25 LC 47 3233
House Bill 548
By: Representatives Greene of the 154
th
, Yearta of the 152
nd
, Cheokas of the 151
st
, and
Sampson of the 153
rd
A BILL TO BE ENTITLED
AN ACT
To amend an Act creating the Albany-Dougherty Inner City Authority, approved March 30,
1
(Ga. L. 1977, p. 4220), as amended, particularly by an Act approved May 4, 20172
(Ga. L. 2017, p. 3954), so as to restate the law governing the authority; provide a short title;3
to provide definitions; to provide for the existence and membership of the authority; to4
provide for officers; to provide for conflicts of interest; to provide for powers of the5
authority; to provide for revenue bonds; to provide for rules, regulations, and other6
procedures; to provide for immunity; to provide for tax exemptions; to provide that authority7
property is not subject to levy and sale; to provide for the Act's effect on other governments;8
to provide for earnings and dissolution; to provide for construction; to provide for related9
matters; to repeal conflicting laws; and for other purposes.10
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:11
SECTION 1.12
An Act creating the Albany-Dougherty Inner City Authority, approved March 30, 197713
(Ga. 4 L. 1977, p. 4220), as amended, particularly by an Act approved May 4, 201714
(Ga. L. 2017, p. 3954), is amended by revising Sections 1 through 12 as follows:15
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"Section 1.
16
Short title.17
This Act shall be known and may be cited as the 'Albany-Dougherty Inner City Authority18
Act.'19
Section 2.20
Definitions.21
As used in this Act, the term:22
(1) 'Act' means this Albany-Dougherty Inner City Authority Act.23
(2) 'Authority' means the Albany-Dougherty Inner City Authority continued by this Act.24
(3) 'City' means the City of Albany, Georgia, or its successor.25
(4) 'City commission' means the governing body of the City of Albany, Georgia.26
(5) 'Costs of the project' or 'cost of any project' means and includes all costs of27
acquisition, by purchase or otherwise, construction, installation, modification, renovation,28
or rehabilitation of any project or any part of any project; all costs of real or personal29
property used in or in connection with or necessary for any project or for any facilities30
related thereto, including the cost of all land, estates for years, easements, rights,31
improvements, water rights, connections for utility services, fees, franchises, permits,32
approvals, licenses, and certificates, the cost of securing any such franchises, permits,33
approvals, licenses, or certificates, the cost of preparation of any application therefor, and34
the cost of all fixtures, machinery, equipment, furniture, and other property used in or in35
connection with or necessary for any project; all financing charges and loan fees and all36
interest which accrues or is paid prior to and during the period of construction of a project37
and for such period after the completion of construction thereof as the authority may38
determine; all costs of engineering, architectural, and legal services and all expenses39
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incurred by engineers, architects, and attorneys in connection with any project; all
40
inspection expenses; all fees of fiscal agents, paying agents, and trustees for bondholders41
under any trust agreement, indenture of trust, or similar instrument, all expenses incurred42
by any such fiscal agents, paying agents, and trustees, and all other costs and expenses43
incurred relative to the issuance of any revenue bonds, notes, or other obligations for any44
project; all costs permitted under this Act; all expenses incident to determining the45
feasibility or practicability of any project; all costs of plans and specifications for any46
project; all costs of title insurance and examinations of title; repayment of any loans made47
for the advance payment of any part of any of the foregoing costs, including interest48
thereon and other expenses of such loans; administrative expenses of the authority and49
such other expenses as may be necessary or incident to any project or the financing50
thereof or the placing of any project in operation; and a fund or funds for the creation of51
a debt service reserve, a renewal and replacement reserve, or such other funds or reserves52
as the authority may approve with respect to the financing and operation of any project53
and as may be authorized by any bond resolution, trust agreement, indenture of trust, or54
similar instrument pursuant to the provisions of which the issuance of any revenue bonds,55
notes, or other obligations of the authority may be authorized. Any cost, obligation, or56
expense incurred for any of the foregoing purposes shall be a part of the cost of the57
project and may be paid or reimbursed as such out of the proceeds of revenue bonds,58
notes, or other obligations issued by the authority. Entertainment or promotional59
expenses shall not constitute part of the cost of any project.60
(6) 'County' means Dougherty County, Georgia, or its successor. Such term includes the61
entirety of incorporated and unincorporated Dougherty County.62
(7) 'Prior Acts' means Ga. L. 1977, p. 4220, amended by Ga. L. 1980, p. 3184, approved63
March 18, 1980, Ga. L. 1981, p. 4688, approved April 9, 1981, and Ga. L. 2017, p. 3954,64
approved May 4, 2017.65
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(8) 'Private person' means any natural person or any legal entity, other than a public
66
body, whether operated for profit or not for profit.67
(9) 'Project' means any of the following:68
(A) Any undertaking permitted by the 'Revenue Bond Law';69
(B) Any redevelopment project permitted by the 'Redevelopment Powers Law' when70
