Georgia 2023-2024 Regular Session

Georgia Senate Bill SB575 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		24 LC 44 2786
2	2		Senate Bill 575
3	3		By: Senator Williams of the 25th
4		-	AS PASSED
	4	+	AS PASSED SENATE
5	5		A BILL TO BE ENTITLED
6	6		AN ACT
7	7		To create the Milledgeville Public Facilities Authority; to provide for a short title; to provide
8	8		1
9	9		for definitions; to provide for purpose; to provide for powers; to provide for the membership2
10	10		of the authority and their terms of office, qualifications, and compensation; to provide for the3
11	11		issuance and sale of revenue bonds and other obligations; to provide that such revenues and4
12	12		other obligations are not general obligations; to provide for trust indentures; to provide for5
13	13		the security for such revenue bonds and other obligations; to provide for refunding revenue6
14	14		bonds and other obligations; to provide for a principal office; to provide for validation; to7
15	15		provide for no impairment of rights; to provide for trust funds and investments; to provide8
16	16		for the power to set rates, fees and charges; to provide for exemptions from taxation; to9
17	17		provide for tort immunity; to provide for exemptions from levy and sale; to provide for its10
18	18		area of operation; to provide for supplemental powers; to provide for no power to impose11
19	19		taxes or exercise the power of eminent domain; to provide for the conveyance of property12
20	20		upon dissolution; to provide for liberal construction; to provide for severability; to repeal13
21	21		conflicting laws; and for other purposes.14
22	22		BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:15
23	23		S. B. 575
24	24		- 1 - 24 LC 44 2786
25	25		SECTION 1.
26	26		16
27	27		Short title.17
28	28		This Act shall be known and may be cited as the "Milledgeville Public Facilities Authority18
29	29		Act."19
30	30		SECTION 2.20
31	31		Definitions.21
32	32		As used in this Act, the following words and terms shall have the meaning specified unless22
33	33		the context or use clearly indicates a different meaning or intent:23
34	34		(1) "Authority" means the Milledgeville Public Facilities Authority created by this Act.24
35	35		(2) "City" means Milledgeville, Georgia, or its successor.25
36	36		(3) "Cost of the project" shall include:26
37	37		(A) The cost of construction;27
38	38		(B) The cost of all land and interests therein, properties, rights, easements, and28
39	39		franchises acquired;29
40	40		(C) The cost of acquiring, constructing, renovating, erecting, or demolishing buildings,30
41	41		improvements, materials, labor, and services;31
42	42		(D) The cost of all fixtures, furnishings, machinery and equipment;32
43	43		(E) Issuance costs, including, but not limited to, fees or discounts of underwriters or33
44	44		placement agents, the funding of reserve accounts, financing charges including interest34
45	45		prior to and during the construction or acquisition of any project and for up to one year35
46	46		after such project is placed into service and operational at the level intended;36
47	47		(F) The cost of construction, engineering, architectural, fiscal, accounting, inspection,37
48	48		and legal expenses relating to a project or to the financing or refinancing of any project38
49	49		S. B. 575
50	50		- 2 - 24 LC 44 2786
51	51		and other expenses necessary or incident to determining the feasibility or practicability
52	52		39
53	53		of any project; and40
54	54		(G) Administrative expenses relating to any project or the financing or refinancing41
55	55		thereof, and such other expenses as may be necessary or incident to the financing or42
56	56		refinancing of a project herein authorized, the acquisition, construction, renovation,43
57	57		reconstruction, or remodeling of a project, and the placing of the same in operation.44
58	58		Any obligation or expense incurred for any of the foregoing purposes shall be regarded45
59	59		as part of the cost of the project and may be paid or reimbursed as such out of any funds46
60	60		of the authority, including proceeds of any revenue bonds or other obligations issued47
61	61		under the provisions hereof for any such project or projects and the proceeds of the sale48
62	62		of any contracts, lease agreements, or installment sales agreements or the amounts49
63	63		payable thereunder, either directly or by the creation of interests therein.50
64	64		(4) "Obligations" means and includes revenue bonds, bond anticipation notes, other51
65	65		promissory notes, certificates of participation, custodial receipts or other similar52
66	66		instruments creating interests in any contracts, lease agreements, or installment sales53
67	67		agreements or in the amounts payable to the authority, directly or indirectly, thereunder.54
68	68		(5) "Private person" means any individual or any legal entity, other than a public body,55
69	69		whether operated for profit or not for profit.56
