D=2C8>= 027 BD?4A8>A2>DACBC0C42>DAC0=3>C74A2>DACB>5A42>A3<0H6A0=C=4FCA80;B>=;460; 6A>D=3B
&0A06A0?7, ,'$-0+'27 -$ (30'1"'!2'-, .-5#01 #2! G24?C0B>C74AF8B4 ?A>E83438=C78B>=BC8CDC8>=C742>DACB>540272;0BBB70;;70E4D=85>A<9DA8B382C8>= ?>F4AB AD;4B >5 ?A02C824 0=3 ?A>243DA4 0=3 B4;42C8>= @D0;85820C8>=B C4A<B 0=3 38B28?;8=4>59D364B *74?A>E8B8>=B>5C78B&0A06A0?7B70;;1445542C431H;0FF8C78= <>=C7B>5C7445542C8E430C4>5C78B>=BC8CDC8>=
&0A06A0?7, 3"'!'*!'0!3'21!-3021',#!&!-3,27!-3021#11'-,1*74BC0C4 B70;;1438E83438=C>9D38280;28A2D8CB4027>5F7827B70;;2>=B8BC>5=>C;4BBC70=>=4 2>D=CH 0272>D=CHB70;;70E40C;40BC>=4BD?4A8>A2>DAC<068BCA0C42>DAC0?A>10C4 2>DAC0=3F74A4=443430BC0C42>DAC0=309DE4=8;42>DAC *744=4A0;BB4<1;H<0H ?A>E8341H;0FC70CC749D364>5C74?A>10C42>DAC<0H0;B>B4AE40BC749D364>5C74 <068BCA0C42>DAC =C7401B4=24>50BC0C42>DAC>A09DE4=8;42>DACC74BD?4A8>A2>DAC B70;;4G4A28B4C70C9DA8B382C8>= )D?4A8>A2>DACBB70;;7>;32>DAC0C;40BCCF8244027H40A8= 40272>D=CH
&0A06A0?7, 3"'!'*!'0!3'21!-3021,"(3"%#1&'.1*5!&,%#"*74 4=4A0;BB4<1;H<0H01>;8B72A40C42>=B>;830C4>A<>385H9D38280;28A2D8CB0=32>DACB 0=39D364B78?B1DC=>28A2D8CB70;;2>=B8BC>5;4BBC70=>=42>D=CH
&0A06A0?7, 0,1$#0-$!1#1=H2>DACB70;;CA0=B54AC>C740??A>?A80C4 2>DAC8=C74BC0C40=H28E8;20B48=F78278C34C4A<8=4BC70C9DA8B382C8>=>AE4=D4;84B 4;B4F74A4
&0A06A0?7. 3*#1-$#4'"#,!#*5.0#1!0' #";;AD;4B>54E834=24B70;;14 0B?A4B2A81431H;0F
&0A06A0?7. 32&-0'82'-,$-0.'*-2.0-(#!21*744=4A0;BB4<1;H<0H1H 64=4A0;;0F0??A>E431H0CF>C78A3B<09>A8CH>5C74<4<14AB>540277>DB44=02C

;468B;0C8>=?A>E838=65>A0B?8;>C?A>6A0<B>5;8<8C433DA0C8>=2>DACBF78270A4=>C D=85>A<F8C78=C748A2;0BB4B8=9DA8B382C8>=?>F4ABAD;4B>5?A02C8240=3?A>243DA40=3 B4;42C8>=@D0;85820C8>=BC4A<B0=338B28?;8=4>59D364B5>ABD27?8;>C2>DACB0=3>C74A <0CC4ABA4;0C8E4C74A4C> )D27;468B;0C8>=B70;;=0<4C74?>;8C820;BD138E8B8>=9D38280; 28A2D8C0=34G8BC8=62>DACB05542C430=3<0H8=0338C8>=C>0=H>C74A?>F4A6A0=CC>BD27 2>DAC2A40C430B0?8;>C?A>6A0<C74?>F4AC>8BBD4?A>24BB8=C74=0CDA4>5<0=30<DB ?A>7818C8>=B?428582?4A5>A<0=24@D>F0AA0=C>0=38=9D=2C8>= *744=4A0;BB4<1;H B70;;?A>E8341H64=4A0;;0F5>A0?A>243DA45>ABD1<8CC8=6?A>?>B43;468B;0C8>=A4;0C8=6 C>BD27?8;>C?A>6A0<BC>C74 D38280;>D=28;>54>A680>A8CBBD224BB>A "468B;0C8>= 4=02C43?DABD0=CC>C78B&0A06A0?7B70;;=>C34=H4@D0;?A>C42C8>=>5C74;0FBC>0=H ?4AB>=8=E8>;0C8>=>5AC82;4)42C8>=&0A06A0?7>5C78B>=BC8CDC8>=

&0A06A0?7 '4-0!#!1#18E>A2420B4BB70;;14CA8438=C742>D=CHF74A4C74
3454=30=CA4B834B850A4B834=C>5C78BBC0C485C743454=30=C8B=>C0A4B834=C>5C78BBC0C4 C74=8=C742>D=CH8=F7827C74?;08=C855A4B834B?A>E83437>F4E4A038E>A2420B4<0H 14CA8438=C742>D=CH>5A4B834=24>5C74?;08=C85585C743454=30=C70B<>E435A><C70C B0<42>D=CHF8C78=B8G<>=C7B5A><C7430C4>5C7458;8=6>5C7438E>A2402C8>=0=3B083 2>D=CHF0BC74B8C4>5C74<0A8C0;3><828;40CC74C8<4>5C74B4?0A0C8>=>5C74?0AC84B0=3 ?A>E83435DAC74AC70C0=H?4AB>=F7>70B144=0A4B834=C>50=H+=8C43)C0C4B0A<H?>BC >A<8;8C0AHA4B4AE0C8>=F8C78=C74)C0C4>54>A6805>A>=4H40A=4GC?A42438=6C7458;8=6 >5C74?4C8C8>=<0H1A8=60=02C8>=5>A38E>A248=0=H2>D=CH039024=CC>B083+=8C43 )C0C4B0A<H?>BC>A<8;8C0AHA4B4AE0C8>=
&0A06A0?7 ," 2'2*#1 0B4BA4B?42C8=6C8C;4BC>;0=3B70;;14CA8438=C74 2>D=CHF74A4C74;0=3;84B4G24?CF74A40B8=6;4CA02C8B38E83431H02>D=CH;8=48= F782720B4C74BD?4A8>A2>DAC>548C74A2>D=CHB70;;70E49DA8B382C8>=
&0A06A0?7 /3'27!1#1@D8CH20B4BB70;;14CA8438=C742>D=CHF74A40 3454=30=CA4B834B0608=BCF7><BD1BC0=C80;A4;8458B?A0H43
&0A06A0?7, 3'21%',12(-',2- *'%-01!-.02,#01#2! )D8CB0608=BC9>8=C >1;86>AB9>8=CC>AC540B>AB9>8=C?A><8B>AB2>?0AC=4AB>A9>8=CCA4B?0BB4ABA4B838=68= 38554A4=C2>D=C84B<0H14CA8438=48C74A2>D=CH
&0A06A0?7, 3'21%',12+)#0#,"-01#0#2! )D8CB0608=BCC74<0:4A0=3 4=3>AB4A>5?A><8BB>AH=>C4B>A3A0F4A0224?C>A0=34=3>AB4A>55>A486=>A8=;0=318;;B >54G270=64>A;8:48=BCAD<4=CBA4B838=68=38554A4=C2>D=C84BB70;;14CA8438=C742>D=CH F74A4C74<0:4A>A0224?C>AA4B834B
&0A06A0?7, **-2&#0!1#1;;>C74A28E8;20B4B4G24?C9DE4=8;42>DAC20B4B0B <0H>C74AF8B414?A>E83431HC74 DE4=8;4>DAC>34>54>A680B70;;14CA8438=C74 2>D=CHF74A4C743454=30=CA4B834BE4=D40BC>2>A?>A0C8>=B5>A486=0=33><4BC82B70;;

140B?A>E83431H;0F0=30;;2A8<8=0;20B4BB70;;14CA8438=C742>D=CHF74A4C742A8<4 F0B2><<8CC434G24?C20B4B8=C74BD?4A8>A2>DACBF74A4C749D3648BB0C8B5843C70C0= 8<?0AC80;9DAH20==>C14>1C08=438=BD272>D=CH
&0A06A0?7, #,3# ', 2&'0".027 .0!2'!# *744=4A0;BB4<1;H<0H ?A>E8341H;0FC70CE4=D48B?A>?4A8=02>D=CH>C74AC70=C742>D=CH>5A4B834=24>50 ?4AB>=>A4=C8CH8<?;403438=C>0?4=38=628E8;20B41H03454=38=6?0ACHF7>2>=C4=3B C70CBD27?4AB>=>A4=C8CH8B>A<0H14;801;4C>B0833454=38=6?0ACH5>A0;;>A?0AC>5C74 2;08<0608=BCB0833454=38=6?0ACH
&0A06A0?7, -5#02-!&,%#4#,3#*74?>F4AC>270=64C74E4=D48=28E8; 0=32A8<8=0;20B4BB70;;14E4BC438=C74BD?4A8>A2>DACBC>144G4A28B438=BD27<0==4A0B 70B144=>AB70;;14?A>E83431H;0F

&0A06A0?7 30'1"'!2'-, -$ !*11#1 -$ !-3021 -$ *'+'2#" (30'1"'!2'-, *74 <068BCA0C49DE4=8;40=3BC0C42>DACBB70;;70E4D=85>A<9DA8B382C8>=0B?A>E83431H;0F &A>10C42>DACBB70;;70E4BD279DA8B382C8>=0B=>F>A74A405C4A?A>E83431H;0FF8C7>DC A460A3C>D=85>A<8CH

&0A06A0?7 30'1"'!2'-, -$ 13.#0'-0 !-3021 *74BD?4A8>A2>DACBB70;;70E4 9DA8B382C8>=8=0;;20B4B4G24?C0B>C74AF8B4?A>E83438=C78B>=BC8CDC8>= *74HB70;; 70E44G2;DB8E49DA8B382C8>=>E4ACA80;B8=54;>=H20B4B4G24?C8=C7420B4>59DE4=8;4 >554=34AB0B?A>E83431H;0F8=20B4BA4B?42C8=6C8C;4C>;0=38=38E>A2420B4B0=38= 4@D8CH20B4B *74BD?4A8>A2>DACBB70;;70E4BD270??4;;0C49DA8B382C8>=48C74A0;>=4>A1H 28A2D8C>A38BCA82C0B<0H14?A>E83431H;0F

&0A06A0?7 -+.-1'2'-, -$ -302 -$ ..#*1 &'#$ 3"%# *74>DAC>5 ??40;BB70;;2>=B8BC>5=>C;4BBC70==8=4 D364BF7>B70;;4;42C5A><0<>=6C74<B4;E4B 07845 D364 &0A06A0?7 ,#*11.0#1!0' #"*74>DAC>5??40;B<0HB8C8=?0=4;B>5=>C ;4BBC70=C7A44 D364B0B?A4B2A81431H;0F>A85=>=41H8CBAD;4B &0A06A0?7 30'1"'!2'-,-$-302-$ ..#*1"#!'1'-,1 ',"',% *74>DAC>5 ??40;BB70;;1402>DAC>5A4E84F0=3B70;;4G4A28B40??4;;0C40=324AC8>A0A89DA8B382C8>= 8=0;;20B4B=>CA4B4AE43C>C74)D?A4<4>DAC>A2>=54AA43>=>C74A2>DACB1H;0F *74

3428B8>=B>5C74>DAC>5??40;B8=B>50A0B=>C8=2>=5;82CF8C7C7>B4>5C74)D?A4<4 >DACB70;;18=30;;2>DACB4G24?CC74)D?A4<4>DAC0B?A42434=CB
&0A06A0?7, #02'$'!2'-,-$/3#12'-,2-3.0#+#-302 *74>DAC>5??40;B <0H24AC85H0@D4BC8>=C>C74)D?A4<4>DAC5>A8=BCAD2C8>=C>F78278CB70;;C74=14 1>D=3
&0A06A0?7, /3*"'4'1'-,-$!-302 =C744E4=C>50=4@D0;38E8B8>=>5C74 D364BF74=B8CC8=60B01>3HC7420B4B70;;148<<4380C4;HCA0=B<8CC43C>C74)D?A4<4 >DAC

&0A06A0?7 -+.-1'2'-,-$3.0#+#-302&'#$312'!#0#1'"',%312'!# /3-03+13 12'232#(3"%#1*74)D?A4<4>DACB70;;2>=B8BC>5=>C<>A4C70==8=4 DBC824BF7>B70;;4;42C5A><0<>=6C74<B4;E4B07845 DBC8240BC7427845?A4B838=60=3 03<8=8BCA0C8E4>55824A>5C742>DAC0=30&A4B838=6 DBC824C>B4AE485C747845 DBC8248B 01B4=C>A8B38B@D0;85843 <09>A8CHB70;;14=424BB0AHC>740A0=334C4A<8=420B4B 50 DBC8248B38B@D0;858438=0=H20B40BD1BC8CDC49D364<0H1434B86=0C431HC74A4<08=8=6 DBC824BC>B4AE4

&0A06A0?7 6!*31'4#..#**2#(30'1"'!2'-,-$3.0#+#-302*74)D?A4<4 >DACB70;;1402>DAC>5A4E84F0=3B70;;4G4A28B44G2;DB8E40??4;;0C49DA8B382C8>=8=C74 5>;;>F8=6 20B4B
;;20B4B8=E>;E8=6C742>=BCAD2C8>=>50CA40CH>A>5C74>=BC8CDC8>=>5C74 )C0C4>54>A680>A>5C74+=8C43)C0C4B0=30;;20B4B8=F7827C742>=BC8CDC8>=0;8CH>50 ;0F>A38=0=24>A2>=BC8CDC8>=0;?A>E8B8>=70B144=3A0F=8=@D4BC8>=0=3
;;20B4B>54;42C8>=2>=C4BC

&0A06A0?7 #,#0* ..#**2# (30'1"'!2'-, -$ 3.0#+# -302 +=;4BB >C74AF8B4?A>E83431H;0FC74)D?A4<4>DACB70;;70E40??4;;0C49DA8B382C8>=>5C74 5>;;>F8=62;0BB4B>520B4B
0B4B8=E>;E8=6C8C;4C>;0=3 ;;4@D8CH20B4B ;;20B4B8=E>;E8=6F8;;B ;;70140B2>A?DB20B4B ;;20B4B8=E>;E8=64GCA0>A38=0AHA4<4384B ;;38E>A240=30;8<>=H20B4B ;;20B4B24AC85843C>8C1HC74>DAC>5??40;B0=3 ;;20B4B8=F78270B4=C4=24>5340C7F0B8<?>B43>A2>D;3148<?>B43 (4E84F>50;;20B4BB70;;140B?A>E83431H;0F

