24 LC 44 2786
Senate Bill 575
By: Senator Williams of the 25th
AS PASSED SENATE
A BILL TO BE ENTITLED
AN ACT
To create the Milledgeville Public Facilities Authority; to provide for a short title; to provide
1
for definitions; to provide for purpose; to provide for powers; to provide for the membership2
of the authority and their terms of office, qualifications, and compensation; to provide for the3
issuance and sale of revenue bonds and other obligations; to provide that such revenues and4
other obligations are not general obligations; to provide for trust indentures; to provide for5
the security for such revenue bonds and other obligations; to provide for refunding revenue6
bonds and other obligations; to provide for a principal office; to provide for validation; to7
provide for no impairment of rights; to provide for trust funds and investments; to provide8
for the power to set rates, fees and charges; to provide for exemptions from taxation; to9
provide for tort immunity; to provide for exemptions from levy and sale; to provide for its10
area of operation; to provide for supplemental powers; to provide for no power to impose11
taxes or exercise the power of eminent domain; to provide for the conveyance of property12
upon dissolution; to provide for liberal construction; to provide for severability; to repeal13
conflicting laws; and for other purposes.14
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:15
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SECTION 1.
16
Short title.17
This Act shall be known and may be cited as the "Milledgeville Public Facilities Authority18
Act."19
SECTION 2.20
Definitions.21
As used in this Act, the following words and terms shall have the meaning specified unless22
the context or use clearly indicates a different meaning or intent:23
(1) "Authority" means the Milledgeville Public Facilities Authority created by this Act.24
(2) "City" means Milledgeville, Georgia, or its successor.25
(3) "Cost of the project" shall include:26
(A) The cost of construction;27
(B) The cost of all land and interests therein, properties, rights, easements, and28
franchises acquired;29
(C) The cost of acquiring, constructing, renovating, erecting, or demolishing buildings,30
improvements, materials, labor, and services;31
(D) The cost of all fixtures, furnishings, machinery and equipment;32
(E) Issuance costs, including, but not limited to, fees or discounts of underwriters or33
placement agents, the funding of reserve accounts, financing charges including interest34
prior to and during the construction or acquisition of any project and for up to one year35
after such project is placed into service and operational at the level intended;36
(F) The cost of construction, engineering, architectural, fiscal, accounting, inspection,37
and legal expenses relating to a project or to the financing or refinancing of any project38
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and other expenses necessary or incident to determining the feasibility or practicability
39
of any project; and40
(G) Administrative expenses relating to any project or the financing or refinancing41
thereof, and such other expenses as may be necessary or incident to the financing or42
refinancing of a project herein authorized, the acquisition, construction, renovation,43
reconstruction, or remodeling of a project, and the placing of the same in operation.44
Any obligation or expense incurred for any of the foregoing purposes shall be regarded45
as part of the cost of the project and may be paid or reimbursed as such out of any funds46
of the authority, including proceeds of any revenue bonds or other obligations issued47
under the provisions hereof for any such project or projects and the proceeds of the sale48
of any contracts, lease agreements, or installment sales agreements or the amounts49
payable thereunder, either directly or by the creation of interests therein.50
(4) "Obligations" means and includes revenue bonds, bond anticipation notes, other51
promissory notes, certificates of participation, custodial receipts or other similar52
instruments creating interests in any contracts, lease agreements, or installment sales53
agreements or in the amounts payable to the authority, directly or indirectly, thereunder.54
(5) "Private person" means any individual or any legal entity, other than a public body,55
whether operated for profit or not for profit.56
(6) "Project" means any capital project that may be financed with revenue bonds under57
general laws in effect from time to time, which is located or to be located in the city, that58
is determined by the authority to promote the public good or general welfare of the59
citizens of the city, or of the state, or any of its enterprises or systems, including, but not60
limited to, the acquisition, construction, renovation, improvement, extension, addition,61
or equipping within the city of:62
(A) Utility systems and improvements, including, without limitation, water and sewer63
systems and facilities, sewage and solid waste disposal systems and facilities, and64
electric, gas, and other similar facilities and systems;65
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(B) Emergency facilities, including emergency, fire, police, and rescue facilities and
66
equipment;67
(C) Recreational facilities, including parks, athletic fields, buildings, or facilities and68
other similar facilities or related equipment;69
(D) Public safety facilities, including prisons, jails, police stations, facilities, or70
equipment, and state patrol or other law enforcement facilities or equipment;71
(E) Educational, cultural, or historical facilities and equipment;72
(F) Administrative facilities or equipment, including city municipal buildings and other73
governmental buildings;74
(G) Courthouses, public libraries and jails;75
(H) Facilities relating to aviation, including, but not limited to, airports, airfields,76
airport terminals, hangars, control towers, facilities for the repair and maintenance of77
aircraft; and78
(I) Other buildings, facilities, and equipment necessary or convenient for the efficient79
operation of the city or any department, agency, division, or commission thereof, or of80
a public body or private person.81
(7) "Public bodies" means and includes, the United States of America and any federal82
agency, department, authority or any branch of its armed services, and any county,83
political subdivision, or municipality of the state, and any state or local government84
agency, department, authority, agency, board, authority, or instrumentality, each being85
a "public body."86
(8) "Revenue bonds" means revenue bonds issued by the authority pursuant to the terms87
of this Act or under Article 3 of Chapter 82 of Title 36 of the O.C.G.A., known as the88
"Revenue Bond Law."89
(9) "State" means the State of Georgia.90
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SECTION 3.