the authority is serving as a redevelopment agency under the 'Redevelopment Powers71
Law';72
(B) Any property, whether real, personal or mixed, and if personal, whether tangible73
or intangible:74
(i) To be owned by the authority or to be provided by the authority for or on behalf75
of the city, the county, or both the city and county; or76
(ii) That is not otherwise included in the meaning of the term project but which the77
authority determines is necessary or appropriate for carrying out its public purposes.78
(10) 'Project area' means the urban, central city or downtown areas within the county79
selected and designated by the authority for the exercise of its public purposes pursuant80
to the authorization provided for in this Act.81
(11) 'Public bodies' means and includes the United States of America, its territories and82
possessions, and any federal agency, department, or authority or any branch of its armed83
services; the state and any department, district, agency, board, bureau, authority, or84
instrumentality of the state, including, without limitation, the Board of Regents of the85
University System of Georgia and the Technical College System of Georgia; the city and86
the county, and any other county, political subdivision, or municipal corporation of the87
state; and any school district or other district, including without limitation, the Dougherty88
County School District, or other local government, and any other local authority or other89
local public corporation or entity within the state. Such term includes, without limitation,90
any agency as defined in O.C.G.A. § 50-14-1(a)(1), except nonprofit organizations91
referred to in O.C.G.A. § 50-14-1(a)(1)(E).92
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(12) 'Redevelopment Powers Law' means Chapter 44 of Title 36 of the O.C.G.A., as now
93
or hereafter amended.94
(13) 'Revenue bonds' means revenue bonds authorized to be issued pursuant to this Act95
and the 'Revenue Bond Law.'96
(14) 'Revenue Bond Law' means Article 3 of Chapter 82 of Title 36 of the O.C.G.A., as97
now or hereafter amended.98
(15) 'State' means the State of Georgia.99
Section 3.100
Albany-Dougherty Inner City Authority.101
(a)(1) By the Prior Acts, there was created, and by this Act there is continued without102
interruption, in accordance with its provisions, a public body corporate and politic known103
as the Albany-Dougherty Inner City Authority, which shall be deemed to be an104
instrumentality of the state and a public corporation, and by that name, style, and title said105
body may contract and be contracted with, sue and be sued, implead and be impleaded,106
and complain and defend in all courts of law and equity.107
(2) It is hereby determined, declared, and established that the authority is created for the108
public purposes set forth in this Act and that the same are in all respects for the benefit109
of the people of this state, and that the authority is an institution of purely public charity.110
It is hereby further determined, declared, and established that the public purposes of this111
Act and of the authority are each and all of the following:112
(A) The financing, or providing, or both by the authority of projects and services that113
relate to any such project or that otherwise relate to any of the purposes of this Act, in114
order to either:115
(i) Redevelop or improve a project area; or116
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(ii) Otherwise benefit the citizens of the city, of the county, or both, regardless of
117
whether or not the project or services provided are located, provided or performed118
within a project area; and119
(B) Serving as a redevelopment agency under the 'Redevelopment Powers Law' when120
designated as such by the city, by the county, or by both the city and the county,121
including, without limitation, exercising all powers that have been legally delegated to122
the authority by the city, by the county, or by both the city and the county pursuant to123
and subject to the 'Redevelopment Powers Law.'124
(3) It is further declared to be part of and in furtherance of its public purposes, that the125
authority is, without limitation, authorized and empowered to:126
(A) Own, use, operate, manage, maintain and otherwise deal in and with any project,127
or128
(B) Sell, lease, exchange, transfer, assign, pledge, encumber, mortgage, or dispose of129
any project, or grant options for any such purposes, to any public body or, if the130
authority should determine that doing so will promote the public good and general131
welfare and assist in or facilitate providing projects and services in the city or elsewhere132
in the county for the public purposes of this Act, for the authority to sell, lease,133
exchange, transfer, assign, pledge, encumber, mortgage, or dispose of, any project or134
grant options for any such purposes, to any private person.135
(4) The foregoing as set forth hereinabove in this section are the purposes of this Act and136
of the authority and are declared to be proper public purposes that are for the public good137
and general welfare.138
(5) The authority was created and exists for nonprofit and public purposes, and it is139
found, determined, and declared that the creation of the authority and the carrying out of140
its corporate purposes is in all respects for the benefit of the people of this state and that141
the authority is an institution of purely public charity and will be performing an essential142
governmental function in the exercise of the power conferred upon it by this Act. To the143
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maximum extent provided by general law, the authority shall be considered a public
144
authority and property acquired by the authority or under its jurisdiction, control,145