&0A06A0?7, 30'1"'!2'-,-4#0/3#12'-,1-$*5$0-+122#..#**2#-0$#"#0* "'120'!2-0..#**2#!-3021*74)D?A4<4>DACB70;;70E49DA8B382C8>=0=30DC7>A8CHC> 0=BF4A0=H@D4BC8>=>5;0F5A><0=HBC0C40??4;;0C4>A5434A0;38BCA82C>A0??4;;0C42>DAC

&0A06A0?7, #4'#5-$!1#1',-302-$ ..#*1*74)D?A4<4>DAC<0H A4E84F1H24AC8>A0A820B4B8=C74>DAC>5??40;BF78270A4>56A0E8CH>A6A40C?D1;82 8<?>AC0=24
&0A06A0?7, #!'1'-,1 -$ 3.0#+# -302 ',"',% *743428B8>=B>5C74 )D?A4<4>DACB70;;18=30;;>C74A2>DACB0B?A42434=CB

&0A06A0?7 *#!2'-,2#0+-$-$$'!# ;;BD?4A8>A2>DAC0=3BC0C42>DAC9D364B B70;;144;42C43>=0=>=?0AC8B0=10B8B5>A0C4A<>55>DAH40AB ;; DBC824B>5C74 )D?A4<4>DAC0=3C74 D364B>5C74>DAC>5??40;BB70;;144;42C43>=0=>=?0AC8B0= 10B8B5>A0C4A<>5B8GH40AB *74C4A<B>50;;9D364BC7DB4;42C43B70;;1468=C74=4GC 0=D0AH 05C4AC748A4;42C8>= ;;>C74A9D364BB70;;2>=C8=D4C>14B4;42C438=C74<0==4A 0=35>AC74C4A<C74HF4A4B4;42C43>= D=4 D=C8;>C74AF8B4?A>E83431H;>20; ;0F
&0A06A0?7 3*'$'!2'-,10??4;;0C40=3BD?4A8>A2>DAC9D364BB70;;70E4 144=03<8CC43C>?A02C824;0F5>AB4E4=H40AB
1 )C0C42>DAC9D364BB70;;70E4144=03<8CC43C>?A02C824;0F5>AB4E4=H40AB ?A>E8343C70CC78BA4@D8A4<4=CB70;;1458E4H40AB8=C7420B4>5BC0C42>DAC9D364B4;42C43 >A0??>8=C438=C74H40A >A40A;84A DE4=8;42>DAC9D364BB70;;70E4144=03<8CC43C> ?A02C824;0F5>A58E4H40AB
2 &A>10C40=3<068BCA0C49D364BB70;;70E4BD27@D0;85820C8>=B0B?A>E83431H ;0F
3 ;;9D364BB70;;A4B8348=C7464>6A0?7820;0A408=F7827C74H0A4B4;42C43C> B4AE4
4 *744=4A0;BB4<1;H<0H?A>E8341H;0F5>A0338C8>=0;@D0;85820C8>=B 8=2;D38=61DC=>C;8<8C43C><8=8<D<A4B834=2HA4@D8A4<4=CB
&0A06A0?7 !,!'#1 ,020=284B B70;; 14 58;;43 1H 0??>8=C<4=C >5 C74 >E4A=>A4G24?C0B>C74AF8B4?A>E83431H;0F8=C74<068BCA0C4?A>10C40=39DE4=8;4 2>DACB
&0A06A0?7, #0'-"-$1#04'!#-$..-',2##1=0??>8=C44C>0=4;42C8E4>55824 B70;;B4AE4D=C8;0BD224BB>A8B3D;HB4;42C430=3@D0;858430=3D=C8; 0=D0AH >5C74H40A 5>;;>F8=6C74=4GC64=4A0;4;42C8>=F78278B<>A4C70=B8G<>=C7B05C4ABD27?4AB>=B 0??>8=C<4=C
&0A06A0?7, -+.#,12'-,,"**-5,!#1-$(3"%#1;;9D364BB70;;A4248E4 2><?4=B0C8>=0=30;;>F0=24B0B?A>E83431H;0F2>D=CHBD??;4<4=CB0A474A41H 2>=C8=D430=3<0H146A0=C43>A270=6431HC744=4A0;BB4<1;H >D=CH6>E4A=8=6 0DC7>A8C84BF7827703C740DC7>A8CH>= D=4 C><0:42>D=CHBD??;4<4=CBB70;;

2>=C8=D4C>70E4BD270DC7>A8CHD=34AC78B >=BC8CDC8>= =8=2D<14=CBB0;0AH 0;;>F0=24>ABD??;4<4=CB70;;=>C14342A40B433DA8=6C748=2D<14=CBC4A<>5>55824
&0A06A0?7 , 3"'!'* 3*'$'!2'-,1 -++'11'-, .-5#0 !-+.-1'2'-, 0 *74 4=4A0; BB4<1;H B70;; 1H 64=4A0; ;0F 2A40C4 0=3 ?A>E834 5>A C74 2><?>B8C8>= <0==4A>50??>8=C<4=C0=36>E4A=0=24>50 D38280;'D0;85820C8>=B><<8BB8>=F8C7 BD27 2><<8BB8>= 70E8=6 C74 ?>F4A C> 38B28?;8=4 A4<>E4 0=3 20DB4 8=E>;D=C0AH A4C8A4<4=C >5 9D364B 0B ?A>E8343 1H C78B AC82;4 ??>8=C<4=CB C> C74 D38280; 'D0;85820C8>=B><<8BB8>=B70;;14BD1942CC>2>=58A<0C8>=1HC74)4=0C40B?A>E8343 5>A1H64=4A0;;0F
1 *74 ?A>243DA4B >5 C74 D38280; 'D0;85820C8>=B ><<8BB8>= B70;; 2><?>AC F8C7 3D4 ?A>24BB )D27 ?A>243DA4B 0=3 03E8B>AH >?8=8>=B 8BBD43 1H C74 D38280; 'D0;85820C8>=B><<8BB8>=B70;;14BD1942CC>A4E84F1HC74)D?A4<4>DAC
2*74 D38280;'D0;85820C8>=B><<8BB8>=F78274G8BC43>= D=4 8B 74A41H01>;8B743
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
1 +?>=8=382C<4=C5>A054;>=H1H06A0=39DAH>5C78BBC0C4>A1H06A0=39DAH >5C74+=8C43)C0C4B>50=H9D364C74CC>A=4H4=4A0;>A38BCA82C0CC>A=4HB70;; CA0=B<8C 0 24AC85843 2>?H >5 C74 8=382C<4=C C> C74 D38280; 'D0;85820C8>=B ><<8BB8>= *74 2><<8BB8>= B70;; BD1942C C> BD1?0A06A0?7 1 >5 C78B &0A06A0?7A4E84FC748=382C<4=C0=3858C34C4A<8=4BC70CC748=382C<4=CA4;0C4B C>0=303E4AB4;H05542CBC7403<8=8BCA0C8>=>5C74>55824>5C748=382C439D3640=3 C70CC74A867CB0=38=C4A4BCB>5C74?D1;820A403E4AB4;H05542C43C74A41HC74 2><<8BB8>=B70;;BDB?4=3C749D3648<<4380C4;H0=3F8C7>DC5DAC74A02C8>= ?4=38=6C7458=0;38B?>B8C8>=>5C7420B4>AD=C8;C744G?8A0C8>=>5C749D364BC4A< >5>55824F78274E4A>22DAB58ABC DA8=6C74C4A<>5>55824C>F7827BD279D364 F0B4;42C430=38=F7827C748=382C<4=C>22DAA43850=>;;4?A>B4@D88B4=C4A4385 C74 ?D1;82 >558280; 8B 02@D8CC43 >A 85 05C4A 2>=E82C8>= C74 2>=E82C8>= 8B ;0C4A >E4ACDA=430B0A4BD;C>50=H38A42C0??40;>A0??;820C8>=5>A0FA8C>524AC8>A0A8C74 9D364B70;;148<<4380C4;HA48=BC0C43C>C74>558245A><F782774F0BBDB?4=343 -78;409D3648BBDB?4=343D=34AC78BBD1?0A06A0?70=3D=C8;8=8C80;2>=E82C8>=1H C74CA80;2>DACC749D364B70;;2>=C8=D4C>A4248E4C742><?4=B0C8>=5A><78B>55824 5C4A8=8C80;2>=E82C8>=1HC74CA80;2>DACC749D364B70;;=>C144=C8C;43C>A4248E4 C742><?4=B0C8>=5A><78B>55824 5C749D3648BA48=BC0C43C>>5582474B70;;14 4=C8C;43 C> A4248E4 0=H 2><?4=B0C8>= F8C774;3 D=34A C74 ?A>E8B8>=B >5 C78B BD1?0A06A0?7 >AC743DA0C8>=>50=HBDB?4=B8>=D=34AC78BBD1?0A06A0?7C74 >E4A=>AB70;;0??>8=C0A4?;024<4=C9D364 +?>=058=0;2>=E82C8>=F8C7=>


Article VI. Section VII. Paragraph VII.
appeal or review pending, the office shall be declared vacant and a successor to that office shall be chosen as provided in this Constitution or the laws enacted in pursuance thereof. (2) The commission shall not review the indictment for a period of 14 days from the day the indictment is received. This period of time may be extended by the commission. During this period of time, the indicted judge may, in writing, authorize the commission to suspend him from office. Any such voluntary suspension shall be subject to the same conditions for review, reinstatement, or declaration of vacancy as are provided in this subparagraph for a nonvoluntary suspension. (3) After any suspension is imposed under this subparagraph, the suspended judge may petition the commission for a review. If the commission determines that the judge should no longer be suspended, he shall immediately be reinstated to office. (4) (A) The findings and records of the commission and the fact that the public official has or has not been suspended shall not be admissible in evidence in any court for any purpose. (B) The findings and records of the commission shall not be open to the public except as provided by the General Assembly by general law. (5) The provisions of this subparagraph shall not apply to any indictment handed down prior to January 1, 1985. (6) If a judge who is suspended from office under the provisions of this subparagraph is not first tried at the next regular or special term following the indictment, the suspension shall be terminated and the judge shall be reinstated to office. The judge shall not be reinstated under this provision if he is not so tried based on a continuance granted upon a motion made only by the defendant. (c) Upon initial conviction of any judge for any felony in a trial court of this state or the United States, regardless of whether the judge has been suspended previously under subparagraph (b) of this Paragraph, such judge shall be immediately and without further action suspended from office. While a judge is suspended from office under this subparagraph, he shall not be entitled to receive the compensation from his office. If the conviction is later overturned as a result of any direct appeal or application for a writ of certiorari, the judge shall be immediately reinstated to the office from which he was suspended and shall be entitled to receive any compensation withheld under the provisions of this subparagraph. For the duration of any suspension under this subparagraph, the Governor shall appoint a replacement judge. Upon a final conviction with no appeal or review pending, the office shall be declared vacant and a successor to that office shall be chosen as provided in this Constitution or the laws enacted in pursuance thereof. The provisions of this subparagraph shall not apply to any conviction rendered prior to January 1, 1987.
Paragraph VIII. Due process; review by Supreme Court. No action shall be taken against a judge except after hearing and in accordance with due process of law. No removal or involuntary retirement shall occur except upon order of the Supreme Court after review.
44

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


$UWLFOH9,6HFWLRQ;3DUDJUDSK,
6(&7,21; 75$16,7,21
3DUDJUDSK,(IIHFWRIUDWLILFDWLRQ2QWKHHIIHFWLYHGDWHRIWKLVDUWLFOH 6XSHULRUFRXUWVVKDOOFRQWLQXHDVVXSHULRUFRXUWV 6WDWHFRXUWVVKDOOFRQWLQXHDVVWDWHFRXUWV 3UREDWHFRXUWVVKDOOFRQWLQXHDVSUREDWHFRXUWV -XYHQLOHFRXUWVVKDOOFRQWLQXHDVMXYHQLOHFRXUWV 0XQLFLSDO FRXUWV QRW RWKHUZLVH QDPHG KHUHLQ RI ZKDWHYHU QDPH VKDOO FRQWLQXH DV DQG EH GHQRPLQDWHG PXQLFLSDO FRXUWV H[FHSW WKDW WKH &LW\ &RXUW RI $WODQWDVKDOOUHWDLQLWVQDPH6XFKPXQLFLSDOFRXUWVFRXQW\UHFRUGHU
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
3DUDJUDSK,,&RQWLQXDWLRQRIMXGJHV(DFKMXGJHKROGLQJRIILFHRQWKHHIIHFWLYH GDWHRIWKLVDUWLFOHVKDOOFRQWLQXHLQRIILFHXQWLOWKHH[SLUDWLRQRIWKHWHUPRIRIILFHDVD MXGJH RI WKH FRXUW KDYLQJ WKH VDPH RU VLPLODU MXULVGLFWLRQ (DFK FRXUW QRW QDPHG KHUHLQ VKDOOFHDVHWRH[LVWRQVXFKGDWHRUDWWKHH[SLUDWLRQRIWKHWHUPRIWKHLQFXPEHQWMXGJH ZKLFKHYHU LV ODWHU DQG LWV MXULVGLFWLRQ VKDOO DXWRPDWLFDOO\ SDVV WR WKH QHZ FRXUW RI WKH VDPH RU VLPLODU MXULVGLFWLRQ LQ WKH DEVHQFH RI ZKLFK FRXUW LW VKDOO SDVV WR WKH VXSHULRU FRXUW
$57,&/(9,, 7$;$7,21$1'),1$1&(
6(&7,21, 32:(52)7$;$7,21
3DUDJUDSK , 7D[DWLRQ OLPLWDWLRQVRQJUDQWVRIWD[SRZHUV7KHVWDWHPD\QRW VXVSHQG RU LUUHYRFDEO\ JLYH JUDQW OLPLW RU UHVWUDLQ WKH ULJKW RI WD[DWLRQ DQG DOO ODZV JUDQWVFRQWUDFWVDQGRWKHUDFWVWRHIIHFWDQ\RIWKHVHSXUSRVHVDUHQXOODQGYRLG([FHSW DVRWKHUZLVHSURYLGHGLQWKLV&RQVWLWXWLRQWKHULJKWRIWD[DWLRQ VKDOODOZD\VEHXQGHUWKH FRPSOHWHFRQWURORIWKHVWDWH
3DUDJUDSK ,, 7D[LQJ SRZHU OLPLWHG D 7KH DQQXDO OHY\ RI VWDWH DG YDORUHP WD[HV RQ WDQJLEOH SURSHUW\ IRU DOO SXUSRVHV H[FHSW IRU GHIHQGLQJ WKH VWDWH LQ DQ HPHUJHQF\ VKDOO QRW H[FHHG RQHIRXUWK PLOO RQ HDFK GROODU RI WKH DVVHVVHG YDOXH RI WKH SURSHUW\


