Georgia 2023-2024 Regular Session

Georgia House Bill HB780 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	23 LC 47 2490~~/AP~~
	1	+	23 LC 47 2490
2	2		H. B. 780
3	3		- 1 -
4		-	House Bill 780 ~~(AS PASSED HOUSE AND SENATE)~~
	4	+	House Bill 780
5	5		By: Representative LaHood of the 175
6	6		th
7	7
8	8		A BILL TO BE ENTITLED
9	9		AN ACT
10	10		To create the Brooks County Public Facilities Authority; to provide that the authority is a
11	11		1
12	12		body corporate and politic and an instrumentality of the State of Georgia; to authorize the2
13	13		authority to acquire, construct, equip, maintain, and operate certain projects, including3
14	14		buildings and facilities for use by Brooks County, the Brooks County School District, any4
15	15		municipality or other political subdivision located in Brooks County, for its governmental,5
16	16		proprietary, and administrative functions; to provide for members of the authority and their6
17	17		terms, organization, and reimbursement; to provide for vacancies; to provide for definitions;7
18	18		to confer powers and impose duties on the authority; to provide for limitations to the8
19	19		authority; to authorize the authority to enter into contracts and leases pertaining to uses of9
20	20		such facilities, which contracts and leases may obligate the lessees to make payment for the10
21	21		use of the facilities for the term thereof and to pledge for that purpose money derived from11
22	22		taxation; to provide that no debt of Brooks County or the State of Georgia shall be incurred12
23	23		by the exercise of any of the powers granted; to authorize the issuance of revenue bonds of13
24	24		the authority payable from the revenues, rents, and earnings and other functions of the14
25	25		authority; to authorize the collecting and pledging of such revenues, rents, and earnings for15
26	26		the payment of such bonds; to authorize the adoption of resolutions and the execution of trust16
27	27		agreements and indentures to secure the payment of such bonds and to define the rights of17
28		-	the holders of such bonds; to provide for a sinking fund; to make the bonds of the authority18 23 LC 47 2490~~/AP~~
	28	+	the holders of such bonds; to provide for a sinking fund; to make the bonds of the authority18 23 LC 47 2490
29	29		H. B. 780
30	30		- 2 -
31	31		exempt from taxation; to authorize the issuance of refunding bonds; to provide for the
32	32		19
33	33		validation of such bonds and to fix the venue for jurisdiction of actions relating to any20
34	34		provision of this Act; to provide for immunity and exemption from liability for torts and21
35	35		negligence; to provide that the property of the authority shall not be subject to levy and sale;22
36	36		to provide that certain moneys are trust funds; to provide that this Act shall be liberally23
37	37		construed; to define the scope of the authority's operation; to provide for disposition of24
38	38		property upon dissolution of the authority; to provide for severability; to provide for a short25
39	39		title; to provide for related matters; to repeal conflicting laws; and for other purposes.26
40	40		BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:27
41	41		SECTION 1.28
42	42		Short title.29
43	43		This Act shall be known and may be cited as the "Brooks County Public Facilities Authority30
44	44		Act."31
45	45		SECTION 2.32
46	46		Brooks County Public Facilities Authority.33
47	47		There is created a public body corporate and politic to be known as the Brooks County Public34
48	48		Facilities Authority, which shall be an instrumentality and a public corporation of the State35
49	49		of Georgia, the purpose of which shall be to acquire, construct, equip, maintain, and operate36
50	50		certain projects for use by Brooks County, the Brooks County School District, or any37
51	51		municipality or other political subdivision located within Brooks County, for its38
52	52		governmental, proprietary, public, and administrative functions. The authority shall not be39
53		-	a state institution or a department or agency of the state, but shall be an instrumentality of the40 23 LC 47 2490~~/AP~~
	53	+	a state institution or a department or agency of the state, but shall be an instrumentality of the40 23 LC 47 2490
54	54		H. B. 780
55	55		- 3 -
56	56		state, a mere creation of the state, being a distinct corporate entity and exempt from the
57	57		41
58	58		provisions of Article 2 of Chapter 17 of Title 50 of the O.C.G.A., the "Georgia State42
59	59		Financing and Investment Commission Act." The authority shall have its principal office in43
60	60		Brooks County, and its legal situs or residence for the purposes of this Act shall be Brooks44
61	61		County.45
62	62		SECTION 3.46
63	63		Membership.47
64	64		The authority shall consist of five members who shall be eligible to succeed themselves and48
65	65		who shall be appointed by the Board of Commissioners of Brooks County. Each member49
66	66		of the Board of Commissioners of Brooks County shall make an appointment to the authority50
67	67		and each such appointment shall be ratified by a majority of said board of commissioners.51
68	68		No more than three members of the authority may be members of said board of52
69	69		commissioners or employees of Brooks County. Any member of the authority who is a53