91
Milledgeville Public Facilities Authority.92
There is created a body corporate and politic to be known as the "Milledgeville Public93
Facilities Authority," which shall be deemed to be a public corporation. Such corporation94
shall be separate and distinct from any public corporation or other entity heretofore created95
by the General Assembly and shall be an instrumentality of the state exercising governmental96
and proprietary powers. The authority is created for the purpose of promoting the public97
good and general welfare of the citizens of the city and of the state and financing and98
providing facilities, equipment, and services within the city, for sale to, lease or sublease to,99
ownership, or operation by any public body or any private person, specifically including the100
city. In connection with the exercise of any of its powers, the members of the authority may101
make findings or determinations that the exercise of its powers as proposed will promote the102
public good and general welfare, and assist public bodies or private persons in providing103
facilities, equipment, and services in the city, and such findings or determinations, if made,104
shall be conclusive and binding and shall not be subject to review.105
SECTION 4.106
Powers.107
The authority shall have the power:108
(1) To sue and be sued;109
(2) To have and to use a seal and to alter the same at its pleasure;110
(3) To acquire, construct, purchase, hold, own, lease as lessee, expand, improve,111
renovate, repair, maintain, and operate real and personal property or interests therein;112
(4) To enter into contacts for operation, management, maintenance, and repair of any of113
its property and for other purposes;114
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(5) To sell, lease as lessor, or otherwise transfer, pledge or dispose of any real and
115
personal property or interests therein. In connection with any such lease, sale, transfer,116
assignment, or other disposition, to the extent allowed by general law, the authority need117
not comply with any other provision of law requiring public bidding or any notice to the118
public of such lease, sale, transfer, assignment, or other disposition;119
(6) To exercise the powers conferred upon a "public corporation" or a "public authority"120
by Article IX, Section III, Paragraph I of the Constitution of Georgia, such authority121
being expressly declared to be a "public corporation" or a "public authority" within the122
meaning of such provision of the Constitution of Georgia;123
(7) To acquire projects and other property in its own name by gift or by purchase on such124
terms and conditions and in such manner as it may deem proper. If the authority shall125
deem it expedient to construct any project on real property or any interest therein or126
usufruct therein that is subject to the control of any other public body or private person,127
then such other public body or private person is hereby authorized to convey or lease128
such real property or interest therein to the authority for no consideration or for such129
consideration as may be agreed upon by the authority and such other public body or130
private person, taking into consideration the public benefit to be derived from such131
conveyance, lease or usufruct. Any public body or private person may transfer such real132
property or interest therein without regard to any determination as to whether or not such133
property or interest therein is surplus;134
(8) To accept gifts and bequests for its corporate purposes;135
(9) To appoint, select, and employ, with or without bidding as the authority may choose,136
officers, agents, and employees, including engineering, architectural, and construction137
experts, fiscal agents, underwriters or other advisors, and attorneys, and to fix their138
compensation;139
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(10) To make and execute with one or more public bodies or private persons contracts,
140
lease agreements, rental agreements, installment sale agreements, loan agreements,141
security instruments, and other instruments relating to the property of the 142
authority and incident to the exercise of the powers of the authority, including contracts for143
constructing, renting, leasing, operating, using, and selling its projects for the benefit of other144
public bodies and private persons, specifically including the city, and, without limiting the145
generality of the foregoing, authority is specifically granted to the authority and to other146
public bodies and private persons, specifically including the city, to enter into contracts, lease147
agreements, rental agreements, installment sale agreements, loan agreements, security148
instruments, and related agreements with each other relating to the provision of any project149
or services for a term not exceeding 50 years, as provided in Article IX, Section III,150
Paragraph I(a) of the Constitution of Georgia;151
(11) To the extent not prohibited by the Constitution of Georgia or by general law, to be152
a co-owner, along with other public bodies and private persons, of any property or153
business entity if the authority finds and determines that such co-ownership is in the best154
interests of the authority and will serve the public purposes of the authority;155
(12) To purchase policies of insurance as may be deemed appropriate for its corporate156
purposes;157
(13) To operate, lease, sell, transfer, or otherwise dispose of any property, real or158
personal, or assets of the authority, or to assign its rights under its contracts, lease159
agreements, or installment sale agreements or its right to receive payments thereunder,160
