| 5 | 5 | | By: Representative Wiedower of the 121 |
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| 6 | 6 | | st |
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| 7 | 7 | | |
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| 8 | 8 | | A BILL TO BE ENTITLED |
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| 9 | 9 | | AN ACT |
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| 10 | 10 | | To create the City of Watkinsville Public Facilities Authority; to confer powers and impose |
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| 11 | 11 | | 1 |
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| 12 | 12 | | duties on the authority; to provide for the membership and the appointment of members of2 |
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| 13 | 13 | | the authority and their terms of office, qualifications, duties, powers, and compensation; to3 |
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| 14 | 14 | | provide for vacancies, organization, meetings, and expenses; to provide for definitions; to4 |
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| 15 | 15 | | provide for the issuance and sale of revenue bonds and other obligations and their5 |
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| 16 | 16 | | negotiability, sale, and use of proceeds from such sales; to provide for conditions for issuance6 |
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| 17 | 17 | | of such obligations; to prohibit the pledge of credit for the payment of bonds; to provide for7 |
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| 18 | 18 | | trust indentures; to provide for payment of bond proceeds; to provide for bondholder8 |
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| 19 | 19 | | remedies and protection; to provide for refunding bonds; to provide for bond validation; to9 |
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| 20 | 20 | | provide for venue and jurisdiction; to provide for trust funds; to provide for the authority's10 |
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| 21 | 21 | | purpose; to provide for charges; to provide for rules and regulations; to provide for tort11 |
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| 22 | 22 | | immunity; to provide for tax exemptions and exemptions from levy and sale; to provide for12 |
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| 23 | 23 | | supplemental powers; to provide for effect on other governments; to provide for liberal13 |
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| 24 | 24 | | construction; to provide for severability; to provide an effective date; to provide for a short14 |
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| 25 | 25 | | title; to provide for related matters; to repeal conflicting laws; and for other purposes.15 |
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| 27 | 27 | | H. B. 750 |
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| 28 | 28 | | - 2 - |
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| 29 | 29 | | SECTION 1. |
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| 30 | 30 | | 17 |
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| 31 | 31 | | Short title.18 |
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| 32 | 32 | | This Act shall be known and may be cited as the "City of Watkinsville Public Facilities19 |
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| 33 | 33 | | Authority Act."20 |
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| 34 | 34 | | SECTION 2.21 |
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| 35 | 35 | | Creation of authority; purpose.22 |
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| 36 | 36 | | There is created a body corporate and politic to be known as the "City of Watkinsville Public23 |
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| 37 | 37 | | Facilities Authority," which shall be a public corporation. Such corporation shall be separate24 |
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| 38 | 38 | | and distinct from any public corporation or other entity heretofore created by the General25 |
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| 39 | 39 | | Assembly and shall be an instrumentality of the State of Georgia exercising governmental26 |
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| 40 | 40 | | powers. The authority is created for the purpose of promoting the public good and general27 |
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| 41 | 41 | | welfare of the citizens of the City of Watkinsville and assisting the City of Watkinsville in28 |
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| 42 | 42 | | providing facilities, equipment, and services to the citizens of the City of Watkinsville and29 |
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| 43 | 43 | | the citizens located in the territories served by the City of Watkinsville in the most efficient30 |
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| 44 | 44 | | means possible. In connection with the exercise of any of its powers, the members of the31 |
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| 45 | 45 | | authority may make findings or determinations regarding the public good and general welfare32 |
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| 46 | 46 | | of the City of Watkinsville and the use of facilities, equipment, and services, and such33 |
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| 48 | 48 | | H. B. 750 |
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| 49 | 49 | | - 3 - |
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| 50 | 50 | | SECTION 3. |
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| 51 | 51 | | 35 |
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| 52 | 52 | | Definitions.36 |
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| 53 | 53 | | As used in this Act, the term:37 |
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| 54 | 54 | | (l) "Authority" means the City of Watkinsville Public Facilities Authority created in this38 |
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| 55 | 55 | | Act.39 |
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| 56 | 56 | | (2) "Cost of the project" shall include (A) the cost of construction; (B) the cost of all land40 |
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| 57 | 57 | | or interests therein, properties, rights, easements, and franchises acquired; (C) the cost of41 |
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| 58 | 58 | | acquiring, constructing, or erecting buildings, improvements, materials, labor, and42 |
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| 59 | 59 | | services; (D) the cost of all machinery and equipment; (E) financing charges, including43 |