70	70		member of said board of commissioners shall serve for a term of office concurrent with such54
71	71		person's term of office as a member of said board of commissioners. Each member of the55
72	72		authority who is not a member of said board of commissioners shall serve for a term of office56
73	73		of three years, except that the initial terms of office of those members first appointed to the57
74	74		authority shall be specified at the time of appointment to be one, two, and, if no such member58
75	75		is a member of the board of commissioners, three years. After such initial terms, those59
76	76		members who are not members of said board of commissioners shall serve for terms of office60
77	77		of three years each. Members of the authority shall serve for the terms of office so specified61
78	78		and until the appointment and qualification of their respective successors. Vacancies on the62
79	79		authority shall be filled by said board of commissioners for the remainder of the unexpired63
80	80		term and until the appointment and qualification of a successor. Immediately after their64
81		-	appointment, the members of the authority shall enter upon their duties. The authority shall65 23 LC 47 2490~~/AP~~
	81	+	appointment, the members of the authority shall enter upon their duties. The authority shall65 23 LC 47 2490
82	82		H. B. 780
83	83		- 4 -
84	84		elect one of its members as chairperson and one as vice chairperson. The secretary-treasurer
85	85		66
86	86		of the authority shall be appointed by the authority and need not be a member of the67
87	87		authority. Three members of the authority shall constitute a quorum and no vacancy on the68
88	88		authority shall impair the right of the quorum to exercise all the rights and perform all the69
89	89		duties of the authority and, in every instance, a majority vote of a quorum shall authorize any70
90	90		legal act of the authority, including all things necessary to authorize and issue revenue bonds.71
91	91		The members of the authority shall receive no compensation for their services but may be72
92	92		reimbursed by the authority for the actual expenses necessarily incurred in the performance73
93	93		of their duties. The authority shall make rules and regulations for its own government and74
94	94		shall have perpetual existence.75
95	95		SECTION 4.76
96	96		Definitions.77
97	97		As used in this Act, the following words and terms shall have the following meanings unless78
98	98		a different meaning clearly appears from the context:79
99	99		(1) "Authority" shall mean the Brooks County Public Facilities Authority created by this80
100	100		Act.81
101	101		(2) "Project" shall mean and include real and personal property acquired or held by the82
102	102		authority, including all land; buildings; structures; sanitary and surface water sewers;83
103	103		utilities, including natural gas distribution, telecommunications, fiber, cable, and84
104	104		broadband services; and other public property determined by the authority to be desirable85
105	105		for the efficient operation of any department, board, office, commission, or agency of86
106	106		Brooks County, the Brooks County School District, or any municipality or other political87
107	107		subdivision located in Brooks County, or the State of Georgia in the performance of its88
108		-	governmental, proprietary, and administrative functions.89 23 LC 47 2490~~/AP~~
	108	+	governmental, proprietary, and administrative functions.89 23 LC 47 2490
109	109		H. B. 780
110	110		- 5 -
111	111		(3) "Cost of project" shall include the cost of lands, buildings, improvements, machinery,
112	112		90
113	113		equipment, property, easements, rights, franchises, material, labor, services acquired or91
114	114		contracted for, plans and specification, and financing charges; construction costs; interest92
115	115		prior to and during construction; architectural, accounting, engineering, inspection,93
116	116		administrative, fiscal, and legal expenses; expenses incident to determining the feasibility94
117	117		or practicability of the project; and expenses incident to the acquiring, constructing,95
118	118		equipping, and operating of any project or any part thereof and to the placing of the same96
119	119		in operation.97
120	120		(4) "Revenue bonds" shall mean revenue bonds issued under the provisions of Article 398
121	121		of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law," or under the99
122	122		provisions of this Act. The obligations authorized under this Act may be issued by the100
123	123		authority in the manner authorized under the Revenue Bond Law.101
124	124		SECTION 5.102
125	125		Powers.103
126	126		The authority shall have all the powers necessary or convenient to carry out and effectuate104
127	127		the purposes and provisions of this Act, including, but without limiting the generality of the105
128	128		foregoing, the power:106
129	129		(1) To sue and be sued;107
130	130		(2) To adopt and alter a corporate seal;108
131	131		(3) To make and execute with public and private persons and corporations contracts,109
132	132		trusts, leases, rental agreements, and other instruments relating to its projects and in110
133	133		furtherance of the purposes of the authority, including contracts for the constructing,111