Article VII. Section I. Paragraph II.
(b) So long as the method of taxation in effect on December 31, 1980, for the taxation of shares of stock of banking corporations and other monied capital coming into competition with such banking corporations continues in effect, such shares and other monied capital may be taxed at an annual rate not exceeding five mills on each dollar of the assessed value of the property.
Paragraph III. Uniformity; classification of property; assessment of agricultural land; utilities. (a) All taxes shall be levied and collected under general laws and for public purposes only. Except as otherwise provided in subparagraphs (b), (c), (d), (e), and (f) of this Paragraph, all taxation shall be uniform upon the same class of subjects within the territorial limits of the authority levying the tax.
(b)(1) Except as otherwise provided in this subparagraph (b), classes of subjects for taxation of property shall consist of tangible property and one or more classes of intangible personal property including money; provided, however, that any taxation of intangible personal property may be repealed by general law without approval in a referendum effective for all taxable years beginning on or after January 1, 1996. (2) Subject to the conditions and limitations specified by law, each of the following types of property may be classified as a separate class of property for ad valorem property tax purposes and different rates, methods, and assessment dates may be provided for such properties:
(A) Trailers. (B) Mobile homes other than those mobile homes which qualify the owner of the home for a homestead exemption from ad valorem taxation. (C) Heavy-duty equipment motor vehicles owned by nonresidents and operated in this state. (3) Motor vehicles may be classified as a separate class of property for ad valorem property tax purposes, and such class may be divided into separate subclasses for ad valorem purposes. The General Assembly may provide by general law for the ad valorem taxation of motor vehicles including, but not limited to, providing for different rates, methods, assessment dates, and taxpayer liability for such class and for each of its subclasses and need not provide for uniformity of taxation with other classes of property or between or within its subclasses. The General Assembly may also determine what portion of any ad valorem tax on motor vehicles shall be retained by the state. As used in this subparagraph, the term "motor vehicles" means all vehicles which are self-propelled. (c) Tangible real property, but no more than 2,000 acres of any single property owner, which is devoted to bona fide agricultural purposes shall be assessed for ad valorem taxation purposes at 75 percent of the value which other tangible real property is assessed. No property shall be entitled to receive the preferential assessment provided for in this subparagraph if the property which would otherwise receive such assessment would result in any person who has a beneficial interest in such property, including any interest in the nature of stock ownership, receiving the benefit of such preferential assessment as to more than 2,000 acres. No property shall be entitled to receive the preferential assessment provided for in this subparagraph unless the conditions set out
47

$UWLFOH9,,6HFWLRQ,3DUDJUDSK,,,
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
H 7KH*HQHUDO$VVHPEO\VKDOOSURYLGHE\JHQHUDOODZ


$UWLFOH9,,6HFWLRQ,3DUDJUDSK,,,
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


$UWLFOH9,,6HFWLRQ,3DUDJUDSK,,,
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


$UWLFOH9,,6HFWLRQ,3DUDJUDSK,,,
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
6(&7,21,, (;(037,216)520$'9$/25(07$;$7,21
3DUDJUDSK , 8QDXWKRUL]HG WD[ H[HPSWLRQV YRLG ([FHSW DV DXWKRUL]HG LQ RU SXUVXDQW WR WKLV&RQVWLWXWLRQDOOODZVH[HPSWLQJSURSHUW\IURPDGYDORUHPWD[DWLRQDUH YRLG
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


$UWLFOH9,,6HFWLRQ,,3DUDJUDSK,,,
VXFKH[HPSWLRQVWKHQVXFKUHYRFDWLRQVKDOOEHHIIHFWLYHRQO\DWWKHHQGRIDILYH \HDUSHULRGIURPWKHGDWHRIVXFKUHIHUHQGXP 7KH LPSOHPHQWDWLRQ DGPLQLVWUDWLRQ DQG UHYRFDWLRQ RI WKH H[HPSWLRQV DXWKRUL]HGLQWKLVVXESDUDJUDSKD VKDOOEHSURYLGHGIRUE\ODZ8QWLORWKHUZLVH SURYLGHG E\ ODZ WKH JUDQW RI WKH H[HPSWLRQ VKDOO EH VXEMHFW WR WKH VDPH FRQGLWLRQV OLPLWDWLRQV GHILQLWLRQV DQG SURFHGXUHV SURYLGHG IRU WKH JUDQW RI VXFK H[HPSWLRQLQWKH&RQVWLWXWLRQRIRQ-XQH E 5HSHDOHG
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
3DUDJUDSK 9 'LVDEOHG YHWHUDQ
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
6(&7,21,,$ +20(2:1(5
6,1&(17,9($'-8670(17
3DUDJUDSK , 6WDWH JUDQWV DGMXVWPHQW DPRXQW )RU HDFK WD[DEOH \HDU D KRPHRZQHU
VLQFHQWLYHDGMXVWPHQWPD\EHDSSOLHGWRWKHUHWXUQRIHDFKWD[SD\HUFODLPLQJ VXFKVWDWHZLGHKRPHVWHDGH[HPSWLRQDVPD\EHVSHFLILHGE\JHQHUDOODZ7KHDPRXQWRI VXFK DGMXVWPHQW PD\ SURYLGH D WD[SD\HU ZLWK D EHQHILW HTXLYDOHQW WR D KRPHVWHDG


$UWLFOH9,,6HFWLRQ,,$3DUDJUDSK
H[HPSWLRQ RI XS WR RI WKH DVVHVVHG YDOXH RI D WD[SD\HU
V KRPHVWHDG RU WKH WD[SD\HU
V DG YDORUHPSURSHUW\WD[OLDELOLW\RQWKHKRPHVWHDGZKLFKHYHULVORZHU7KH *HQHUDO $VVHPEO\ PD\ DSSURSULDWH VXFK DPRXQW HDFK \HDU IRU JUDQWV WR ORFDO JRYHUQPHQWV DQG VFKRRO GLVWULFWV DV KRPHRZQHU WD[ UHOLHI JUDQWV 7KH DGMXVWPHQWV DQG JUDQWVDXWKRUL]HGE\WKLV3DUDJUDSKVKDOOEHPDGHLQVXFKPDQQHUDQGVKDOOEHVXEMHFWWR WKHSURFHGXUHVDQGFRQGLWLRQVDVPD\EHVSHFLILHGE\JHQHUDOODZKHUHWRIRUHRUKHUHDIWHU HQDFWHG
6(&7,21,,, 385326(6$1'0(7+2'2)67$7(7$;$7,21
3DUDJUDSK,7D[DWLRQSXUSRVHVIRUZKLFKSRZHUVPD\EHH[HUFLVHGD ([FHSW DVRWKHUZLVHSURYLGHGLQWKLV&RQVWLWXWLRQWKHSRZHURIWD[DWLRQRYHUWKHZKROHVWDWHPD\ EH H[HUFLVHG IRU DQ\SXUSRVHDXWKRUL]HGE\ODZ$Q\SXUSRVHIRUZKLFKWKHSRZHUVRI WD[DWLRQRYHUWKHZKROHVWDWHFRXOGKDYHEHHQH[HUFLVHGRQ-XQHVKDOOFRQWLQXH WREHDSXUSRVHIRUZKLFKVXFKSRZHUVPD\EHH[HUFLVHG
E 6XEMHFWWRFRQGLWLRQVDQGOLPLWDWLRQVDVPD\EHSURYLGHGE\ODZWKHSRZHURI WD[DWLRQPD\EHH[HUFLVHGWRPDNHJUDQWVIRUWD[UHOLHISXUSRVHVWRSHUVRQVIRUVDOHVWD[ SDLG DQG QRW RWKHUZLVH UHLPEXUVHG RQ SUHVFULSWLRQ GUXJV &UHGLWV RU UHOLHI SURYLGHG KHUHXQGHU PD\ EH OLPLWHG RQO\ WR VXFK UHDVRQDEOH FODVVLILFDWLRQV RI WD[SD\HUV DV PD\ EH VSHFLILHGE\ODZ
3DUDJUDSK ,, 5HYHQXH WR EH SDLG LQWR JHQHUDO IXQG D ([FHSW DV RWKHUZLVH SURYLGHGLQWKLV&RQVWLWXWLRQDOOUHYHQXHFROOHFWHGIURPWD[HVIHHVDQGDVVHVVPHQWVIRU VWDWHSXUSRVHVDVDXWKRUL]HGE\UHYHQXHPHDVXUHVHQDFWHGE\WKH*HQHUDO$VVHPEO\VKDOO EHSDLGLQWRWKHJHQHUDOIXQGRIWKHVWDWHWUHDVXU\
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
3DUDJUDSK,,,*UDQWVWRFRXQWLHVDQGPXQLFLSDOLWLHV 6WDWHIXQGVPD\EHJUDQWHG WR FRXQWLHV DQG PXQLFLSDOLWLHV ZLWKLQ WKH VWDWH 7KH JUDQWV DXWKRUL]HG E\ WKLV 3DUDJUDSK VKDOO EH PDGH LQ VXFK PDQQHU DQG IRUP DQG VXEMHFW WR WKH SURFHGXUHV DQG FRQGLWLRQV VSHFLILHGE\ODZ7KHODZSURYLGLQJIRUDQ\VXFKJUDQWPD\OLPLWWKHSXUSRVHVIRUZKLFK WKHJUDQWIXQGVPD\EHH[SHQGHG


$UWLFOH9,,6HFWLRQ,93DUDJUDSK
6(&7,21,9 67$7('(%7
3DUDJUDSK,3XUSRVHVIRUZKLFKGHEWPD\EHLQFXUUHG7KHVWDWHPD\LQFXU D 3XEOLF GHEW ZLWKRXW OLPLW WR UHSHO LQYDVLRQ VXSSUHVV LQVXUUHFWLRQ DQG GHIHQG
WKHVWDWHLQWLPHRIZDU E 3XEOLFGHEWWRVXSSO\DWHPSRUDU\GHILFLWLQWKHVWDWHWUHDVXU\LQDQ\ILVFDO\HDU
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
F *HQHUDO REOLJDWLRQ GHEW WR DFTXLUH FRQVWUXFW GHYHORS H[WHQG HQODUJH RU LPSURYHODQGZDWHUVSURSHUW\KLJKZD\VEXLOGLQJVVWUXFWXUHVHTXLSPHQWRUIDFLOLWLHVRI WKHVWDWHLWVDJHQFLHVGHSDUWPHQWVLQVWLWXWLRQVDQGRIWKRVHVWDWHDXWKRULWLHVZKLFKZHUH FUHDWHGDQGDFWLYDWHGSULRUWR1RYHPEHU
G *HQHUDO REOLJDWLRQ GHEW WR SURYLGH HGXFDWLRQDO IDFLOLWLHV IRU FRXQW\ DQG LQGHSHQGHQW VFKRRO V\VWHPV DQG WR SURYLGH SXEOLF OLEUDU\ IDFLOLWLHV IRU FRXQW\ DQG LQGHSHQGHQW VFKRRO V\VWHPV FRXQWLHV PXQLFLSDOLWLHV DQG ERDUGV RI WUXVWHHV RI SXEOLF OLEUDULHV RU ERDUGV RI WUXVWHHV RI SXEOLF OLEUDU\ V\VWHPV DQG ZKHQ WKH FRQVWUXFWLRQ RI VXFK HGXFDWLRQDO RU OLEUDU\ IDFLOLWLHV KDV EHHQ FRPSOHWHG WKH WLWOH WR VXFK IDFLOLWLHV VKDOO EH YHVWHG LQ WKH UHVSHFWLYH ORFDO ERDUGV RI HGXFDWLRQ FRXQWLHV PXQLFLSDOLWLHV RU SXEOLF OLEUDU\ERDUGVRIWUXVWHHVIRUZKLFKVXFKIDFLOLWLHVZHUHFRQVWUXFWHG
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
I *XDUDQWHHG UHYHQXH GHEW E\ JXDUDQWHHLQJ WKH SD\PHQW RI UHYHQXH REOLJDWLRQV LVVXHGE\DQLQVWUXPHQWDOLW\RIWKHVWDWHLIVXFKUHYHQXHREOLJDWLRQVDUHLVVXHGWRILQDQFH
7ROOEULGJHVRUWROOURDGV /DQGSXEOLFWUDQVSRUWDWLRQIDFLOLWLHVRUV\VWHPV :DWHUIDFLOLWLHVRUV\VWHPV 6HZDJHIDFLOLWLHVRUV\VWHPV /RDQVWRDQGORDQSURJUDPVIRUFLWL]HQVRIWKHVWDWHIRUHGXFDWLRQDOSXUSRVHV 5HJLRQDORUPXOWLMXULVGLFWLRQDOVROLGZDVWHUHF\FOLQJRUVROLGZDVWHIDFLOLWLHVRU V\VWHPV