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| 60 | 60 | | interest prior to and during construction or acquisition of any project and for six months44 |
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| 61 | 61 | | after such project is placed in service and operational at the level intended; (F) the cost45 |
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| 62 | 62 | | of construction, engineering, architectural, fiscal, accounting, inspection, legal expenses46 |
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| 63 | 63 | | relating to a project or to the financing or refinancing of any project, and other expenses47 |
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| 64 | 64 | | necessary or incident to determining the feasibility or practicability of any project; (G)48 |
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| 65 | 65 | | administrative expenses relating to any project or to the financing or refinancing thereof49 |
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| 66 | 66 | | and such other expenses as may be necessary or incident to the financing of a project50 |
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| 67 | 67 | | authorized by this Act; the acquisition, construction, renovation, reconstruction, or51 |
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| 68 | 68 | | remodeling of a project; and the placing of the same in operation. Any such obligation52 |
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| 69 | 69 | | or expense shall be regarded as a part of the cost of the project and may be paid or53 |
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| 70 | 70 | | reimbursed as such out of any funds of the authority, including proceeds of any revenue54 |
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| 71 | 71 | | bonds issued under the provisions of this Act for any such project or projects and the55 |
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| 72 | 72 | | proceeds of the sale of any contracts, lease agreements, or installment sale agreements56 |
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| 73 | 73 | | or the amounts payable thereunder, either directly or by the creation of interests therein.57 |
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| 74 | 74 | | (3) "City" means the City of Watkinsville, Georgia.58 |
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| 75 | 75 | | (4) "Project" means any capital project, located inside or outside the territorial59 |
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| 77 | 77 | | H. B. 750 |
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| 78 | 78 | | - 4 - |
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| 79 | 79 | | welfare of the citizens of the city or to be necessary or convenient for the efficient |
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| 80 | 80 | | 61 |
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| 81 | 81 | | operation of the city or any of its enterprises or systems, including, but not limited to, the62 |
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| 82 | 82 | | acquisition, construction, renovation, improvement, extension, addition, or equipping63 |
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| 83 | 83 | | of (A) recreational facilities, including parks, athletic fields, buildings, or facilities or64 |
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| 84 | 84 | | other similar facilities; (B) public safety facilities, including law enforcement offices,65 |
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| 85 | 85 | | facilities, or equipment; (C) educational, cultural, or historical facilities and equipment;66 |
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| 86 | 86 | | (D) transportation facilities and equipment; (E) administrative facilities and equipment;67 |
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| 87 | 87 | | (F) any "undertaking" permitted by the Revenue Bond Law; (G) any undertaking, project,68 |
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| 88 | 88 | | or service for which the governmental body contracting with the authority is authorized69 |
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| 89 | 89 | | by law to undertake in the performance of its governmental, proprietary, or administrative70 |
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| 90 | 90 | | functions, all personal property to be used in connection therewith, and the lease and sale71 |
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| 91 | 91 | | of any part or all of such facilities, including real and personal property, so as to ensure72 |
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| 92 | 92 | | the efficient and proper development, maintenance, and operation of such project deemed73 |
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| 93 | 93 | | by the authority to be necessary, convenient, or desirable.74 |
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| 94 | 94 | | (5) "Revenue bonds" means revenue bonds issued by the authority pursuant to the terms75 |
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| 95 | 95 | | of this Act or under Article 3 of Chapter 82 of Title 36 of the O.C.G.A., known as the76 |
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| 96 | 96 | | "Revenue Bond Law."77 |
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| 97 | 97 | | SECTION 4.78 |
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| 98 | 98 | | Powers of authority.79 |
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| 99 | 99 | | The authority shall have the power:80 |
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| 100 | 100 | | (1) To hold, own, lease, transfer, and convey real and personal property or interests;81 |
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| 101 | 101 | | (2) To sue and be sued;82 |
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| 102 | 102 | | (3) To have and to use a seal and to alter the same at its pleasure;83 |
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| 103 | 103 | | (4) To acquire, construct, purchase, own, equip, operate, extend, improve, lease, and sell84 |
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| 105 | 105 | | H. B. 750 |
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| 106 | 106 | | - 5 - |
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| 107 | 107 | | (5) To exercise the powers conferred upon a public corporation or a public authority by |
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| 108 | 108 | | 86 |
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| 109 | 109 | | Article IX, Section Ill, Paragraph I of the Constitution of Georgia, such authority being87 |