134	134		renting, and leasing of its projects for the use of any county or municipality in this state;112
135	135		(4) To acquire in its own name by purchase on such terms and conditions and in such113
136		-	manner as it may deem proper or by gift, grant, lease, or otherwise, real and personal114 23 LC 47 2490~~/AP~~
	136	+	manner as it may deem proper or by gift, grant, lease, or otherwise, real and personal114 23 LC 47 2490
137	137		H. B. 780
138	138		- 6 -
139	139		property necessary or convenient for its corporate purposes, or rights and easements
140	140		115
141	141		therein, and to use the same so long as its corporate existence shall continue and to lease116
142	142		or make contracts with respect to the use of or disposition of the same in any manner it117
143	143		deems to the best advantage of the authority. Title to any such property shall be held by118
144	144		the authority exclusively for the benefit of the public.119
145	145		(5) To improve, extend, add to, reconstruct, renovate, or remodel any project or part120
146	146		thereof already acquired;121
147	147		(6) To pledge or assign any revenues, income, rent, charges, and fees received by the122
148	148		authority;123
149	149		(7) To appoint and select agents, engineers, architects, attorneys, fiscal agents,124
150	150		accountants, and employees and to provide for their compensation and duties;125
151	151		(8) To construct, reconstruct, acquire, own, alter, repair, remodel, maintain, extend,126
152	152		improve, operate, manage, and equip projects located on land owned or leased by the127
153	153		authority;128
154	154		(9) To receive, accept, and use any contributions, loans, or grants by persons, firms, or129
155	155		corporations, including the State of Georgia and the United States of America, and any130
156	156		other contributions;131
157	157		(10) To pay all or part of the costs of any project from the proceeds of revenue bonds of132
158	158		the authority or from other lawful sources available to it;133
159	159		(11) To prescribe rules and regulations for the operation of and to exercise police powers134
160	160		over the projects managed or operated by the authority;135
161	161		(12) To accept, receive, and administer gifts, grants, loans and devises of money,136
162	162		material, and property of any kind, including loans and grants from the State of Georgia137
163	163		or the United States of America or any agency or instrumentality thereof, upon such138
164	164		terms and conditions as the State of Georgia or the United States of America or such139
165		-	agency or instrumentality may impose;140 23 LC 47 2490~~/AP~~
	165	+	agency or instrumentality may impose;140 23 LC 47 2490
166	166		H. B. 780
167	167		- 7 -
168	168		(13) To sell, lease, exchange, transfer, assign, pledge, mortgage, dispose of, grant in
169	169		141
170	170		trust, or grant options for any real or personal property or interest therein in furtherance142
171	171		of the purposes of the authority;143
172	172		(14) As security for repayment of authority obligations, to pledge, mortgage, convey,144
173	173		assign, hypothecate, or otherwise encumber any property, real or personal, of such145
174	174		authority and to execute any trust agreement, indenture, or security agreement containing146
175	175		any provisions not in conflict with law, which trust agreement, indenture, or security147
176	176		agreement may provide for foreclosure or forced sale of any property of the authority148
177	177		upon default, on such obligations, either in payment of principal or interest or in the149
178	178		performance of any term or condition, as are contained in such agreement or indenture;150
179	179		(15) To borrow money for any of its corporate purposes, to issue revenue bonds payable151
180	180		solely from funds pledged for that purpose, and to provide for the payment of the same152
181	181		and for the rights of the holders thereof;153
182	182		(16) To exercise all powers usually possessed by private corporations performing similar154
183	183		functions which are not in conflict with the Constitution and laws of this state; and155
184	184		(17) Pursuant to proper resolution of the authority, to issue revenue bonds payable from156
185	185		the rents and revenues of the authority and its projects, which bonds may be issued in157
186	186		either fully negotiable coupon form, in which event they shall have all the qualities and158
187	187		incidents of negotiable instruments under the laws of the State of Georgia, or which159
188	188		bonds may be issued in whole or in part in nonnegotiable fully registered form without160
189	189		coupons, payable to a designated payee or to the registered assigns of the payee with such161
190	190		conversion privileges as the authority may provide, for the purpose of paying all or any162
191	191		part of the cost associated with the projects authorized by the authority, including the cost163
192	192		of constructing, reconstructing, equipping, extending, adding to, or improving such164
193	193		projects or for the purpose of refunding, as provided in this Act, any such bonds of the165
194	194		authority theretofore issued. If the proceeds of the bonds of any issue shall exceed the166
195		-	amount required for the purpose for which such bonds were issued, the surplus shall be167 23 LC 47 2490~~/AP~~