70	70		(6) "Project" means any capital project that may be financed with revenue bonds under57
71	71		general laws in effect from time to time, which is located or to be located in the city, that58
72	72		is determined by the authority to promote the public good or general welfare of the59
73	73		citizens of the city, or of the state, or any of its enterprises or systems, including, but not60
74	74		limited to, the acquisition, construction, renovation, improvement, extension, addition,61
75	75		or equipping within the city of:62
76	76		(A) Utility systems and improvements, including, without limitation, water and sewer63
77	77		systems and facilities, sewage and solid waste disposal systems and facilities, and64
78	78		electric, gas, and other similar facilities and systems;65
79	79		S. B. 575
80	80		- 3 - 24 LC 44 2786
81	81		(B) Emergency facilities, including emergency, fire, police, and rescue facilities and
82	82		66
83	83		equipment;67
84	84		(C) Recreational facilities, including parks, athletic fields, buildings, or facilities and68
85	85		other similar facilities or related equipment;69
86	86		(D) Public safety facilities, including prisons, jails, police stations, facilities, or70
87	87		equipment, and state patrol or other law enforcement facilities or equipment;71
88	88		(E) Educational, cultural, or historical facilities and equipment;72
89	89		(F) Administrative facilities or equipment, including city municipal buildings and other73
90	90		governmental buildings;74
91	91		(G) Courthouses, public libraries and jails;75
92	92		(H) Facilities relating to aviation, including, but not limited to, airports, airfields,76
93	93		airport terminals, hangars, control towers, facilities for the repair and maintenance of77
94	94		aircraft; and78
95	95		(I) Other buildings, facilities, and equipment necessary or convenient for the efficient79
96	96		operation of the city or any department, agency, division, or commission thereof, or of80
97	97		a public body or private person.81
98	98		(7) "Public bodies" means and includes, the United States of America and any federal82
99	99		agency, department, authority or any branch of its armed services, and any county,83
100	100		political subdivision, or municipality of the state, and any state or local government84
101	101		agency, department, authority, agency, board, authority, or instrumentality, each being85
102	102		a "public body."86
103	103		(8) "Revenue bonds" means revenue bonds issued by the authority pursuant to the terms87
104	104		of this Act or under Article 3 of Chapter 82 of Title 36 of the O.C.G.A., known as the88
105	105		"Revenue Bond Law."89
106	106		(9) "State" means the State of Georgia.90
107	107		S. B. 575
108	108		- 4 - 24 LC 44 2786
109	109		SECTION 3.
110	110		91
111	111		Milledgeville Public Facilities Authority.92
112	112		There is created a body corporate and politic to be known as the "Milledgeville Public93
113	113		Facilities Authority," which shall be deemed to be a public corporation. Such corporation94
114	114		shall be separate and distinct from any public corporation or other entity heretofore created95
115	115		by the General Assembly and shall be an instrumentality of the state exercising governmental96
116	116		and proprietary powers. The authority is created for the purpose of promoting the public97
117	117		good and general welfare of the citizens of the city and of the state and financing and98
118	118		providing facilities, equipment, and services within the city, for sale to, lease or sublease to,99
119	119		ownership, or operation by any public body or any private person, specifically including the100
120	120		city. In connection with the exercise of any of its powers, the members of the authority may101
121	121		make findings or determinations that the exercise of its powers as proposed will promote the102
122	122		public good and general welfare, and assist public bodies or private persons in providing103
123	123		facilities, equipment, and services in the city, and such findings or determinations, if made,104
124	124		shall be conclusive and binding and shall not be subject to review.105
125	125		SECTION 4.106
126	126		Powers.107
127	127		The authority shall have the power:108
128	128		(1) To sue and be sued;109
129	129		(2) To have and to use a seal and to alter the same at its pleasure;110
130	130		(3) To acquire, construct, purchase, hold, own, lease as lessee, expand, improve,111
131	131		renovate, repair, maintain, and operate real and personal property or interests therein;112
132	132		(4) To enter into contacts for operation, management, maintenance, and repair of any of113
133	133		its property and for other purposes;114
134	134		S. B. 575
135	135		- 5 - 24 LC 44 2786
136	136		(5) To sell, lease as lessor, or otherwise transfer, pledge or dispose of any real and
137	137		115
138	138		personal property or interests therein. In connection with any such lease, sale, transfer,116
