| 1 | 1 | | 25 LC 47 3233 |
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| 2 | 2 | | House Bill 548 |
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| 3 | 3 | | By: Representatives Greene of the 154 |
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| 4 | 4 | | th |
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| 5 | 5 | | , Yearta of the 152 |
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| 6 | 6 | | nd |
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| 7 | 7 | | , Cheokas of the 151 |
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| 8 | 8 | | st |
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| 9 | 9 | | , and |
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| 10 | 10 | | Sampson of the 153 |
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| 11 | 11 | | rd |
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| 12 | 12 | | |
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| 13 | 13 | | A BILL TO BE ENTITLED |
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| 14 | 14 | | AN ACT |
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| 15 | 15 | | To amend an Act creating the Albany-Dougherty Inner City Authority, approved March 30, |
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| 16 | 16 | | 1 |
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| 17 | 17 | | (Ga. L. 1977, p. 4220), as amended, particularly by an Act approved May 4, 20172 |
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| 18 | 18 | | (Ga. L. 2017, p. 3954), so as to restate the law governing the authority; provide a short title;3 |
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| 19 | 19 | | to provide definitions; to provide for the existence and membership of the authority; to4 |
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| 20 | 20 | | provide for officers; to provide for conflicts of interest; to provide for powers of the5 |
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| 21 | 21 | | authority; to provide for revenue bonds; to provide for rules, regulations, and other6 |
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| 22 | 22 | | procedures; to provide for immunity; to provide for tax exemptions; to provide that authority7 |
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| 23 | 23 | | property is not subject to levy and sale; to provide for the Act's effect on other governments;8 |
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| 24 | 24 | | to provide for earnings and dissolution; to provide for construction; to provide for related9 |
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| 25 | 25 | | matters; to repeal conflicting laws; and for other purposes.10 |
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| 26 | 26 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:11 |
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| 27 | 27 | | SECTION 1.12 |
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| 28 | 28 | | An Act creating the Albany-Dougherty Inner City Authority, approved March 30, 197713 |
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| 29 | 29 | | (Ga. 4 L. 1977, p. 4220), as amended, particularly by an Act approved May 4, 201714 |
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| 30 | 30 | | (Ga. L. 2017, p. 3954), is amended by revising Sections 1 through 12 as follows:15 |
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| 31 | 31 | | H. B. 548 |
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| 32 | 32 | | - 1 - 25 LC 47 3233 |
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| 33 | 33 | | "Section 1. |
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| 34 | 34 | | 16 |
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| 35 | 35 | | Short title.17 |
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| 36 | 36 | | This Act shall be known and may be cited as the 'Albany-Dougherty Inner City Authority18 |
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| 37 | 37 | | Act.'19 |
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| 38 | 38 | | Section 2.20 |
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| 39 | 39 | | Definitions.21 |
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| 40 | 40 | | As used in this Act, the term:22 |
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| 41 | 41 | | (1) 'Act' means this Albany-Dougherty Inner City Authority Act.23 |
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| 42 | 42 | | (2) 'Authority' means the Albany-Dougherty Inner City Authority continued by this Act.24 |
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| 43 | 43 | | (3) 'City' means the City of Albany, Georgia, or its successor.25 |
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| 44 | 44 | | (4) 'City commission' means the governing body of the City of Albany, Georgia.26 |
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| 45 | 45 | | (5) 'Costs of the project' or 'cost of any project' means and includes all costs of27 |
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| 46 | 46 | | acquisition, by purchase or otherwise, construction, installation, modification, renovation,28 |
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| 47 | 47 | | or rehabilitation of any project or any part of any project; all costs of real or personal29 |
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| 48 | 48 | | property used in or in connection with or necessary for any project or for any facilities30 |
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| 49 | 49 | | related thereto, including the cost of all land, estates for years, easements, rights,31 |
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| 50 | 50 | | improvements, water rights, connections for utility services, fees, franchises, permits,32 |
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| 51 | 51 | | approvals, licenses, and certificates, the cost of securing any such franchises, permits,33 |
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| 52 | 52 | | approvals, licenses, or certificates, the cost of preparation of any application therefor, and34 |
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| 53 | 53 | | the cost of all fixtures, machinery, equipment, furniture, and other property used in or in35 |
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| 54 | 54 | | connection with or necessary for any project; all financing charges and loan fees and all36 |
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| 55 | 55 | | interest which accrues or is paid prior to and during the period of construction of a project37 |
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| 56 | 56 | | and for such period after the completion of construction thereof as the authority may38 |
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| 57 | 57 | | determine; all costs of engineering, architectural, and legal services and all expenses39 |
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| 58 | 58 | | H. B. 548 |
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| 59 | 59 | | - 2 - 25 LC 47 3233 |
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| 60 | 60 | | incurred by engineers, architects, and attorneys in connection with any project; all |
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| 61 | 61 | | 40 |
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| 62 | 62 | | inspection expenses; all fees of fiscal agents, paying agents, and trustees for bondholders41 |
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| 63 | 63 | | under any trust agreement, indenture of trust, or similar instrument, all expenses incurred42 |
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| 64 | 64 | | by any such fiscal agents, paying agents, and trustees, and all other costs and expenses43 |
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| 65 | 65 | | incurred relative to the issuance of any revenue bonds, notes, or other obligations for any44 |
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| 66 | 66 | | project; all costs permitted under this Act; all expenses incident to determining the45 |
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| 67 | 67 | | feasibility or practicability of any project; all costs of plans and specifications for any46 |
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| 68 | 68 | | project; all costs of title insurance and examinations of title; repayment of any loans made47 |
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| 69 | 69 | | for the advance payment of any part of any of the foregoing costs, including interest48 |
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| 70 | 70 | | thereon and other expenses of such loans; administrative expenses of the authority and49 |
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| 71 | 71 | | such other expenses as may be necessary or incident to any project or the financing50 |
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| 72 | 72 | | thereof or the placing of any project in operation; and a fund or funds for the creation of51 |
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| 73 | 73 | | a debt service reserve, a renewal and replacement reserve, or such other funds or reserves52 |
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| 74 | 74 | | as the authority may approve with respect to the financing and operation of any project53 |
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| 75 | 75 | | and as may be authorized by any bond resolution, trust agreement, indenture of trust, or54 |