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| 110 | 110 | | expressly declared to be a public corporation or a public authority within the meaning of88 |
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| 111 | 111 | | such provision of the Constitution of Georgia;89 |
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| 112 | 112 | | (6) To acquire property and projects in its own name by gift or by purchase on such terms90 |
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| 113 | 113 | | and conditions and in such manner as it may deem proper. If the authority shall deem it91 |
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| 114 | 114 | | expedient to construct any project on real property or any interest therein or usufruct which92 |
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| 115 | 115 | | is subject to the control of the city, the city is authorized to convey such real property or93 |
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| 116 | 116 | | interest therein to the authority for no consideration or for such consideration as may be94 |
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| 117 | 117 | | agreed upon by the authority and the city, taking into consideration the public benefit to be95 |
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| 118 | 118 | | derived from such conveyance. The city may transfer such property or interest therein96 |
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| 119 | 119 | | without the necessity of putting the same out for bid and without regard to any97 |
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| 120 | 120 | | determination as to whether or not such property or interest therein is in surplus.98 |
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| 121 | 121 | | (7) To accept gifts and bequests for its corporate purposes;99 |
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| 122 | 122 | | (8) To appoint, select, and employ, with or without bidding, as the authority may choose,100 |
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| 123 | 123 | | officers, agents, and employees, including engineering, architectural, and construction101 |
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| 124 | 124 | | experts, fiscal agents, underwriters, or other advisors, and attorneys, and to fix their102 |
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| 125 | 125 | | compensation;103 |
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| 126 | 126 | | (9) To make and execute with public and private persons and corporations contracts, lease104 |
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| 127 | 127 | | agreements, rental agreements, installment sale agreements, and other instruments relating105 |
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| 128 | 128 | | to its projects and incident to the exercise of the powers of the authority, including106 |
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| 129 | 129 | | contracts for constructing, renting, leasing, and selling its projects for the benefit of the107 |
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| 130 | 130 | | city; provided, without limiting the generality of this paragraph, that the authority is108 |
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| 131 | 131 | | specifically granted the power to enter into contracts, lease agreements, rental agreements,109 |
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| 132 | 132 | | installment sale agreements, and related agreements for a term not exceeding 50 years as110 |
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| 134 | 134 | | H. B. 750 |
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| 135 | 135 | | - 6 - |
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| 136 | 136 | | (10) To lease, sell, transfer, or otherwise dispose of any property, real or personal, or assets |
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| 137 | 137 | | 112 |
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| 138 | 138 | | of the authority, or to assign its rights under its contracts, lease agreements, or installment113 |
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| 139 | 139 | | sale agreements or its right to receive payments thereunder, either directly or through trusts114 |
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| 140 | 140 | | or custodial arrangements whereby interests are created in such contracts, lease agreements,115 |
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| 141 | 141 | | or installment sale agreements or the payments to be received thereunder through the116 |
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| 142 | 142 | | issuance of trust certificates, certificates of participation, custodial receipts, or other similar117 |
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| 143 | 143 | | instruments. In connection with any such sale, lease, transfer, or assignment, the authority118 |
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| 144 | 144 | | need not comply with any other provision of law requiring public bidding or any119 |
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| 145 | 145 | | announcement to the public of the sale of such property, assets, or rights;120 |
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| 146 | 146 | | (11) To accept loans and grants of money or property of any kind from the United States,121 |
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| 147 | 147 | | the State of Georgia, or any political subdivision or municipal corporation of the State of122 |
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| 148 | 148 | | Georgia;123 |
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| 149 | 149 | | (12) To borrow money for any of its corporate purposes and to issue revenue bonds, notes,124 |
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| 150 | 150 | | or other types of indebtedness payable solely from funds or revenues of the authority125 |
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| 151 | 151 | | pledged for that purpose and to pledge and assign any of its revenues, income, rent,126 |
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| 152 | 152 | | charges, and fees to provide for the payment of the same and to provide for the rights of127 |
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| 153 | 153 | | the holders of such revenue bonds; provided, however, that the power conferred by this128 |
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| 154 | 154 | | paragraph may not be exercised after the expiration of four years from the effective date129 |