$UWLFOH9,,6HFWLRQ,93DUDJUDSK,
3DUDJUDSK ,, 6WDWH JHQHUDO REOLJDWLRQ GHEW DQG JXDUDQWHHG UHYHQXH GHEW OLPLWDWLRQV
D $V XVHG LQ WKLV 3DUDJUDSK DQG 3DUDJUDSK ,,, RI WKLV VHFWLRQ DQQXDO GHEW VHUYLFHUHTXLUHPHQWVPHDQVWKHWRWDOSULQFLSDODQGLQWHUHVWFRPLQJGXHLQDQ\VWDWHILVFDO \HDU:LWKUHJDUGWRDQ\LVVXHRIGHEWLQFXUUHGZKROO\RULQSDUWRQDWHUPEDVLVDQQXDO GHEW VHUYLFH UHTXLUHPHQWV PHDQV DQ DPRXQW HTXDO WR WKH WRWDO SULQFLSDO DQG LQWHUHVW SD\PHQWVUHTXLUHGWRUHWLUHVXFKLVVXHLQIXOOGLYLGHGE\WKHQXPEHURI\HDUVIURPLWVLVVXH GDWHWRLWVPDWXULW\GDWH
E 1RGHEWPD\EHLQFXUUHGXQGHUVXESDUDJUDSKVF G DQGH RI3DUDJUDSK, RI WKLV VHFWLRQ RU 3DUDJUDSK 9 RI WKLV VHFWLRQ DW DQ\ WLPH ZKHQ WKH KLJKHVW DJJUHJDWH DQQXDO GHEW VHUYLFH UHTXLUHPHQWV IRU WKH WKHQ FXUUHQW \HDU RU DQ\ VXEVHTXHQW \HDU IRU RXWVWDQGLQJJHQHUDOREOLJDWLRQGHEWDQGJXDUDQWHHGUHYHQXHGHEWLQFOXGLQJWKHSURSRVHG GHEW DQG WKH KLJKHVW DJJUHJDWH DQQXDO SD\PHQWV IRU WKH WKHQ FXUUHQW \HDU RU DQ\ VXEVHTXHQWILVFDO\HDURIWKHVWDWHXQGHUDOOFRQWUDFWVWKHQLQIRUFHWRZKLFKWKHSURYLVLRQV RI WKH VHFRQG SDUDJUDSK RI $UWLFOH,; 6HFWLRQ 9, 3DUDJUDSK ,D RI WKH &RQVWLWXWLRQ RI DUH DSSOLFDEOH H[FHHG SHUFHQWRIWKHWRWDOUHYHQXHUHFHLSWVOHVVUHIXQGVRIWKH VWDWHWUHDVXU\LQWKHILVFDO\HDULPPHGLDWHO\SUHFHGLQJWKH\HDULQZKLFKDQ\VXFKGHEWLV WREHLQFXUUHG
F 1RGHEWPD\EHLQFXUUHGXQGHUVXESDUDJUDSKVF DQGG RI3DUDJUDSK,RIWKLV VHFWLRQDWDQ\WLPHZKHQWKHWHUPRIWKHGHEWLVLQH[FHVVRI\HDUV
G 1R JXDUDQWHHG UHYHQXH GHEW PD\ EH LQFXUUHG WR ILQDQFH ZDWHU RU VHZDJH WUHDWPHQW IDFLOLWLHV RU V\VWHPV ZKHQ WKH KLJKHVW DJJUHJDWH DQQXDO GHEW VHUYLFH UHTXLUHPHQWV IRU WKH WKHQ FXUUHQW \HDU RU DQ\ VXEVHTXHQW ILVFDO \HDU RI WKH VWDWH IRU RXWVWDQGLQJRUSURSRVHGJXDUDQWHHGUHYHQXHGHEWIRUZDWHUIDFLOLWLHVRUV\VWHPVRUVHZDJH IDFLOLWLHV RU V\VWHPV H[FHHG SHUFHQW RI WKH WRWDO UHYHQXH UHFHLSWV OHVV UHIXQGV RI WKH VWDWHWUHDVXU\LQWKHILVFDO\HDULPPHGLDWHO\SUHFHGLQJWKH\HDULQZKLFKDQ\VXFKGHEWLV WREHLQFXUUHG
H 7KHDJJUHJDWHDPRXQWRIJXDUDQWHHGUHYHQXHGHEWLQFXUUHGWRPDNHORDQVIRU HGXFDWLRQDO SXUSRVHV WKDW PD\ EH RXWVWDQGLQJ DW DQ\ WLPH VKDOOQRWH[FHHGPLOOLRQ DQGWKHDJJUHJDWHDPRXQWRIJXDUDQWHHGUHYHQXHGHEWLQFXUUHGWRSXUFKDVHRUWROHQGRU GHSRVLWDJDLQVWWKHVHFXULW\RIORDQVIRUHGXFDWLRQDOSXUSRVHVWKDWPD\EHRXWVWDQGLQJDW DQ\WLPHVKDOOQRWH[FHHGPLOOLRQ
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


$UWLFOH9,,6HFWLRQ,93DUDJUDSK,,,
&RQVWLWXWLRQRIVXFKDPRXQWVDVDUHQHFHVVDU\WRSD\GHEWVHUYLFHUHTXLUHPHQWVLQ VXFKILVFDO\HDURQDOOJHQHUDOREOLJDWLRQGHEW
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


$UWLFOH9,,6HFWLRQ,93DUDJUDSK,,,
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


$UWLFOH9,,6HFWLRQ,93DUDJUDSK9
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
3DUDJUDSK9,)DLWKDQGFUHGLWRIVWDWHSOHGJHGGHEWPD\EHYDOLGDWHG7KHIXOO IDLWKFUHGLWDQGWD[LQJSRZHURIWKHVWDWHDUHKHUHE\SOHGJHGWRWKHSD\PHQWRIDOOSXEOLF GHEW LQFXUUHG XQGHU WKLV DUWLFOH DQG DOO VXFK GHEW DQG WKH LQWHUHVW RQ WKH GHEW VKDOO EH H[HPSWIURPWD[DWLRQ6XFKGHEWPD\EHYDOLGDWHGE\MXGLFLDOSURFHHGLQJVLQWKHPDQQHU SURYLGHGE\ODZ6XFKYDOLGDWLRQVKDOOEHLQFRQWHVWDEOHDQGFRQFOXVLYH
3DUDJUDSK 9,, *HRUJLD 6WDWH )LQDQFLQJ DQG ,QYHVWPHQW &RPPLVVLRQ GXWLHV D 7KHUH VKDOO EH D *HRUJLD 6WDWH )LQDQFLQJ DQG ,QYHVWPHQW &RPPLVVLRQ 7KH FRPPLVVLRQVKDOOFRQVLVWRIWKH*RYHUQRUWKH3UHVLGHQWRIWKH6HQDWHWKH6SHDNHURIWKH +RXVH RI 5HSUHVHQWDWLYHV WKH 6WDWH $XGLWRU WKH $WWRUQH\ *HQHUDO WKH GLUHFWRU )LVFDO 'LYLVLRQ 'HSDUWPHQW RI $GPLQLVWUDWLYH 6HUYLFHV RU VXFK RWKHU RIILFHU DV PD\ EH GHVLJQDWHG E\ ODZ DQG WKH &RPPLVVLRQHU RI $JULFXOWXUH 7KH FRPPLVVLRQ VKDOO EH UHVSRQVLEOHIRUWKHLVVXDQFHRIDOOSXEOLFGHEWDQGIRUWKHSURSHUDSSOLFDWLRQDVSURYLGHG E\ ODZ RI WKH SURFHHGV RI VXFK GHEW WR WKH SXUSRVHV IRU ZKLFK LW LV LQFXUUHG SURYLGHG KRZHYHU WKH SURFHHGV IURP JXDUDQWHHG UHYHQXH REOLJDWLRQV VKDOO EH SDLG WR WKH LVVXHU WKHUHRI DQG VXFK SURFHHGV DQG WKH DSSOLFDWLRQ WKHUHRI VKDOO EH WKH UHVSRQVLELOLW\ RI VXFK LVVXHU'HEWWREHLQFXUUHGDWWKHVDPHWLPHIRUPRUHWKDQRQHSXUSRVHPD\EHFRPELQHG LQ RQH LVVXH ZLWKRXW VWDWLQJ WKH SXUSRVH VHSDUDWHO\ EXW WKH SURFHHGV WKHUHRI PXVW EH DOORFDWHGGLVEXUVHGDQGXVHGVROHO\LQDFFRUGDQFHZLWKWKHRULJLQDOSXUSRVHDQGZLWKRXW H[FHHGLQJWKHSULQFLSDODPRXQWDXWKRUL]HGIRUHDFKSXUSRVHVHWIRUWKLQWKHDXWKRUL]DWLRQ RIWKH*HQHUDO$VVHPEO\DQGWRWKHH[WHQW QRWVRXVHGVKDOOEHXVHGWRSXUFKDVHDQGUHWLUH SXEOLFGHEW7KHFRPPLVVLRQVKDOOEHUHVSRQVLEOHIRUWKHLQYHVWPHQWRIDOOSURFHHGVWREH DGPLQLVWHUHG E\ LW DQG DV SURYLGHG E\ ODZ WKH LQFRPH HDUQHG RQ DQ\ VXFK LQYHVWPHQWV PD\ EH XVHG WR SD\RSHUDWLQJH[SHQVHVRIWKHFRPPLVVLRQRUSODFHGLQDFRPPRQGHEW UHWLUHPHQW IXQG DQG XVHG WR SXUFKDVH DQG UHWLUH DQ\ SXEOLF GHEW RU DQ\ ERQGV RU REOLJDWLRQV LVVXHG E\ DQ\ SXEOLF DJHQF\ SXEOLF FRUSRUDWLRQ RU DXWKRULW\ ZKLFK DUH VHFXUHGE\DFRQWUDFWWRZKLFKWKHSURYLVLRQVRIWKHVHFRQGSDUDJUDSKRI3DUDJUDSK,D RI 6HFWLRQ9,$UWLFOH,;RIWKH&RQVWLWXWLRQRIDUHDSSOLFDEOH7KHFRPPLVVLRQVKDOO


$UWLFOH9,,6HFWLRQ,93DUDJUDSK9,,
KDYHVXFKDGGLWLRQDOUHVSRQVLELOLWLHVSRZHUVDQGGXWLHVDVDUHSURYLGHGE\ODZ E 1RWZLWKVWDQGLQJ VXESDUDJUDSK D RI WKLV 3DUDJUDSK SURFHHGV IURP JHQHUDO
REOLJDWLRQ GHEW LVVXHG IRU PDNLQJ ORDQV WR ORFDO JRYHUQPHQW HQWLWLHV IRU ZDWHU RU VHZHUDJHIDFLOLWLHVRUV\VWHPVRUIRUUHJLRQDORUPXOWLMXULVGLFWLRQDOVROLGZDVWHUHF\FOLQJ RU VROLG ZDVWH IDFLOLWLHV RU V\VWHPV DV SURYLGHG LQ 3DUDJUDSK ,H RI WKLV VHFWLRQ VKDOO EH SDLG RU WUDQVIHUUHG WR DQG DGPLQLVWHUHG DQG LQYHVWHG E\ WKH XQLW RIVWDWHJRYHUQPHQWRU VWDWH DXWKRULW\ PDGH UHVSRQVLEOH E\ ODZ IRU VXFK DFWLYLWLHV DQG WKH SURFHHGV DQG LQYHVWPHQWHDUQLQJVWKHUHRIVKDOOEHDSSOLHGDQGGLVEXUVHGE\VXFKXQLWRUDXWKRULW\
3DUDJUDSK9,,,6WDWHDLGIRUELGGHQ ([FHSWDVSURYLGHGLQWKLV&RQVWLWXWLRQWKH FUHGLWRIWKHVWDWHVKDOOQRWEHSOHGJHGRUORDQHGWRDQ\LQGLYLGXDOFRPSDQ\FRUSRUDWLRQ RU DVVRFLDWLRQ 7KH VWDWH VKDOO QRW EHFRPH D MRLQW RZQHU RU VWRFNKROGHU LQ RU ZLWK DQ\ LQGLYLGXDOFRPSDQ\DVVRFLDWLRQRUFRUSRUDWLRQ
3DUDJUDSK,;&RQVWUXFWLRQ3DUDJUDSKV,WKURXJK9,,,RIWKLVVHFWLRQDUHIRUWKH SXUSRVH RI SURYLGLQJ DQ HIIHFWLYH PHWKRG RI ILQDQFLQJ WKH VWDWH
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
3DUDJUDSK ; $VVXPSWLRQ RI GHEWV IRUELGGHQ H[FHSWLRQV 7KH VWDWH VKDOO QRW DVVXPH WKH GHEW RU DQ\ SDUW WKHUHRI RI DQ\ FRXQW\ PXQLFLSDOLW\ RU RWKHU SROLWLFDO VXEGLYLVLRQ RI WKH VWDWH XQOHVV VXFK GHEW EH FRQWUDFWHG WR HQDEOH WKH VWDWH WR UHSHO LQYDVLRQVXSSUHVVFLYLOGLVRUGHUVRULQVXUUHFWLRQRUGHIHQGLWVHOILQWLPHRIZDU
3DUDJUDSK ;, 6HFWLRQ QRW WR XQODZIXOO\ LPSDLU FRQWUDFWV RUUHYLYHREOLJDWLRQV SUHYLRXVO\YRLGHG7KHSURYLVLRQVRIWKLVVHFWLRQVKDOOQRWEHFRQVWUXHGVRDVWR D 8QODZIXOO\LPSDLUWKHREOLJDWLRQRIDQ\FRQWUDFWLQHIIHFWRQ-XQH
E 5HYLYHRUSHUPLWWKHUHYLYDORIWKHREOLJDWLRQRIDQ\ERQGRUVHFXULW\GHFODUHG WREHYRLGE\WKH&RQVWLWXWLRQRIRUDQ\SUHYLRXV&RQVWLWXWLRQRIWKLVVWDWH
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


$UWLFOH9,,6HFWLRQ,93DUDJUDSK;,,,
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
$57,&/(9,,, ('8&$7,21
6(&7,21, 38%/,&('8&$7,21
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
6(&7,21,, 67$7(%2$5'2)('8&$7,21
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
VWHUP WKH *RYHUQRU VKDOO ILOO VXFK YDFDQF\ DQG WKH SHUVRQ VR DSSRLQWHG VKDOO VHUYH XQWLO FRQILUPHG E\ WKH 6HQDWH DQG XSRQ FRQILUPDWLRQ VKDOO VHUYH IRU WKH XQH[SLUHG WHUP RI RIILFH
E 7KH 6WDWH %RDUG RI (GXFDWLRQ VKDOO KDYH VXFK SRZHUV DQG GXWLHV DV SURYLGHG E\ODZ
F 7KH 6WDWH %RDUG RI (GXFDWLRQ PD\ DFFHSW EHTXHVWV GRQDWLRQV JUDQWV DQG WUDQVIHUVRIODQGEXLOGLQJVDQGRWKHUSURSHUW\IRUWKHXVHRIWKHVWDWHHGXFDWLRQDOV\VWHP
G 7KHTXDOLILFDWLRQVFRPSHQVDWLRQDQGUHPRYDOIURPRIILFHRIWKHPHPEHUVRI WKHERDUGRIHGXFDWLRQVKDOOEHDVSURYLGHGE\ODZ