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| 76 | 76 | | similar instrument pursuant to the provisions of which the issuance of any revenue bonds,55 |
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| 77 | 77 | | notes, or other obligations of the authority may be authorized. Any cost, obligation, or56 |
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| 78 | 78 | | expense incurred for any of the foregoing purposes shall be a part of the cost of the57 |
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| 79 | 79 | | project and may be paid or reimbursed as such out of the proceeds of revenue bonds,58 |
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| 80 | 80 | | notes, or other obligations issued by the authority. Entertainment or promotional59 |
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| 81 | 81 | | expenses shall not constitute part of the cost of any project.60 |
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| 82 | 82 | | (6) 'County' means Dougherty County, Georgia, or its successor. Such term includes the61 |
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| 83 | 83 | | entirety of incorporated and unincorporated Dougherty County.62 |
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| 84 | 84 | | (7) 'Prior Acts' means Ga. L. 1977, p. 4220, amended by Ga. L. 1980, p. 3184, approved63 |
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| 85 | 85 | | March 18, 1980, Ga. L. 1981, p. 4688, approved April 9, 1981, and Ga. L. 2017, p. 3954,64 |
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| 86 | 86 | | approved May 4, 2017.65 |
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| 87 | 87 | | H. B. 548 |
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| 88 | 88 | | - 3 - 25 LC 47 3233 |
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| 89 | 89 | | (8) 'Private person' means any natural person or any legal entity, other than a public |
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| 90 | 90 | | 66 |
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| 91 | 91 | | body, whether operated for profit or not for profit.67 |
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| 92 | 92 | | (9) 'Project' means any of the following:68 |
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| 93 | 93 | | (A) Any undertaking permitted by the 'Revenue Bond Law';69 |
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| 94 | 94 | | (B) Any redevelopment project permitted by the 'Redevelopment Powers Law' when70 |
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| 95 | 95 | | the authority is serving as a redevelopment agency under the 'Redevelopment Powers71 |
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| 96 | 96 | | Law';72 |
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| 97 | 97 | | (B) Any property, whether real, personal or mixed, and if personal, whether tangible73 |
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| 98 | 98 | | or intangible:74 |
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| 99 | 99 | | (i) To be owned by the authority or to be provided by the authority for or on behalf75 |
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| 100 | 100 | | of the city, the county, or both the city and county; or76 |
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| 101 | 101 | | (ii) That is not otherwise included in the meaning of the term project but which the77 |
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| 102 | 102 | | authority determines is necessary or appropriate for carrying out its public purposes.78 |
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| 103 | 103 | | (10) 'Project area' means the urban, central city or downtown areas within the county79 |
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| 104 | 104 | | selected and designated by the authority for the exercise of its public purposes pursuant80 |
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| 105 | 105 | | to the authorization provided for in this Act.81 |
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| 106 | 106 | | (11) 'Public bodies' means and includes the United States of America, its territories and82 |
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| 107 | 107 | | possessions, and any federal agency, department, or authority or any branch of its armed83 |
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| 108 | 108 | | services; the state and any department, district, agency, board, bureau, authority, or84 |
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| 109 | 109 | | instrumentality of the state, including, without limitation, the Board of Regents of the85 |
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| 110 | 110 | | University System of Georgia and the Technical College System of Georgia; the city and86 |
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| 111 | 111 | | the county, and any other county, political subdivision, or municipal corporation of the87 |
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| 112 | 112 | | state; and any school district or other district, including without limitation, the Dougherty88 |
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| 113 | 113 | | County School District, or other local government, and any other local authority or other89 |
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| 114 | 114 | | local public corporation or entity within the state. Such term includes, without limitation,90 |
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| 115 | 115 | | any agency as defined in O.C.G.A. § 50-14-1(a)(1), except nonprofit organizations91 |
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| 116 | 116 | | referred to in O.C.G.A. § 50-14-1(a)(1)(E).92 |
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| 117 | 117 | | H. B. 548 |
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| 118 | 118 | | - 4 - 25 LC 47 3233 |
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| 119 | 119 | | (12) 'Redevelopment Powers Law' means Chapter 44 of Title 36 of the O.C.G.A., as now |
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| 120 | 120 | | 93 |
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| 121 | 121 | | or hereafter amended.94 |
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| 122 | 122 | | (13) 'Revenue bonds' means revenue bonds authorized to be issued pursuant to this Act95 |
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| 123 | 123 | | and the 'Revenue Bond Law.'96 |
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| 124 | 124 | | (14) 'Revenue Bond Law' means Article 3 of Chapter 82 of Title 36 of the O.C.G.A., as97 |
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| 125 | 125 | | now or hereafter amended.98 |
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| 126 | 126 | | (15) 'State' means the State of Georgia.99 |
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| 127 | 127 | | Section 3.100 |
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| 128 | 128 | | Albany-Dougherty Inner City Authority.101 |
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| 129 | 129 | | (a)(1) By the Prior Acts, there was created, and by this Act there is continued without102 |
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| 130 | 130 | | interruption, in accordance with its provisions, a public body corporate and politic known103 |
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| 131 | 131 | | as the Albany-Dougherty Inner City Authority, which shall be deemed to be an104 |
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| 132 | 132 | | instrumentality of the state and a public corporation, and by that name, style, and title said105 |
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| 133 | 133 | | body may contract and be contracted with, sue and be sued, implead and be impleaded,106 |
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| 134 | 134 | | and complain and defend in all courts of law and equity.107 |
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| 135 | 135 | | (2) It is hereby determined, declared, and established that the authority is created for the108 |
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| 136 | 136 | | public purposes set forth in this Act and that the same are in all respects for the benefit109 |
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| 137 | 137 | | of the people of this state, and that the authority is an institution of purely public charity.110 |
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| 138 | 138 | | It is hereby further determined, declared, and established that the public purposes of this111 |
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| 139 | 139 | | Act and of the authority are each and all of the following:112 |
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| 140 | 140 | | (A) The financing, or providing, or both by the authority of projects and services that113 |
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| 141 | 141 | | relate to any such project or that otherwise relate to any of the purposes of this Act, in114 |
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| 142 | 142 | | order to either:115 |
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| 143 | 143 | | (i) Redevelop or improve a project area; or116 |
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| 144 | 144 | | H. B. 548 |
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| 145 | 145 | | - 5 - 25 LC 47 3233 |