139	139		assignment, or other disposition, to the extent allowed by general law, the authority need117
140	140		not comply with any other provision of law requiring public bidding or any notice to the118
141	141		public of such lease, sale, transfer, assignment, or other disposition;119
142	142		(6) To exercise the powers conferred upon a "public corporation" or a "public authority"120
143	143		by Article IX, Section III, Paragraph I of the Constitution of Georgia, such authority121
144	144		being expressly declared to be a "public corporation" or a "public authority" within the122
145	145		meaning of such provision of the Constitution of Georgia;123
146	146		(7) To acquire projects and other property in its own name by gift or by purchase on such124
147	147		terms and conditions and in such manner as it may deem proper. If the authority shall125
148	148		deem it expedient to construct any project on real property or any interest therein or126
149	149		usufruct therein that is subject to the control of any other public body or private person,127
150	150		then such other public body or private person is hereby authorized to convey or lease128
151	151		such real property or interest therein to the authority for no consideration or for such129
152	152		consideration as may be agreed upon by the authority and such other public body or130
153	153		private person, taking into consideration the public benefit to be derived from such131
154	154		conveyance, lease or usufruct. Any public body or private person may transfer such real132
155	155		property or interest therein without regard to any determination as to whether or not such133
156	156		property or interest therein is surplus;134
157	157		(8) To accept gifts and bequests for its corporate purposes;135
158	158		(9) To appoint, select, and employ, with or without bidding as the authority may choose,136
159	159		officers, agents, and employees, including engineering, architectural, and construction137
160	160		experts, fiscal agents, underwriters or other advisors, and attorneys, and to fix their138
161	161		compensation;139
162	162		S. B. 575
163	163		- 6 - 24 LC 44 2786
164	164		(10) To make and execute with one or more public bodies or private persons contracts,
165	165		140
166	166		lease agreements, rental agreements, installment sale agreements, loan agreements,141
167	167		security instruments, and other instruments relating to the property of the 142
168	168		authority and incident to the exercise of the powers of the authority, including contracts for143
169	169		constructing, renting, leasing, operating, using, and selling its projects for the benefit of other144
170	170		public bodies and private persons, specifically including the city, and, without limiting the145
171	171		generality of the foregoing, authority is specifically granted to the authority and to other146
172	172		public bodies and private persons, specifically including the city, to enter into contracts, lease147
173	173		agreements, rental agreements, installment sale agreements, loan agreements, security148
174	174		instruments, and related agreements with each other relating to the provision of any project149
175	175		or services for a term not exceeding 50 years, as provided in Article IX, Section III,150
176	176		Paragraph I(a) of the Constitution of Georgia;151
177	177		(11) To the extent not prohibited by the Constitution of Georgia or by general law, to be152
178	178		a co-owner, along with other public bodies and private persons, of any property or153
179	179		business entity if the authority finds and determines that such co-ownership is in the best154
180	180		interests of the authority and will serve the public purposes of the authority;155
181	181		(12) To purchase policies of insurance as may be deemed appropriate for its corporate156
182	182		purposes;157
183	183		(13) To operate, lease, sell, transfer, or otherwise dispose of any property, real or158
184	184		personal, or assets of the authority, or to assign its rights under its contracts, lease159
185	185		agreements, or installment sale agreements or its right to receive payments thereunder,160
186	186		either directly or through trust or custodial arrangements whereby interests are created161
187	187		in such contracts, lease agreements, or installment sale agreements or the payments to be162
188	188		received thereunder through the issuance of trust certificates, certificates of participation,163
189	189		custodial receipts, or other similar instruments. In connection with any such lease, sale,164
190	190		transfer, assignment, or other disposition, the authority need not comply with any other165
191	191		S. B. 575
192	192		- 7 - 24 LC 44 2786
193	193		provision of law requiring public bidding or any notice to the public of such lease, sale,
194	194		166
195	195		transfer, assignment, or other disposition;167