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| 155 | 155 | | of this Act;130 |
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| 156 | 156 | | (13) To enter into (A) interest rate swaps, collars, or other types of interest rate131 |
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| 157 | 157 | | management agreements or (B) credit enhancement or liquidity agreements relating to any132 |
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| 158 | 158 | | obligations of the authority, provided that the obligation of the authority under any such133 |
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| 159 | 159 | | agreements shall not be a general obligation of the authority but shall be a limited134 |
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| 160 | 160 | | obligation of the authority payable from a specific source of funds identified for such135 |
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| 161 | 161 | | purpose. The authority shall be exempt from any requirement of Georgia law requiring a136 |
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| 163 | 163 | | H. B. 750 |
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| 164 | 164 | | - 7 - |
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| 165 | 165 | | (14) To make such rules and regulations governing its employees and property as it may |
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| 166 | 166 | | 138 |
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| 167 | 167 | | in its discretion deem proper;139 |
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| 168 | 168 | | (15) The authority may be sued the same as any private corporation on any contractual140 |
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| 169 | 169 | | obligation of the authority. The authority shall have the same rights to sue any other person141 |
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| 170 | 170 | | or entity as any private corporation; and142 |
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| 171 | 171 | | (16) To issue revenue bonds, notes, or other obligations to finance or refinance any project143 |
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| 172 | 172 | | which may be financed by the city under the Revenue Bond Law of Georgia.144 |
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| 173 | 173 | | SECTION 5.145 |
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| 174 | 174 | | Members of authority; terms of office.146 |
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| 175 | 175 | | The authority shall consist of six members as follows: the mayor and each member of the city147 |
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| 176 | 176 | | council (the "council") to be appointed by themselves. The terms of office shall be148 |
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| 177 | 177 | | concurrent with their terms of office on the city council. Successors to such members shall149 |
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| 178 | 178 | | be appointed as the original members were appointed as provided in this Act, and any150 |
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| 179 | 179 | | vacancies shall be filled by the appointing authority as provided in this Act, for the unexpired151 |
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| 180 | 180 | | term. A majority of the members of the authority shall constitute a quorum, and no vacancy152 |
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| 181 | 181 | | on the authority shall impair the right of the quorum to exercise all the rights and perform all153 |
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| 182 | 182 | | the duties of the authority and, in every instance, a majority vote of a quorum shall authorize154 |
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| 183 | 183 | | any legal act of the authority, including for all things necessary to authorize and issue155 |
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| 184 | 184 | | revenue bonds. One of the members of the authority shall be the chairperson of the authority,156 |
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| 185 | 185 | | to be elected by the city council of Watkinsville. The authority shall elect a secretary and157 |
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| 186 | 186 | | treasurer who need not necessarily be members of the authority. The authority may elect a158 |
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| 187 | 187 | | vice chairperson or any number of assistant secretaries or treasurers as it may from time to159 |
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| 188 | 188 | | time deem necessary or desirable. The members of the authority shall not be entitled to160 |
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| 189 | 189 | | compensation for their services but shall be entitled to and shall be reimbursed for the actual161 |
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| 191 | 191 | | H. B. 750 |
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| 192 | 192 | | - 8 - |
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| 193 | 193 | | rules and regulations for its own governance and shall have perpetual existence. Any change |
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| 194 | 194 | | 163 |
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| 195 | 195 | | in name or composition of the authority shall in no way affect the vested rights of any person164 |
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| 196 | 196 | | under the provisions of this Act or impair the obligations of any contracts existing under this165 |
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| 197 | 197 | | Act.166 |
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| 198 | 198 | | SECTION 6.167 |
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| 199 | 199 | | Issuance and sale of revenue bonds.168 |
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| 200 | 200 | | The authority shall have power and is authorized from time to time to provide for the169 |
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| 201 | 201 | | issuance and sale of negotiable revenue bonds in the manner provided by Article 3 of170 |
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| 202 | 202 | | Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law," for the purpose of paying171 |
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| 203 | 203 | | all or any part of the cost of any one or more projects, including the cost of constructing,172 |
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| 204 | 204 | | reconstructing, equipping, extending, adding to, or improving any such project, or for the173 |