possession, or supervision or leased by it to others or upon its activities in the operation146
or maintenance of any such property or on any income derived by the authority in the147
form of fees, recording fees, rentals, charges, purchase price, installments, or otherwise,148
and that the bonds and other obligations of the authority, their transfer, and the income149
therefrom public property shall be subject to all exemptions provided by general law for150
such public authorities, properties, or income; provided, however, that nothing in this Act151
shall be interpreted as attempting to provide any exemption from sales and use tax on152
property purchased by the authority or for use by the authority.153
(6) The area of operations within which the authority shall carry out its public purposes154
shall be the territorial area of the county, including all unincorporated areas, the territorial155
area of the city, and the territorial areas of all other municipal corporations. The principal156
office of the authority shall be in the city, and the venue of any action against it shall be157
in the county. Service upon the authority of any process, subpoena, or summons shall be158
effected by serving the same personally upon any member of the authority.159
(b) The authority shall have perpetual existence.160
(c) The authority shall consist of the mayor of the city, who shall be a nonvoting ex officio161
member, and seven members who shall be appointed by the city commission for terms of162
two years each. Each such appointed member shall be a resident of the city or of the163
portion of the county, whether or not incorporated, outside of the city. The city164
commission may appoint no more than one member of the city commission as a member165
of the authority.166
(d) The initial members to serve under this Act shall consist of those persons now in167
office: the present mayor of the city and the seven members who have been appointed by168
the city commission for terms of two years each. The current terms of office of all169
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members other than the mayor shall expire in accordance with the terms of such
170
appointments prior to the effective date of this Act.171
(e) All members shall be eligible to succeed themselves and shall continue to serve until172
their successors have been appointed and qualified, except that the mayor's term shall be173
coextensive with his or her term of office as mayor.174
(f) All vacancies which shall occur prior to the end of a member's term shall be filled by175
the city commission for the unexpired portion of the term.176
(g) The authority shall elect one of its members as chairperson and one as vice-chairperson177
and shall elect a secretary-treasurer who may, but need not necessarily, be a member of the178
authority.179
(h) Four members of the authority shall constitute a quorum for the transaction of the180
ordinary business of the authority; provided, however, that any resolution of the authority181
authorizing the issuance of revenue bonds, notes, or other obligations for any project of the182
authority must be approved by a majority vote of the members of the authority.183
(i) The members of the authority shall not be entitled to compensation for their services,184
but may be reimbursed by the authority for their actual expenses properly incurred in the185
performance of their duties.186
(j) The authority shall make rules and regulations for its own government, including187
without limitation, the adoption, amendment and repeal of bylaws, and may retain, employ,188
and engage professional and technical advisers, supervisors, assistants, and experts and189
other agents and employees, temporary or permanent, as it may require.190
(k) The members of the authority shall be accountable in all respects as trustees, and the191
authority shall keep suitable books and records of all its obligations, contracts, transactions,192
and undertakings and of all income and receipts of every nature and all expenditures of193
every kind.194
(l) No vacancy on the authority shall impair the right of the quorum, subject to the195
provisions of subsection (h) of this section, to exercise all of the rights and perform all of196
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the duties of the authority. The mayor, as an ex officio member of the authority, does not
197
count toward a quorum.198
(m) The provisions of O.C.G.A. § 45-10-3 shall apply to all members of the authority.199
(n) The mayor of the city and the members of the city commission may vote on200
transactions between the city and the authority, and the members of the authority may201
likewise vote on transactions between the city and the authority, and the same shall not be202
deemed to create any conflict of interest.203
Section 4.204
Powers of the authority.205
The authority shall have all of the powers necessary or convenient to carry out and206
effectuate the purposes and provisions set forth in this Act, including, but without limiting207
the generality of the foregoing, the power to:208
(1) Sue and be sued;209
(2) Adopt and amend a corporate seal;210
(3) Make and execute contracts and other instruments necessary or convenient to the211
exercise of the powers of the authority, including, but not limited to, contracts for the sale212
or purchase of projects, contracts for construction of projects, leases of projects as lessor213
or lessee, and contracts with respect to the use of projects which it causes to be erected214
or acquired, and to contract with any public body and with private legal entities and215
others upon such terms and for such purposes as the members of the authority may deem216
advisable; and each such political subdivision, municipal corporation, or other public217