196	196		(14) To accept loans and grants of money or property of any kind from the United States,168
197	197		or any public body or private person and all public bodies and private persons are169
198	198		authorized to make grants to the authority, subject to any limitations in the Constitution170
199	199		of Georgia;171
200	200		(15) To borrow money for any of its corporate purposes and to issue revenue bonds and172
201	201		other obligations payable from funds or revenues of the authority pledged for such173
202	202		purpose and to pledge and assign any of its revenues, income, rents, charges, and fees to174
203	203		provide for the payment of the same and to provide for the rights of the holders of such175
204	204		obligations;176
205	205		(16) To enter into:177
206	206		(A) Interest rate swaps, collars, or other types of interest rate management agreements;178
207	207		or179
208	208		(B) Credit enhancement or liquidity agreements relating to any obligations of the180
209	209		authority, provided that the obligation of the authority under such agreements shall not181
210	210		be a general obligation of the authority but shall be a limited obligation of the authority182
211	211		payable from a specific source of funds identified for such purpose;183
212	212		(17) To make such rules and regulations governing its employees and property as it may184
213	213		in its discretion deem proper;185
214	214		(18) To be sued the same as any private corporation on any contractual obligation of the186
215	215		authority. The authority shall have the same rights to sue any other person or entity as187
216	216		any private corporation;188
217	217		(19) To issue revenue bonds or other obligations to finance or refinance any project189
218	218		which may be financed by any public body or private person; and190
219	219		(20) To have and exercise usual powers of private corporations except such as are191
220	220		inconsistent with this Act or inconsistent with general law, and to do any and all things192
221	221		S. B. 575
222	222		- 8 - 24 LC 44 2786
223	223		necessary and convenient to accomplish the purpose and powers of the authority as herein
224	224		193
225	225		stated.194
226	226		SECTION 5.195
227	227		Membership.196
228	228		(a) The authority shall consist of five members who shall be residents of the city and who197
229	229		shall be appointed by the mayor and council of the city. The members of the authority shall198
230	230		be appointed to serve for a term of one year from the date of such appointment and until their199
231	231		successors shall have been selected and appointed.200
232	232		(b) The mayor and any member, or members, of the city council may be appointed to serve201
233	233		as members of the authority. The term of office of any member of the authority who also202
234	234		serves as a member of the appointing body shall expire when his or her term of office as a203
235	235		member of such appointing body expires.204
236	236		(c) Any member of the authority may be selected and appointed to succeed himself or205
237	237		herself.206
238	238		(d) Immediately after appointments provided for in subsections (a) and (b) of this section,207
239	239		the members of such authority shall enter upon their duties. Any vacancy on the authority208
240	240		shall be filled in the same manner as was the original appointment of the member whose209
241	241		termination of membership resulted in such vacancy and the person so selected and210
242	242		appointed shall serve for the remainder of the unexpired term. The authority shall elect one211
243	243		of its members as chairperson and another member as vice-chairperson and it shall also elect212
244	244		a secretary and treasurer, who does not necessarily have to be a member of the authority and213
245	245		if not a member he or she shall have no voting rights. A majority of the members of the214
246	246		authority shall constitute a quorum and a majority vote of a quorum shall authorize any legal215
247	247		act of the authority, including all things necessary to authorize and issue revenue bonds and216
248	248		other obligations. No vacancy on the authority shall impair the right of the quorum to217
249	249		S. B. 575
250	250		- 9 - 24 LC 44 2786
251	251		exercise all the rights and perform all the duties of the authority. The members of the
252	252		218
253	253		authority shall not be entitled to compensation for their service as members of the authority,219
254	254		but may be reimbursed for their actual expenses necessarily incurred in the performance of220
255	255		their duties. The authority shall make rules and regulations for its own governing. It shall221
256	256		have perpetual existence. The mayor and members of the city council, as officers of the city,222
257	257		may vote on transactions between the city and the authority and the members of the authority223
258	258		may likewise vote on transactions between the city and the authority and the same shall not224