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| 205 | 205 | | purpose of refunding, as provided in this Act, any such bonds of the authority or any other174 |
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| 206 | 206 | | authority or public body previously issued to finance or refinance the cost of a project. The175 |
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| 207 | 207 | | principal of and interest on such revenue bonds shall be a limited obligation of the authority176 |
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| 208 | 208 | | payable solely from the source or sources of funds specified in the indenture or resolution177 |
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| 209 | 209 | | of the authority authorizing the issuance of such revenue bonds. The revenue bonds of each178 |
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| 210 | 210 | | issue shall be issued and validated under and in accordance with the provisions of the179 |
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| 211 | 211 | | Revenue Bond Law. Such revenue bonds shall mature on such dates, bear interest at such180 |
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| 212 | 212 | | rate or rates, whether fixed or variable, be subject to redemption, and have such other terms181 |
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| 213 | 213 | | as the authority may provide in the indenture or resolution relating thereto. Such revenue182 |
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| 214 | 214 | | bonds shall not be subject to any provision of Georgia law limiting the rate of interest183 |
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| 215 | 215 | | payable thereon and may be sold in a negotiated sale or in a public sale as the authority may184 |
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| 217 | 217 | | H. B. 750 |
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| 218 | 218 | | - 9 - |
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| 219 | 219 | | SECTION 7. |
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| 220 | 220 | | 186 |
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| 221 | 221 | | Power to incur loans or issue notes.187 |
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| 222 | 222 | | The authority shall have the power to incur indebtedness from time to time for financing or188 |
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| 223 | 223 | | refinancing any project or for refunding any obligations previously issued for such purpose189 |
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| 224 | 224 | | or for any other purpose, whether in the form of a loan or through the issuance of notes, and190 |
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| 225 | 225 | | the principal of and interest on such notes or loans shall be a limited obligation of the191 |
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| 226 | 226 | | authority payable solely from the source or sources of funds specified in the resolution or192 |
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| 227 | 227 | | trust indenture of the authority authorizing such loan or the issuance of such notes. Any such193 |
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| 228 | 228 | | loan or notes shall not be required to be validated as a condition to the issuance thereof and194 |
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| 229 | 229 | | shall have such terms as may be specified by the authority in the resolution or indenture195 |
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| 230 | 230 | | authorizing the same.196 |
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| 231 | 231 | | SECTION 8.197 |
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| 232 | 232 | | Negotiable instruments, bonds, and other obligations exempt from taxation.198 |
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| 233 | 233 | | All revenue bonds issued under the provisions of this Act shall have all the qualities and199 |
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| 234 | 234 | | incidents of negotiable instruments under the negotiable instruments law of this state. All200 |
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| 235 | 235 | | such bonds, and any loan incurred or note issued as provided in this Act, are declared to be201 |
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| 236 | 236 | | issued or incurred for an essential public and governmental purpose, and such obligations and202 |
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| 237 | 237 | | the interest thereon shall be exempt from all taxation within this state.203 |
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| 238 | 238 | | SECTION 9.204 |
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| 239 | 239 | | Revenue bonds or notes not debt or general obligation.205 |
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| 240 | 240 | | Revenue bonds or notes issued under the provisions of this Act or any loan incurred as206 |
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| 242 | 242 | | H. B. 750 |
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| 243 | 243 | | - 10 - |
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| 244 | 244 | | State of Georgia or of any political subdivision or municipal corporation thereof, including |
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| 245 | 245 | | 208 |
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| 246 | 246 | | the city, but shall be payable solely from the sources as may be designated in the resolution209 |
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| 247 | 247 | | or indenture of the authority authorizing the issuance of the same. The issuance of such210 |
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| 248 | 248 | | obligations shall not directly, indirectly, or contingently obligate the State of Georgia or any211 |
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| 249 | 249 | | political subdivision or municipal corporation thereof, including the city, to levy or to pledge212 |
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| 250 | 250 | | any form of taxation whatever for the payment thereof. No holder of any bond or receiver213 |
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| 251 | 251 | | or trustee in connection therewith shall have the right to enforce the payment thereof against214 |
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| 252 | 252 | | any property of the State of Georgia or any political subdivision or municipal corporation215 |
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| 253 | 253 | | thereof, including the city, nor shall any such bond constitute a charge, lien, or encumbrance,216 |