$UWLFOH9,,,6HFWLRQ,,,3DUDJUDSK,
6(&7,21,,, 67$7(6&+22/683(5,17(1'(17
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
6(&7,21,9 %2$5'2)5(*(176
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
V WHUP WKH *RYHUQRU VKDOO ILOO VXFK YDFDQF\ DQG WKH SHUVRQ VR DSSRLQWHG VKDOO VHUYH XQWLO FRQILUPHG E\ WKH 6HQDWH DQG XSRQ FRQILUPDWLRQ VKDOOVHUYHIRUWKHXQH[SLUHGWHUPRIRIILFH
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
F $OODSSURSULDWLRQVPDGHIRUWKHXVHRIDQ\RUDOOLQVWLWXWLRQVLQWKHXQLYHUVLW\ V\VWHPVKDOOEHSDLGWRWKHERDUGRIUHJHQWVLQDOXPSVXPZLWKWKHSRZHUDQGDXWKRULW\ LQVDLG ERDUGWRDOORFDWHDQGGLVWULEXWHWKHVDPHDPRQJWKHLQVWLWXWLRQVXQGHULWVFRQWUROLQ VXFK ZD\ DQG PDQQHU DQG LQ VXFK DPRXQWV DV ZLOO IXUWKHU DQ HIILFLHQW DQG HFRQRPLFDO DGPLQLVWUDWLRQRIWKHXQLYHUVLW\V\VWHP
G 7KH ERDUG RI UHJHQWV PD\ KROG SXUFKDVH OHDVH VHOO FRQYH\ RU RWKHUZLVH GLVSRVHRISXEOLFSURSHUW\H[HFXWHFRQYH\DQFHVWKHUHRQDQGXWLOL]HWKHSURFHHGVDULVLQJ WKHUHIURP PD\ H[HUFLVH WKH SRZHU RI HPLQHQW GRPDLQ LQ WKH PDQQHU SURYLGHG E\ ODZ DQGVKDOOKDYHVXFKRWKHUSRZHUVDQGGXWLHVDVSURYLGHGE\ODZ
H 7KHERDUGRIUHJHQWVPD\DFFHSWEHTXHVWVGRQDWLRQVJUDQWVDQGWUDQVIHUVRI ODQGEXLOGLQJVDQGRWKHUSURSHUW\IRUWKHXVHRIWKH8QLYHUVLW\6\VWHPRI*HRUJLD


$UWLFOH9,,,6HFWLRQ,93DUDJUDSK,
I 7KHTXDOLILFDWLRQVFRPSHQVDWLRQDQGUHPRYDOIURPRIILFHRIWKHPHPEHUVRI WKHERDUGRIUHJHQWVVKDOOEHDVSURYLGHGE\ODZ
6(&7,219 /2&$/6&+22/6<67(06
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
3DUDJUDSK,,,6FKRROVXSHULQWHQGHQWV7KHUHVKDOOEHDVFKRROVXSHULQWHQGHQWRI HDFK V\VWHPDSSRLQWHGE\WKHERDUGRIHGXFDWLRQZKRVKDOOEHWKHH[HFXWLYHRIILFHURIWKH ERDUGRIHGXFDWLRQDQGVKDOOKDYHVXFKTXDOLILFDWLRQVSRZHUVDQGGXWLHVDVSURYLGHGE\ JHQHUDO ODZ $Q\ HOHFWHG VFKRRO VXSHULQWHQGHQW LQ RIILFH RQ -DQXDU\ VKDOO FRQWLQXH WR VHUYH RXW WKH UHPDLQGHU RI KLV RU KHU UHVSHFWLYH WHUP RI RIILFH DQGVKDOOEH UHSODFHGE\DQDSSRLQWHHRIWKHERDUGRIHGXFDWLRQDWWKHH[SLUDWLRQRIVXFKWHUP
3DUDJUDSK,95HVHUYHG
3DUDJUDSK93RZHURIERDUGVWRFRQWUDFWZLWKHDFKRWKHUD $Q\WZRRUPRUH ERDUGV RI HGXFDWLRQ PD\ FRQWUDFW ZLWK HDFK RWKHU IRU WKH FDUH HGXFDWLRQ DQG WUDQVSRUWDWLRQRISXSLOVDQGIRUVXFKRWKHUDFWLYLWLHVDVWKH\PD\EHDXWKRUL]HGE\ODZWR SHUIRUP


$UWLFOH9,,,6HFWLRQ93DUDJUDSK,9
E 7KH *HQHUDO $VVHPEO\ PD\ SURYLGH E\ ODZ IRU WKH VKDULQJ RI IDFLOLWLHV RU VHUYLFHV E\ DQG EHWZHHQ ORFDO ERDUGV RI HGXFDWLRQ XQGHU VXFK MRLQW DGPLQLVWUDWLYH DXWKRULW\DVPD\EHDXWKRUL]HG
3DUDJUDSK 9, 3RZHU RI ERDUGV WR DFFHSW EHTXHVWV GRQDWLRQV JUDQWV DQG WUDQVIHUV 7KHERDUGRIHGXFDWLRQRIHDFKVFKRROV\VWHPPD\DFFHSWEHTXHVWVGRQDWLRQV JUDQWVDQGWUDQVIHUVRIODQGEXLOGLQJVDQGRWKHUSURSHUW\IRUWKHXVHRIVXFKV\VWHP
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
E 1RWKLQJ FRQWDLQHG KHUHLQ VKDOO EH FRQVWUXHG WR DIIHFW WKH DXWKRULW\ RI ORFDO ERDUGVRIHGXFDWLRQRURIWKHVWDWHWRVXSSRUWDQGPDLQWDLQVSHFLDOVFKRROVFUHDWHGSULRUWR -XQH
6(&7,219, /2&$/7$;$7,21)25('8&$7,21
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


$UWLFOH9,,,6HFWLRQ9,3DUDJUDSK,
E 6FKRRO WD[ IXQGV VKDOO EH H[SHQGHG RQO\ IRU WKH VXSSRUW DQG PDLQWHQDQFH RI SXEOLF VFKRROV SXEOLF YRFDWLRQDOWHFKQLFDO VFKRROV SXEOLF HGXFDWLRQ DQG DFWLYLWLHV QHFHVVDU\RULQFLGHQWDOWKHUHWRLQFOXGLQJVFKRROOXQFKSXUSRVHV
F 7KHPLOOOLPLWDWLRQSURYLGHGIRU LQVXESDUDJUDSKD RIWKLV3DUDJUDSKVKDOO QRWDSSO\WRWKRVHVFKRROV\VWHPVZKLFKDUHDXWKRUL]HGRQ-XQHWROHY\DVFKRRO WD[LQH[FHVVWKHUHRI
G 7KH PHWKRG RI FHUWLILFDWLRQ DQG OHY\ RI WKH VFKRRO WD[ SURYLGHG IRU LQ VXESDUDJUDSKD RIWKLV3DUDJUDSKVKDOOQRWDSSO\WRWKRVHV\VWHPVWKDWDUHDXWKRUL]HGRQ -XQHWRXWLOL]HDGLIIHUHQWPHWKRGRIFHUWLILFDWLRQDQGOHY\RIVXFKWD[EXWWKH *HQHUDO$VVHPEO\PD\E\ODZUHTXLUHWKDWVXFKV\VWHPVEHEURXJKWLQWRFRQIRUPLW\ZLWK WKHPHWKRGRIFHUWLILFDWLRQDQGOHY\KHUHLQSURYLGHG
3DUDJUDSK,,,QFUHDVLQJRUUHPRYLQJWD[UDWH 7KHPLOOOLPLWDWLRQLQHIIHFWRQ -XQH IRU DQ\ VFKRRO V\VWHP PD\ EH LQFUHDVHG RU UHPRYHG E\ DFWLRQ RI WKH UHVSHFWLYHERDUGVRIHGXFDWLRQEXWRQO\DIWHUVXFKDFWLRQKDVEHHQDSSURYHGE\DPDMRULW\ RIWKHTXDOLILHGYRWHUVYRWLQJWKHUHRQLQWKHSDUWLFXODUVFKRROV\VWHPWREHDIIHFWHGLQWKH PDQQHUSURYLGHGE\ODZ
3DUDJUDSK,,,6FKRROWD[FROOHFWLRQUHLPEXUVHPHQW 7KH*HQHUDO$VVHPEO\PD\ E\ JHQHUDO ODZ UHTXLUH ORFDO ERDUGV RI HGXFDWLRQ WR UHLPEXUVH WKH DSSURSULDWH JRYHUQLQJ DXWKRULW\ IRU WKH FROOHFWLRQ RI VFKRRO WD[HV SURYLGHG WKDW DQ\ UDWH HVWDEOLVKHG PD\ EH UHGXFHGE\ORFDODFW
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
E 7KHSXUSRVHRUSXUSRVHVIRUZKLFKWKHSURFHHGVRIWKHWD[DUHWREHXVHGDQG PD\EHH[SHQGHGLQFOXGH
&DSLWDORXWOD\SURMHFWVIRUHGXFDWLRQDOSXUSRVHV 7KHUHWLUHPHQWRISUHYLRXVO\LQFXUUHGJHQHUDOREOLJDWLRQGHEWZLWKUHVSHFWRQO\ WR FDSLWDO RXWOD\ SURMHFWV RI WKH VFKRRO V\VWHP SURYLGHG KRZHYHU WKDW WKH WD[ DXWKRUL]HGXQGHUWKLV3DUDJUDSKVKDOORQO\EHH[SHQGHGIRUWKHSXUSRVHDXWKRUL]HG XQGHUWKLVVXESDUDJUDSKE LIDOODGYDORUHPSURSHUW\WD[HVOHYLHGRUVFKHGXOHG


$UWLFOH9,,,6HFWLRQ9,3DUDJUDSK,9
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


$UWLFOH9,,,6HFWLRQ9,3DUDJUDSK,9
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
6(&7,219,, ('8&$7,21$/$66,67$1&(
3DUDJUDSK,(GXFDWLRQDODVVLVWDQFHSURJUDPVDXWKRUL]HGD 3XUVXDQWWRODZV QRZRUKHUHDIWHUHQDFWHGE\WKH*HQHUDO$VVHPEO\SXEOLFIXQGVPD\EHH[SHQGHGIRUDQ\ RIWKHIROORZLQJSXUSRVHV
7RSURYLGHJUDQWVVFKRODUVKLSVORDQVRURWKHUDVVLVWDQFHWRVWXGHQWVDQGWR SDUHQWVRIVWXGHQWVIRUHGXFDWLRQDOSXUSRVHV 7R SURYLGH IRU D SURJUDP RI JXDUDQWHHG ORDQV WR VWXGHQWV DQG WR SDUHQWV RI VWXGHQWVIRUHGXFDWLRQDOSXUSRVHVDQGWRSD\LQWHUHVWLQWHUHVWVXEVLGLHVDQGIHHVWR OHQGHUV RQ VXFK ORDQV 7KH *HQHUDO $VVHPEO\ LV DXWKRUL]HG WR SURYLGH VXFK WD[ H[HPSWLRQV WR OHQGHUV DV VKDOO EH GHHPHG DGYLVDEOH LQ FRQQHFWLRQ ZLWK VXFK SURJUDP 7R PDWFK IXQGV QRZ RU KHUHDIWHU DYDLODEOH IRU VWXGHQW DVVLVWDQFH SXUVXDQW WR DQ\IHGHUDOODZ 7RSURYLGHJUDQWVVFKRODUVKLSVORDQVRURWKHUDVVLVWDQFHWRSXEOLFHPSOR\HHV IRUHGXFDWLRQDOSXUSRVHV 7RSURYLGHIRUWKHSXUFKDVHRIORDQVPDGHWRVWXGHQWVIRUHGXFDWLRQDOSXUSRVHV ZKRKDYHFRPSOHWHGDSURJUDPRIVWXG\LQDILHOGLQZKLFKFULWLFDOVKRUWDJHVH[LVW DQGIRUFDQFHOODWLRQRIUHSD\PHQWRIVXFKORDQVLQWHUHVWDQGFKDUJHVWKHUHRQ E &RQWULEXWLRQV PDGH LQ VXSSRUW RI DQ\ HGXFDWLRQDO DVVLVWDQFH SURJUDP QRZ RU KHUHDIWHUHVWDEOLVKHGXQGHUSURYLVLRQVRIWKLVVHFWLRQPD\EHGHGXFWLEOHIRUVWDWHLQFRPH WD[SXUSRVHVDVQRZRUKHUHDIWHUSURYLGHGE\ODZ F 7KH *HQHUDO $VVHPEO\ VKDOO EH DXWKRUL]HG E\ JHQHUDO ODZ WR SURYLGH IRU DQ HGXFDWLRQWUXVWIXQGWRDVVLVWVWXGHQWVDQGSDUHQWVRIVWXGHQWVLQILQDQFLQJSRVWVHFRQGDU\ HGXFDWLRQ DQG WR SURYLGH IRU FRQWUDFWV EHWZHHQ WKH IXQG DQG SXUFKDVHUV IRU WKH DGYDQFH SD\PHQW RI WXLWLRQ E\ HDFK SXUFKDVHU IRU D TXDOLILHG EHQHILFLDU\ WR DWWHQG D VWDWH LQVWLWXWLRQRIKLJKHUHGXFDWLRQ6XFKJHQHUDOODZVKDOOSURYLGHIRUVXFKWHUPVFRQGLWLRQV DQGOLPLWDWLRQVDVWKH*HQHUDO$VVHPEO\VKDOOGHHPQHFHVVDU\IRUWKHLPSOHPHQWDWLRQRI