259	259		be deemed to create any conflict of interest.225
260	260		SECTION 6.226
261	261		Issuance and sale of revenue bonds and other obligations.227
262	262		The authority shall have the power and shall be authorized from time to time to provide for228
263	263		the issuance and sale of negotiable revenue bonds in the manner provided by Article 3 of229
264	264		Chapter 82 of Title 36 of the O.C.G.A., known as the "Revenue Bond Law," and may issue230
265	265		other obligations for the purpose of paying all or any part of the cost of any one or more231
266	266		projects, including the cost of constructing, reconstructing, equipping, extending, adding to,232
267	267		or improving any such project, or for the purpose of refunding, as herein provided, any such233
268	268		bonds or other obligations of the authority or to refund bonds or other obligations of any234
269	269		other authority, public body, or private person previously issued to finance or refinance the235
270	270		cost of a project. The principal of and interest on such revenue bonds or other obligations236
271	271		shall be a limited obligation of the authority payable solely from the source or sources of237
272	272		funds specified in the indenture or resolution of the authority authorizing the issuance of such238
273	273		revenue bonds or other obligations. Such revenue bonds or other obligations shall mature239
274	274		on such dates, bear interest at such rate or rates, whether fixed or variable, be subject to240
275	275		redemption and have such other terms as the authority may provide in the indenture or241
276	276		resolution relating thereto. Such revenue bonds or other obligations may be issued for cash,242
277	277		S. B. 575
278	278		- 10 - 24 LC 44 2786
279	279		property or other consideration and may be sold in a negotiated sale or in a public sale at
280	280		243
281	281		such price on such terms as the authority may determine. The offer, sale or issuance of244
282	282		bonds or other obligations of the authority shall be exempt from registration to the extent245
283	283		provided in Chapter 5 of Title 10 of the O.C.G.A., the "Georgia Securities Law," or any other246
284	284		law, including, without limitation, the Georgia Uniform Securities Act of 2008 contained in247
285	285		Chapter 5 of Title 10 of the O.C.G.A., as the same may be amended from time to time.248
286	286		SECTION 7.249
287	287		Revenue bonds or other obligations not a debt or general obligation.250
288	288		Revenue bonds or other obligations issued under the provisions of this Act or any loan251
289	289		incurred as authorized herein shall not constitute a debt or a pledge of the faith and credit of252
290	290		any other public body, but shall be payable solely from the sources as may be designated in253
291	291		the resolution or indenture of the authority authorizing the issuance of the same. The254
292	292		issuance of such obligations shall not directly, indirectly, or contingently obligate any public255
293	293		body to levy or to pledge any form of taxation whatsoever for the payment thereof, unless256
294	294		otherwise provided by an intergovernmental contract executed by such public body. No257
295	295		holder of any bond or other obligation or receiver or trustee in connection therewith shall258
296	296		have the right to enforce the payment thereof against any property of any other public body259
297	297		nor shall any such bond or other obligation constitute a charge, lien, or encumbrance, legal260
298	298		or equitable, upon any such property unless otherwise provided by an intergovernmental261
299	299		contract executed by such other public body and the authority. All such obligations shall262
300	300		contain on their face a recital setting forth substantially the foregoing provisions of this263
301	301		section. Nothing in this section shall be construed to prohibit any other public body from264
302	302		obligating itself to pay the amounts required under any intergovernmental contract entered265
303	303		into with the authority pursuant to Article IX of the Constitution of Georgia or any successor266
304	304		provision, including, if such other public body has taxing power, from funds received from267
305	305		S. B. 575
306	306		- 11 - 24 LC 44 2786
307	307		taxes to be levied and collected by such other public body for that purpose and from any
308	308		268
309	309		other source.269
310	310		SECTION 8.270
311	311		Issuance of bonds or obligations under indentures or resolutions.271
312	312		In the discretion of the authority, any issuance of such revenue bonds or other obligations272
313	313		may be secured by a trust indenture by and between the authority and a trustee, which may273
314	314		be any trust company or bank having the powers of a trust company within or outside the274
315	315		State. Such trust indenture may pledge or assign fees, tolls, rents, revenues, and earnings to275