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| 254 | 254 | | legal or equitable, upon any such property. All such obligations shall contain on their face217 |
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| 255 | 255 | | a recital setting forth substantially the foregoing provisions of this section. Nothing in this218 |
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| 256 | 256 | | section shall be construed to prohibit the State of Georgia or any political subdivision,219 |
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| 257 | 257 | | municipal corporation, or agency thereof, including the city, from obligating itself to pay the220 |
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| 258 | 258 | | amounts required under any contract entered into with the authority pursuant to Article IX221 |
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| 259 | 259 | | of the Constitution of the State of Georgia or any successor provision, including from funds222 |
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| 260 | 260 | | received from taxes to be levied and collected for that purpose to the extent necessary to pay223 |
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| 261 | 261 | | the obligations contractually incurred with the authority, and from any other source.224 |
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| 262 | 262 | | SECTION 10.225 |
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| 263 | 263 | | Issuance of bonds or obligations under trust indentures or resolutions.226 |
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| 264 | 264 | | In the discretion of the authority, any issue of such revenue bonds, notes, or other obligations227 |
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| 265 | 265 | | may be secured by a trust indenture by and between the authority and a trustee, which may228 |
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| 266 | 266 | | be any trust company or bank having the powers of a trust company within or outside of the229 |
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| 267 | 267 | | State of Georgia. Such trust indenture may pledge or assign fees, tolls, rents, revenues, and230 |
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| 268 | 268 | | earnings to be received by the authority, including the proceeds derived from the financing,231 |
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| 270 | 270 | | H. B. 750 |
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| 271 | 271 | | - 11 - |
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| 272 | 272 | | issuance of revenue bonds or other obligations or such trust indenture may contain such |
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| 273 | 273 | | 233 |
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| 274 | 274 | | provisions for protecting and enforcing the rights and remedies of the owners of such bonds234 |
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| 275 | 275 | | or obligations as may be reasonable and proper and not in violation of law, including235 |
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| 276 | 276 | | covenants setting forth the duties of the authority or any lessee or purchaser in relation to the236 |
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| 277 | 277 | | acquisition and construction of any project, the maintenance, operation, repair, and issuance237 |
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| 278 | 278 | | of any project, and the custody, safeguarding, and application of all moneys, including the238 |
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| 279 | 279 | | proceeds derived from the sale or lease of any project or from the sale of any such bonds,239 |
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| 280 | 280 | | notes, or other obligations and may also contain provisions concerning the conditions, if any,240 |
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| 281 | 281 | | upon which additional bond notes or other obligations may be issued, whether on a parity241 |
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| 282 | 282 | | with or subordinate to any other obligations issued by the authority. Such trust indenture or242 |
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| 283 | 283 | | resolution may set forth the rights and remedies of the owners of such obligations and of the243 |
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| 284 | 284 | | trustee. In addition to the foregoing, such trust indenture or resolution may contain such244 |
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| 285 | 285 | | other provisions as the authority may deem reasonable and proper for the security of the245 |
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| 286 | 286 | | owners of such bonds or other obligations or otherwise necessary or convenient in246 |
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| 287 | 287 | | connection with the issuance of such obligations. All expenses incurred in carrying out such247 |
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| 288 | 288 | | trust indenture or resolution may be treated as a part of the cost of maintenance, operation,248 |
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| 289 | 289 | | and repair of the project affected by such trust indenture or resolution.249 |
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| 290 | 290 | | SECTION 11.250 |
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| 291 | 291 | | Security for payment of bonds or other obligations.251 |
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| 292 | 292 | | The authority may assign or pledge any property or revenues to the payment of the principal252 |
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| 293 | 293 | | and interest on revenue bonds of the authority as the resolution authorizing the issuance of253 |
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| 294 | 294 | | the bonds or the trust indenture may provide. The use and disposition of such property or254 |
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| 295 | 295 | | revenues assigned to the payment of bonds or other obligations shall be subject to the trust255 |
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| 296 | 296 | | indenture or resolution authorizing the issuance of such revenue bonds or obligations. Any256 |
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| 298 | 298 | | H. B. 750 |
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| 299 | 299 | | - 12 - |