	195	+	amount required for the purpose for which such bonds were issued, the surplus shall be167 23 LC 47 2490
196	196		H. B. 780
197	197		- 8 -
198	198		paid into the fund provided for the payment of principal and interest on such bonds. All
199	199		168
200	200		such revenue bonds shall be issued and validated under and in accordance with the169
201	201		procedures of Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the Revenue Bond170
202	202		Law, and in accordance with all terms and provisions thereof not in conflict with this Act,171
203	203		and in accordance with Code Section 50-17-1 of the O.C.G.A., relating to use of172
204	204		facsimile signatures on public securities, and, as security for the payment of any revenue173
205	205		bonds so authorized, any rents and revenue of the authority may be pledged and assigned.174
206	206		Such bonds shall be declared to be issued for an essential public and governmental175
207	207		purpose, and such bonds and all income therefrom shall be exempt from all taxation176
208	208		within the State of Georgia. For the purpose of the exemption from taxation of such177
209	209		bonds and the income therefrom, the authority shall be deemed to be a political178
210	210		subdivision of the State of Georgia.179
211	211		SECTION 6.180
212	212		Credit not pledged and debt not created by bonds.181
213	213		Revenue bonds issued under the provisions of this Act shall not constitute a debt or a pledge182
214	214		of the faith and credit of the State of Georgia, Brooks County, the Brooks County School183
215	215		District, or any municipality or other political subdivision located in Brooks County, but such184
216	216		bonds shall be payable from the rentals, revenue, earnings, and funds of the authority as185
217	217		provided in the resolution or trust agreement or indenture authorizing the issuance and186
218	218		securing the payment of such bonds. The issuance of such bonds shall not directly,187
219	219		indirectly, or contingently obligate the state or said county to levy or pledge any form of188
220	220		taxation for the payment thereof. No holder of any bond or receiver or trustee in connection189
221	221		therewith shall have the right to enforce the payment thereof against any property of the state190
222		-	or of said county, nor shall any such bond constitute a charge, lien, or encumbrance, legal or191 23 LC 47 2490~~/AP~~
	222	+	or of said county, nor shall any such bond constitute a charge, lien, or encumbrance, legal or191 23 LC 47 2490
223	223		H. B. 780
224	224		- 9 -
225	225		equitable, upon any such property. All such bonds shall contain on their face a recital setting
226	226		192
227	227		forth substantially the foregoing provisions of this section.193
228	228		SECTION 7.194
229	229		Trust agreement.195
230	230		In the discretion of the authority, any issue of revenue bonds may be secured by an196
231	231		agreement or indenture made by the authority with a corporate trustee, which may be any197
232	232		trust company or bank having the powers of a trust company within or without the State of198
233	233		Georgia. Such trust agreement or indenture may pledge and assign rents, fees, charges,199
234	234		revenues, and earnings to be received by the authority. The resolution providing for the200
235	235		issuance of revenue bonds and such trust agreement or indenture may contain provisions for201
236	236		protecting and enforcing the rights and remedies of the bondholders, including the right of202
237	237		appointment of a receiver upon default of the payment of any principal or interest obligation203
238	238		and the right of any receiver or trustee to enforce collection of any rents, fees, charges, or204
239	239		revenues for use of the project or projects necessary to pay all costs of operation and all205
240	240		reserves provided for, all principal and interest on all bonds of the issue, all costs of206
241	241		collection, and all other costs reasonably necessary to accomplish the collection of such sums207
242	242		in the event of any default of the authority. Such resolution and such trust agreement or208
243	243		indenture may include covenants setting forth the duties of the authority in relation to the209
244	244		acquisition of property for and the construction of the project and to the custody,210
245	245		safeguarding, and application of all funds and covenants providing for the operation,211
246	246		maintenance, repair, and insurance of the project or projects and may contain provisions212
247	247		concerning the conditions, if any, upon which additional revenue bonds may be issued. Such213
248	248		trust agreement or indenture may set forth the rights and remedies of the bondholders and of214
249	249		the trustee and may restrict the individual right of action of bondholders as is customary in215
250		-	securing bonds and debentures of corporations and may contain such other provisions as the216 23 LC 47 2490~~/AP~~
	250	+	securing bonds and debentures of corporations and may contain such other provisions as the216 23 LC 47 2490
251	251		H. B. 780
252	252		- 10 -
253	253		authority may deem reasonable and proper for the security of the bondholders. All expenses
254	254		217
255	255		incurred in carrying out such trust may be treated as a part of the cost of maintenance,218
256	256		operation, and repair of the project affected by such trust.219
