Georgia 2023-2024 Regular Session

Georgia House Bill HB781 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	23 LC 47 2440~~/AP~~
	1	+	23 LC 47 2440
2	2		H. B. 781
3	3		- 1 -
4		-	House Bill 781 ~~(AS PASSED HOUSE AND SENATE)~~
	4	+	House Bill 781
5	5		By: Representatives Holly of the 116
6	6		th
7	7		, Crowe of the 118
8	8		th
9	9		, Douglas of the 78
10	10		th
11	11		, Mathiak of
12	12		the 74
13	13		th
14	14		, Lewis-Ward of the 115
15	15		th
16	16		, and others
17	17		A BILL TO BE ENTITLED
18	18		AN ACT
19	19		To create and establish the Henry County Building and Facilities Authority; to provide that
20	20		1
21	21		the authority is a body corporate and politic and an instrumentality of the State of Georgia;2
22	22		to authorize the authority to acquire, construct, equip, maintain, and operate certain projects,3
23	23		including buildings and facilities for use by Henry County or any municipality or political4
24	24		subdivision within Henry County for its governmental, proprietary, and administrative5
25	25		functions; to provide for members of the authority and their terms, organization, and6
26	26		reimbursement; to provide for vacancies; to provide for definitions; to confer powers and7
27	27		impose duties on the authority; to grant limitations to the authority; to authorize the authority8
28	28		to enter into contracts and leases pertaining to uses of such facilities, which contracts and9
29	29		leases may obligate the lessees to make payment for the use of the facilities for the term10
30	30		thereof and to pledge for that purpose money derived from taxation; to provide that no debt11
31	31		of Henry County or the State of Georgia shall be incurred by the exercise of any of the12
32	32		powers granted; to authorize the issuance of revenue bonds of the authority payable from the13
33	33		revenues, rents, and earnings and other functions of the authority; to authorize the collecting14
34	34		and pledging of such revenues, rents, and earnings for the payment of such bonds; to15
35	35		authorize the adoption of resolutions and the execution of trust indentures to secure the16
36	36		payment of such bonds and to define the rights of the holders of such bonds; to provide for17
37		-	a sinking fund; to make the bonds of the authority exempt from taxation; to authorize the18 23 LC 47 2440~~/AP~~
	37	+	a sinking fund; to make the bonds of the authority exempt from taxation; to authorize the18 23 LC 47 2440
38	38		H. B. 781
39	39		- 2 -
40	40		issuance of refunding bonds; to provide for the validation of such bonds and to fix the venue
41	41		19
42	42		for jurisdiction of actions relating to any provision of this Act; to provide that property20
43	43		acquired by the authority is for public purposes; to provide for immunity and exemption from21
44	44		liability for torts and negligence; to provide that the property of the authority shall not be22
45	45		subject to levy and sale; to provide that certain moneys are trust funds; to provide for liberal23
46	46		construction of this Act; to define the scope of the authority's operation; to provide for24
47	47		disposition of property upon authority dissolution; to provide for severability; to provide for25
48	48		a short title; to provide for related matters; to repeal conflicting laws; and for other purposes.26
49	49		BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:27
50	50		SECTION 1.28
51	51		Short title.29
52	52		This Act shall be known and may be cited as the "Henry County Building and Facilities30
53	53		Authority Act."31
54	54		SECTION 2.32
55	55		Henry County Building and Facilities Authority.33
56	56		There is created a public body corporate and politic to be known as the Henry County34
57	57		Building and Facilities Authority which shall be an instrumentality and a public corporation35
58	58		of the State of Georgia, the purpose of which shall be to acquire, construct, equip, maintain,36
59	59		and operate certain projects for use by Henry County or any municipality or other political37
60	60		subdivision within Henry County for its governmental, proprietary, public, and38
61	61		administrative functions. The authority shall not be a state institution, nor a department or39
62		-	agency of the state, but shall be an instrumentality of the state, a mere creation of the state,40 23 LC 47 2440~~/AP~~
	62	+	agency of the state, but shall be an instrumentality of the state, a mere creation of the state,40 23 LC 47 2440
63	63		H. B. 781
64	64		- 3 -
65	65		being a distinct corporate entity and being exempt from the provisions of Article 2 of Chapter
66	66		41
67	67		17 of Title 50 of the O.C.G.A., the "Georgia State Financing and Investment Commission42
68	68		Act." The authority shall have its principal office in Henry County, and its legal situs or43
69	69		residence for the purposes of this Act shall be Henry County.44
70	70		SECTION 3.45
71	71		Membership.46
72	72		The authority shall consist of six members who shall be eligible to succeed themselves. One47
73	73		member shall be appointed by the chairperson of the Board of Commissioners of Henry48
74	74		County. Five members shall be appointed by the Board of Commissioners of Henry County,49
75	75		with one member appointed from each commission district in Henry County. The six50
76	76		members so appointed shall serve for terms of office of two years and until their successors51