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| 146 | 146 | | (ii) Otherwise benefit the citizens of the city, of the county, or both, regardless of |
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| 147 | 147 | | 117 |
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| 148 | 148 | | whether or not the project or services provided are located, provided or performed118 |
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| 149 | 149 | | within a project area; and119 |
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| 150 | 150 | | (B) Serving as a redevelopment agency under the 'Redevelopment Powers Law' when120 |
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| 151 | 151 | | designated as such by the city, by the county, or by both the city and the county,121 |
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| 152 | 152 | | including, without limitation, exercising all powers that have been legally delegated to122 |
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| 153 | 153 | | the authority by the city, by the county, or by both the city and the county pursuant to123 |
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| 154 | 154 | | and subject to the 'Redevelopment Powers Law.'124 |
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| 155 | 155 | | (3) It is further declared to be part of and in furtherance of its public purposes, that the125 |
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| 156 | 156 | | authority is, without limitation, authorized and empowered to:126 |
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| 157 | 157 | | (A) Own, use, operate, manage, maintain and otherwise deal in and with any project,127 |
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| 158 | 158 | | or128 |
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| 159 | 159 | | (B) Sell, lease, exchange, transfer, assign, pledge, encumber, mortgage, or dispose of129 |
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| 160 | 160 | | any project, or grant options for any such purposes, to any public body or, if the130 |
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| 161 | 161 | | authority should determine that doing so will promote the public good and general131 |
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| 162 | 162 | | welfare and assist in or facilitate providing projects and services in the city or elsewhere132 |
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| 163 | 163 | | in the county for the public purposes of this Act, for the authority to sell, lease,133 |
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| 164 | 164 | | exchange, transfer, assign, pledge, encumber, mortgage, or dispose of, any project or134 |
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| 165 | 165 | | grant options for any such purposes, to any private person.135 |
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| 166 | 166 | | (4) The foregoing as set forth hereinabove in this section are the purposes of this Act and136 |
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| 167 | 167 | | of the authority and are declared to be proper public purposes that are for the public good137 |
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| 168 | 168 | | and general welfare.138 |
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| 169 | 169 | | (5) The authority was created and exists for nonprofit and public purposes, and it is139 |
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| 170 | 170 | | found, determined, and declared that the creation of the authority and the carrying out of140 |
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| 171 | 171 | | its corporate purposes is in all respects for the benefit of the people of this state and that141 |
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| 172 | 172 | | the authority is an institution of purely public charity and will be performing an essential142 |
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| 173 | 173 | | governmental function in the exercise of the power conferred upon it by this Act. To the143 |
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| 174 | 174 | | H. B. 548 |
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| 175 | 175 | | - 6 - 25 LC 47 3233 |
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| 176 | 176 | | maximum extent provided by general law, the authority shall be considered a public |
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| 177 | 177 | | 144 |
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| 178 | 178 | | authority and property acquired by the authority or under its jurisdiction, control,145 |
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| 179 | 179 | | possession, or supervision or leased by it to others or upon its activities in the operation146 |
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| 180 | 180 | | or maintenance of any such property or on any income derived by the authority in the147 |
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| 181 | 181 | | form of fees, recording fees, rentals, charges, purchase price, installments, or otherwise,148 |
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| 182 | 182 | | and that the bonds and other obligations of the authority, their transfer, and the income149 |
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| 183 | 183 | | therefrom public property shall be subject to all exemptions provided by general law for150 |
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| 184 | 184 | | such public authorities, properties, or income; provided, however, that nothing in this Act151 |
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| 185 | 185 | | shall be interpreted as attempting to provide any exemption from sales and use tax on152 |
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| 186 | 186 | | property purchased by the authority or for use by the authority.153 |
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| 187 | 187 | | (6) The area of operations within which the authority shall carry out its public purposes154 |
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| 188 | 188 | | shall be the territorial area of the county, including all unincorporated areas, the territorial155 |
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| 189 | 189 | | area of the city, and the territorial areas of all other municipal corporations. The principal156 |
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| 190 | 190 | | office of the authority shall be in the city, and the venue of any action against it shall be157 |
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| 191 | 191 | | in the county. Service upon the authority of any process, subpoena, or summons shall be158 |
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| 192 | 192 | | effected by serving the same personally upon any member of the authority.159 |
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| 193 | 193 | | (b) The authority shall have perpetual existence.160 |
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| 194 | 194 | | (c) The authority shall consist of the mayor of the city, who shall be a nonvoting ex officio161 |
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| 195 | 195 | | member, and seven members who shall be appointed by the city commission for terms of162 |
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| 196 | 196 | | two years each. Each such appointed member shall be a resident of the city or of the163 |
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| 197 | 197 | | portion of the county, whether or not incorporated, outside of the city. The city164 |
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| 198 | 198 | | commission may appoint no more than one member of the city commission as a member165 |
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| 199 | 199 | | of the authority.166 |
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| 200 | 200 | | (d) The initial members to serve under this Act shall consist of those persons now in167 |
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| 201 | 201 | | office: the present mayor of the city and the seven members who have been appointed by168 |
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| 202 | 202 | | the city commission for terms of two years each. The current terms of office of all169 |
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| 203 | 203 | | H. B. 548 |
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| 204 | 204 | | - 7 - 25 LC 47 3233 |
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| 205 | 205 | | members other than the mayor shall expire in accordance with the terms of such |
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| 206 | 206 | | 170 |
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| 207 | 207 | | appointments prior to the effective date of this Act.171 |
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| 208 | 208 | | (e) All members shall be eligible to succeed themselves and shall continue to serve until172 |
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| 209 | 209 | | their successors have been appointed and qualified, except that the mayor's term shall be173 |
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| 210 | 210 | | coextensive with his or her term of office as mayor.174 |
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| 211 | 211 | | (f) All vacancies which shall occur prior to the end of a member's term shall be filled by175 |