257	257		SECTION 8.220
258	258		Refunding bonds.221
259	259		The authority is authorized to provide by resolution for the issuance of revenue bonds of the222
260	260		authority for the purpose of calling, refunding, or refinancing any revenue bonds issued223
261	261		under the provisions of this Act and then outstanding and to include in the amount of such224
262	262		refunding bonds all interest and any call premiums that may be required for the redemption225
263	263		and refunding of such outstanding bonds.226
264	264		SECTION 9.227
265	265		Venue of actions, jurisdiction.228
266	266		Any action to protect or enforce any rights under the provisions of this Act or any action229
267	267		against the authority brought in the courts of the State of Georgia shall be brought in the230
268	268		Superior Court of Brooks County, Georgia, and any action pertaining to validation of any231
269	269		bonds issued under the provisions of this Act shall be brought in said court, which shall have232
270	270		exclusive, original jurisdiction of such actions.233
271	271		SECTION 10.234
272	272		Revenue bond validation.235
273	273		The petition for validation of all revenue bonds of the authority shall be brought against the236
274		-	authority, and any contracting party whose obligation is pledged as security for the payment237 23 LC 47 2490~~/AP~~
	274	+	authority, and any contracting party whose obligation is pledged as security for the payment237 23 LC 47 2490
275	275		H. B. 780
276	276		- 11 -
277	277		of the bonds sought to be validated, as defendants, and the defendants shall be required to
278	278		238
279	279		show cause, if any exists, why such contract or contracts and the terms and conditions thereof239
280	280		shall not be adjudicated to be in all respects valid and binding upon such contracting parties.240
281	281		It shall be incumbent upon such defendants to defend against adjudication of the validity and241
282	282		binding effect of such contract or contracts or be forever bound thereby. Notice of such242
283	283		proceedings shall be included in the notice of the validation hearing required to be issued and243
284	284		published by the clerk of the Superior Court of Brooks County in which court such validation244
285	285		proceedings shall be initiated.245
286	286		SECTION 11.246
287	287		Interest of bondholders protected.247
288	288		While any of the bonds issued by the authority remain outstanding, the powers, duties, or248
289	289		existence of the authority or of its officers, employees, or agents shall not be diminished,249
290	290		impaired, or affected in any manner that will affect adversely the interest and rights of the250
291	291		holders of such bonds. The provisions of this Act shall be for the benefit of the authority and251
292	292		the holders of any such bonds and, upon the issuance of bonds under the provisions of this252
293	293		Act, shall constitute a contract with the holders of such bonds.253
294	294		SECTION 12.254
295	295		Revenues, earnings, rents, and charges; use.255
296	296		(a) For the purpose of earning sufficient revenue to make possible the financing of the256
297	297		construction of the project or projects of the authority with revenue bonds, the authority is257
298	298		authorized and empowered to fix, revise, and collect rents, fees, and charges on each project258
299		-	which it shall cause to be acquired or constructed. Such rents, fees, or charges to be paid for259 23 LC 47 2490~~/AP~~
	299	+	which it shall cause to be acquired or constructed. Such rents, fees, or charges to be paid for259 23 LC 47 2490
300	300		H. B. 780
301	301		- 12 -
302	302		the use of such project or projects shall be so fixed and adjusted so as to provide a fund
303	303		260
304	304		sufficient with other revenue, if any, of such project or projects or of the authority:261
305	305		(1) To pay the cost of operating, maintaining, and repairing the project or projects,262
306	306		including reserves for insurance and extraordinary repairs and other reserves required by263
307	307		the resolution or trust agreement or indenture pertaining to such bonds and the issuance264
308	308		thereof, unless such cost shall be otherwise provided for;265
309	309		(2) To pay the principal of and interest on such revenue bonds as the same shall become266
310	310		due, including call premiums, if any, the proceeds of which shall have been or shall be267
311	311		used to pay the cost of such project or projects;268
312	312		(3) To comply with any sinking fund requirements contained in the resolution or trust269
313	313		agreement or indenture pertaining to the issuance of and security for such bonds;270
314	314		(4) To perform fully all provisions of such resolution or trust agreement or indenture271
315	315		relating to the issuance of or security for such bonds to the payment of which such rent272
316	316		is pledged;273
317	317		(5) To accumulate any excess income which may be required by the purchasers of such274
318	318		bonds or may be dictated by the requirements of such resolution or trust agreement or275
319	319		indenture, or which may be required for achieving ready marketability of and low interest276
320	320		rates on such bonds; and277
321	321		(6) To pay any expenses in connection with such bond issue or of such project,278