body of this state shall have and hereby is given the right and power to make such218
contracts, and the rentals contracted to be paid by the lessee or tenants to the authority219
under such contract or contracts entered into pursuant to the provisions of this Act shall220
constitute general obligations of the political subdivision, municipal corporation, or other221
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public body for the payment of which the full faith and credit of such political
222
subdivision, municipal corporation, or other public body shall be, and the same hereby223
is pledged to provide the funds required to fulfill all obligations arising under any such224
contract; and any such political subdivision, municipal corporation, or other public body225
which shall have entered into such a contract pursuant to the provisions of this Act shall226
annually in each and every fiscal year during the term of such contract include in a227
general revenue or appropriation measure, whether or not any other items are included,228
sums sufficient to satisfy the payments required to be made in each year by such contract229
until all payments required under such contract have been paid in full, and such revenues230
shall be and hereby are unconditionally obligated to the payment of such sums. In the231
event for any reason any such provision or appropriation is not made, then the fiscal232
officers of such political subdivision, municipal corporation, or other public body are233
hereby authorized and directed to set up as an appropriation on their accounts in each234
fiscal year the amounts required to pay the obligations called for under any such contract.235
The amount of the appropriation in each fiscal year to meet the obligations of such236
contract as authorized and required hereby shall be due and payable and shall be237
expended for the purpose of paying and meeting the obligations provided under the terms238
and conditions of such contract, and such appropriation shall have the same legal status239
as if the contracting political subdivision, municipal corporation, or other public body had240
included the amount of the appropriation in its general revenue or appropriation measure,241
and such fiscal officers shall make such payment to the authority if for any reason such242
appropriation is not otherwise made; and said political subdivision, municipal243
corporation, or other public body having the power of taxation shall be, and the same is244
hereby specifically authorized to levy taxes, without limitation as to rate or amount, and245
to expend tax monies of said political subdivision, municipal corporation, or other public246
body and any other available funds thereof, and to obligate said political subdivision,247
municipal corporation, or other public body to make payment thereof to the authority248
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upon such terms as may be provided in any such contract entered into by and between the
249
authority and said political subdivision, municipal corporation, or other public body, in250
order to enable the authority to pay the principal of and interest on any of its bonds as the251
same mature and to create and maintain a reserve for that purpose and also to enable the252
authority to pay the cost of maintaining, repairing, and operating the property so253
furnished by said authority;254
(4) Finance by loan or grant, lease, construct or erect, purchase, acquire, own, repair,255
remodel, renovate, rehabilitate, maintain, extend, improve, sell, equip, expand, add to,256
operate, or manage projects and to pay the cost of any project from the proceeds of257
revenue bonds, notes, or other obligations of the authority or any other funds of the258
authority, or from any contributions or loans by persons, corporations, partnerships, or259
other entities, all of which the authority is hereby authorized to receive and accept and260
use;261
(5) Accept loans and grants of money or materials or property of any kind from the262
United States of America, the state, or any agency, instrumentality, or political263
subdivision thereof, or the city or the county, upon such terms and conditions as the264
United States of America, the state, or such agency, instrumentality, or political265
subdivision, or the city or the county, may require;266
(6) Receive and administer gifts, grants, and devises of any property and to administer267
trusts;268
(7) Acquire by purchase, gift, or donation any real or personal property desired to be269
acquired as a part of any project or for the purpose of improving, extending, adding to,270
reconstructing, renovating, or remodeling any project or part thereof already acquired, or271
for the purpose of demolition to make room for such project or any part thereof;272
(8) Sell, lease, exchange, transfer, assign, pledge, encumber, mortgage, or dispose of any273
project or any other real or personal property, or grant options for any such purposes, to274
any public body and, if the authority should determine that doing so will promote the275
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public good and general welfare and assist in or facilitate providing projects and services
276
in the city or elsewhere in the county for the public purposes of this Act, sell, lease,277
exchange, transfer, assign, pledge, encumber, mortgage, or dispose of any project or any278
other real or personal property, or grant options for any such purposes, to any private279
person. In connection with any such lease, sublease, sale, transfer, assignment or other280
disposition, the authority need not comply with any provision of law requiring public281
bidding or other competitive process or any notice to the public of same;282
(9) Mortgage, convey, pledge, or assign any properties, revenues, income, tolls, charges,283