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| 212 | 212 | | the city commission for the unexpired portion of the term.176 |
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| 213 | 213 | | (g) The authority shall elect one of its members as chairperson and one as vice-chairperson177 |
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| 214 | 214 | | and shall elect a secretary-treasurer who may, but need not necessarily, be a member of the178 |
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| 215 | 215 | | authority.179 |
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| 216 | 216 | | (h) Four members of the authority shall constitute a quorum for the transaction of the180 |
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| 217 | 217 | | ordinary business of the authority; provided, however, that any resolution of the authority181 |
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| 218 | 218 | | authorizing the issuance of revenue bonds, notes, or other obligations for any project of the182 |
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| 219 | 219 | | authority must be approved by a majority vote of the members of the authority.183 |
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| 220 | 220 | | (i) The members of the authority shall not be entitled to compensation for their services,184 |
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| 221 | 221 | | but may be reimbursed by the authority for their actual expenses properly incurred in the185 |
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| 222 | 222 | | performance of their duties.186 |
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| 223 | 223 | | (j) The authority shall make rules and regulations for its own government, including187 |
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| 224 | 224 | | without limitation, the adoption, amendment and repeal of bylaws, and may retain, employ,188 |
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| 225 | 225 | | and engage professional and technical advisers, supervisors, assistants, and experts and189 |
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| 226 | 226 | | other agents and employees, temporary or permanent, as it may require.190 |
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| 227 | 227 | | (k) The members of the authority shall be accountable in all respects as trustees, and the191 |
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| 228 | 228 | | authority shall keep suitable books and records of all its obligations, contracts, transactions,192 |
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| 229 | 229 | | and undertakings and of all income and receipts of every nature and all expenditures of193 |
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| 230 | 230 | | every kind.194 |
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| 231 | 231 | | (l) No vacancy on the authority shall impair the right of the quorum, subject to the195 |
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| 232 | 232 | | provisions of subsection (h) of this section, to exercise all of the rights and perform all of196 |
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| 233 | 233 | | H. B. 548 |
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| 234 | 234 | | - 8 - 25 LC 47 3233 |
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| 235 | 235 | | the duties of the authority. The mayor, as an ex officio member of the authority, does not |
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| 236 | 236 | | 197 |
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| 237 | 237 | | count toward a quorum.198 |
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| 238 | 238 | | (m) The provisions of O.C.G.A. § 45-10-3 shall apply to all members of the authority.199 |
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| 239 | 239 | | (n) The mayor of the city and the members of the city commission may vote on200 |
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| 240 | 240 | | transactions between the city and the authority, and the members of the authority may201 |
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| 241 | 241 | | likewise vote on transactions between the city and the authority, and the same shall not be202 |
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| 242 | 242 | | deemed to create any conflict of interest.203 |
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| 243 | 243 | | Section 4.204 |
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| 244 | 244 | | Powers of the authority.205 |
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| 245 | 245 | | The authority shall have all of the powers necessary or convenient to carry out and206 |
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| 246 | 246 | | effectuate the purposes and provisions set forth in this Act, including, but without limiting207 |
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| 247 | 247 | | the generality of the foregoing, the power to:208 |
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| 248 | 248 | | (1) Sue and be sued;209 |
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| 249 | 249 | | (2) Adopt and amend a corporate seal;210 |
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| 250 | 250 | | (3) Make and execute contracts and other instruments necessary or convenient to the211 |
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| 251 | 251 | | exercise of the powers of the authority, including, but not limited to, contracts for the sale212 |
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| 252 | 252 | | or purchase of projects, contracts for construction of projects, leases of projects as lessor213 |
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| 253 | 253 | | or lessee, and contracts with respect to the use of projects which it causes to be erected214 |
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| 254 | 254 | | or acquired, and to contract with any public body and with private legal entities and215 |
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| 255 | 255 | | others upon such terms and for such purposes as the members of the authority may deem216 |
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| 256 | 256 | | advisable; and each such political subdivision, municipal corporation, or other public217 |
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| 257 | 257 | | body of this state shall have and hereby is given the right and power to make such218 |
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| 258 | 258 | | contracts, and the rentals contracted to be paid by the lessee or tenants to the authority219 |
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| 259 | 259 | | under such contract or contracts entered into pursuant to the provisions of this Act shall220 |
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| 260 | 260 | | constitute general obligations of the political subdivision, municipal corporation, or other221 |
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| 261 | 261 | | H. B. 548 |
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| 262 | 262 | | - 9 - 25 LC 47 3233 |
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| 263 | 263 | | public body for the payment of which the full faith and credit of such political |
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| 264 | 264 | | 222 |
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| 265 | 265 | | subdivision, municipal corporation, or other public body shall be, and the same hereby223 |
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| 266 | 266 | | is pledged to provide the funds required to fulfill all obligations arising under any such224 |
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| 267 | 267 | | contract; and any such political subdivision, municipal corporation, or other public body225 |
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| 268 | 268 | | which shall have entered into such a contract pursuant to the provisions of this Act shall226 |
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| 269 | 269 | | annually in each and every fiscal year during the term of such contract include in a227 |
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| 270 | 270 | | general revenue or appropriation measure, whether or not any other items are included,228 |
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| 271 | 271 | | sums sufficient to satisfy the payments required to be made in each year by such contract229 |
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| 272 | 272 | | until all payments required under such contract have been paid in full, and such revenues230 |
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| 273 | 273 | | shall be and hereby are unconditionally obligated to the payment of such sums. In the231 |
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| 274 | 274 | | event for any reason any such provision or appropriation is not made, then the fiscal232 |
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| 275 | 275 | | officers of such political subdivision, municipal corporation, or other public body are233 |
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| 276 | 276 | | hereby authorized and directed to set up as an appropriation on their accounts in each234 |
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| 277 | 277 | | fiscal year the amounts required to pay the obligations called for under any such contract.235 |