322	322		including, but not limited to, trustees', attorney's, and fiscal agents' fees.279
323	323		(b) Such rent shall be payable at such intervals as may be agreed upon and set forth in the280
324	324		rental contract or lease providing therefor, and any such contract or lease may provide for the281
325	325		commencement of rent payments to the authority prior to the completion of the project by282
326	326		the authority and may provide for the payment of rent during such times as such project may283
327	327		be partially or wholly untenantable.284
328	328		(c) Such rental contract or lease may obligate the tenants or lessees to operate, maintain, and285
329		-	keep in good repair, including complete reconstruction, if necessary, the rented or leased286 23 LC 47 2490~~/AP~~
	329	+	keep in good repair, including complete reconstruction, if necessary, the rented or leased286 23 LC 47 2490
330	330		H. B. 780
331	331		- 13 -
332	332		premises and projects, regardless of the cause of the necessity of such maintenance, repair,
333	333		287
334	334		or reconstruction.288
335	335		(d) Such rental contract or lease may obligate the tenants or lessees to indemnify and save289
336	336		harmless the authority from any and all damage to persons and property occurring on or by290
337	337		reason of the leased property or improvements thereon and to undertake, at the expense of291
338	338		the tenants or lessees, the defense of any action brought against the authority by reason of292
339	339		injury or damages to persons or property occurring on or by reason of the leased premises.293
340	340		(e) In the event of any failure or refusal on the part of the tenants or lessees to perform294
341	341		punctually any covenant or obligation contained in any such rental contract or lease, the295
342	342		authority may enforce performance by any legal or equitable process against the tenants or296
343	343		lessees.297
344	344		(f) The authority shall be permitted to assign any rent payable to it, pursuant to such rental298
345	345		contract or lease, to a trustee or paying agent as may be required by the terms of the299
346	346		resolution or trust agreement or indenture relating to the issuance of and security for such300
347	347		bonds.301
348	348		(g) The use and disposition of the authority's revenue shall be subject to the provisions of302
349	349		the resolution authorizing the issuance of such bonds or of the trust agreement or indenture,303
350	350		if any, securing the same.304
351	351		SECTION 13.305
352	352		Sinking fund.306
353	353		The revenue, rents, and earnings derived from any particular project or projects and any and307
354	354		all revenue, rents, and earnings received by the authority, regardless of whether such308
355	355		revenue, rents, and earnings were produced by a particular project for which bonds have been309
356	356		issued, unless otherwise pledged, may be pledged by the authority to payment of the310
357		-	principal of and interest on revenue bonds of the authority as may be provided in any311 23 LC 47 2490~~/AP~~
	357	+	principal of and interest on revenue bonds of the authority as may be provided in any311 23 LC 47 2490
358	358		H. B. 780
359	359		- 14 -
360	360		resolution authorizing the issuance of such bonds or in any trust instrument pertaining to such
361	361		312
362	362		bonds, and such funds so pledged, from whatever source received, may include funds313
363	363		received from one or more or all sources and may be set aside at regular intervals into314
364	364		sinking funds for which provision may be made in any such resolution or trust instrument315
365	365		and which may be pledged to and charged with the payment of the interest upon such316
366	366		revenue bonds as such interest shall become due, the principal of the bonds as the same shall317
367	367		mature, the necessary charges of any trustee or paying agent for paying such principal and318
368	368		interest, and any premium upon bonds retired by call or purchase, and the use and disposition319
369	369		of any sinking fund may be subject to such regulation as may be provided for in the320
370	370		resolution authorizing the issuance of the bonds or in the trust instrument securing the321
371	371		payment of the same.322
372	372		SECTION 14.323
373	373		Taxation status.324
374	374		The exercise of the powers conferred upon the authority under this Act shall constitute an325
375	375		essential governmental function for a public purpose, and to the maximum extent permitted326
376	376		by general law, the authority shall be required to pay no taxes or assessments upon any of the327
377	377		property acquired by it or under its jurisdiction, control, possession, or supervision or upon328
378	378		its activities in the operation and maintenance of property acquired by it or of buildings329
379	379		erected or acquired by it or any fees, rents, or other charges for the use of such property or330
380	380		buildings or other income received by the authority. This section shall not include an331
381		-	exemption from sales and use tax on property purchased by or for the use of the authority.332 23 LC 47 2490~~/AP~~
	381	+	exemption from sales and use tax on property purchased by or for the use of the authority.332 23 LC 47 2490
382	382		H. B. 780
383	383		- 15 -
384	384		SECTION 15.
