For those interested, the text of the bill can be found here:
Georgia General Assembly
A couple minor points first.
(D) Funds for the presentation of instruction shall be provided by the school board. If school board funding is not available, then the funds may be raised by the private sector;
This seems to leave the door open for churches to fund the classes.
(E) The teaching about religion in public schools and the presentation or offering of an elective course in Bible study, comparative religion, or both in the secondary schools is expressly permitted and is constitutional;
Maybe its commonplace, but it strikes me as odd to include in the wording of a law an assertion that the law is constitutional. It doesn't mention whether its referring to the Georgia or the U.S. Constitution, either.
The main problem I see with the bill is this: Its purpose is give permission for schools to teach a course on the Bible. Presumably without such legistlation schools cannot teach a course on any religious text. Therefore, by permitting teaching of the Bible without also permitting the teaching of other religious texts, the bill promotes one religion over another.