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| 278 | 278 | | The amount of the appropriation in each fiscal year to meet the obligations of such236 |
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| 279 | 279 | | contract as authorized and required hereby shall be due and payable and shall be237 |
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| 280 | 280 | | expended for the purpose of paying and meeting the obligations provided under the terms238 |
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| 281 | 281 | | and conditions of such contract, and such appropriation shall have the same legal status239 |
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| 282 | 282 | | as if the contracting political subdivision, municipal corporation, or other public body had240 |
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| 283 | 283 | | included the amount of the appropriation in its general revenue or appropriation measure,241 |
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| 284 | 284 | | and such fiscal officers shall make such payment to the authority if for any reason such242 |
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| 285 | 285 | | appropriation is not otherwise made; and said political subdivision, municipal243 |
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| 286 | 286 | | corporation, or other public body having the power of taxation shall be, and the same is244 |
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| 287 | 287 | | hereby specifically authorized to levy taxes, without limitation as to rate or amount, and245 |
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| 288 | 288 | | to expend tax monies of said political subdivision, municipal corporation, or other public246 |
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| 289 | 289 | | body and any other available funds thereof, and to obligate said political subdivision,247 |
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| 290 | 290 | | municipal corporation, or other public body to make payment thereof to the authority248 |
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| 291 | 291 | | H. B. 548 |
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| 292 | 292 | | - 10 - 25 LC 47 3233 |
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| 293 | 293 | | upon such terms as may be provided in any such contract entered into by and between the |
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| 294 | 294 | | 249 |
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| 295 | 295 | | authority and said political subdivision, municipal corporation, or other public body, in250 |
|---|
| 296 | 296 | | order to enable the authority to pay the principal of and interest on any of its bonds as the251 |
|---|
| 297 | 297 | | same mature and to create and maintain a reserve for that purpose and also to enable the252 |
|---|
| 298 | 298 | | authority to pay the cost of maintaining, repairing, and operating the property so253 |
|---|
| 299 | 299 | | furnished by said authority;254 |
|---|
| 300 | 300 | | (4) Finance by loan or grant, lease, construct or erect, purchase, acquire, own, repair,255 |
|---|
| 301 | 301 | | remodel, renovate, rehabilitate, maintain, extend, improve, sell, equip, expand, add to,256 |
|---|
| 302 | 302 | | operate, or manage projects and to pay the cost of any project from the proceeds of257 |
|---|
| 303 | 303 | | revenue bonds, notes, or other obligations of the authority or any other funds of the258 |
|---|
| 304 | 304 | | authority, or from any contributions or loans by persons, corporations, partnerships, or259 |
|---|
| 305 | 305 | | other entities, all of which the authority is hereby authorized to receive and accept and260 |
|---|
| 306 | 306 | | use;261 |
|---|
| 307 | 307 | | (5) Accept loans and grants of money or materials or property of any kind from the262 |
|---|
| 308 | 308 | | United States of America, the state, or any agency, instrumentality, or political263 |
|---|
| 309 | 309 | | subdivision thereof, or the city or the county, upon such terms and conditions as the264 |
|---|
| 310 | 310 | | United States of America, the state, or such agency, instrumentality, or political265 |
|---|
| 311 | 311 | | subdivision, or the city or the county, may require;266 |
|---|
| 312 | 312 | | (6) Receive and administer gifts, grants, and devises of any property and to administer267 |
|---|
| 313 | 313 | | trusts;268 |
|---|
| 314 | 314 | | (7) Acquire by purchase, gift, or donation any real or personal property desired to be269 |
|---|
| 315 | 315 | | acquired as a part of any project or for the purpose of improving, extending, adding to,270 |
|---|
| 316 | 316 | | reconstructing, renovating, or remodeling any project or part thereof already acquired, or271 |
|---|
| 317 | 317 | | for the purpose of demolition to make room for such project or any part thereof;272 |
|---|
| 318 | 318 | | (8) Sell, lease, exchange, transfer, assign, pledge, encumber, mortgage, or dispose of any273 |
|---|
| 319 | 319 | | project or any other real or personal property, or grant options for any such purposes, to274 |
|---|
| 320 | 320 | | any public body and, if the authority should determine that doing so will promote the275 |
|---|
| 321 | 321 | | H. B. 548 |
|---|
| 322 | 322 | | - 11 - 25 LC 47 3233 |
|---|
| 323 | 323 | | public good and general welfare and assist in or facilitate providing projects and services |
|---|
| 324 | 324 | | 276 |
|---|
| 325 | 325 | | in the city or elsewhere in the county for the public purposes of this Act, sell, lease,277 |
|---|
| 326 | 326 | | exchange, transfer, assign, pledge, encumber, mortgage, or dispose of any project or any278 |
|---|
| 327 | 327 | | other real or personal property, or grant options for any such purposes, to any private279 |
|---|
| 328 | 328 | | person. In connection with any such lease, sublease, sale, transfer, assignment or other280 |
|---|
| 329 | 329 | | disposition, the authority need not comply with any provision of law requiring public281 |
|---|
| 330 | 330 | | bidding or other competitive process or any notice to the public of same;282 |
|---|
| 331 | 331 | | (9) Mortgage, convey, pledge, or assign any properties, revenues, income, tolls, charges,283 |
|---|
| 332 | 332 | | or fees owned or received by the authority;284 |
|---|
| 333 | 333 | | (10) Issue revenue bonds, notes, or other obligations of the authority and use the285 |
|---|
| 334 | 334 | | proceeds thereof for the purpose of paying, or lending the proceeds thereof to pay, all or286 |
|---|
| 335 | 335 | | any part of the cost of any project or otherwise to further or carry out the public purpose287 |
|---|
| 336 | 336 | | of the authority and to pay all costs of the authority incident to, or necessary and288 |
|---|
| 337 | 337 | | appropriate to, furthering or carrying out such purposes;289 |
|---|
| 338 | 338 | | (11) Appoint officers and retain agents, engineers, attorneys, fiscal agents, accountants,290 |
|---|
| 339 | 339 | | and employees and to provide their compensation and duties;291 |
|---|
| 340 | 340 | | (12) Acquire by purchase, gift, or lease any property owned by a political subdivision292 |
|---|
| 341 | 341 | | or municipal or public corporation which has been acquired or damaged through the293 |
|---|
| 342 | 342 | | exercise of the right of eminent domain by said political subdivision or municipal or294 |
|---|
| 343 | 343 | | public corporation;295 |
|---|
| 344 | 344 | | (13) Construct, acquire, own, repair, remodel, maintain, extend, improve, and equip296 |
|---|
| 345 | 345 | | projects located on land owned or leased by the authority, and to pay all or part of the297 |
|---|
| 346 | 346 | | cost of any such project from the proceeds of revenue bonds of the authority or from any298 |
|---|
| 347 | 347 | | contribution or loans by persons, firms, or corporations, or any other contribution or299 |
|---|
| 348 | 348 | | source, all of which the authority is hereby authorized to receive and accept and use;300 |
|---|
| 349 | 349 | | (14) Borrow money to further or carry out its public purpose and to execute revenue301 |
|---|
| 350 | 350 | | bonds, notes, other obligations, leases, trust indentures, trust agreements, agreements for302 |
|---|
| 351 | 351 | | H. B. 548 |
|---|
| 352 | 352 | | - 12 - 25 LC 47 3233 |
|---|
| 353 | 353 | | the sale of its revenue bonds, notes, or other obligations, loan agreements, mortgages, |
|---|
| 354 | 354 | | 303 |
|---|
| 355 | 355 | | deeds to secure debt, trust deeds, security agreements, assignments, and such other304 |
|---|
| 356 | 356 | | instruments as may be necessary or desirable, in the judgment of the authority, to305 |
|---|
| 357 | 357 | | evidence and secure such borrowing;306 |
|---|
| 358 | 358 | | (15) Have and to exercise any and all of the usual powers of private and public307 |
|---|
| 359 | 359 | | corporations which are not in conflict with the Constitution and the laws of the state;308 |
|---|
| 360 | 360 | | (16) Accumulate its funds from year to year and to invest accumulated funds in any309 |
|---|
| 361 | 361 | | manner that public funds of the state or any of its political subdivisions may be invested;310 |
|---|
| 362 | 362 | | (17) Designate officers to sign and act for the authority generally or in any specific311 |
|---|
| 363 | 363 | | matter;312 |
|---|
| 364 | 364 | | (18) Extend credit or make loans to any person, corporation, partnership, or other entity,313 |
|---|
| 365 | 365 | | public or private, provided, in the case of a private person, that the authority determines314 |
|---|