385	385		333
386	386		Immunity from tort actions.334
387	387		The authority shall have the same immunity and exemption from liability for torts and335
388	388		negligence as Brooks County, and the officers, agents, and employees of the authority, when336
389	389		in performance of work of the authority, shall have the same immunity and exemption from337
390	390		liability for torts and negligence as officers, agents, and employees of Brooks County. The338
391	391		authority may be sued the same as private corporations on any contractual obligation of the339
392	392		authority.340
393	393		SECTION 16.341
394	394		Property not subject to levy and sale.342
395	395		The property of the authority shall not be subject to levy and sale under legal process.343
396	396		SECTION 17.344
397	397		Trust funds.345
398	398		All funds received pursuant to the authority of Section 12 of this Act, whether as proceeds346
399	399		from the sale of revenue bonds or as revenue, rents, fees, charges, or other earnings or as347
400	400		grants, gifts, or other contributions, shall be deemed to be trust funds to be held and applied348
401	401		by the authority, solely as provided in this Act. The bondholders entitled to receive the349
402	402		benefits of such funds shall have a lien on all such funds until the same are applied as350
403		-	provided for in any such resolution or trust instrument of the authority.351 23 LC 47 2490~~/AP~~
	403	+	provided for in any such resolution or trust instrument of the authority.351 23 LC 47 2490
404	404		H. B. 780
405	405		- 16 -
406	406		SECTION 18.
407	407		352
408	408		Construction.353
409	409		This Act and any other law enacted with reference to the authority shall be liberally354
410	410		construed for the accomplishment of the purposes of the authority.355
411	411		SECTION 19.356
412	412		Scope of operations.357
413	413		The projects of the authority's operation shall be located in the territory embraced within the358
414	414		jurisdictional limits of Brooks County as the same now or may hereafter exist.359
415	415		SECTION 20.360
416	416		Conveyance of property upon dissolution.361
417	417		Should the authority for any reason be dissolved after full payment of all bonded362
418	418		indebtedness incurred under this Act, both as to principal and interest, title to all property of363
419	419		any kind and nature, real and personal, held by the authority at the time of such dissolution364
420	420		shall be conveyed to Brooks County, or title to any such property may be conveyed prior to365
421	421		such dissolution in accordance with provisions which may be made therefor in any resolution366
422	422		or trust instrument relating to such property, subject to any liens, leases, or other367
423	423		encumbrances outstanding against or in respect to said property at the time of such368
424		-	conveyance.369 23 LC 47 2490~~/AP~~
	424	+	conveyance.369 23 LC 47 2490
425	425		H. B. 780
426	426		- 17 -
427	427		SECTION 21.
428	428		370
429	429		Severability; effect of partial invalidity of Act.371
430	430		Should any sentence, clause, phrase, or part of this Act be declared for any reason to be372
431	431		unconstitutional or invalid, the same shall not affect such remainder of this Act or any part373
432	432		hereof, other than the part so held to be invalid, but the remaining provisions of this Act shall374
433	433		remain in full force and effect, and it is the express intention of this Act to enact each375
434	434		provision of this Act independently of any other provision hereof.376
435	435		SECTION 22.377
436	436		General repealer.378
437	437		All laws and parts of laws in conflict with this Act are repealed.379