either directly or through trust or custodial arrangements whereby interests are created161
in such contracts, lease agreements, or installment sale agreements or the payments to be162
received thereunder through the issuance of trust certificates, certificates of participation,163
custodial receipts, or other similar instruments. In connection with any such lease, sale,164
transfer, assignment, or other disposition, the authority need not comply with any other165
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provision of law requiring public bidding or any notice to the public of such lease, sale,
166
transfer, assignment, or other disposition;167
(14) To accept loans and grants of money or property of any kind from the United States,168
or any public body or private person and all public bodies and private persons are169
authorized to make grants to the authority, subject to any limitations in the Constitution170
of Georgia;171
(15) To borrow money for any of its corporate purposes and to issue revenue bonds and172
other obligations payable from funds or revenues of the authority pledged for such173
purpose and to pledge and assign any of its revenues, income, rents, charges, and fees to174
provide for the payment of the same and to provide for the rights of the holders of such175
obligations;176
(16) To enter into:177
(A) Interest rate swaps, collars, or other types of interest rate management agreements;178
or179
(B) Credit enhancement or liquidity agreements relating to any obligations of the180
authority, provided that the obligation of the authority under such agreements shall not181
be a general obligation of the authority but shall be a limited obligation of the authority182
payable from a specific source of funds identified for such purpose;183
(17) To make such rules and regulations governing its employees and property as it may184
in its discretion deem proper;185
(18) To be sued the same as any private corporation on any contractual obligation of the186
authority. The authority shall have the same rights to sue any other person or entity as187
any private corporation;188
(19) To issue revenue bonds or other obligations to finance or refinance any project189
which may be financed by any public body or private person; and190
(20) To have and exercise usual powers of private corporations except such as are191
inconsistent with this Act or inconsistent with general law, and to do any and all things192
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necessary and convenient to accomplish the purpose and powers of the authority as herein
193
stated.194
SECTION 5.195
Membership.196
(a) The authority shall consist of five members who shall be residents of the city and who197
shall be appointed by the mayor and council of the city. The members of the authority shall198
be appointed to serve for a term of one year from the date of such appointment and until their199
successors shall have been selected and appointed.200
(b) The mayor and any member, or members, of the city council may be appointed to serve201
as members of the authority. The term of office of any member of the authority who also202
serves as a member of the appointing body shall expire when his or her term of office as a203
member of such appointing body expires.204
(c) Any member of the authority may be selected and appointed to succeed himself or205
herself.206
(d) Immediately after appointments provided for in subsections (a) and (b) of this section,207
the members of such authority shall enter upon their duties. Any vacancy on the authority208
shall be filled in the same manner as was the original appointment of the member whose209
termination of membership resulted in such vacancy and the person so selected and210
appointed shall serve for the remainder of the unexpired term. The authority shall elect one211
of its members as chairperson and another member as vice-chairperson and it shall also elect212
a secretary and treasurer, who does not necessarily have to be a member of the authority and213
if not a member he or she shall have no voting rights. A majority of the members of the214
authority shall constitute a quorum and a majority vote of a quorum shall authorize any legal215
act of the authority, including all things necessary to authorize and issue revenue bonds and216
other obligations. No vacancy on the authority shall impair the right of the quorum to217
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exercise all the rights and perform all the duties of the authority. The members of the
218
authority shall not be entitled to compensation for their service as members of the authority,219
but may be reimbursed for their actual expenses necessarily incurred in the performance of220
their duties. The authority shall make rules and regulations for its own governing. It shall221
have perpetual existence. The mayor and members of the city council, as officers of the city,222
may vote on transactions between the city and the authority and the members of the authority223
may likewise vote on transactions between the city and the authority and the same shall not224
be deemed to create any conflict of interest.225
SECTION 6.226
Issuance and sale of revenue bonds and other obligations.227
The authority shall have the power and shall be authorized from time to time to provide for228
the issuance and sale of negotiable revenue bonds in the manner provided by Article 3 of229
Chapter 82 of Title 36 of the O.C.G.A., known as the "Revenue Bond Law," and may issue230
other obligations for the purpose of paying all or any part of the cost of any one or more231
projects, including the cost of constructing, reconstructing, equipping, extending, adding to,232