| 366 | 366 | | that the same would promote the public purposes of the Act, for the costs of any project315 |
|---|
| 367 | 367 | | or any part of the costs of any project, which credit or loans shall be evidenced or secured316 |
|---|
| 368 | 368 | | by loan agreements, notes, mortgages, deeds to secure debt, trust deeds, security317 |
|---|
| 369 | 369 | | agreements, assignments, and such other instruments, or by rentals, revenues, fees, or318 |
|---|
| 370 | 370 | | charges, upon such terms and conditions as the authority shall determine to be reasonable319 |
|---|
| 371 | 371 | | in connection with such extension of credit or loans, including provision for the320 |
|---|
| 372 | 372 | | establishment and maintenance of reserves and insurance funds, and, in the exercise of321 |
|---|
| 373 | 373 | | powers granted by this paragraph in connection with any project, the authority shall have322 |
|---|
| 374 | 374 | | the right and power to require the inclusion in any such loan agreement, note, mortgage,323 |
|---|
| 375 | 375 | | deed to secure debt, trust deed, security agreement, assignment, or other instrument of324 |
|---|
| 376 | 376 | | such provisions for guaranty, insurance, construction, use, operation, maintenance, and325 |
|---|
| 377 | 377 | | financing of a project, and such other terms and conditions as the authority may deem326 |
|---|
| 378 | 378 | | necessary or desirable;327 |
|---|
| 379 | 379 | | (19) As security for repayment of any revenue bonds, notes, or other obligations of the328 |
|---|
| 380 | 380 | | authority, pledge, mortgage, convey, assign, hypothecate, or otherwise encumber any329 |
|---|
| 381 | 381 | | H. B. 548 |
|---|
| 382 | 382 | | - 13 - 25 LC 47 3233 |
|---|
| 383 | 383 | | property, real or personal, of the authority and to execute any lease, trust indenture, trust |
|---|
| 384 | 384 | | 330 |
|---|
| 385 | 385 | | agreement, agreement for the sale of the authority's revenue bonds, notes, or other331 |
|---|
| 386 | 386 | | obligations, loan agreement, mortgage, deed to secure debt, trust deed, security332 |
|---|
| 387 | 387 | | agreement, assignment, or other instrument as may be necessary or desirable, in the333 |
|---|
| 388 | 388 | | judgment of the authority, to secure any such revenue bonds, notes, or other obligations,334 |
|---|
| 389 | 389 | | which instrument may provide for foreclosure or forced sale of any property of the335 |
|---|
| 390 | 390 | | authority upon default in any obligation of the authority, either in payment of principal336 |
|---|
| 391 | 391 | | or interest or in the performance of any term or condition contained in any such337 |
|---|
| 392 | 392 | | instrument;338 |
|---|
| 393 | 393 | | (20) Incur short-term debt and to approve, execute, and deliver appropriate evidence of339 |
|---|
| 394 | 394 | | any such indebtedness and to enter into interest rate swaps, forward purchase agreements,340 |
|---|
| 395 | 395 | | repurchase agreements, and other similar agreements;341 |
|---|
| 396 | 396 | | (21) Sell or assign its rights under its contracts, lease agreements, or installment sale342 |
|---|
| 397 | 397 | | agreements or its right to receive payments thereunder, either directly or through trust or343 |
|---|
| 398 | 398 | | custodial arrangements whereby interests are created in such contracts, lease agreements,344 |
|---|
| 399 | 399 | | or installment sale agreements or the payments to be received thereunder through the345 |
|---|
| 400 | 400 | | issuance of trust certificates, certificates of participation, custodial receipts, or other346 |
|---|
| 401 | 401 | | similar instruments;347 |
|---|
| 402 | 402 | | (22) Exercise all powers that at the time have been legally delegated to the authority by348 |
|---|
| 403 | 403 | | the city, by the county, or by both the city and the county pursuant to and subject to the349 |
|---|
| 404 | 404 | | 'Redevelopment Powers Law'; and350 |
|---|
| 405 | 405 | | (23) Take any and all actions necessary or convenient to accomplish or to complement351 |
|---|
| 406 | 406 | | the purpose and powers of the authority as herein stated.352 |
|---|
| 407 | 407 | | H. B. 548 |
|---|
| 408 | 408 | | - 14 - 25 LC 47 3233 |
|---|
| 409 | 409 | | Section 5. |
|---|
| 410 | 410 | | 353 |
|---|
| 411 | 411 | | Revenue bonds.354 |
|---|
| 412 | 412 | | (a) The authority, or any entity or body which has or which may in the future succeed to355 |
|---|
| 413 | 413 | | the powers, duties, and liabilities vested in the authority created hereby, shall have power356 |
|---|
| 414 | 414 | | and is hereby authorized to provide by resolution for the issuance of revenue bonds by the357 |
|---|
| 415 | 415 | | authority for the purpose of paying all or any part of the costs of the project and for the358 |
|---|
| 416 | 416 | | purpose of refunding revenue bonds or other obligations previously issued. The principal359 |
|---|
| 417 | 417 | | of and interest on such revenue bonds shall be payable solely from the special fund hereby360 |
|---|
| 418 | 418 | | provided for such payment. The revenue bonds of each issue shall be dated, shall bear361 |
|---|
| 419 | 419 | | interest at such rate or rates per annum, payable at such time or times, shall mature at such362 |
|---|
| 420 | 420 | | time or times not exceeding 40 years from their date or dates, shall be payable in such363 |
|---|
| 421 | 421 | | medium of payment as to both principal and interest as may be determined by the authority,364 |
|---|
| 422 | 422 | | and may be redeemable before maturity, at the option of the authority, at such price or365 |
|---|
| 423 | 423 | | prices and under such terms and conditions as may be fixed by the authority in the366 |
|---|
| 424 | 424 | | resolution for the issuance of such revenue bonds.367 |
|---|
| 425 | 425 | | (b) The authority shall determine the form of the revenue bonds and shall fix the368 |
|---|
| 426 | 426 | | denomination or denominations of such revenue bonds. The revenue bonds may be issued369 |
|---|
| 427 | 427 | | in registered form, and provision may be made for registration and exchangeability370 |
|---|
| 428 | 428 | | privileges. The authority shall fix the place or places of payment of principal and interest371 |
|---|
| 429 | 429 | | thereon.372 |
|---|
| 430 | 430 | | (c) All revenue bonds shall bear the manual or facsimile signature of the chairperson or373 |
|---|
| 431 | 431 | | vice-chairperson of the authority and the attesting manual or facsimile signature of the374 |
|---|
| 432 | 432 | | secretary-treasurer of the authority, and the official seal of the authority shall be impressed375 |
|---|
| 433 | 433 | | or imprinted thereon. Any revenue bonds may bear the manual or facsimile signature of376 |
|---|
| 434 | 434 | | such persons as at the actual time of the execution of such revenue bonds shall be duly377 |
|---|
| 435 | 435 | | authorized or hold the proper office, although at the date of issuance of such revenue bonds378 |
|---|
| 436 | 436 | | H. B. 548 |
|---|
| 437 | 437 | | - 15 - 25 LC 47 3233 |
|---|
| 438 | 438 | | such person may not have been so authorized or shall not have held such office. In case |
|---|
| 439 | 439 | | 379 |
|---|
| 440 | 440 | | any officer whose signature shall appear on any revenue bond shall cease to be such officer380 |
|---|
| 441 | 441 | | before the delivery of such revenue bond, such signature shall nevertheless be valid and381 |
|---|
| 442 | 442 | | sufficient for all purposes, the same as if that person had remained in office until such382 |
|---|
| 443 | 443 | | delivery.383 |
|---|
| 444 | 444 | | (d) All revenue bonds shall have and are hereby declared to have all the qualities and384 |
|---|
| 445 | 445 | | incidents of negotiable instruments under the laws of the state. All revenue bonds, their385 |
|---|
| 446 | 446 | | transfer, and the income therefrom shall be exempt from all taxation within the state.386 |
|---|
| 447 | 447 | | (e) To the maximum extent as permitted by general law, the authority shall be exempt387 |
|---|
| 448 | 448 | | from taxation.388 |
|---|
| 449 | 449 | | (f) The authority may sell revenue bonds in such manner and for such price as it may389 |
|---|
| 450 | 450 | | determine to be in the best interest of the authority. The proceeds derived from the sale of390 |
|---|
| 451 | 451 | | revenue bonds shall be used solely for the purpose or purposes provided in the resolutions391 |
|---|
| 452 | 452 | | and proceedings authorizing the issuance of such revenue bonds.392 |
|---|
| 453 | 453 | | (g) Prior to the preparation of any definitive revenue bonds, the authority may, under like393 |
|---|
| 454 | 454 | | restrictions, issue interim receipts, interim certificates, or temporary revenue bonds,394 |
|---|
| 455 | 455 | | exchangeable for definitive revenue bonds upon the issuance of the latter.395 |
|---|
| 456 | 456 | | (h) The authority may provide for the replacement of any revenue bonds which shall396 |
|---|
| 457 | 457 | | become mutilated or be destroyed or lost.397 |
|---|
| 458 | 458 | | (i) The authority shall adopt a resolution authorizing the issuance of the revenue bonds.398 |
|---|
| 459 | 459 | | Any resolution providing for the issuance of revenue bonds under the provisions of this Act399 |
|---|
| 460 | 460 | | shall become effective immediately upon its passage. Any such resolution may be passed400 |
|---|
| 461 | 461 | | by a majority of the authority's members at any regular or special meeting.401 |
|---|
| 462 | 462 | | (j) Revenue bonds shall not be deemed to constitute a debt of the city or county nor a402 |