316	316		be received by the authority including the proceeds derived from the financing, sale, or lease,276
317	317		or operation from time to time, of any project. Either the resolution providing for the277
318	318		issuance of revenue bonds or other obligations or such trust indenture may contain such278
319	319		provisions for protecting and enforcing the rights and remedies of the owners of such bonds279
320	320		or obligations as may be reasonable and proper and not in violation of law, including280
321	321		covenants setting forth the duties of the authority or any lessee or purchaser in relation to the281
322	322		acquisition and construction of any project, the maintenance, operation, repair, and financing282
323	323		of any project, and the custody, safeguarding, and application of all moneys, including the283
324	324		proceeds derived from the sale or lease of any project or from the sale of any such revenue284
325	325		bonds or other obligations and may contain provisions concerning the conditions, if any,285
326	326		upon which additional bonds or other obligations may be issued, whether on a parity with or286
327	327		subordinate to, any other obligations issued by the authority. Such indenture or resolution287
328	328		may set forth the rights and remedies of the owners of such obligations and of the trustee. 288
329	329		In addition to the foregoing, such trust indenture may contain such other provisions as the289
330	330		authority may deem reasonable and proper for the security of the owners of such bonds or290
331	331		other obligations or otherwise necessary or convenient in connection with the issuance of291
332	332		such obligations. All expenses incurred in carrying out such trust indenture may be treated292
333	333		S. B. 575
334	334		- 12 - 24 LC 44 2786
335	335		as a part of the cost of maintenance, operation, and repair of the project affected by such
336	336		293
337	337		indenture.294
338	338		SECTION 9.295
339	339		Security for the payment of bonds or other obligations.296
340	340		The authority may assign or pledge any property, or revenues and its interest in any297
341	341		contracts, lease agreements, or installment sales agreements, or the amounts payable298
342	342		thereunder, to the payment of the principal and interest on revenue bonds and other299
343	343		obligations of the authority as the resolution authorizing the issuance of the bonds or other300
344	344		obligations or the trust indenture may provide. The use and disposition of such property or301
345	345		revenues assigned to the payment of bonds or other obligations shall be subject to the302
346	346		indenture or resolution authorizing the issuance of such revenue bonds or obligations. Any303
347	347		lien created by the authority for the payment of such bonds or obligations may be a first lien304
348	348		or a subordinate lien as the authority may provide, and any such indenture or resolution may305
349	349		provide, at the option of the authority, for the issuance of additional bonds or other306
350	350		obligations sharing any lien on a parity or subordinate lien basis.307
351	351		SECTION 10.308
352	352		Refunding bonds or obligations.309
353	353		The authority is authorized to provide by resolution for the issuance of obligations, whether310
354	354		revenue bonds or other obligations, for the purpose of refunding any revenue bonds or other311
355	355		obligations issued under the provisions of this Act or under any other provision of state law312
356	356		so long as such bonds or other obligations were issued for a purpose or project for which the313
357	357		authority could issue bonds or other obligations. The issuance of such refunding bonds or314
358	358		S. B. 575
359	359		- 13 - 24 LC 44 2786
360	360		other obligations and all the details thereof, the rights of holders thereof, and the duties of the
361	361		315
362	362		authority with respect to the same shall be governed by the foregoing provisions of this Act316
363	363		insofar as the same may be applicable.317
364	364		SECTION 11.318
365	365		Principal office; venue.319
366	366		The principal office of the authority shall be in the city, and the venue of any action against320
367	367		it shall be in Baldwin County, Georgia. Service upon the authority of any process, subpoena,321
368	368		or summons shall be effected by serving the same personally upon any member of the322
369	369		authority.323
370	370		SECTION 12.324
371	371		Validation of revenue bonds; elective validation of other obligations.325
372	372		Revenue bonds of the authority shall be confirmed and validated in accordance with the326
373	373		procedure now or hereafter set forth in Article 3 of Chapter 82 of Title 36 of the O.C.G.A.,327
374	374		known as the "Revenue Bond Law," as the same now exists or may hereafter be amended.328
375	375		At the election of the authority, other obligations of the authority may be validated as if they329