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| 300 | 300 | | or a subordinate lien as the authority may provide, and any such trust indenture or resolution |
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| 301 | 301 | | 258 |
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| 302 | 302 | | may provide, at the option of the authority, for the issuance of additional bonds or other259 |
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| 303 | 303 | | obligations sharing any lien on a parity or subordinate lien basis.260 |
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| 304 | 304 | | SECTION 12. 261 |
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| 305 | 305 | | Refunding bonds or obligations.262 |
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| 306 | 306 | | The authority is authorized to provide by resolution for the issuance of obligations, whether263 |
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| 307 | 307 | | revenue bonds, notes, or other obligations, for the purpose of refunding any revenue bonds264 |
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| 308 | 308 | | or other obligations issued under the provisions of this Act or under any other provision of265 |
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| 309 | 309 | | Georgia law so long as such bonds or other obligations were issued for a purpose or project266 |
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| 310 | 310 | | for which the authority could issue bonds. The issuance of such refunding bonds or other267 |
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| 311 | 311 | | obligations and all the details thereof, the rights of the holders thereof, and the duties of the268 |
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| 312 | 312 | | authority with respect to the same shall be governed by the foregoing provisions of this Act269 |
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| 313 | 313 | | insofar as the same may be applicable.270 |
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| 314 | 314 | | SECTION 13.271 |
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| 315 | 315 | | Principal office; venue.272 |
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| 316 | 316 | | The principal office of the authority shall be in the city, and the venue of any action against273 |
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| 317 | 317 | | it shall be in the City of Watkinsville, Georgia. Any action pertaining to the validation of274 |
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| 318 | 318 | | any bonds issued under the provisions of this Act and for the validation of any contract275 |
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| 319 | 319 | | entered into by the authority shall be brought in the Superior Court of the City of276 |
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| 320 | 320 | | Watkinsville, and such court shall have exclusive original jurisdiction of such actions.277 |
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| 321 | 321 | | Service upon the authority of any process, subpoena, or summons shall be affected by278 |
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| 323 | 323 | | H. B. 750 |
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| 324 | 324 | | - 13 - |
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| 325 | 325 | | SECTION 14. |
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| 326 | 326 | | 280 |
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| 327 | 327 | | Validation of revenue bonds.281 |
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| 328 | 328 | | Revenue bonds of the authority shall be confirmed and validated in accordance with the282 |
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| 329 | 329 | | procedure now or hereafter set forth in Article 3 of Chapter 82 of Title 36 of the O.C.G.A.,283 |
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| 330 | 330 | | the "Revenue Bond Law," as the same now exists or may hereafter be amended. The petition284 |
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| 331 | 331 | | for validation shall also make the city a party defendant to such action, if the city has or will285 |
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| 332 | 332 | | contract with the authority with respect to the project for which bonds are to be issued and286 |
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| 333 | 333 | | are sought to be validated. The bonds when validated and the judgment of such validation287 |
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| 334 | 334 | | shall be final and conclusive with respect to the validity of such bonds against the authority288 |
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| 335 | 335 | | and against all other persons or entities, regardless of whether such persons or entities were289 |
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| 336 | 336 | | parties to such validation proceedings.290 |
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| 337 | 337 | | SECTION 15. 291 |
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| 338 | 338 | | No impairment of rights.292 |
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| 339 | 339 | | While any of the bonds or other obligations issued by the authority or any interests in293 |
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| 340 | 340 | | contracts of the authority remain outstanding, the powers, duties, or existence of the authority294 |
|---|
| 341 | 341 | | or of its officers, employees, or agents shall not be diminished or impaired in any manner that295 |
|---|
| 342 | 342 | | will affect adversely the interest and rights of the holders of such bonds or obligations or296 |
|---|
| 343 | 343 | | such interests in contracts of the authority. The provisions of this section of this Act shall297 |
|---|
| 344 | 344 | | be for the benefit of the authority and of the holders of any such bonds or obligations and298 |
|---|
| 345 | 345 | | interests in contracts of the authority and, upon the issuance of bonds or obligations or the299 |
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| 346 | 346 | | creation of interests in contracts of the authority under the provisions of this Act, shall300 |
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| 347 | 347 | | constitute a contract with the holders of such bonds or obligations or such interests in301 |
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| 349 | 349 | | H. B. 750 |
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| 350 | 350 | | - 14 - |
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| 351 | 351 | | SECTION 16. |
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| 352 | 352 | | 303 |