77	77		are appointed and qualified. Successors to such members shall be appointed as the original52
78	78		members were appointed, as provided in this section, and any vacancies shall be filled by the53
79	79		appointing authority, as provided in this section, for the unexpired term. Immediately after54
80	80		their appointment, the members of the authority shall enter upon their duties. A majority of55
81	81		the members of the authority shall constitute a quorum, and no vacancy on the authority shall56
82	82		impair the right of the quorum to exercise all the rights and perform all the duties of the57
83	83		authority, and, in every instance, a majority vote of a quorum shall authorize any legal act58
84	84		of the authority, including all things necessary to authorize and issue revenue bonds. The59
85	85		authority shall elect one of its number as chairperson and another of its number as vice60
86	86		chairperson. The secretary-treasurer of the authority shall be appointed by the authority and61
87	87		need not be a member of the authority. The members of the authority shall not be entitled62
88	88		to compensation for their services but shall be entitled to and shall be reimbursed for the63
89	89		actual expenses necessarily incurred in the performance of their duties. The authority shall64
90		-	promulgate rules and regulations for its own governance and it shall have perpetual65 23 LC 47 2440~~/AP~~
	90	+	promulgate rules and regulations for its own governance and it shall have perpetual65 23 LC 47 2440
91	91		H. B. 781
92	92		- 4 -
93	93		existence. Any change in name or composition of the authority shall in no way affect the
94	94		66
95	95		vested rights of any person under the provisions of this Act or impair the obligations of any67
96	96		contracts existing under this Act.68
97	97		SECTION 4.69
98	98		Definitions.70
99	99		As used in this Act, the following words and terms shall have the following meanings unless71
100	100		a different meaning clearly appears from the context:72
101	101		(1) "Authority" shall mean the Henry County Building and Facilities Authority created73
102	102		by this Act.74
103	103		(2) "Board of commissioners" shall mean the Board of Commissioners of Henry County.75
104	104		(3) "Cost of project" shall include the cost of lands, buildings, improvements, machinery,76
105	105		equipment, property, easements, rights, franchises, material, labor, services acquired or77
106	106		contracted for, plans and specification, financing charges, construction costs, interest78
107	107		prior to and during construction; architectural, accounting, engineering, inspection,79
108	108		administrative, fiscal, and legal expenses; expenses incident to determining the feasibility80
109	109		or practicability of the project; and expenses incident to the acquiring, constructing,81
110	110		equipping, and operating of any project or any part thereof, and to the placing of the same82
111	111		in operation.83
112	112		(4) "Project" shall mean and include real and personal property acquired, financed, or84
113	113		held by the authority, including all land, buildings, structures, sanitary and surface water85
114	114		sewers, storm water management projects, historic preservation projects, and other public86
115	115		property determined by the authority to be desirable for the efficient operation of any87
116	116		department, board, office, commission, or agency of Henry County, any municipality or88
117	117		other political subdivision within Henry County, or of the State of Georgia, in the89
118		-	performance of its governmental, proprietary, and administrative functions.90 23 LC 47 2440~~/AP~~
	118	+	performance of its governmental, proprietary, and administrative functions.90 23 LC 47 2440
119	119		H. B. 781
120	120		- 5 -
121	121		(5) "Revenue bonds" shall mean revenue bonds issued under the provisions of Article 3
122	122		91
123	123		of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law," or under the92
124	124		provisions of this Act. The obligations authorized under this Act may be issued by the93
125	125		authority in the manner authorized under the "Revenue Bond Law."94
126	126		SECTION 5.95
127	127		Powers.96
128	128		The authority shall have all the powers necessary or convenient to carry out and effectuate97
129	129		the purposes and provisions of this Act including, but without limiting the generality of the98
130	130		foregoing, the power:99
131	131		(1) To sue and be sued;100
132	132		(2) To adopt and alter a corporate seal;101
133	133		(3) To make and execute with public and private persons and corporations contracts,102
134	134		trusts, leases, rental agreements, and other instruments relating to its projects and in103
135	135		furtherance of the purposes of the authority, including contracts for constructing, renting,104
136	136		leasing, and selling of its projects for the use of any county, municipality, or other105
137	137		political subdivision located in Henry County;106
138	138		(4) To acquire in its own name by purchase on such terms and conditions and in such107
139	139		manner as it may deem proper or by gift, grant, lease, or otherwise, real and personal108
140	140		property necessary or convenient for its corporate purposes, or rights and easements109