|---|
| 463 | 463 | | pledge of the faith and credit of the city or county, but such revenue bonds shall be payable403 |
|---|
| 464 | 464 | | solely from the fund hereinafter provided for. The issuance of such revenue bonds shall404 |
|---|
| 465 | 465 | | not directly, indirectly, or contingently obligate the city or county to levy or to pledge any405 |
|---|
| 466 | 466 | | H. B. 548 |
|---|
| 467 | 467 | | - 16 - 25 LC 47 3233 |
|---|
| 468 | 468 | | form of taxation whatsoever for payment of such revenue bonds or to make any |
|---|
| 469 | 469 | | 406 |
|---|
| 470 | 470 | | appropriation for their payment, and all such revenue bonds shall contain recitals on their407 |
|---|
| 471 | 471 | | face covering substantially the foregoing provisions of this section. Notwithstanding the408 |
|---|
| 472 | 472 | | foregoing provisions, this Act shall not affect the ability of the authority and any political409 |
|---|
| 473 | 473 | | subdivision, municipal corporation, or other public body, including, without limitation, the410 |
|---|
| 474 | 474 | | county and the city, to enter into an intergovernmental contract pursuant to which the411 |
|---|
| 475 | 475 | | political subdivision, municipal corporation, or other public body agrees to pay amounts412 |
|---|
| 476 | 476 | | sufficient to pay operating charges and other costs of the authority or any project including,413 |
|---|
| 477 | 477 | | without limitation, the principal of and interest on revenue bonds in consideration for414 |
|---|
| 478 | 478 | | services or facilities of the authority.415 |
|---|
| 479 | 479 | | (k) In the discretion of the authority, any issuance of revenue bonds may be secured by a416 |
|---|
| 480 | 480 | | trust indenture by and between the authority and a corporate trustee, which may be any417 |
|---|
| 481 | 481 | | trust company or bank having the powers of a trust company within or outside the state.418 |
|---|
| 482 | 482 | | Either the resolution providing for the issuance of the revenue bonds or such trust indenture419 |
|---|
| 483 | 483 | | may contain such provisions for protecting and enforcing the rights and remedies of the420 |
|---|
| 484 | 484 | | bondholders as may be reasonable and proper and not in violation of law, including421 |
|---|
| 485 | 485 | | covenants setting forth the duties of the authority in relation to the acquisition and422 |
|---|
| 486 | 486 | | construction of the project, the maintenance, operation, repair and insuring of the project,423 |
|---|
| 487 | 487 | | and the custody, safeguarding, and application of all monies.424 |
|---|
| 488 | 488 | | (l) In the resolution providing for the issuance of revenue bonds or in the trust indenture,425 |
|---|
| 489 | 489 | | the authority shall provide for the payment of the proceeds of the sale of the revenue bonds426 |
|---|
| 490 | 490 | | to any officer or person, or any agency, bank, or trust company, who shall act as trustee of427 |
|---|
| 491 | 491 | | such funds and shall hold and apply the same to the purposes thereof, subject to such428 |
|---|
| 492 | 492 | | regulations as this Act and such resolution or trust indenture may provide.429 |
|---|
| 493 | 493 | | (m) The moneys received pursuant to an intergovernmental contract and the revenues,430 |
|---|
| 494 | 494 | | fees, tolls, charges, and earnings derived from any particular project or projects, regardless431 |
|---|
| 495 | 495 | | of whether or not such revenues, fees, tolls, fines, charges, and earnings were produced by432 |
|---|
| 496 | 496 | | H. B. 548 |
|---|
| 497 | 497 | | - 17 - 25 LC 47 3233 |
|---|
| 498 | 498 | | a particular project for which revenue bonds have been issued, unless otherwise pledged |
|---|
| 499 | 499 | | 433 |
|---|
| 500 | 500 | | and allocated, may be pledged and allocated by the authority to the payment of the434 |
|---|
| 501 | 501 | | principal and interest on revenue bonds of the authority as the resolution authorizing the435 |
|---|
| 502 | 502 | | issuance of the revenue bonds or in the trust indenture may provide, and such funds so436 |
|---|
| 503 | 503 | | pledged from whatever source received shall be set aside at regular intervals as may be437 |
|---|
| 504 | 504 | | provided in the resolution or trust indenture, into a sinking fund, which said sinking fund438 |
|---|
| 505 | 505 | | shall be pledged to and charged with the payment of the interest upon such revenue bonds439 |
|---|
| 506 | 506 | | as such interest shall fall due; the principal or purchase price of such revenue bonds as the440 |
|---|
| 507 | 507 | | same shall fall due; any premium upon such revenue bonds as the same shall fall due; the441 |
|---|
| 508 | 508 | | purchase of such revenue bonds in the open market; and the necessary charges of the442 |
|---|
| 509 | 509 | | paying agent for paying principal and interest. The use and disposition of such sinking443 |
|---|
| 510 | 510 | | fund shall be subject to such regulations as may be provided in the resolution authorizing444 |
|---|
| 511 | 511 | | the issuance of the revenue bonds or in the trust indenture, but, except as may otherwise445 |
|---|
| 512 | 512 | | be provided in such resolution or trust indenture, such sinking fund shall be maintained as446 |
|---|
| 513 | 513 | | a trust account for the benefit of all revenue bonds without distinction or priority of one447 |
|---|
| 514 | 514 | | over another.448 |
|---|
| 515 | 515 | | (n) Any holder of revenue bonds and the trustee under the trust indenture, if any, except449 |
|---|
| 516 | 516 | | to the extent the rights herein given may be restricted by resolution passed before the450 |
|---|
| 517 | 517 | | issuance of the revenue bonds or by the trust indenture, may, either at law or in equity, by451 |
|---|
| 518 | 518 | | suit, action, mandamus, or other proceedings, protect and enforce any and all rights under452 |
|---|
| 519 | 519 | | the laws of the state, including specifically but without limitation the 'Revenue Bond Law,'453 |
|---|
| 520 | 520 | | or granted hereunder or under such resolution or trust indenture, and may enforce and454 |
|---|
| 521 | 521 | | compel performance of all duties required by this Act or by such resolution or trust455 |
|---|
| 522 | 522 | | indenture to be performed by the authority or any officer thereof, including the fixing,456 |
|---|
| 523 | 523 | | charging, and collecting of revenues, fees, tolls, fines, and other charges for the use of the457 |
|---|
| 524 | 524 | | facilities and services furnished.458 |
|---|
| 525 | 525 | | H. B. 548 |
|---|
| 526 | 526 | | - 18 - 25 LC 47 3233 |
|---|
| 527 | 527 | | (o) Revenue bonds and the security therefor shall be confirmed and validated in |
|---|
| 528 | 528 | | 459 |
|---|
| 529 | 529 | | accordance with the 'Revenue Bond Law.' The petition for validation shall also make the460 |
|---|
| 530 | 530 | | party defendant to such action any city, municipal corporation, school district, or other461 |
|---|
| 531 | 531 | | political subdivision or authority of the state, or other public body, which has contracted462 |
|---|
| 532 | 532 | | with the authority for services or facilities relating to the project for which revenue bonds463 |
|---|
| 533 | 533 | | are to be issued and sought to be validated, and such defendant shall be required to show464 |
|---|
| 534 | 534 | | cause, if any exists, why such contract or contracts shall not be adjudicated as a part of the465 |
|---|
| 535 | 535 | | basis for the security for the payment of any such revenue bonds. The revenue bonds when466 |
|---|
| 536 | 536 | | validated and the judgment of validation shall be final and conclusive with respect to such467 |
|---|
| 537 | 537 | | revenue bonds and the security for the payment thereof and interest thereon, and against468 |
|---|
| 538 | 538 | | the defendants in such action, and as to all other questions which could and should have469 |
|---|
| 539 | 539 | | been asserted during the bond validation proceedings.470 |
|---|
| 540 | 540 | | (p) Any action to protect or enforce any rights under the provisions of this Act or any suit471 |
|---|
| 541 | 541 | | or action against such authority shall be brought in the Superior Court of Dougherty472 |
|---|
| 542 | 542 | | County, and any action pertaining to validation of any revenue bonds issued under the473 |
|---|
| 543 | 543 | | provisions of this Act shall likewise be brought in said court which shall have exclusive,474 |
|---|
| 544 | 544 | | original jurisdiction of such actions.475 |
|---|
| 545 | 545 | | (q) While any of the revenue bonds issued by the authority remain outstanding, the476 |
|---|
| 546 | 546 | | powers, duties, or existence of said authority or its officers, employees, or agents, shall not477 |
|---|
| 547 | 547 | | be diminished or impaired in any manner that will affect adversely the interests and rights478 |
|---|
| 548 | 548 | | of the holders of such revenue bonds. The provisions of this Act shall be for the benefit479 |
|---|
| 549 | 549 | | of the authority and the holders of any such revenue bonds.480 |
|---|
| 550 | 550 | | (r) All monies received pursuant to the authority of this Act, whether as proceeds from the481 |
|---|
| 551 | 551 | | sale of revenue bonds, as grants or other contributions, or as revenue, income, fees, and482 |
|---|
| 552 | 552 | | earnings, shall be deemed to be trust funds to be held and applied solely as provided in this483 |
|---|
| 553 | 553 | | Act.484 |
|---|
| 554 | 554 | | H. B. 548 |
|---|
| 555 | 555 | | - 19 - 25 LC 47 3233 |
|---|