$UWLFOH9,,,6HFWLRQ9,,3DUDJUDSK,
WKLVVXESDUDJUDSK1RWZLWKVWDQGLQJDQ\SURYLVLRQRIWKLV&RQVWLWXWLRQWRWKHFRQWUDU\WKH *HQHUDO$VVHPEO\VKDOOEHDXWKRUL]HGWRSURYLGHIRUWKHJXDUDQWHHRIVXFKFRQWUDFWVZLWK VWDWHUHYHQXHV
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
3DUDJUDSK ,,, 3XEOLF DXWKRULWLHV 3XEOLF DXWKRULWLHV RU SXEOLF FRUSRUDWLRQV KHUHWRIRUH RU KHUHDIWHU FUHDWHG IRU VXFK SXUSRVHV VKDOO EH DXWKRUL]HG WR DGPLQLVWHU HGXFDWLRQDODVVLVWDQFHSURJUDPVDQGLQFRQQHFWLRQWKHUHZLWKPD\H[HUFLVHVXFKSRZHUV DVPD\QRZRUKHUHDIWHUEHSURYLGHGE\ODZ
3DUDJUDSK,9:DLYHURIWXLWLRQ7KH%RDUGRI5HJHQWVRIWKH8QLYHUVLW\6\VWHP RI *HRUJLD VKDOO EH DXWKRUL]HG WR HVWDEOLVK SURJUDPV DOORZLQJ DWWHQGDQFH DW XQLWV RI WKH 8QLYHUVLW\ 6\VWHP RI *HRUJLDZLWKRXWSD\PHQWRIWXLWLRQRURWKHUIHHVEXWWKH*HQHUDO $VVHPEO\PD\SURYLGHE\ODZIRUWKHHVWDEOLVKPHQWRIDQ\VXFKSURJUDPIRUWKHEHQHILW RIHOGHUO\FLWL]HQVRIWKHVWDWH
$57,&/(,; &2817,(6$1'081,&,3$/&25325$7,216
6(&7,21, &2817,(6
3DUDJUDSK,&RXQWLHVDERG\FRUSRUDWHDQGSROLWLF(DFKFRXQW\VKDOOEHDERG\ FRUSRUDWHDQGSROLWLFZLWKVXFKJRYHUQLQJDXWKRULW\DQGZLWKVXFKSRZHUVDQGOLPLWDWLRQV DVDUHSURYLGHGLQWKLV&RQVWLWXWLRQDQGDVSURYLGHGE\ODZ7KHJRYHUQLQJDXWKRULWLHVRI WKH VHYHUDO FRXQWLHV VKDOO UHPDLQ DV SUHVFULEHG E\ ODZ RQ -XQH XQWLO RWKHUZLVH SURYLGHGE\ODZ
3DUDJUDSK,,1XPEHURIFRXQWLHVOLPLWHGFRXQW\ERXQGDULHVDQG FRXQW\VLWHV FRXQW\FRQVROLGDWLRQD 7KHUHVKDOOQRWEHPRUHWKDQFRXQWLHVLQWKLVVWDWH
E 7KHPHWHVDQGERXQGVRIWKHVHYHUDOFRXQWLHVDQGWKHFRXQW\VLWHVVKDOOUHPDLQ DV SUHVFULEHG E\ ODZ RQ -XQH XQOHVV FKDQJHG XQGHU WKH RSHUDWLRQ RI D JHQHUDO ODZ
F 7KH *HQHUDO $VVHPEO\ PD\ SURYLGH E\ ODZ IRU WKH FRQVROLGDWLRQ RI WZR RU PRUHFRXQWLHVLQWRRQHRUWKHGLYLVLRQRIDFRXQW\DQGWKHPHUJHURISRUWLRQVWKHUHRILQWR RWKHU FRXQWLHV XQGHU VXFK WHUPV DQG FRQGLWLRQV DV LW PD\ SUHVFULEH EXW QR VXFK FRQVROLGDWLRQGLYLVLRQRUPHUJHUVKDOOEHFRPHHIIHFWLYHXQOHVVDSSURYHGE\DPDMRULW\RI WKH TXDOLILHG YRWHUV YRWLQJ WKHUHRQ LQHDFKRIWKHFRXQWLHVSURSRVHGWREHFRQVROLGDWHG GLYLGHGRUPHUJHG


$UWLFOH,;6HFWLRQ,3DUDJUDSK,,
3DUDJUDSK,,,&RXQW\RIILFHUVHOHFWLRQWHUPFRPSHQVDWLRQ D 7KHFOHUNRI WKHVXSHULRUFRXUWMXGJHRIWKHSUREDWHFRXUWVKHULIIWD[UHFHLYHUWD[FROOHFWRUDQGWD[ FRPPLVVLRQHUZKHUHVXFKRIILFHKDVUHSODFHGWKHWD[UHFHLYHUDQGWD[FROOHFWRUVKDOOEH HOHFWHG E\ WKH TXDOLILHG YRWHUV RI WKHLU UHVSHFWLYH FRXQWLHV IRU WHUPV RI IRXU \HDUV DQG VKDOOKDYHVXFKTXDOLILFDWLRQVSRZHUVDQGGXWLHVDVSURYLGHGE\JHQHUDOODZ
E &RXQW\ RIILFHUV OLVWHG LQ VXESDUDJUDSK D RI WKLV 3DUDJUDSK PD\ EH RQ D IHH EDVLVVDODU\EDVLVRUIHHEDVLVVXSSOHPHQWHGE\VDODU\LQVXFKPDQQHUDVPD\EHGLUHFWHG E\ ODZ 0LQLPXP FRPSHQVDWLRQ IRU VDLG FRXQW\ RIILFHUV PD\ EH HVWDEOLVKHG E\ WKH *HQHUDO $VVHPEO\ E\ JHQHUDO ODZ 6XFK PLQLPXP FRPSHQVDWLRQ PD\ EH VXSSOHPHQWHG E\ ORFDO ODZ RU LI VXFK DXWKRULW\ LV GHOHJDWHG E\ ORFDO ODZ E\ DFWLRQ RI WKH FRXQW\ JRYHUQLQJDXWKRULW\
F 7KH *HQHUDO $VVHPEO\ PD\ FRQVROLGDWH WKH RIILFHV RI WD[ UHFHLYHU DQG WD[ FROOHFWRULQWRWKHRIILFHRIWD[FRPPLVVLRQHU
3DUDJUDSK,9&LYLOVHUYLFHV\VWHPV7KH*HQHUDO$VVHPEO\PD\E\JHQHUDOODZ DXWKRUL]H WKH HVWDEOLVKPHQW E\ FRXQW\ JRYHUQLQJ DXWKRULWLHV RI FLYLO VHUYLFH V\VWHPV FRYHULQJ FRXQW\ HPSOR\HHV RU FRYHULQJ FRXQW\ HPSOR\HHV DQG HPSOR\HHV RI WKH HOHFWHG FRXQW\RIILFHUV
6(&7,21,, +20(58/()25&2817,(6$1'081,&,3$/,7,(6
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
E ([FHSW DV SURYLGHG LQ VXESDUDJUDSK F D FRXQW\ PD\ DV DQ LQFLGHQW RI LWV KRPHUXOHSRZHUDPHQGRUUHSHDOWKHORFDODFWVDSSOLFDEOHWRLWVJRYHUQLQJDXWKRULW\E\ IROORZLQJHLWKHURIWKHSURFHGXUHVKHUHLQDIWHUVHWIRUWK
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


$UWLFOH,;6HFWLRQ,,3DUDJUDSK,
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


$UWLFOH,;6HFWLRQ,,3DUDJUDSK,
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



$UWLFOH,;6HFWLRQ,,3DUDJUDSK,,
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


$UWLFOH,;6HFWLRQ,,3DUDJUDSK,,,
G ([FHSW DV RWKHUZLVH SURYLGHG LQ VXESDUDJUDSK E RI WKLV 3DUDJUDSK WKH *HQHUDO $VVHPEO\ VKDOO DFW XSRQ WKH VXEMHFW PDWWHUV OLVWHG LQ VXESDUDJUDSK D RI WKLV 3DUDJUDSKRQO\E\JHQHUDOODZ
3DUDJUDSK,93ODQQLQJDQG]RQLQJ 7KHJRYHUQLQJDXWKRULW\RIHDFKFRXQW\DQG RI HDFK PXQLFLSDOLW\ PD\ DGRSW SODQV DQG PD\ H[HUFLVH WKH SRZHU RI ]RQLQJ 7KLV DXWKRUL]DWLRQ VKDOO QRW SURKLELW WKH *HQHUDO $VVHPEO\ IURP HQDFWLQJ JHQHUDO ODZV HVWDEOLVKLQJSURFHGXUHVIRUWKHH[HUFLVHRIVXFKSRZHU
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
3DUDJUDSK9,6SHFLDOGLVWULFWV$VKHUHLQDIWHUSURYLGHGLQWKLV3DUDJUDSKVSHFLDO GLVWULFWV PD\ EH FUHDWHG IRU WKH SURYLVLRQ RI ORFDO JRYHUQPHQW VHUYLFHV ZLWKLQ VXFK GLVWULFWV DQG IHHV DVVHVVPHQWV DQG WD[HV PD\ EH OHYLHG DQG FROOHFWHG ZLWKLQ VXFK GLVWULFWV WR SD\ ZKROO\ RU SDUWLDOO\ WKH FRVW RI SURYLGLQJ VXFK VHUYLFHV WKHUHLQ DQG WR FRQVWUXFWDQGPDLQWDLQIDFLOLWLHVWKHUHIRU6XFKVSHFLDOGLVWULFWVPD\EHFUHDWHGDQGIHHV DVVHVVPHQWV RU WD[HV PD\ EH OHYLHG DQG FROOHFWHG WKHUHLQ E\ DQ\ RQH RU PRUH RI WKH IROORZLQJPHWKRGV D %\JHQHUDOODZZKLFKGLUHFWO\FUHDWHVWKHGLVWULFWV E %\ JHQHUDO ODZ ZKLFK UHTXLUHV WKH FUHDWLRQ RI GLVWULFWV XQGHU FRQGLWLRQV VSHFLILHGE\VXFKJHQHUDOODZ F %\ PXQLFLSDO RU FRXQW\ RUGLQDQFH RU UHVROXWLRQ H[FHSW WKDW QR VXFK RUGLQDQFH RU UHVROXWLRQ PD\ VXSHUVHGH D ODZ HQDFWHG E\ WKH *HQHUDO $VVHPEO\ SXUVXDQW WRVXESDUDJUDSKVD RUE RIWKLV3DUDJUDSK
3DUDJUDSK9,,&RPPXQLW\UHGHYHORSPHQWD (DFKFRQGHPQDWLRQRISULYDWHO\ KHOG SURSHUW\ IRU UHGHYHORSPHQW SXUSRVHV PXVW EH DSSURYHG E\ YRWH RI WKH HOHFWHG JRYHUQLQJDXWKRULW\RIWKHFLW\ZLWKLQZKLFKWKHSURSHUW\LVORFDWHGLIDQ\RURWKHUZLVH E\WKHJRYHUQLQJDXWKRULW\RIWKHFRXQW\ZLWKLQZKLFKWKHSURSHUW\LVORFDWHG7KHSRZHU RIHPLQHQWGRPDLQVKDOOQRWEHXVHGIRUUHGHYHORSPHQWSXUSRVHVE\DQ\HQWLW\H[FHSWIRU SXEOLFXVHDVGHILQHGE\JHQHUDOODZ
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


$UWLFOH,;6HFWLRQ,,3DUDJUDSK9,,
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


$UWLFOH,;6HFWLRQ,,3DUDJUDSK9,,
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


$UWLFOH,;6HFWLRQ,, 3DUDJUDSK9,,,
3DUDJUDSK 9,,, /LPLWDWLRQ RQ WKH WD[LQJSRZHUDQGFRQWULEXWLRQVRIFRXQWLHV PXQLFLSDOLWLHVDQGSROLWLFDOVXEGLYLVLRQV 7KH*HQHUDO$VVHPEO\VKDOOQRWDXWKRUL]HDQ\ FRXQW\ PXQLFLSDOLW\ RU RWKHU SROLWLFDO VXEGLYLVLRQ RI WKLV VWDWH WKURXJK WD[DWLRQ FRQWULEXWLRQRURWKHUZLVHWRDSSURSULDWHPRQH\IRURUWROHQGLWVFUHGLWWRDQ\SHUVRQRU WRDQ\QRQSXEOLFFRUSRUDWLRQRUDVVRFLDWLRQH[FHSWIRUSXUHO\FKDULWDEOHSXUSRVHV
3DUDJUDSK ,; ,PPXQLW\ RI FRXQWLHV PXQLFLSDOLWLHV DQG VFKRRO GLVWULFWV 7KH *HQHUDO $VVHPEO\ PD\ ZDLYH WKH LPPXQLW\ RI FRXQWLHV PXQLFLSDOLWLHV DQG VFKRRO GLVWULFWVE\ODZ
6(&7,21,,, ,17(5*29(510(17$/5(/$7,216
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
E 6XEMHFW WR VXFK OLPLWDWLRQV DV PD\ EH SURYLGHG E\ JHQHUDO ODZ DQ\ FRXQW\ PXQLFLSDOLW\ RU SROLWLFDO VXEGLYLVLRQ WKHUHRI PD\ LQ FRQQHFWLRQ ZLWK DQ\ FRQWUDFWV DXWKRUL]HGLQWKLV3DUDJUDSKFRQYH\DQ\H[LVWLQJIDFLOLWLHVRUHTXLSPHQWWRWKHVWDWHRUWR DQ\SXEOLFDJHQF\SXEOLFFRUSRUDWLRQRUSXEOLFDXWKRULW\
F $Q\FRXQW\PXQLFLSDOLW\RUDQ\FRPELQDWLRQWKHUHRIPD\FRQWUDFWZLWKDQ\ SXEOLF DJHQF\ SXEOLF FRUSRUDWLRQ RU SXEOLF DXWKRULW\ IRU WKH FDUH PDLQWHQDQFH DQG KRVSLWDOL]DWLRQRILWVLQGLJHQWVLFNDQGPD\DVDSDUWRIVXFKFRQWUDFWDJUHHWRSD\IRUWKH FRVW RI DFTXLVLWLRQ FRQVWUXFWLRQ PRGHUQL]DWLRQ RU UHSDLUV RI QHFHVVDU\ ODQGEXLOGLQJV DQG IDFLOLWLHV E\ VXFK SXEOLF DJHQF\ SXEOLF FRUSRUDWLRQ RU SXEOLF DXWKRULW\ DQG SURYLGH IRUWKHSD\PHQWRIVXFKVHUYLFHVDQGWKHFRVWWRVXFKSXEOLFDJHQF\SXEOLFFRUSRUDWLRQRU SXEOLF DXWKRULW\ RI DFTXLVLWLRQ FRQVWUXFWLRQ PRGHUQL]DWLRQ RU UHSDLU RI ODQG EXLOGLQJV DQG IDFLOLWLHV IURP UHYHQXHV UHDOL]HG E\ VXFK FRXQW\ PXQLFLSDOLW\ RU DQ\ FRPELQDWLRQ WKHUHRIIURPDQ\WD[HVDXWKRUL]HGE\WKLV&RQVWLWXWLRQ RUUHYHQXHVGHULYHGIURPDQ\RWKHU VRXUFH
3DUDJUDSK,,/RFDOJRYHUQPHQWUHRUJDQL]DWLRQD 7KH*HQHUDO$VVHPEO\PD\ SURYLGHE\ODZIRUDQ\PDWWHUVQHFHVVDU\RUFRQYHQLHQWWRDXWKRUL]HWKHFRQVROLGDWLRQRI WKH JRYHUQPHQWDO DQG FRUSRUDWH SRZHUV DQG IXQFWLRQV YHVWHG LQ PXQLFLSDOLWLHV ZLWK WKH JRYHUQPHQWDODQGFRUSRUDWHSRZHUVDQGIXQFWLRQVYHVWHGLQDFRXQW\RUFRXQWLHVLQZKLFK VXFK PXQLFLSDOLWLHV DUH ORFDWHG SURYLGHG KRZHYHU WKDW QR VXFK FRQVROLGDWLRQ VKDOO