141	141		therein, and to use the same so long as its corporate existence shall continue and to lease110
142	142		or make contracts with respect to the use of or disposition of the same in any manner it111
143	143		deems to the best advantage of the authority. Title to any such property shall be held by112
144	144		the authority exclusively for the benefit of the public;113
145	145		(5) To improve, extend, add to, reconstruct, renovate, or remodel any project or part114
146		-	thereof already acquired;115 23 LC 47 2440~~/AP~~
	146	+	thereof already acquired;115 23 LC 47 2440
147	147		H. B. 781
148	148		- 6 -
149	149		(6) To pledge or assign any revenues, income, rent, charges, and fees received by the
150	150		116
151	151		authority;117
152	152		(7) To appoint and select agents, engineers, architects, attorneys, fiscal agents,118
153	153		accountants, and employees and to provide for their compensation and duties;119
154	154		(8) To construct, reconstruct, acquire, own, alter, repair, remodel, maintain, extend,120
155	155		improve, operate, manage, and equip projects located on land owned or leased by the121
156	156		authority;122
157	157		(9) To receive, accept, and use any contributions, loans, or grants by persons, firms, or123
158	158		corporations, including the State of Georgia and the United States of America or any124
159	159		agency or instrumentality thereof, and any other contributions;125
160	160		(10) To pay all or part of the costs of any project from the proceeds of revenue bonds of126
161	161		the authority or from other lawful sources available to it;127
162	162		(11) To prescribe rules and regulations for the operation of and to exercise police powers128
163	163		over the projects managed or operated by the authority;129
164	164		(12) To accept, receive, and administer gifts, grants, loans and devises of money,130
165	165		material, and property of any kind, including loans and grants from the State of Georgia131
166	166		or the United States of America or any agency or instrumentality thereof, upon such132
167	167		terms and conditions as the State of Georgia or the United States of America or such133
168	168		agency or instrumentality may impose;134
169	169		(13) To sell, lease, exchange, transfer, assign, pledge, mortgage, dispose of, grant in135
170	170		trust, or grant options for any real or personal property or interest therein in furtherance136
171	171		of the purposes of the authority;137
172	172		(14) As security for repayment of authority obligations, to pledge, mortgage, convey,138
173	173		assign, hypothecate, or otherwise encumber any property, real or personal, of such139
174	174		authority and to execute any trust agreement, indenture, or security agreement containing140
175	175		any provisions not in conflict with law, which trust agreement, indenture, or security141
176		-	agreement may provide for foreclosure or forced sale of any property of the authority142 23 LC 47 2440~~/AP~~
	176	+	agreement may provide for foreclosure or forced sale of any property of the authority142 23 LC 47 2440
177	177		H. B. 781
178	178		- 7 -
179	179		upon default, on such obligations, either in payment of principal or interest or in the
180	180		143
181	181		performance of any term or condition, as are contained in such agreement or indenture;144
182	182		(15) To borrow money for any of its corporate purposes, to issue revenue bonds payable145
183	183		solely from funds pledged for that purpose, and to provide for the payment of the same146
184	184		and for the rights of the holders thereof;147
185	185		(16) To exercise all powers usually possessed by private corporations performing similar148
186	186		functions which are not in conflict with the Constitution and laws of this state; and149
187	187		(17) Pursuant to proper resolution of the authority, to issue revenue bonds payable from150
188	188		the rents and revenues of the authority and its projects, which bonds may be issued in151
189	189		either fully negotiable coupon form, in which event they shall have all the qualities and152
190	190		incidents of negotiable instruments under the laws of this state, or they may be issued in153
191	191		whole or in part in nonnegotiable fully registered form without coupons, payable to a154
192	192		designated payee or to the registered assigns of the payee with such conversion privileges155
193	193		as the authority may provide, for the purpose of paying all or any part of the cost156
194	194		associated with the projects authorized by the authority, including the cost of157
195	195		constructing, reconstructing, equipping, extending, adding to, or improving such projects,158
196	196		or for the purpose of refunding, as provided in this Act, any such bonds of the authority159
197	197		theretofore issued. Such bonds are declared to be issued for an essential public and160
198	198		governmental purpose, and such bonds and all income therefrom shall be exempt from161
199	199		all taxation within the State of Georgia. For the purpose of the exemption from taxation162
200	200		of such bonds and the income therefrom, the authority shall be deemed to be a political163
201		-	subdivision of the State of Georgia.164 23 LC 47 2440~~/AP~~
	201	+	subdivision of the State of Georgia.164 23 LC 47 2440
202	202		H. B. 781
203	203		- 8 -
204	204		SECTION 6.