or fees owned or received by the authority;284
(10) Issue revenue bonds, notes, or other obligations of the authority and use the285
proceeds thereof for the purpose of paying, or lending the proceeds thereof to pay, all or286
any part of the cost of any project or otherwise to further or carry out the public purpose287
of the authority and to pay all costs of the authority incident to, or necessary and288
appropriate to, furthering or carrying out such purposes;289
(11) Appoint officers and retain agents, engineers, attorneys, fiscal agents, accountants,290
and employees and to provide their compensation and duties;291
(12) Acquire by purchase, gift, or lease any property owned by a political subdivision292
or municipal or public corporation which has been acquired or damaged through the293
exercise of the right of eminent domain by said political subdivision or municipal or294
public corporation;295
(13) Construct, acquire, own, repair, remodel, maintain, extend, improve, and equip296
projects located on land owned or leased by the authority, and to pay all or part of the297
cost of any such project from the proceeds of revenue bonds of the authority or from any298
contribution or loans by persons, firms, or corporations, or any other contribution or299
source, all of which the authority is hereby authorized to receive and accept and use;300
(14) Borrow money to further or carry out its public purpose and to execute revenue301
bonds, notes, other obligations, leases, trust indentures, trust agreements, agreements for302
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the sale of its revenue bonds, notes, or other obligations, loan agreements, mortgages,
303
deeds to secure debt, trust deeds, security agreements, assignments, and such other304
instruments as may be necessary or desirable, in the judgment of the authority, to305
evidence and secure such borrowing;306
(15) Have and to exercise any and all of the usual powers of private and public307
corporations which are not in conflict with the Constitution and the laws of the state;308
(16) Accumulate its funds from year to year and to invest accumulated funds in any309
manner that public funds of the state or any of its political subdivisions may be invested;310
(17) Designate officers to sign and act for the authority generally or in any specific311
matter;312
(18) Extend credit or make loans to any person, corporation, partnership, or other entity,313
public or private, provided, in the case of a private person, that the authority determines314
that the same would promote the public purposes of the Act, for the costs of any project315
or any part of the costs of any project, which credit or loans shall be evidenced or secured316
by loan agreements, notes, mortgages, deeds to secure debt, trust deeds, security317
agreements, assignments, and such other instruments, or by rentals, revenues, fees, or318
charges, upon such terms and conditions as the authority shall determine to be reasonable319
in connection with such extension of credit or loans, including provision for the320
establishment and maintenance of reserves and insurance funds, and, in the exercise of321
powers granted by this paragraph in connection with any project, the authority shall have322
the right and power to require the inclusion in any such loan agreement, note, mortgage,323
deed to secure debt, trust deed, security agreement, assignment, or other instrument of324
such provisions for guaranty, insurance, construction, use, operation, maintenance, and325
financing of a project, and such other terms and conditions as the authority may deem326
necessary or desirable;327
(19) As security for repayment of any revenue bonds, notes, or other obligations of the328
authority, pledge, mortgage, convey, assign, hypothecate, or otherwise encumber any329
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property, real or personal, of the authority and to execute any lease, trust indenture, trust
330
agreement, agreement for the sale of the authority's revenue bonds, notes, or other331
obligations, loan agreement, mortgage, deed to secure debt, trust deed, security332
agreement, assignment, or other instrument as may be necessary or desirable, in the333
judgment of the authority, to secure any such revenue bonds, notes, or other obligations,334
which instrument may provide for foreclosure or forced sale of any property of the335
authority upon default in any obligation of the authority, either in payment of principal336
or interest or in the performance of any term or condition contained in any such337
instrument;338
(20) Incur short-term debt and to approve, execute, and deliver appropriate evidence of339
any such indebtedness and to enter into interest rate swaps, forward purchase agreements,340
repurchase agreements, and other similar agreements;341
(21) Sell or assign its rights under its contracts, lease agreements, or installment sale342
agreements or its right to receive payments thereunder, either directly or through trust or343
custodial arrangements whereby interests are created in such contracts, lease agreements,344
or installment sale agreements or the payments to be received thereunder through the345
issuance of trust certificates, certificates of participation, custodial receipts, or other346
similar instruments;347
(22) Exercise all powers that at the time have been legally delegated to the authority by348
the city, by the county, or by both the city and the county pursuant to and subject to the349
'Redevelopment Powers Law'; and350
(23) Take any and all actions necessary or convenient to accomplish or to complement351
the purpose and powers of the authority as herein stated.352
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Section 5.