or improving any such project, or for the purpose of refunding, as herein provided, any such233
bonds or other obligations of the authority or to refund bonds or other obligations of any234
other authority, public body, or private person previously issued to finance or refinance the235
cost of a project. The principal of and interest on such revenue bonds or other obligations236
shall be a limited obligation of the authority payable solely from the source or sources of237
funds specified in the indenture or resolution of the authority authorizing the issuance of such238
revenue bonds or other obligations. Such revenue bonds or other obligations shall mature239
on such dates, bear interest at such rate or rates, whether fixed or variable, be subject to240
redemption and have such other terms as the authority may provide in the indenture or241
resolution relating thereto. Such revenue bonds or other obligations may be issued for cash,242
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property or other consideration and may be sold in a negotiated sale or in a public sale at
243
such price on such terms as the authority may determine. The offer, sale or issuance of244
bonds or other obligations of the authority shall be exempt from registration to the extent245
provided in Chapter 5 of Title 10 of the O.C.G.A., the "Georgia Securities Law," or any other246
law, including, without limitation, the Georgia Uniform Securities Act of 2008 contained in247
Chapter 5 of Title 10 of the O.C.G.A., as the same may be amended from time to time.248
SECTION 7.249
Revenue bonds or other obligations not a debt or general obligation.250
Revenue bonds or other obligations issued under the provisions of this Act or any loan251
incurred as authorized herein shall not constitute a debt or a pledge of the faith and credit of252
any other public body, but shall be payable solely from the sources as may be designated in253
the resolution or indenture of the authority authorizing the issuance of the same. The254
issuance of such obligations shall not directly, indirectly, or contingently obligate any public255
body to levy or to pledge any form of taxation whatsoever for the payment thereof, unless256
otherwise provided by an intergovernmental contract executed by such public body. No257
holder of any bond or other obligation or receiver or trustee in connection therewith shall258
have the right to enforce the payment thereof against any property of any other public body259
nor shall any such bond or other obligation constitute a charge, lien, or encumbrance, legal260
or equitable, upon any such property unless otherwise provided by an intergovernmental261
contract executed by such other public body and the authority. All such obligations shall262
contain on their face a recital setting forth substantially the foregoing provisions of this263
section. Nothing in this section shall be construed to prohibit any other public body from264
obligating itself to pay the amounts required under any intergovernmental contract entered265
into with the authority pursuant to Article IX of the Constitution of Georgia or any successor266
provision, including, if such other public body has taxing power, from funds received from267
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taxes to be levied and collected by such other public body for that purpose and from any
268
other source.269
SECTION 8.270
Issuance of bonds or obligations under indentures or resolutions.271
In the discretion of the authority, any issuance of such revenue bonds or other obligations272
may be secured by a trust indenture by and between the authority and a trustee, which may273
be any trust company or bank having the powers of a trust company within or outside the274
State. Such trust indenture may pledge or assign fees, tolls, rents, revenues, and earnings to275
be received by the authority including the proceeds derived from the financing, sale, or lease,276
or operation from time to time, of any project. Either the resolution providing for the277
issuance of revenue bonds or other obligations or such trust indenture may contain such278
provisions for protecting and enforcing the rights and remedies of the owners of such bonds279
or obligations as may be reasonable and proper and not in violation of law, including280
covenants setting forth the duties of the authority or any lessee or purchaser in relation to the281
acquisition and construction of any project, the maintenance, operation, repair, and financing282
of any project, and the custody, safeguarding, and application of all moneys, including the283
proceeds derived from the sale or lease of any project or from the sale of any such revenue284
bonds or other obligations and may contain provisions concerning the conditions, if any,285
upon which additional bonds or other obligations may be issued, whether on a parity with or286
subordinate to, any other obligations issued by the authority. Such indenture or resolution287
may set forth the rights and remedies of the owners of such obligations and of the trustee. 288
In addition to the foregoing, such trust indenture may contain such other provisions as the289
authority may deem reasonable and proper for the security of the owners of such bonds or290
other obligations or otherwise necessary or convenient in connection with the issuance of291
such obligations. All expenses incurred in carrying out such trust indenture may be treated292
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as a part of the cost of maintenance, operation, and repair of the project affected by such
293
indenture.294
SECTION 9.295
Security for the payment of bonds or other obligations.296