| 556 | 556 | | (s) The authority is hereby authorized to prescribe and fix rates and to revise same from |
|---|
| 557 | 557 | | 485 |
|---|
| 558 | 558 | | time to time and to collect revenues, tolls, fees, and charges for the services, facilities, and486 |
|---|
| 559 | 559 | | commodities furnished, and in anticipation of the collection of the revenues, to issue487 |
|---|
| 560 | 560 | | revenue bonds or other types of obligations as herein provided to finance, in whole or in488 |
|---|
| 561 | 561 | | part, the costs of the project, and to pledge to the punctual payment of said revenue bonds489 |
|---|
| 562 | 562 | | or other obligations all or any part of the revenues.490 |
|---|
| 563 | 563 | | (t) The bonds herein authorized are hereby made securities in which all public officers and491 |
|---|
| 564 | 564 | | bodies of this state and all political subdivisions; all insurance companies, associations, and492 |
|---|
| 565 | 565 | | other persons carrying on an insurance business; all banks, bankers, trust companies,493 |
|---|
| 566 | 566 | | savings banks, and savings associations, including savings and loan associations, building494 |
|---|
| 567 | 567 | | and loan associations, investment companies, and other persons carrying on a banking495 |
|---|
| 568 | 568 | | business; all administrators, guardians, executors, trustees, and other fiduciaries; and all496 |
|---|
| 569 | 569 | | other persons whatsoever who are now or may hereafter be authorized to invest in bonds497 |
|---|
| 570 | 570 | | or other obligations of the state may properly and legally invest funds including capital in498 |
|---|
| 571 | 571 | | their control or belonging to them. The bonds are also hereby made securities that may be499 |
|---|
| 572 | 572 | | deposited with and shall be received by all public officers and bodies of this state and all500 |
|---|
| 573 | 573 | | political subdivisions for any purpose for which the deposit of the bonds or other501 |
|---|
| 574 | 574 | | obligations of this state is now or may hereafter be authorized.502 |
|---|
| 575 | 575 | | (u) The offer, sale, or issuance of bonds or other obligations of the authority shall be503 |
|---|
| 576 | 576 | | exempt from registration to the extent provided in the Georgia Uniform Securities Act504 |
|---|
| 577 | 577 | | of 2008, as the same may be amended from time to time, or in any other law.505 |
|---|
| 578 | 578 | | (v) While any revenue bonds issued by the authority prior to the effective date of this Act506 |
|---|
| 579 | 579 | | remain outstanding, the powers, duties, or existence of the authority or its officers,507 |
|---|
| 580 | 580 | | employees, or agents shall not be diminished or impaired by this Act in any manner that508 |
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| 581 | 581 | | will affect adversely the interests and rights of the holders of such revenue bonds. This509 |
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| 582 | 582 | | subsection shall be for the benefit of the authority and the holders of any such revenue510 |
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| 583 | 583 | | bonds.511 |
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| 584 | 584 | | H. B. 548 |
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| 585 | 585 | | - 20 - 25 LC 47 3233 |
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| 586 | 586 | | Section 6. |
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| 587 | 587 | | 512 |
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| 588 | 588 | | Tort immunity.513 |
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| 589 | 589 | | To the extent permitted by law, the authority shall have the same immunity and exemption514 |
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| 590 | 590 | | from liability for torts and negligence as the city. The officers, agents, and employees of515 |
|---|
| 591 | 591 | | the authority when in the performance of the work of the authority shall have the same516 |
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| 592 | 592 | | immunity and exemption from liability for torts and negligence as the officers, agents, and517 |
|---|
| 593 | 593 | | employees of the city when in the performance of their public duties or work of the city.518 |
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| 594 | 594 | | Section 7.519 |
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| 595 | 595 | | Property not subject to levy and sale.520 |
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| 596 | 596 | | The property of the authority shall not be subject to levy and sale under legal process521 |
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| 597 | 597 | | except such property, revenue, income, or funds as may be pledged, assigned, mortgaged,522 |
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| 598 | 598 | | or conveyed to secure an obligation of the authority, and any such property, revenue, funds,523 |
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| 599 | 599 | | or income may be sold under legal process or under any power granted by the authority to524 |
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| 600 | 600 | | enforce payment of the obligation.525 |
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| 601 | 601 | | Section 8.526 |
|---|
| 602 | 602 | | Effect on other governments.527 |
|---|
| 603 | 603 | | This Act shall not and does not in any way take from the city, the county, or any other528 |
|---|
| 604 | 604 | | political subdivision or municipality the authority to own, operate, and maintain public529 |
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| 605 | 605 | | facilities or to issue revenue bonds as provided by the 'Revenue Bond Law.'530 |
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| 606 | 606 | | H. B. 548 |
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| 607 | 607 | | - 21 - 25 LC 47 3233 |
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| 608 | 608 | | Section 9. |
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| 609 | 609 | | 531 |
|---|
| 610 | 610 | | Earnings and dissolution.532 |
|---|
| 611 | 611 | | The earnings of the authority shall not inure to the benefit of private persons. Upon533 |
|---|
| 612 | 612 | | dissolution of the authority, title to all property of the authority shall revert to the city.534 |
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| 613 | 613 | | Section 10.535 |
|---|
| 614 | 614 | | Severability; effect of partial invalidity of Act.536 |
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| 615 | 615 | | The provisions of this Act are severable, and if any of its provisions shall be held537 |
|---|
| 616 | 616 | | unconstitutional by any court of competent jurisdiction, the decision of such court shall not538 |
|---|
| 617 | 617 | | affect or impair any of the remaining provisions.539 |
|---|
| 618 | 618 | | Section 11.540 |
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| 619 | 619 | | Reserved powers.541 |
|---|
| 620 | 620 | | (a) The changes made by this Act in the law under which the authority exists shall be542 |
|---|
| 621 | 621 | | effective prospectively from the effective date of this Act and shall not affect any project543 |
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| 622 | 622 | | of, or any action taken by, the authority prior to such changes becoming effective.544 |
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| 623 | 623 | | (b) The authority shall retain, to the extent necessary to carry out or complete the545 |
|---|
| 624 | 624 | | performance of any such prior project or action, all powers and duties provided by the law546 |
|---|
| 625 | 625 | | under which the authority existed prior to the effective date of this Act.547 |
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| 626 | 626 | | (c) Pursuant to Section 13 of that certain Act approved March 30, 1977548 |
|---|
| 627 | 627 | | (Ga. L. 1977, p. 4220), while any of the revenue bonds previously issued by the authority549 |
|---|
| 628 | 628 | | prior to the effective date of this Act remain outstanding, the powers, duties, or existence550 |
|---|
| 629 | 629 | | of the authority or its officers, employees, or agents, shall not be diminished or impaired551 |
|---|
| 630 | 630 | | by this Act in any manner that will affect adversely the interests and rights of the holders552 |
|---|
| 631 | 631 | | H. B. 548 |
|---|
| 632 | 632 | | - 22 - 25 LC 47 3233 |
|---|
| 633 | 633 | | of such revenue bonds. The immediately preceding sentence shall be for the benefit of the |
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| 634 | 634 | | 553 |
|---|
| 635 | 635 | | authority and the holders of any such revenue bonds, and as to such revenue bonds that554 |
|---|
| 636 | 636 | | have been issued under the provisions of this Act, shall constitute a contract with the555 |
|---|
| 637 | 637 | | holders of such revenue bonds.556 |
|---|
| 638 | 638 | | Section 12.557 |
|---|
| 639 | 639 | | Liberal construction of Act.558 |
|---|
| 640 | 640 | | This Act, being for the welfare of various political subdivisions and municipalities of the559 |
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| 641 | 641 | | state and its inhabitants, shall be liberally construed to effect the purposes of this Act."560 |
|---|
| 642 | 642 | | SECTION 2.561 |
|---|
| 643 | 643 | | All laws and parts of laws in conflict with this Act are repealed.562 |
|---|
| 644 | 644 | | H. B. 548 |
|---|
| 645 | 645 | | - 23 - |
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