353
Revenue bonds.354
(a) The authority, or any entity or body which has or which may in the future succeed to355
the powers, duties, and liabilities vested in the authority created hereby, shall have power356
and is hereby authorized to provide by resolution for the issuance of revenue bonds by the357
authority for the purpose of paying all or any part of the costs of the project and for the358
purpose of refunding revenue bonds or other obligations previously issued. The principal359
of and interest on such revenue bonds shall be payable solely from the special fund hereby360
provided for such payment. The revenue bonds of each issue shall be dated, shall bear361
interest at such rate or rates per annum, payable at such time or times, shall mature at such362
time or times not exceeding 40 years from their date or dates, shall be payable in such363
medium of payment as to both principal and interest as may be determined by the authority,364
and may be redeemable before maturity, at the option of the authority, at such price or365
prices and under such terms and conditions as may be fixed by the authority in the366
resolution for the issuance of such revenue bonds.367
(b) The authority shall determine the form of the revenue bonds and shall fix the368
denomination or denominations of such revenue bonds. The revenue bonds may be issued369
in registered form, and provision may be made for registration and exchangeability370
privileges. The authority shall fix the place or places of payment of principal and interest371
thereon.372
(c) All revenue bonds shall bear the manual or facsimile signature of the chairperson or373
vice-chairperson of the authority and the attesting manual or facsimile signature of the374
secretary-treasurer of the authority, and the official seal of the authority shall be impressed375
or imprinted thereon. Any revenue bonds may bear the manual or facsimile signature of376
such persons as at the actual time of the execution of such revenue bonds shall be duly377
authorized or hold the proper office, although at the date of issuance of such revenue bonds378
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such person may not have been so authorized or shall not have held such office. In case
379
any officer whose signature shall appear on any revenue bond shall cease to be such officer380
before the delivery of such revenue bond, such signature shall nevertheless be valid and381
sufficient for all purposes, the same as if that person had remained in office until such382
delivery.383
(d) All revenue bonds shall have and are hereby declared to have all the qualities and384
incidents of negotiable instruments under the laws of the state. All revenue bonds, their385
transfer, and the income therefrom shall be exempt from all taxation within the state.386
(e) To the maximum extent as permitted by general law, the authority shall be exempt387
from taxation.388
(f) The authority may sell revenue bonds in such manner and for such price as it may389
determine to be in the best interest of the authority. The proceeds derived from the sale of390
revenue bonds shall be used solely for the purpose or purposes provided in the resolutions391
and proceedings authorizing the issuance of such revenue bonds.392
(g) Prior to the preparation of any definitive revenue bonds, the authority may, under like393
restrictions, issue interim receipts, interim certificates, or temporary revenue bonds,394
exchangeable for definitive revenue bonds upon the issuance of the latter.395
(h) The authority may provide for the replacement of any revenue bonds which shall396
become mutilated or be destroyed or lost.397
(i) The authority shall adopt a resolution authorizing the issuance of the revenue bonds.398
Any resolution providing for the issuance of revenue bonds under the provisions of this Act399
shall become effective immediately upon its passage. Any such resolution may be passed400
by a majority of the authority's members at any regular or special meeting.401
(j) Revenue bonds shall not be deemed to constitute a debt of the city or county nor a402
pledge of the faith and credit of the city or county, but such revenue bonds shall be payable403
solely from the fund hereinafter provided for. The issuance of such revenue bonds shall404
not directly, indirectly, or contingently obligate the city or county to levy or to pledge any405
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form of taxation whatsoever for payment of such revenue bonds or to make any
406
appropriation for their payment, and all such revenue bonds shall contain recitals on their407
face covering substantially the foregoing provisions of this section. Notwithstanding the408
foregoing provisions, this Act shall not affect the ability of the authority and any political409
subdivision, municipal corporation, or other public body, including, without limitation, the410
county and the city, to enter into an intergovernmental contract pursuant to which the411
political subdivision, municipal corporation, or other public body agrees to pay amounts412
sufficient to pay operating charges and other costs of the authority or any project including,413
without limitation, the principal of and interest on revenue bonds in consideration for414
services or facilities of the authority.415
(k) In the discretion of the authority, any issuance of revenue bonds may be secured by a416
trust indenture by and between the authority and a corporate trustee, which may be any417
trust company or bank having the powers of a trust company within or outside the state.418
Either the resolution providing for the issuance of the revenue bonds or such trust indenture419
may contain such provisions for protecting and enforcing the rights and remedies of the420
bondholders as may be reasonable and proper and not in violation of law, including421