$UWLFOH,;6HFWLRQ,,,3DUDJUDSK,,
EHFRPH HIIHFWLYH XQOHVV VHSDUDWHO\ DSSURYHG E\ D PDMRULW\ RI WKH TXDOLILHG YRWHUV RI WKH FRXQW\ RU HDFK RI WKH FRXQWLHV DQG RI WKH PXQLFLSDOLW\ RU HDFK RI WKH PXQLFLSDOLWLHV ORFDWHGZLWKLQVXFKFRXQW\RUFRXQWLHVFRQWDLQLQJDWOHDVWSHUFHQWRIWKHSRSXODWLRQRI WKHFRXQW\LQZKLFKORFDWHGYRWLQJWKHUHRQLQVXFKPDQQHUDVPD\EHSUHVFULEHGLQVXFK ODZ6XFKODZPD\SURYLGHSURFHGXUHVDQGUHTXLUHPHQWVIRUWKHHVWDEOLVKPHQWRIFKDUWHU FRPPLVVLRQVWRGUDIWSURSRVHGFKDUWHUVIRUWKHFRQVROLGDWHGJRYHUQPHQWDQGWKH*HQHUDO $VVHPEO\LVH[SUHVVO\DXWKRUL]HGWRGHOHJDWHLWVSRZHUVWRVXFKFKDUWHUFRPPLVVLRQVIRU VXFKSXUSRVHVVRWKDWWKHJRYHUQPHQWDOFRQVROLGDWLRQSURSRVHGE\DFKDUWHUFRPPLVVLRQ PD\EHFRPHHIIHFWLYHZLWKRXWWKHQHFHVVLW\RIIXUWKHUDFWLRQE\WKH*HQHUDO$VVHPEO\RU VXFK ODZ PD\ UHTXLUH WKDW WKH UHFRPPHQGDWLRQ RI DQ\ VXFK FKDUWHU FRPPLVVLRQ EH LPSOHPHQWHGE\DVXEVHTXHQWORFDOODZ
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
F 1RWKLQJ LQ WKLV 3DUDJUDSK VKDOO EH FRQVWUXHG WR OLPLW WKH DXWKRULW\ RI WKH *HQHUDO$VVHPEO\WRUHSHDOPXQLFLSDOFKDUWHUVZLWKRXWDUHIHUHQGXP
6(&7,21,9 7$;$7,2132:(52)&2817< $1'081,&,3$/*29(510(176
3DUDJUDSK , 3RZHU RI WD[DWLRQ D ([FHSW DV RWKHUZLVH SURYLGHG LQ WKLV 3DUDJUDSK WKH JRYHUQLQJ DXWKRULW\ RI DQ\ FRXQW\ PXQLFLSDOLW\ RU FRPELQDWLRQ WKHUHRI PD\H[HUFLVHWKHSRZHURIWD[DWLRQDVDXWKRUL]HGE\WKLV&RQVWLWXWLRQRUE\JHQHUDOODZ E ,QWKHDEVHQFHRIDJHQHUDOODZ
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


$UWLFOH,;6HFWLRQ,93DUDJUDSK,
PLOODJH UDWH IRU ERWK VXFK SXUSRVHV LQ FRQQHFWLRQ ZLWK LPSRVLQJ RU DXWKRUL]LQJ WKH LPSRVLWLRQ RI WKH WD[ DXWKRUL]HG KHUHLQ RU LQ FRQQHFWLRQ ZLWK SURYLGLQJ IRU WKH GLVWULEXWLRQRIWKHSURFHHGVGHULYHGIURPWKHWD[DXWKRUL]HGKHUHLQ
3DUDJUDSK ,, 3RZHU RI H[SHQGLWXUH 7KH JRYHUQLQJ DXWKRULW\ RI DQ\ FRXQW\ PXQLFLSDOLW\ RU FRPELQDWLRQ WKHUHRI PD\ H[SHQG SXEOLF IXQGV WR SHUIRUP DQ\ SXEOLF VHUYLFHRUSXEOLFIXQFWLRQDVDXWKRUL]HGE\WKLV&RQVWLWXWLRQRUE\ODZRUWRSHUIRUPDQ\ RWKHUVHUYLFHRUIXQFWLRQDVDXWKRUL]HGE\WKLV&RQVWLWXWLRQRUE\JHQHUDOODZ
3DUDJUDSK,,,3XUSRVHVRIWD[DWLRQDOORFDWLRQRIWD[HV1ROHY\QHHGVWDWHWKH SDUWLFXODU SXUSRVHV IRU ZKLFK WKH VDPH ZDV PDGH QRU VKDOO DQ\ WD[HV FROOHFWHG EH DOORFDWHGIRUDQ\SDUWLFXODUSXUSRVHXQOHVVRWKHUZLVHSURYLGHGE\WKLV&RQVWLWXWLRQRUE\ ODZ
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


$UWLFOH,;6HFWLRQ93DUDJUDSK,
6(&7,219 /,0,7$7,2121/2&$/'(%7
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
E 1RWZLWKVWDQGLQJ VXESDUDJUDSK D RI WKLV 3DUDJUDSK DOO ORFDO VFKRRO V\VWHPV ZKLFKDUHDXWKRUL]HGE\ODZRQ-XQHWRLQFXUGHEWLQH[FHVVRISHUFHQWRIWKH DVVHVVHGYDOXHRIDOOWD[DEOHSURSHUW\WKHUHLQVKDOOFRQWLQXHWREHDXWKRUL]HGWRLQFXUVXFK GHEW
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


$UWLFOH,;6HFWLRQ93DUDJUDSK,,,
3DUDJUDSK , RI WKLV VHFWLRQ EXW WKH UHIXQGLQJ LVVXH VKDOO FRQVWLWXWH D GHEW VXFK DV ZLOO FRXQWDJDLQVWWKHOLPLWDWLRQRQGHEWPHDVXUHGE\SHUFHQWRIDVVHVVHGYDOXHRIWD[DEOH SURSHUW\DVH[SUHVVHGLQ3DUDJUDSK,RIWKLVVHFWLRQ
3DUDJUDSK ,9 ([FHSWLRQV WR GHEW OLPLWDWLRQV 1RWZLWKVWDQGLQJ WKH GHEW OLPLWDWLRQV SURYLGHG LQ 3DUDJUDSK , RI WKLV VHFWLRQ DQG ZLWKRXW WKH QHFHVVLW\ IRU D UHIHUHQGXP EHLQJ KHOG WKHUHIRU WKH JRYHUQLQJ DXWKRULW\ RI DQ\FRXQW\ PXQLFLSDOLW\RU RWKHU SROLWLFDO VXEGLYLVLRQ RI WKLV VWDWH PD\ VXEMHFW WR WKH FRQGLWLRQV DQG OLPLWDWLRQV DV PD\EHSURYLGHGE\JHQHUDOODZ
$FFHSWDQGXVHIXQGVJUDQWHGE\DQGREWDLQORDQVIURPWKHIHGHUDOJRYHUQPHQW RUDQ\DJHQF\WKHUHRISXUVXDQWWRFRQGLWLRQVLPSRVHGE\IHGHUDOODZ
,QFXUGHEWE\ZD\RIERUURZLQJIURPDQ\SHUVRQFRUSRUDWLRQRUDVVRFLDWLRQ DV ZHOO DV IURP WKH VWDWH WR SD\ LQ ZKROH RU LQ SDUW WKH FRVW RI SURSHUW\ YDOXDWLRQ DQG HTXDOL]DWLRQSURJUDPVIRUDGYDORUHPWD[SXUSRVHV
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
3DUDJUDSK 9,, 9DOLGLW\ RI SULRU ERQG LVVXHV $Q\ DQG DOO ERQG LVVXHV YDOLGDWHG DQGLVVXHGSULRUWR-XQHVKDOOFRQWLQXHWREHYDOLG
6(&7,219, 5(9(18(%21'6
3DUDJUDSK,5HYHQXHERQGVJHQHUDOOLPLWDWLRQV $Q\FRXQW\PXQLFLSDOLW\RU RWKHU SROLWLFDO VXEGLYLVLRQ RI WKLV VWDWH PD\ LVVXH UHYHQXH ERQGV DV SURYLGHG E\ JHQHUDO ODZ 7KH REOLJDWLRQ UHSUHVHQWHG E\ UHYHQXH ERQGV VKDOO EH UHSD\DEOH RQO\ RXW RI WKH


$UWLFOH,;6HFWLRQ9,3DUDJUDSK,
UHYHQXH GHULYHG IURP WKH SURMHFW DQG VKDOO QRW EH GHHPHG WR EH D GHEW RI WKH LVVXLQJ SROLWLFDO VXEGLYLVLRQ 1R VXFK LVVXLQJ SROLWLFDO VXEGLYLVLRQ VKDOO H[HUFLVH WKH SRZHU RI WD[DWLRQIRUWKHSXUSRVHRISD\LQJDQ\SDUWRIWKHSULQFLSDORULQWHUHVWRIDQ\VXFKUHYHQXH ERQGV
3DUDJUDSK ,, 5HYHQXH ERQGV VSHFLDO OLPLWDWLRQV :KHUH UHYHQXH ERQGV DUH LVVXHGE\DQ\FRXQW\PXQLFLSDOLW\RURWKHUSROLWLFDOVXEGLYLVLRQRIWKLVVWDWHLQRUGHUWR EX\ FRQVWUXFW H[WHQG RSHUDWH RU PDLQWDLQ JDV RU HOHFWULF JHQHUDWLQJ RU GLVWULEXWLRQ V\VWHPV DQG QHFHVVDU\ DSSXUWHQDQFHV WKHUHRI DQG WKH JDV RU HOHFWULF JHQHUDWLQJ RU GLVWULEXWLRQ V\VWHP H[WHQGV EH\RQG WKH OLPLWV RI WKH FRXQW\ LQ ZKLFK WKH PXQLFLSDOLW\ RU RWKHU SROLWLFDO VXEGLYLVLRQ LV ORFDWHG WKHQ LWV VHUYLFHV UHQGHUHG DQG SURSHUW\ ORFDWHG RXWVLGHVDLGFRXQW\VKDOOEHVXEMHFWWRWD[DWLRQDQGUHJXODWLRQLQWKHVDPHPDQQHUDVDUH SULYDWHO\RZQHGDQGRSHUDWHGXWLOLWLHV
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
3DUDJUDSK,99DOLGDWLRQ 7KH*HQHUDO$VVHPEO\VKDOOSURYLGHIRUWKHYDOLGDWLRQ RIDQ\UHYHQXHERQGVDXWKRUL]HGDQGVKDOOSURYLGHWKDWVXFKYDOLGDWLRQVKDOOWKHUHDIWHUEH LQFRQWHVWDEOHDQGFRQFOXVLYH
3DUDJUDSK 9 9DOLGLW\ RI SULRU UHYHQXH ERQG LVVXHV $OO UHYHQXH ERQGV LVVXHG DQGYDOLGDWHGSULRUWR-XQHVKDOOFRQWLQXHWREHYDOLG
6(&7,219,, &20081,7<,03529(0(17',675,&76
3DUDJUDSK , &UHDWLRQ 7KH *HQHUDO $VVHPEO\ PD\ E\ ORFDO ODZ FUHDWH RQH RU PRUHFRPPXQLW\LPSURYHPHQWGLVWULFWVIRUDQ\FRXQW\RUPXQLFLSDOLW\RUSURYLGHIRUWKH FUHDWLRQRIRQHRUPRUHFRPPXQLW\LPSURYHPHQWGLVWULFWVE\DQ\FRXQW\RUPXQLFLSDOLW\
3DUDJUDSK,,3XUSRVHV 7KHSXUSRVHRIDFRPPXQLW\LPSURYHPHQWGLVWULFWVKDOO EHWKHSURYLVLRQRIDQ\RQHRUPRUHRIWKHIROORZLQJJRYHUQPHQWDOVHUYLFHVDQGIDFLOLWLHV
6WUHHW DQG URDG FRQVWUXFWLRQ DQG PDLQWHQDQFH LQFOXGLQJ FXUEV VLGHZDONV VWUHHWOLJKWVDQGGHYLFHVWRFRQWUROWKHIORZRIWUDIILFRQVWUHHWVDQGURDGV 3DUNVDQGUHFUHDWLRQDODUHDVDQGIDFLOLWLHV 6WRUPZDWHUDQGVHZDJHFROOHFWLRQDQGGLVSRVDOV\VWHPV 'HYHORSPHQWVWRUDJHWUHDWPHQWSXULILFDWLRQDQGGLVWULEXWLRQRIZDWHU