205	205		165
206	206		Credit not pledged and debt not created by bonds.166
207	207		Revenue bonds issued under the provisions of this Act shall not constitute a debt or a pledge167
208	208		of the faith and credit of the State of Georgia or Henry County; but such bonds shall be168
209	209		payable from the rentals, revenue, earnings, and funds of the authority pledged for payment169
210	210		thereof as provided in the resolution, trust agreement, or indenture authorizing the issuance170
211	211		and securing the payment of such bonds. The issuance of such bonds shall not directly,171
212	212		indirectly, or contingently obligate the state or said county to levy or pledge any form of172
213	213		taxation whatever for the payment thereof. No holder of any bond or receiver or trustee in173
214	214		connection therewith shall have the right to enforce the payment thereof against any property174
215	215		of the state or of said county, nor shall any such bond constitute a charge, lien, or175
216	216		encumbrance, legal or equitable, upon any such property. All such bonds shall contain on176
217	217		their face a recital setting forth substantially the foregoing provisions of this section.177
218	218		SECTION 7.178
219	219		Trust agreement.179
220	220		In the discretion of the authority, any issue of revenue bonds may be secured by an180
221	221		agreement or indenture made by the authority with a corporate trustee, which may be any181
222	222		trust company or bank having the powers of a trust company within or without this state.182
223	223		Such trust agreement or indenture may pledge and assign rents, fees, charges, revenues, and183
224	224		earnings to be received by the authority. The resolution providing for the issuance of184
225	225		revenue bonds and such trust agreements or indenture may contain provisions for protecting185
226	226		and enforcing the rights and remedies of the bondholders, including the right of appointment186
227	227		of a receiver upon default of the payment of any principal or interest obligation and the right187
228		-	of any receiver or trustee to enforce collection of any rents, fees, charges, or revenues for use188 23 LC 47 2440~~/AP~~
	228	+	of any receiver or trustee to enforce collection of any rents, fees, charges, or revenues for use188 23 LC 47 2440
229	229		H. B. 781
230	230		- 9 -
231	231		of the project or projects necessary to pay all costs of operation and all reserves provided for,
232	232		189
233	233		all principal and interest on all bonds of the issue, all costs of collection, and all other costs190
234	234		reasonably necessary to accomplish the collection of such sums in the event of any default191
235	235		of the authority. Such resolution and such trust agreement or indenture may include192
236	236		covenants setting forth the duties of the authority in relation to the acquisition of property for193
237	237		and construction of the project and to the custody, safeguarding, and application of all funds194
238	238		and covenants providing for the operation, maintenance, repair, and insurance of the project195
239	239		or projects and may contain provisions concerning the conditions, if any, upon which196
240	240		additional revenue bonds may be issued. Such trust agreement or indenture may set forth the197
241	241		rights and remedies of the bondholders and of the trustee and may restrict the individual right198
242	242		of action of bondholders as is customary in securing bonds and debentures of corporations199
243	243		and may contain such other provisions as the authority may deem reasonable and proper for200
244	244		the security of the bondholders. All expenses incurred in carrying out such trust may be201
245	245		treated as a part of the cost of maintenance, operation, and repair of the project affected by202
246	246		such trust.203
247	247		SECTION 8.204
248	248		Refunding bonds.205
249	249		The authority is authorized to provide by resolution for the issuance of revenue bonds of the206
250	250		authority for the purpose of calling, refunding, or refinancing any revenue bonds issued207
251	251		under the provisions of this Act and then outstanding and to include in the amount of such208
252	252		refunding bonds all interest and any call premiums that may be required for the redemption209
253		-	and refunding of such outstanding bonds.210 23 LC 47 2440~~/AP~~
	253	+	and refunding of such outstanding bonds.210 23 LC 47 2440
254	254		H. B. 781
255	255		- 10 -
256	256		SECTION 9.