covenants setting forth the duties of the authority in relation to the acquisition and422
construction of the project, the maintenance, operation, repair and insuring of the project,423
and the custody, safeguarding, and application of all monies.424
(l) In the resolution providing for the issuance of revenue bonds or in the trust indenture,425
the authority shall provide for the payment of the proceeds of the sale of the revenue bonds426
to any officer or person, or any agency, bank, or trust company, who shall act as trustee of427
such funds and shall hold and apply the same to the purposes thereof, subject to such428
regulations as this Act and such resolution or trust indenture may provide.429
(m) The moneys received pursuant to an intergovernmental contract and the revenues,430
fees, tolls, charges, and earnings derived from any particular project or projects, regardless431
of whether or not such revenues, fees, tolls, fines, charges, and earnings were produced by432
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a particular project for which revenue bonds have been issued, unless otherwise pledged
433
and allocated, may be pledged and allocated by the authority to the payment of the434
principal and interest on revenue bonds of the authority as the resolution authorizing the435
issuance of the revenue bonds or in the trust indenture may provide, and such funds so436
pledged from whatever source received shall be set aside at regular intervals as may be437
provided in the resolution or trust indenture, into a sinking fund, which said sinking fund438
shall be pledged to and charged with the payment of the interest upon such revenue bonds439
as such interest shall fall due; the principal or purchase price of such revenue bonds as the440
same shall fall due; any premium upon such revenue bonds as the same shall fall due; the441
purchase of such revenue bonds in the open market; and the necessary charges of the442
paying agent for paying principal and interest. The use and disposition of such sinking443
fund shall be subject to such regulations as may be provided in the resolution authorizing444
the issuance of the revenue bonds or in the trust indenture, but, except as may otherwise445
be provided in such resolution or trust indenture, such sinking fund shall be maintained as446
a trust account for the benefit of all revenue bonds without distinction or priority of one447
over another.448
(n) Any holder of revenue bonds and the trustee under the trust indenture, if any, except449
to the extent the rights herein given may be restricted by resolution passed before the450
issuance of the revenue bonds or by the trust indenture, may, either at law or in equity, by451
suit, action, mandamus, or other proceedings, protect and enforce any and all rights under452
the laws of the state, including specifically but without limitation the 'Revenue Bond Law,'453
or granted hereunder or under such resolution or trust indenture, and may enforce and454
compel performance of all duties required by this Act or by such resolution or trust455
indenture to be performed by the authority or any officer thereof, including the fixing,456
charging, and collecting of revenues, fees, tolls, fines, and other charges for the use of the457
facilities and services furnished.458
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(o) Revenue bonds and the security therefor shall be confirmed and validated in
459
accordance with the 'Revenue Bond Law.' The petition for validation shall also make the460
party defendant to such action any city, municipal corporation, school district, or other461
political subdivision or authority of the state, or other public body, which has contracted462
with the authority for services or facilities relating to the project for which revenue bonds463
are to be issued and sought to be validated, and such defendant shall be required to show464
cause, if any exists, why such contract or contracts shall not be adjudicated as a part of the465
basis for the security for the payment of any such revenue bonds. The revenue bonds when466
validated and the judgment of validation shall be final and conclusive with respect to such467
revenue bonds and the security for the payment thereof and interest thereon, and against468
the defendants in such action, and as to all other questions which could and should have469
been asserted during the bond validation proceedings.470
(p) Any action to protect or enforce any rights under the provisions of this Act or any suit471
or action against such authority shall be brought in the Superior Court of Dougherty472
County, and any action pertaining to validation of any revenue bonds issued under the473
provisions of this Act shall likewise be brought in said court which shall have exclusive,474
original jurisdiction of such actions.475
(q) While any of the revenue bonds issued by the authority remain outstanding, the476
powers, duties, or existence of said authority or its officers, employees, or agents, shall not477
be diminished or impaired in any manner that will affect adversely the interests and rights478
of the holders of such revenue bonds. The provisions of this Act shall be for the benefit479
of the authority and the holders of any such revenue bonds.480
(r) All monies received pursuant to the authority of this Act, whether as proceeds from the481
sale of revenue bonds, as grants or other contributions, or as revenue, income, fees, and482
earnings, shall be deemed to be trust funds to be held and applied solely as provided in this483
Act.484
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(s) The authority is hereby authorized to prescribe and fix rates and to revise same from
485
time to time and to collect revenues, tolls, fees, and charges for the services, facilities, and486