376	376		were revenue bonds. The petition for validation shall name the authority as a defendant and330
377	377		may also make a party defendant to such action any other private person or public body that331
378	378		has or will contract with the authority with respect to the project for which revenue bonds or332
379	379		other obligations are to be issued and are sought to be validated. The bonds or other333
380	380		obligations, when validated, and the judgment of validation shall be final and conclusive with334
381	381		respect to the validity of such bonds or other obligations and the security therefor against the335
382	382		authority, other parties to the validation and against all other private persons and public336
383	383		S. B. 575
384	384		- 14 - 24 LC 44 2786
385	385		bodies, regardless of whether such private persons or public bodies were parties to such
386	386		337
387	387		validation proceedings. Any action pertaining to the validation of any revenue bonds or338
388	388		other obligations issued under the provisions of this Act and for the validation of any339
389	389		instruments entered or to be entered into by the authority or other private persons or public340
390	390		bodies securing the same shall be brought in the Superior Court of Baldwin County, and such341
391	391		court shall have exclusive original jurisdiction of such actions.342
392	392		SECTION 13.343
393	393		No impairment of rights.344
394	394		While any of the bonds or other obligations issued by the authority or any interests in345
395	395		contracts of the authority remain outstanding, the powers, duties, or existence of the authority346
396	396		or of its officers, employees, or agents shall not be diminished or impaired in any manner that347
397	397		will affect adversely the interest and rights of the holders of such bonds or obligations or348
398	398		such interests in contracts of the authority. The provisions of this section of this Act shall349
399	399		be for the benefit of the authority and of the holders of any such bonds or obligations and350
400	400		interests in contracts of the authority and, upon the issuance of bonds or obligations or the351
401	401		creation of interests in contracts of the authority under the provisions of this Act, shall352
402	402		constitute a contract with the holders of such bonds or obligations or such interests in353
403	403		contracts of the authority.354
404	404		SECTION 14.355
405	405		Trust funds; permitted investments.356
406	406		All moneys received by the authority pursuant to this Act, whether as proceeds from the sale357
407	407		of revenue bonds or obligations of the authority, as grants or other contributions, or as358
408	408		revenues, income, fees, and earnings, shall be deemed to be trust funds to be held and applied359
409	409		S. B. 575
410	410		- 15 - 24 LC 44 2786
411	411		solely as provided in this Act and in such resolutions and trust indentures as may be adopted
412	412		360
413	413		and entered into by the authority pursuant to this Act. Any such moneys or funds may be361
414	414		invested from time to time in such investments as may be permitted under the indenture,362
415	415		agreement, or resolution establishing the fund or account in which such funds are held, or if363
416	416		not held in such a fund or account, in such investments as would be permitted for364
417	417		investments of a development authority created under Code Section 36-62-1, et seq.365
418	418		SECTION 15.366
419	419		Power to set rates, fees, and charges.367
420	420		The authority is authorized to operate, sell or lease any project and to prescribe and fix rates,368
421	421		fees, tolls, rents, and charges and to revise, from time to time, and collect such revised rates,369
422	422		fees, tolls, rents, and charges for the services, facilities, or commodities furnished, including370
423	423		leases, concessions, and subleases of its projects, and to determine the price and terms at and371
424	424		under which its projects may be sold, leased, or otherwise disposed of. The authority may372
425	425		establish in its discretion procedures for contracting for any work done for the authority or373
426	426		for the acquisition, sale, transfer, lease, management, or operation of any property, real or374
427	427		personal, of the authority. The authority may contract with others, including private persons,375
428	428		for services relating to the management, operation, sale, or leasing of any project.376
429	429		SECTION 16.377
430	430		Revenue bonds or other obligations exempt from taxation.378
431	431		All revenue bonds or other obligation issued as provided in this Act, are declared to be issued379
432	432		or incurred for an essential public and governmental purpose and such obligations and the380
433	433		interest thereon shall, to the extent not prohibited by general law, be exempt from all taxation381
434	434		S. B. 575