The authority may assign or pledge any property, or revenues and its interest in any297
contracts, lease agreements, or installment sales agreements, or the amounts payable298
thereunder, to the payment of the principal and interest on revenue bonds and other299
obligations of the authority as the resolution authorizing the issuance of the bonds or other300
obligations or the trust indenture may provide. The use and disposition of such property or301
revenues assigned to the payment of bonds or other obligations shall be subject to the302
indenture or resolution authorizing the issuance of such revenue bonds or obligations. Any303
lien created by the authority for the payment of such bonds or obligations may be a first lien304
or a subordinate lien as the authority may provide, and any such indenture or resolution may305
provide, at the option of the authority, for the issuance of additional bonds or other306
obligations sharing any lien on a parity or subordinate lien basis.307
SECTION 10.308
Refunding bonds or obligations.309
The authority is authorized to provide by resolution for the issuance of obligations, whether310
revenue bonds or other obligations, for the purpose of refunding any revenue bonds or other311
obligations issued under the provisions of this Act or under any other provision of state law312
so long as such bonds or other obligations were issued for a purpose or project for which the313
authority could issue bonds or other obligations. The issuance of such refunding bonds or314
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other obligations and all the details thereof, the rights of holders thereof, and the duties of the
315
authority with respect to the same shall be governed by the foregoing provisions of this Act316
insofar as the same may be applicable.317
SECTION 11.318
Principal office; venue.319
The principal office of the authority shall be in the city, and the venue of any action against320
it shall be in Baldwin County, Georgia. Service upon the authority of any process, subpoena,321
or summons shall be effected by serving the same personally upon any member of the322
authority.323
SECTION 12.324
Validation of revenue bonds; elective validation of other obligations.325
Revenue bonds of the authority shall be confirmed and validated in accordance with the326
procedure now or hereafter set forth in Article 3 of Chapter 82 of Title 36 of the O.C.G.A.,327
known as the "Revenue Bond Law," as the same now exists or may hereafter be amended.328
At the election of the authority, other obligations of the authority may be validated as if they329
were revenue bonds. The petition for validation shall name the authority as a defendant and330
may also make a party defendant to such action any other private person or public body that331
has or will contract with the authority with respect to the project for which revenue bonds or332
other obligations are to be issued and are sought to be validated. The bonds or other333
obligations, when validated, and the judgment of validation shall be final and conclusive with334
respect to the validity of such bonds or other obligations and the security therefor against the335
authority, other parties to the validation and against all other private persons and public336
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bodies, regardless of whether such private persons or public bodies were parties to such
337
validation proceedings. Any action pertaining to the validation of any revenue bonds or338
other obligations issued under the provisions of this Act and for the validation of any339
instruments entered or to be entered into by the authority or other private persons or public340
bodies securing the same shall be brought in the Superior Court of Baldwin County, and such341
court shall have exclusive original jurisdiction of such actions.342
SECTION 13.343
No impairment of rights.344
While any of the bonds or other obligations issued by the authority or any interests in345
contracts of the authority remain outstanding, the powers, duties, or existence of the authority346
or of its officers, employees, or agents shall not be diminished or impaired in any manner that347
will affect adversely the interest and rights of the holders of such bonds or obligations or348
such interests in contracts of the authority. The provisions of this section of this Act shall349
be for the benefit of the authority and of the holders of any such bonds or obligations and350
interests in contracts of the authority and, upon the issuance of bonds or obligations or the351
creation of interests in contracts of the authority under the provisions of this Act, shall352
constitute a contract with the holders of such bonds or obligations or such interests in353
contracts of the authority.354
SECTION 14.355
Trust funds; permitted investments.356
All moneys received by the authority pursuant to this Act, whether as proceeds from the sale357
of revenue bonds or obligations of the authority, as grants or other contributions, or as358
revenues, income, fees, and earnings, shall be deemed to be trust funds to be held and applied359
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solely as provided in this Act and in such resolutions and trust indentures as may be adopted
360
and entered into by the authority pursuant to this Act. Any such moneys or funds may be361
invested from time to time in such investments as may be permitted under the indenture,362
agreement, or resolution establishing the fund or account in which such funds are held, or if363
not held in such a fund or account, in such investments as would be permitted for364
investments of a development authority created under Code Section 36-62-1, et seq.365