257	257		211
258	258		Venue of actions, jurisdiction.212
259	259		Any action to protect or enforce any rights under the provisions of this Act or any action213
260	260		against the authority brought in the courts of the State of Georgia shall be brought in the214
261	261		Superior Court of Henry County, and any action pertaining to validation of any bonds issued215
262	262		under the provisions of this Act shall be brought in said court, which shall have exclusive,216
263	263		original jurisdiction of such actions.217
264	264		SECTION 10.218
265	265		Revenue bond validation.219
266	266		The petition for validation of all revenue bonds of the authority shall be brought against the220
267	267		authority, and any contracting party whose obligation is pledged as security for the payment221
268	268		of the bonds sought to be validated, as defendants, and the defendants shall be required to222
269	269		show cause, if any exists, as to why such contract or contracts and the terms and conditions223
270	270		thereof shall not be adjudicated to be in all respects valid and binding upon such contracting224
271	271		parties. It shall be incumbent upon such defendants to defend against adjudication of the225
272	272		validity and binding effect of such contract or contracts or be forever bound thereby. Notice226
273	273		of such proceedings shall be included in the notice of the validation hearing required to be227
274	274		issued and published by the clerk of the Superior Court of Henry County in which court such228
275	275		validation proceedings shall be initiated. All such revenue bonds shall be issued and229
276	276		validated under and in accordance with the procedure of Article 3 of Chapter 82 of Title 36230
277	277		of the O.C.G.A., the "Revenue Bond Law," and in accordance with all terms and provisions231
278	278		thereof not in conflict herewith and in accordance with Code Section 50-17-1 of the232
279		-	O.C.G.A., relating to use of facsimile signatures on public securities authorized, and, as233 23 LC 47 2440~~/AP~~
	279	+	O.C.G.A., relating to use of facsimile signatures on public securities authorized, and, as233 23 LC 47 2440
280	280		H. B. 781
281	281		- 11 -
282	282		security for the payment of any revenue bonds so authorized, any rents and revenue of the
283	283		234
284	284		authority may be pledged and assigned.235
285	285		SECTION 11.236
286	286		Interest of bondholders protected.237
287	287		While any of the bonds issued by the authority remain outstanding, the powers, duties, or238
288	288		existence of the authority or of its officers, employees, or agents shall not be diminished,239
289	289		impaired, or affected in any manner that will affect adversely the interest and rights of the240
290	290		holders of such bonds. The provisions of this section shall be for the benefit of the authority241
291	291		and the holders of any such bonds and, upon the issuance of bonds under the provisions of242
292	292		this Act, shall constitute a contract with the holders of such bonds.243
293	293		SECTION 12.244
294	294		Revenues, earnings, rents, and charges; use.245
295	295		(a) For the purpose of earning sufficient revenue to make possible the financing of the246
296	296		construction of the project or projects of the authority with revenue bonds, the authority is247
297	297		authorized and empowered to fix, revise, and collect rents, fees, and charges on each248
298	298		project which it shall cause to be acquired or constructed. Such rents, fees, or charges to249
299	299		be paid for the use of such project or projects shall be so fixed and adjusted as to provide250
300	300		a fund sufficient with other revenue, if any, of such project or projects or of the authority251
301	301		to:252
302	302		(1) Pay the cost of operating, maintaining, and repairing the project or projects, including253
303	303		reserves for insurance and extraordinary repairs and other reserves required by the254
304	304		resolution or trust agreement or indenture pertaining to such bonds and the issuance255
305		-	thereof, unless such cost shall be otherwise provided for;256 23 LC 47 2440~~/AP~~
	305	+	thereof, unless such cost shall be otherwise provided for;256 23 LC 47 2440
306	306		H. B. 781
307	307		- 12 -
308	308		(2) Pay the principal of and interest on such revenue bonds as the same shall become
309	309		257
310	310		due, including call premium, if any, the proceeds of which shall have been or will be used258
311	311		to pay the cost of such project or projects;259
312	312		(3) Comply with any sinking fund requirements contained in the resolution or trust260
313	313		agreement or indenture pertaining to the issuance of and security for such bonds;261
314	314		(4) Perform fully all provisions of such resolution and trust agreement or indenture262