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| 353 | 353 | | Trust funds; permitted investments.304 |
|---|
| 354 | 354 | | All moneys received by the authority pursuant to this Act, whether as proceeds from the sale305 |
|---|
| 355 | 355 | | of revenue bonds or obligations of the authority as grants or other contributions, or as306 |
|---|
| 356 | 356 | | revenues, income, fees, and earnings, shall be deemed to be the trust funds to be held and307 |
|---|
| 357 | 357 | | applied solely as provided in this Act and in such resolutions and trust indentures as may be308 |
|---|
| 358 | 358 | | adopted and entered into by the authority pursuant to this Act. Any such moneys or funds309 |
|---|
| 359 | 359 | | may be invested from time to time in such investments as may be permitted under the310 |
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| 360 | 360 | | indenture, agreement, or resolution establishing the fund or account in which such funds are311 |
|---|
| 361 | 361 | | held, or if not held in such a fund or account, in such investments as would be permitted312 |
|---|
| 362 | 362 | | investments for a development authority created under Code Section 36-62-1 of the313 |
|---|
| 363 | 363 | | O.C.G.A., et seq., as amended.314 |
|---|
| 364 | 364 | | SECTION 17.315 |
|---|
| 365 | 365 | | Power to set rates, fees, and charges.316 |
|---|
| 366 | 366 | | The authority is authorized to prescribe and fix and collect rates, fees, tolls, rents, and317 |
|---|
| 367 | 367 | | charges and to revise, from time to time, and collect such revised rates, fees, tolls, rents, and318 |
|---|
| 368 | 368 | | charges for the services, facilities, or commodities furnished, including leases, concessions,319 |
|---|
| 369 | 369 | | or subleases of its projects, and to determine the price and terms at and under which its320 |
|---|
| 371 | 371 | | H. B. 750 |
|---|
| 372 | 372 | | - 15 - |
|---|
| 373 | 373 | | SECTION 18. |
|---|
| 374 | 374 | | 322 |
|---|
| 375 | 375 | | Essential government function; no taxes or assessments.323 |
|---|
| 376 | 376 | | All property or interests in property owned by the authority shall be public property held and324 |
|---|
| 377 | 377 | | owned for governmental purposes and shall be exempt from ad valorem taxation. The325 |
|---|
| 378 | 378 | | exercise of the powers conferred upon the authority hereunder shall constitute an essential326 |
|---|
| 379 | 379 | | governmental function for a public purpose, and the authority shall be required to pay no327 |
|---|
| 380 | 380 | | taxes or assessments upon any of the property acquired by it or under its jurisdiction, control,328 |
|---|
| 381 | 381 | | possession, or supervision or upon its activities in the operation and maintenance of property329 |
|---|
| 382 | 382 | | acquired by it or of buildings erected or acquired by it or any fees, rentals, or other charges330 |
|---|
| 383 | 383 | | for the use of such property or buildings or other income received by the authority. The tax331 |
|---|
| 384 | 384 | | exemption provided in this Act shall not include an exemption from sales and use tax on332 |
|---|
| 385 | 385 | | property purchased by or for the use of the authority.333 |
|---|
| 386 | 386 | | SECTION 19.334 |
|---|
| 387 | 387 | | Immunity of authority and members.335 |
|---|
| 388 | 388 | | The authority shall have the same immunity and exemption from liability for torts and336 |
|---|
| 389 | 389 | | negligence as the State of Georgia, and the officers, agents, and employees of the authority,337 |
|---|
| 390 | 390 | | when in performance of the work of the authority, shall have the same immunity and338 |
|---|
| 391 | 391 | | exemption from liability for torts and negligence as officers, agents, and employees of the339 |
|---|
| 392 | 392 | | State of Georgia.340 |
|---|
| 393 | 393 | | SECTION 20.341 |
|---|
| 394 | 394 | | Authority property not subject to levy and sale.342 |
|---|
| 396 | 396 | | H. B. 750 |
|---|
| 397 | 397 | | - 16 - |
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| 398 | 398 | | SECTION 21. |
|---|
| 399 | 399 | | 344 |
|---|
| 400 | 400 | | Authority area of operation.345 |
|---|
| 401 | 401 | | The scope of the authority's operations shall be limited to the territory embraced within the346 |
|---|
| 402 | 402 | | territorial limits of the city and within the territorial limits of any project owned or operated347 |
|---|
| 403 | 403 | | by the city, as the same now or may hereafter exist; provided, however, that nothing in this348 |
|---|
| 404 | 404 | | section shall prevent the authority from contracting with any entity, public or private, outside349 |
|---|
| 405 | 405 | | of the city with respect to any project located in the city or any project located outside of the350 |
|---|
| 406 | 406 | | city, if the authority shall determine that entering into such contract is in the best interest of351 |
|---|
| 407 | 407 | | the authority and in furtherance of its public purposes.352 |
|---|
| 408 | 408 | | SECTION 22. 353 |
|---|
| 409 | 409 | | Supplemental powers.354 |
|---|
| 410 | 410 | | This Act does not in any way take away from the authority any power which may be355 |
|---|
| 411 | 411 | | conferred upon it by law but is supplemental thereto.356 |
|---|
| 412 | 412 | | SECTION 23.357 |
|---|
| 413 | 413 | | No power to impose taxes.358 |
|---|
| 414 | 414 | | The authority shall not have the right to impose any tax on any person or property.359 |
|---|
| 415 | 415 | | SECTION 24.360 |
|---|
| 416 | 416 | | Act to be liberally construed.361 |
|---|
| 418 | 418 | | H. B. 750 |
|---|
| 419 | 419 | | - 17 - |
|---|
| 420 | 420 | | SECTION 25. |
|---|
| 421 | 421 | | 363 |
|---|
| 422 | 422 | | Severability of provisions.364 |
|---|
| 423 | 423 | | Should any sentence, clause, phrase, or part of this Act be declared for any reason to be365 |
|---|
| 424 | 424 | | unconstitutional or invalid, the same shall not affect the remainder of this Act or any part366 |
|---|
| 425 | 425 | | hereof other than the part so held to be invalid, and the remaining provisions of this Act shall367 |
|---|
| 426 | 426 | | remain in full force and effect; it is the express intention of this Act to enact each provision368 |
|---|
| 427 | 427 | | of this Act independently of any other provision hereof.369 |
|---|
| 428 | 428 | | SECTION 26. 370 |
|---|
| 429 | 429 | | Effective date.371 |
|---|
| 430 | 430 | | This Act shall become effective upon its approval by the Governor or upon its becoming law372 |
|---|
| 431 | 431 | | without such approval.373 |
|---|
| 432 | 432 | | SECTION 27. 374 |
|---|
| 433 | 433 | | Conflicting laws.375 |
|---|
| 434 | 434 | | All laws and parts of laws in conflict with this Act are repealed.376 |
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