commodities furnished, and in anticipation of the collection of the revenues, to issue487
revenue bonds or other types of obligations as herein provided to finance, in whole or in488
part, the costs of the project, and to pledge to the punctual payment of said revenue bonds489
or other obligations all or any part of the revenues.490
(t) The bonds herein authorized are hereby made securities in which all public officers and491
bodies of this state and all political subdivisions; all insurance companies, associations, and492
other persons carrying on an insurance business; all banks, bankers, trust companies,493
savings banks, and savings associations, including savings and loan associations, building494
and loan associations, investment companies, and other persons carrying on a banking495
business; all administrators, guardians, executors, trustees, and other fiduciaries; and all496
other persons whatsoever who are now or may hereafter be authorized to invest in bonds497
or other obligations of the state may properly and legally invest funds including capital in498
their control or belonging to them. The bonds are also hereby made securities that may be499
deposited with and shall be received by all public officers and bodies of this state and all500
political subdivisions for any purpose for which the deposit of the bonds or other501
obligations of this state is now or may hereafter be authorized.502
(u) The offer, sale, or issuance of bonds or other obligations of the authority shall be503
exempt from registration to the extent provided in the Georgia Uniform Securities Act504
of 2008, as the same may be amended from time to time, or in any other law.505
(v) While any revenue bonds issued by the authority prior to the effective date of this Act506
remain outstanding, the powers, duties, or existence of the authority or its officers,507
employees, or agents shall not be diminished or impaired by this Act in any manner that508
will affect adversely the interests and rights of the holders of such revenue bonds. This509
subsection shall be for the benefit of the authority and the holders of any such revenue510
bonds.511
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Section 6.
512
Tort immunity.513
To the extent permitted by law, the authority shall have the same immunity and exemption514
from liability for torts and negligence as the city. The officers, agents, and employees of515
the authority when in the performance of the work of the authority shall have the same516
immunity and exemption from liability for torts and negligence as the officers, agents, and517
employees of the city when in the performance of their public duties or work of the city.518
Section 7.519
Property not subject to levy and sale.520
The property of the authority shall not be subject to levy and sale under legal process521
except such property, revenue, income, or funds as may be pledged, assigned, mortgaged,522
or conveyed to secure an obligation of the authority, and any such property, revenue, funds,523
or income may be sold under legal process or under any power granted by the authority to524
enforce payment of the obligation.525
Section 8.526
Effect on other governments.527
This Act shall not and does not in any way take from the city, the county, or any other528
political subdivision or municipality the authority to own, operate, and maintain public529
facilities or to issue revenue bonds as provided by the 'Revenue Bond Law.'530
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Section 9.
531
Earnings and dissolution.532
The earnings of the authority shall not inure to the benefit of private persons. Upon533
dissolution of the authority, title to all property of the authority shall revert to the city.534
Section 10.535
Severability; effect of partial invalidity of Act.536
The provisions of this Act are severable, and if any of its provisions shall be held537
unconstitutional by any court of competent jurisdiction, the decision of such court shall not538
affect or impair any of the remaining provisions.539
Section 11.540
Reserved powers.541
(a) The changes made by this Act in the law under which the authority exists shall be542
effective prospectively from the effective date of this Act and shall not affect any project543
of, or any action taken by, the authority prior to such changes becoming effective.544
(b) The authority shall retain, to the extent necessary to carry out or complete the545
performance of any such prior project or action, all powers and duties provided by the law546
under which the authority existed prior to the effective date of this Act.547
(c) Pursuant to Section 13 of that certain Act approved March 30, 1977548
(Ga. L. 1977, p. 4220), while any of the revenue bonds previously issued by the authority549
prior to the effective date of this Act remain outstanding, the powers, duties, or existence550
of the authority or its officers, employees, or agents, shall not be diminished or impaired551
by this Act in any manner that will affect adversely the interests and rights of the holders552
H. B. 548
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of such revenue bonds. The immediately preceding sentence shall be for the benefit of the
553
authority and the holders of any such revenue bonds, and as to such revenue bonds that554
have been issued under the provisions of this Act, shall constitute a contract with the555
holders of such revenue bonds.556
Section 12.557
Liberal construction of Act.558
This Act, being for the welfare of various political subdivisions and municipalities of the559
state and its inhabitants, shall be liberally construed to effect the purposes of this Act."560
SECTION 2.561
All laws and parts of laws in conflict with this Act are repealed.562
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