315	315		relating to the issuance of or security for such bonds to the payment of which such rent263
316	316		is pledged;264
317	317		(5) Accumulate any excess income which may be required by the purchasers of such265
318	318		bonds or may be dictated by the requirements of such resolution, trust agreement, or266
319	319		indenture, or of achieving ready marketability of and low interest rates on such bonds;267
320	320		and268
321	321		(6) Pay any expenses in connection with such bond issue or of such project or projects,269
322	322		including but not limited to trustees', attorneys', and fiscal agents' fees.270
323	323		(b) Such rent shall be payable at such intervals as may be agreed upon and set forth in the271
324	324		rental contract or lease providing therefor, and any such contract or lease may provide for272
325	325		the commencement of rent payments to the authority prior to the completion of the273
326	326		undertaking by the authority of any such project and may provide for the payment of rent274
327	327		during such times as such project or projects may be partially or wholly untenantable.275
328	328		(c) Such rental contract or lease may obligate the tenants or lessees to operate, maintain,276
329	329		and keep in good repair, including complete reconstruction, if necessary, the rented or277
330	330		leased premises and projects, regardless of the cause of the necessity of such maintenance,278
331	331		repair, or reconstruction.279
332	332		(d) Such rental contract or lease may obligate the tenants or lessees to indemnify and save280
333	333		harmless the authority from any and all damage to persons and property occurring on or281
334	334		by reason of the leased property or improvements thereon and to undertake, at the expense282
335		-	of the tenants or lessees, the defense of any action brought against the authority by reason283 23 LC 47 2440~~/AP~~
	335	+	of the tenants or lessees, the defense of any action brought against the authority by reason283 23 LC 47 2440
336	336		H. B. 781
337	337		- 13 -
338	338		of injury or damages to persons or property occurring on or by reason of the leased
339	339		284
340	340		premises.285
341	341		(e) In the event of any failure or refusal on the part of the tenants or lessees to perform286
342	342		punctually any covenant or obligation contained in any such rental contract or lease, the287
343	343		authority may enforce performance by any legal or equitable process against the tenants288
344	344		or lessees.289
345	345		(f) The authority shall be permitted to assign any rent payable to it, pursuant to such rental290
346	346		contract or lease, to a trustee or paying agent as may be required by the terms of the291
347	347		resolution or trust agreement or indenture relating to the issuance of and security for such292
348	348		bonds.293
349	349		(g) The use and disposition of the authority's revenue shall be subject to the provisions of294
350	350		the resolution authorizing the issuance of such bonds or of the trust agreement or indenture,295
351	351		if any, securing the same.296
352	352		SECTION 13.297
353	353		Sinking fund.298
354	354		The revenue, rents, and earnings derived from any particular project or projects and any and299
355	355		all revenue, rents, and earnings received by the authority, regardless of whether such300
356	356		revenue, rents, and earnings were produced by a particular project for which bonds have been301
357	357		issued, unless otherwise pledged, may be pledged by the authority to payment of the302
358	358		principal of and interest on revenue bonds of the authority as may be provided in any303
359	359		resolution authorizing the issuance of such bonds or in any trust instrument pertaining to such304
360	360		bonds, and such funds so pledged, from whatever source received, may include funds305
361	361		received from one or more or all sources and may be set aside at regular intervals into306
362	362		sinking funds for which provision may be made in any such resolution or trust instrument307
363		-	and which may be pledged to and charged with the payment of the interest upon such308 23 LC 47 2440~~/AP~~
	363	+	and which may be pledged to and charged with the payment of the interest upon such308 23 LC 47 2440
364	364		H. B. 781
365	365		- 14 -
366	366		revenue bonds as such interest shall become due, the principal of the bonds as the same shall
367	367		309
368	368		mature, the necessary charges of any trustee or paying agent for paying such principal and310
369	369		interest, and any premium upon bonds retired by call or purchase. The use and disposition311
370	370		of any sinking fund may be subject to such regulation as may be provided for in the312
371	371		resolution authorizing the issuance of the bonds or in the trust instrument securing the313
372	372		payment of the same.314
373	373		SECTION 14.315