$UWLFOH,;6HFWLRQ9,,3DUDJUDSK,,
3XEOLFWUDQVSRUWDWLRQ 7HUPLQDODQGGRFNIDFLOLWLHVDQGSDUNLQJIDFLOLWLHV 6XFKRWKHUVHUYLFHVDQGIDFLOLWLHVDVPD\EHSURYLGHGIRUE\JHQHUDOODZ
3DUDJUDSK,,,$GPLQLVWUDWLRQD $Q\ODZFUHDWLQJRUSURYLGLQJIRUWKHFUHDWLRQ RI D FRPPXQLW\ LPSURYHPHQW GLVWULFW VKDOO GHVLJQDWH WKH JRYHUQLQJ DXWKRULW\ RI WKH PXQLFLSDOLW\ RU FRXQW\ IRU ZKLFK WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW LV FUHDWHG DV WKH DGPLQLVWUDWLYH ERG\ RU RWKHUZLVH VKDOO SURYLGH IRU WKH HVWDEOLVKPHQW DQG PHPEHUVKLS RI DQ DGPLQLVWUDWLYH ERG\ IRU WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW $Q\ VXFK ODZ FUHDWLQJ RU SURYLGLQJ IRU WKH FUHDWLRQ RI DQ DGPLQLVWUDWLYH ERG\ IRU WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW RWKHU WKDQ WKH PXQLFLSDO RU FRXQW\ JRYHUQLQJ DXWKRULW\ VKDOO SURYLGH IRU UHSUHVHQWDWLRQ RI WKH JRYHUQLQJ DXWKRULW\RIHDFKFRXQW\DQGPXQLFLSDOLW\ZLWKLQZKLFK WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW LVZKROO\RUSDUWLDOO\ORFDWHGRQWKHDGPLQLVWUDWLYH ERG\RIWKHFRPPXQLW\LPSURYHPHQWGLVWULFW
E $Q\ ODZ FUHDWLQJ RU SURYLGLQJ IRU WKH FUHDWLRQ RI D FRPPXQLW\ LPSURYHPHQW GLVWULFW VKDOO SURYLGH WKDW WKH FUHDWLRQ RI WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW VKDOO EH FRQGLWLRQHGXSRQ
7KH DGRSWLRQ RI D UHVROXWLRQ FRQVHQWLQJ WR WKH FUHDWLRQ RI WKH FRPPXQLW\ LPSURYHPHQWGLVWULFWE\
$ 7KHJRYHUQLQJDXWKRULW\RIWKHFRXQW\LIWKHFRPPXQLW\LPSURYHPHQW GLVWULFWLVORFDWHGZKROO\ZLWKLQWKHXQLQFRUSRUDWHGDUHDRIDFRXQW\ % 7KH JRYHUQLQJ DXWKRULW\ RI WKH PXQLFLSDOLW\ LI WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW LV ORFDWHG ZKROO\ ZLWKLQ WKH LQFRUSRUDWHG DUHD RI D PXQLFLSDOLW\RU & 7KH JRYHUQLQJ DXWKRULWLHV RI WKH FRXQW\ DQG WKH PXQLFLSDOLW\ LI WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW LV ORFDWHG SDUWLDOO\ ZLWKLQ WKH XQLQFRUSRUDWHGDUHDRIDFRXQW\DQGSDUWLDOO\ZLWKLQWKHLQFRUSRUDWHGDUHDRI DPXQLFLSDOLW\DQG :ULWWHQFRQVHQWWRWKHFUHDWLRQRIWKHFRPPXQLW\LPSURYHPHQWGLVWULFWE\ $ $ PDMRULW\ RI WKH RZQHUV RI UHDO SURSHUW\ ZLWKLQ WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW ZKLFK ZLOO EH VXEMHFW WR WD[HV IHHV DQG DVVHVVPHQWV OHYLHG E\ WKH DGPLQLVWUDWLYH ERG\ RI WKH FRPPXQLW\ LPSURYHPHQWGLVWULFW DQG % 7KH RZQHUV RI UHDO SURSHUW\ ZLWKLQ WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW ZKLFK FRQVWLWXWHV DW OHDVW SHUFHQW E\ YDOXH RI DOO UHDO SURSHUW\ ZLWKLQ WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW ZKLFK ZLOO EH VXEMHFW WR WD[HV IHHV DQG DVVHVVPHQWV OHYLHG E\ WKH DGPLQLVWUDWLYH ERG\ RI WKH FRPPXQLW\ LPSURYHPHQWGLVWULFWDQGIRUWKLVSXUSRVHYDOXHVKDOOEHGHWHUPLQHGE\WKH PRVWUHFHQWDSSURYHGFRXQW\DGYDORUHPWD[GLJHVW F 7KH DGPLQLVWUDWLYH ERG\ RI HDFK FRPPXQLW\ LPSURYHPHQW GLVWULFW PD\ EH DXWKRUL]HG WR OHY\ WD[HV IHHV DQG DVVHVVPHQWV ZLWKLQ WKH FRPPXQLW\ LPSURYHPHQW GLVWULFW RQO\ RQ UHDO SURSHUW\ XVHG QRQUHVLGHQWLDOO\ VSHFLILFDOO\ H[FOXGLQJ DOO SURSHUW\ XVHGIRUUHVLGHQWLDODJULFXOWXUDORUIRUHVWU\SXUSRVHVDQGVSHFLILFDOO\H[FOXGLQJWDQJLEOH SHUVRQDOSURSHUW\DQGLQWDQJLEOHSURSHUW\$Q\ WD[IHHRUDVVHVVPHQWVROHYLHGVKDOOQRW H[FHHG SHUFHQWRIWKHDVVHVVHGYDOXHRIWKHUHDOSURSHUW\RUVXFKORZHUOLPLWDVPD\


$UWLFOH,; 6HFWLRQ9,,3DUDJUDSK,,,
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
3DUDJUDSK ,9 'HEW 7KH DGPLQLVWUDWLYH ERG\ RI D FRPPXQLW\ LPSURYHPHQW GLVWULFW PD\ LQFXU GHEW DV DXWKRUL]HG E\ ODZ ZLWKRXW UHJDUG WR WKH UHTXLUHPHQWV RI 6HFWLRQ9RIWKLV$UWLFOHZKLFKGHEWVKDOOEHEDFNHGE\WKHIXOOIDLWKFUHGLWDQGWD[LQJ SRZHURIWKHFRPPXQLW\LPSURYHPHQWGLVWULFWEXWVKDOOQRWEHDQREOLJDWLRQRIWKH6WDWH RI *HRUJLD RU DQ\ RWKHU XQLW RI JRYHUQPHQW RI WKH 6WDWH RI *HRUJLD RWKHU WKDQ WKH FRPPXQLW\LPSURYHPHQWGLVWULFW
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
3DUDJUDSK9,5HJXODWLRQE\JHQHUDOODZ7KH*HQHUDO$VVHPEO\E\JHQHUDOODZ PD\UHJXODWHUHVWULFWDQGOLPLWWKHFUHDWLRQRIFRPPXQLW\LPSURYHPHQWGLVWULFWVDQGWKH H[HUFLVHRIWKHSRZHUVRIDGPLQLVWUDWLYHERGLHVRIFRPPXQLW\LPSURYHPHQWGLVWULFWV


$UWLFOH;6HFWLRQ,3DUDJUDSK,
$57,&/(; $0(1'0(176727+(&2167,787,21
6(&7,21, &2167,787,21+2:$0(1'('
3DUDJUDSK , 3URSRVDOV WR DPHQG WKH &RQVWLWXWLRQ QHZ &RQVWLWXWLRQ $PHQGPHQWVWRWKLV&RQVWLWXWLRQRUDQHZ&RQVWLWXWLRQPD\EHSURSRVHGE\WKH*HQHUDO $VVHPEO\RUE\DFRQVWLWXWLRQDOFRQYHQWLRQDVSURYLGHGLQWKLVDUWLFOH2QO\DPHQGPHQWV ZKLFK DUH RI JHQHUDO DQG XQLIRUP DSSOLFDELOLW\ WKURXJKRXW WKH VWDWH VKDOO EH SURSRVHG SDVVHGRUVXEPLWWHGWRWKHSHRSOH
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


$UWLFOH;6HFWLRQ,3DUDJUDSK,,,
3DUDJUDSK,,,5HSHDORUDPHQGPHQWRISURSRVDO $Q\SURSRVDOE\WKH*HQHUDO $VVHPEO\ WR DPHQG WKLV &RQVWLWXWLRQ RU IRU D QHZ &RQVWLWXWLRQ PD\ EH DPHQGHG RU UHSHDOHGE\WKHVDPH*HQHUDO$VVHPEO\ZKLFKDGRSWHGVXFKSURSRVDOE\WKHDIILUPDWLYH YRWH RI WZRWKLUGV RI WKH PHPEHUV WR ZKLFK HDFK KRXVH LV HQWLWOHG LQ D UROOFDOO YRWH HQWHUHGRQWKHLUUHVSHFWLYHMRXUQDOVLIVXFKDFWLRQLVWDNHQDWOHDVWWZRPRQWKVSULRUWRWKH GDWHRIWKHHOHFWLRQDWZKLFKVXFKSURSRVDOLVWREHVXEPLWWHGWRWKHSHRSOH
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
3DUDJUDSK 9 9HWR QRW SHUPLWWHG 7KH *RYHUQRU VKDOO QRW KDYH WKH ULJKW WR YHWR DQ\SURSRVDOE\WKH*HQHUDO$VVHPEO\RUE\DFRQYHQWLRQWRDPHQGWKLV&RQVWLWXWLRQRUWR SURYLGHDQHZ&RQVWLWXWLRQ
3DUDJUDSK9,(IIHFWLYHGDWHRIDPHQGPHQWVRURIDQHZ&RQVWLWXWLRQ 8QOHVV WKHDPHQGPHQWRUWKHQHZ&RQVWLWXWLRQLWVHOIRUWKHUHVROXWLRQSURSRVLQJWKHDPHQGPHQW RU WKH QHZ &RQVWLWXWLRQ VKDOO SURYLGH RWKHUZLVH DQ DPHQGPHQW WR WKLV &RQVWLWXWLRQ RU D QHZ &RQVWLWXWLRQ VKDOO EHFRPH HIIHFWLYH RQ WKH ILUVW GD\ RI -DQXDU\ IROORZLQJ LWV UDWLILFDWLRQ
$57,&/(;, 0,6&(//$1(2863529,6,216
6(&7,21, 0,6&(//$1(2863529,6,216
3DUDJUDSK,&RQWLQXDWLRQRIRIILFHUVERDUGVFRPPLVVLRQVDQGDXWKRULWLHV D ([FHSWDVRWKHUZLVHSURYLGHGLQWKLV&RQVWLWXWLRQWKHRIILFHUVRIWKHVWDWHDQGDOOSROLWLFDO VXEGLYLVLRQV WKHUHRI LQ RIILFH RQ -XQH VKDOO FRQWLQXH LQ WKH H[HUFLVH RI WKHLU IXQFWLRQV DQG GXWLHV VXEMHFW WR WKH SURYLVLRQV RI ODZV DSSOLFDEOH WKHUHWR DQGVXEMHFWWR WKHSURYLVLRQVRIWKLV&RQVWLWXWLRQ
E $OO ERDUGV FRPPLVVLRQV DQG DXWKRULWLHV VSHFLILFDOO\ QDPHG LQ WKH &RQVWLWXWLRQRIZKLFKDUHQRWVSHFLILFDOO\QDPHGLQWKLV&RQVWLWXWLRQVKDOOUHPDLQDV VWDWXWRU\ ERDUGV FRPPLVVLRQV DQG DXWKRULWLHV DQG DOO FRQVWLWXWLRQDO DQG VWDWXWRU\ SURYLVLRQVUHODWLQJWKHUHWRLQIRUFHDQGHIIHFWRQ-XQHVKDOOUHPDLQLQIRUFHDQG HIIHFWDVVWDWXWRU\ODZXQOHVVDQGXQWLOFKDQJHGE\WKH*HQHUDO$VVHPEO\


$UWLFOH;,6HFWLRQ,3DUDJUDSK,,
3DUDJUDSK ,, 3UHVHUYDWLRQ RI H[LVWLQJ ODZV MXGLFLDO UHYLHZ $OO ODZV LQ IRUFH DQGHIIHFWRQ-XQHQRWLQFRQVLVWHQWZLWK WKLV&RQVWLWXWLRQVKDOOUHPDLQLQIRUFH DQG HIIHFW EXW VXFK ODZV PD\ EH DPHQGHG RU UHSHDOHG DQG VKDOO EH VXEMHFW WR MXGLFLDO GHFLVLRQ DV WR WKHLU YDOLGLW\ ZKHQ SDVVHG DQG WR DQ\ OLPLWDWLRQV LPSRVHG E\ WKHLU RZQ WHUPV
3DUDJUDSK ,,, 3URFHHGLQJV RI FRXUWV DQG DGPLQLVWUDWLYH WULEXQDOV FRQILUPHG $OO MXGJPHQWV GHFUHHV RUGHUV DQG RWKHU SURFHHGLQJV RI WKH VHYHUDO FRXUWV DQG DGPLQLVWUDWLYH WULEXQDOV RI WKLV VWDWH KHUHWRIRUH PDGH ZLWKLQ WKH OLPLWV RI WKHLU VHYHUDO MXULVGLFWLRQVDUHKHUHE\UDWLILHGDQGDIILUPHGVXEMHFWRQO\WRUHYHUVDORUPRGLILFDWLRQLQ WKHPDQQHUSURYLGHGE\ODZ
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
F $OOODZVHQDFWHGSXUVXDQWWRWKRVHDPHQGPHQWVWRWKH&RQVWLWXWLRQZKLFKDUH QRWFRQWLQXHGLQIRUFHDQGHIIHFWSXUVXDQWWRVXESDUDJUDSKD RIWKLV3DUDJUDSKVKDOOEH UHSHDOHGRQ-XO\$OOODZVYDOLGO\HQDFWHGRQEHIRUHRUDIWHU-XO\DQG SXUVXDQW WR WKH VSHFLILF DXWKRUL]DWLRQ RI DQ DPHQGPHQW FRQWLQXHG LQ IRUFH DQG HIIHFW SXUVXDQWWRWKHSURYLVLRQVRIVXESDUDJUDSKD RIWKLV3DUDJUDSKVKDOOEHOHJDOYDOLGDQG FRQVWLWXWLRQDOXQGHUWKLV&RQVWLWXWLRQ1RWKLQJLQWKLVVXESDUDJUDSKF VKDOOEHFRQVWUXHG


$UWLFOH;,6HFWLRQ,3DUDJUDSK,9
WRUHYLYHDQ\ODZQRWLQIRUFHDQGHIIHFWRQ-XQH G 1RWZLWKVWDQGLQJ WKH SURYLVLRQV RI VXESDUDJUDSKV D DQG E WKH IROORZLQJ
DPHQGPHQWVWRWKH&RQVWLWXWLRQVRIDQGVKDOOEHFRQWLQXHGLQIRUFHDVDSDUWRI WKLV &RQVWLWXWLRQ DPHQGPHQWV WR WKH &RQVWLWXWLRQ RI DQG WKH &RQVWLWXWLRQ RI ZKLFK FUHDWHG RU DXWKRUL]HG WKH FUHDWLRQ RI PHWURSROLWDQ UDSLG WUDQVLW DXWKRULWLHV SRUW DXWKRULWLHV DQG LQGXVWULDO DUHDV DQG ZKLFK ZHUH FRQWLQXHG LQ IRUFH DV D SDUW RI WKH &RQVWLWXWLRQRISXUVXDQWWRWKHSURYLVLRQVRI$UWLFOH;,,,6HFWLRQ,3DUDJUDSK,,RI WKH&RQVWLWXWLRQRIDQGZKLFKDUHLQIRUFHRQWKHHIIHFWLYHGDWHRIWKLV&RQVWLWXWLRQ
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
3DUDJUDSK9,(IIHFWLYHGDWH ([FHSWDVSURYLGHGLQ3DUDJUDSK9RIWKLVVHFWLRQ WKLV &RQVWLWXWLRQ VKDOO EHFRPH HIIHFWLYH RQ -XO\ DQG H[FHSW DV RWKHUZLVH SURYLGHGLQWKLV&RQVWLWXWLRQDOOSUHYLRXV&RQVWLWXWLRQVDQGDOODPHQGPHQWVWKHUHWRVKDOO WKHUHXSRQVWDQGUHSHDOHG


YEAR 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2016
TOTAL

TABLE OF AMENDMENTS

PROPOSED

RATIFIED

GENERAL

GENERAL

11

10

9

8

15

6

9

8

8

7

6

5

5

4

5

4

7

6

6

4

2

2

3

3

3

3

5

5

2

2

4

3

100

80

REJECTED GENERAL
1 1 9 1 1 1 1 1 1 2 0 0 0 0 0 1
20

Total number of amendments ratified through 2016