SECTION 15.366
Power to set rates, fees, and charges.367
The authority is authorized to operate, sell or lease any project and to prescribe and fix rates,368
fees, tolls, rents, and charges and to revise, from time to time, and collect such revised rates,369
fees, tolls, rents, and charges for the services, facilities, or commodities furnished, including370
leases, concessions, and subleases of its projects, and to determine the price and terms at and371
under which its projects may be sold, leased, or otherwise disposed of. The authority may372
establish in its discretion procedures for contracting for any work done for the authority or373
for the acquisition, sale, transfer, lease, management, or operation of any property, real or374
personal, of the authority. The authority may contract with others, including private persons,375
for services relating to the management, operation, sale, or leasing of any project.376
SECTION 16.377
Revenue bonds or other obligations exempt from taxation.378
All revenue bonds or other obligation issued as provided in this Act, are declared to be issued379
or incurred for an essential public and governmental purpose and such obligations and the380
interest thereon shall, to the extent not prohibited by general law, be exempt from all taxation381
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within this state, whether or not the income on such bonds or other obligations is excludable
382
from the gross income of the holders thereof for federal income tax purposes383
SECTION 17.384
Essential governmental function; no taxes or assessments.385
It is found, determined, and declared that the creation of the authority and the carrying out386
of its corporate purposes are in all respects for the benefit of the people of this state and387
constitute a public purpose, and that the authority shall perform an essential governmental388
function in the exercise of the powers conferred upon it by this Act. The property of the389
authority is declared to be public property that is exempt from taxes under subparagraph390
(a)(1)(A) of Code Section 48-5-41 of the O.C.G.A. To the extent not prohibited by general391
law, the tax exemption for property of the authority shall extend to leasehold interests of392
lessees thereof.393
SECTION 18.394
Immunity of authority and members.395
The authority shall have the same immunity and exemption from liability for torts and396
negligence as the city and the officers, agents, and employees of the authority, when in the397
performance of the work of the authority, shall have the same immunity and exemption from398
liability for torts and negligence as the officers, agents, and employees of the city.399
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SECTION 19.
400
Authority property not subject to levy and sale.401
The property of the authority shall not be subject to levy and sale under legal process, except402
this provision shall not preclude a sale or foreclosure of any property under the terms of any403
deed to secure debt, mortgage, assignment, or security agreement that the authority has404
executed.405
SECTION 20.406
Authority area of operation.407
The scope of the authority's operations shall be limited to the territory embraced within the408
territorial limits of the city, as the same now or may hereafter exist; provided, however, that409
nothing in this section shall prevent the authority from contracting with any entity or body,410
public or private, outside of the city with respect to any project located in the city or located411
outside of the city in furtherance of its public purposes.412
SECTION 21.413
Supplemental powers.414
This Act does not in any way take away from the authority any power which may be415
conferred upon it by law but is supplemental thereto.416
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SECTION 22.
417
No power to impose taxes or exercise power of eminent domain.418
The authority shall not have the right to impose any tax on any person or property and shall419
not have the right to exercise the power of eminent domain.420
SECTION 23.421
Conveyance of property upon dissolution.422
Should the authority for any reason be dissolved after full payment of all revenue bonds and423
other obligations of the authority and the termination of any leases, contracts, or options to424
which the authority is a party, the interest and any redemption premiums thereon, title to the425
Items of property and funds of the authority held at the time of dissolution shall, prior to such426
dissolution, be conveyed and transferred to such one or more public bodies, as the authority427
shall elect.428
SECTION 24.429
Liberal construction of Act.430
This Act shall be liberally construed to effect the purposes hereof.431
SECTION 25.432
Severability.433
Should any sentence, clause, phrase, or part of this Act be declared for any reason to be434
unconstitutional or invalid, the same shall not affect the remainder of this Act, or any part435
hereof, other than the part so held to be invalid, but the remaining provisions of this Act shall436
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remain in full force and effect, and it is the express intention of the General Assembly to
437
enact each provision of this Act independently of any other provision hereof.438
SECTION 26.439
Effective date.440
This Act shall become effective upon its approval by the Governor or upon its becoming law441
without such approval.442
SECTION 27.443
General repealer.444
All laws and parts of laws in conflict with this Act are, to the extent of such conflict,445
repealed.446
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