374	374		Property acquired for public purpose.316
375	375		The exercise of the powers conferred upon the authority under this Act shall constitute an317
376	376		essential governmental function for a public purpose, and to the extent permitted by the318
377	377		general laws of this state, the authority shall be required to pay no taxes or assessments upon319
378	378		any of the property acquired by it or under its jurisdiction, control, possession, or supervision320
379	379		or upon its activities in the operation and maintenance of property acquired by it or of321
380	380		buildings or other improvements erected or acquired by it or any fees, rents, or other charges322
381	381		for the use of such property or buildings or improvements or other income received by the323
382	382		authority. Nothing provided in this section shall include an exemption from sales and use324
383	383		tax on property purchased by or for the use of the authority.325
384	384		SECTION 15.326
385	385		Immunity from tort actions.327
386	386		The authority shall have the same immunity and exemption from liability for torts and328
387	387		negligence as the State of Georgia, and the officers, agents, and employees of the authority,329
388	388		when in performance of work of the authority, shall have the same immunity and exemption330
389		-	from liability for torts and negligence as officers, agents, and employees of the State of331 23 LC 47 2440~~/AP~~
	389	+	from liability for torts and negligence as officers, agents, and employees of the State of331 23 LC 47 2440
390	390		H. B. 781
391	391		- 15 -
392	392		Georgia. The authority may be sued the same as private corporations on any contractual
393	393		332
394	394		obligation of the authority.333
395	395		SECTION 16.334
396	396		Property not subject to levy and sale.335
397	397		The property of the authority shall not be subject to levy and sale under legal process.336
398	398		SECTION 17.337
399	399		Trust funds.338
400	400		All funds received pursuant to authority of Section 12 of this Act, whether as proceeds from339
401	401		the sale of revenue bonds or as revenue, rents, fees, charges, or other earnings or as grants,340
402	402		gifts, or other contributions, shall be deemed to be trust funds to be held and applied by the341
403	403		authority, solely as provided in this Act. The bondholders entitled to receive the benefits of342
404	404		such funds shall have a lien on all such funds until the same are applied as provided for in343
405	405		any such resolution or trust instrument of the authority.344
406	406		SECTION 18.345
407	407		Construction.346
408	408		This Act and any other law enacted with reference to the authority shall be liberally347
409		-	construed for the accomplishment of its purposes.348 23 LC 47 2440~~/AP~~
	409	+	construed for the accomplishment of its purposes.348 23 LC 47 2440
410	410		H. B. 781
411	411		- 16 -
412	412		SECTION 19.
413	413		349
414	414		Scope of operations.350
415	415		The projects of the authority's operation shall be located in the territory embraced within the351
416	416		jurisdictional limits of Henry County as the same now or may hereafter exist.352
417	417		SECTION 20.353
418	418		Conveyance of property upon dissolution.354
419	419		Should the authority for any reason be dissolved after full payment of all bonded355
420	420		indebtedness incurred under this Act, both as to principal and interest, title to all property of356
421	421		any kind and nature, real and personal, held by the authority at the time of such dissolution357
422	422		shall be conveyed to Henry County. The title to any such property may be conveyed prior358
423	423		to such dissolution in accordance with provisions which may be made therefor in any359
424	424		resolution or trust instrument relating to such property, subject to any liens, leases, or other360
425	425		encumbrances outstanding against or in respect to said property at the time of such361
426	426		conveyance.362
427	427		SECTION 21.363
428	428		Effect of partial invalidity of Act.364
429	429		Should any sentence, clause, phrase, or part of this Act be declared for any reason to be365
430	430		unconstitutional or invalid, the same shall not affect such remainder of this Act or any part366
431	431		hereof, other than the part so held to be invalid, but the remaining provisions of this Act shall367
432	432		remain in full force and effect. It is the express intention of this Act to enact each provision368
433		-	of this Act independently of any other provision hereof.369 23 LC 47 2440~~/AP~~
	433	+	of this Act independently of any other provision hereof.369 23 LC 47 2440
434	434		H. B. 781
435	435		- 17 -
436	436		SECTION 22.
437	437		370
438	438		Repealer.371
439	439		All laws and parts of laws in conflict with this Act are repealed.372