435	435		- 16 - 24 LC 44 2786
436	436		within this state, whether or not the income on such bonds or other obligations is excludable
437	437		382
438	438		from the gross income of the holders thereof for federal income tax purposes383
439	439		SECTION 17.384
440	440		Essential governmental function; no taxes or assessments.385
441	441		It is found, determined, and declared that the creation of the authority and the carrying out386
442	442		of its corporate purposes are in all respects for the benefit of the people of this state and387
443	443		constitute a public purpose, and that the authority shall perform an essential governmental388
444	444		function in the exercise of the powers conferred upon it by this Act. The property of the389
445	445		authority is declared to be public property that is exempt from taxes under subparagraph390
446	446		(a)(1)(A) of Code Section 48-5-41 of the O.C.G.A. To the extent not prohibited by general391
447	447		law, the tax exemption for property of the authority shall extend to leasehold interests of392
448	448		lessees thereof.393
449	449		SECTION 18.394
450	450		Immunity of authority and members.395
451	451		The authority shall have the same immunity and exemption from liability for torts and396
452	452		negligence as the city and the officers, agents, and employees of the authority, when in the397
453	453		performance of the work of the authority, shall have the same immunity and exemption from398
454	454		liability for torts and negligence as the officers, agents, and employees of the city.399
455	455		S. B. 575
456	456		- 17 - 24 LC 44 2786
457	457		SECTION 19.
458	458		400
459	459		Authority property not subject to levy and sale.401
460	460		The property of the authority shall not be subject to levy and sale under legal process, except402
461	461		this provision shall not preclude a sale or foreclosure of any property under the terms of any403
462	462		deed to secure debt, mortgage, assignment, or security agreement that the authority has404
463	463		executed.405
464	464		SECTION 20.406
465	465		Authority area of operation.407
466	466		The scope of the authority's operations shall be limited to the territory embraced within the408
467	467		territorial limits of the city, as the same now or may hereafter exist; provided, however, that409
468	468		nothing in this section shall prevent the authority from contracting with any entity or body,410
469	469		public or private, outside of the city with respect to any project located in the city or located411
470	470		outside of the city in furtherance of its public purposes.412
471	471		SECTION 21.413
472	472		Supplemental powers.414
473	473		This Act does not in any way take away from the authority any power which may be415
474	474		conferred upon it by law but is supplemental thereto.416
475	475		S. B. 575
476	476		- 18 - 24 LC 44 2786
477	477		SECTION 22.
478	478		417
479	479		No power to impose taxes or exercise power of eminent domain.418
480	480		The authority shall not have the right to impose any tax on any person or property and shall419
481	481		not have the right to exercise the power of eminent domain.420
482	482		SECTION 23.421
483	483		Conveyance of property upon dissolution.422
484	484		Should the authority for any reason be dissolved after full payment of all revenue bonds and423
485	485		other obligations of the authority and the termination of any leases, contracts, or options to424
486	486		which the authority is a party, the interest and any redemption premiums thereon, title to the425
487	487		Items of property and funds of the authority held at the time of dissolution shall, prior to such426
488	488		dissolution, be conveyed and transferred to such one or more public bodies, as the authority427
489	489		shall elect.428
490	490		SECTION 24.429
491	491		Liberal construction of Act.430
492	492		This Act shall be liberally construed to effect the purposes hereof.431
493	493		SECTION 25.432
494	494		Severability.433
495	495		Should any sentence, clause, phrase, or part of this Act be declared for any reason to be434
496	496		unconstitutional or invalid, the same shall not affect the remainder of this Act, or any part435
497	497		hereof, other than the part so held to be invalid, but the remaining provisions of this Act shall436
498	498		S. B. 575
499	499		- 19 - 24 LC 44 2786
500	500		remain in full force and effect, and it is the express intention of the General Assembly to
501	501		437
502	502		enact each provision of this Act independently of any other provision hereof.438
503	503		SECTION 26.439
504	504		Effective date.440
505	505		This Act shall become effective upon its approval by the Governor or upon its becoming law441
506	506		without such approval.442
507	507		SECTION 27.443
508	508		General repealer.444
509	509		All laws and parts of laws in conflict with this Act are, to the extent of such conflict,445
510	510		repealed.446
511	511		S. B. 575
512	512		- 20 -