| 3 | 3 | | By: Representative Mathis of the 133 |
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| 4 | 4 | | rd |
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| 5 | 5 | | |
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| 6 | 6 | | A BILL TO BE ENTITLED |
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| 7 | 7 | | AN ACT |
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| 8 | 8 | | To create the Dodge County Building and Public Facilities Authority; to provide that such |
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| 9 | 9 | | 1 |
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| 10 | 10 | | authority is a body corporate and politic and an instrumentality of the State of Georgia; to2 |
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| 11 | 11 | | authorize the authority to acquire, construct, equip, maintain, and operate certain projects,3 |
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| 12 | 12 | | including buildings and facilities for use by Dodge County and any other political4 |
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| 13 | 13 | | subdivision or municipality located in Dodge County for its governmental, proprietary, and5 |
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| 14 | 14 | | administrative functions; to provide for members of the authority and their terms,6 |
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| 15 | 15 | | organization, and reimbursement; to provide for vacancies; to provide for definitions; to7 |
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| 16 | 16 | | confer powers and impose duties on the authority; to grant limitations to the authority; to8 |
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| 17 | 17 | | authorize the authority to enter into contracts and leases pertaining to uses of such facilities,9 |
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| 18 | 18 | | which contracts and leases may obligate the lessees to make payment for the use of the10 |
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| 19 | 19 | | facilities for the term thereof and to pledge for that purpose money derived from taxation;11 |
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| 20 | 20 | | to provide that no debt of Dodge County or the State of Georgia shall be incurred by the12 |
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| 21 | 21 | | exercise of any of the powers granted; to authorize the issuance of revenue bonds of the13 |
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| 22 | 22 | | authority payable from the revenues, rents, and earnings and other functions of the authority;14 |
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| 23 | 23 | | to authorize the collecting and pledging of such revenues, rents, and earnings for the payment15 |
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| 24 | 24 | | of such bonds; to authorize the adoption of resolutions and the execution of trust indentures16 |
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| 25 | 25 | | to secure the payment of such bonds and to define the rights of the holders of such bonds; to17 |
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| 26 | 26 | | provide for a sinking fund; to make the bonds of the authority exempt from taxation; to18 |
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| 27 | 27 | | H. B. 786 |
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| 29 | 29 | | authorize the issuance of refunding bonds; to provide for the validation of such bonds and |
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| 30 | 30 | | 19 |
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| 31 | 31 | | to fix the venue for jurisdiction of actions relating to any provision of this Act; to provide20 |
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| 32 | 32 | | that property and income of the authority shall be exempt from taxation as provided by the21 |
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| 33 | 33 | | laws of this state; to provide for immunity and exemption from liability for torts and22 |
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| 34 | 34 | | negligence; to provide that the property of the authority shall not be subject to levy and sale;23 |
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| 35 | 35 | | to provide that certain moneys are trust funds; to provide that this Act shall be liberally24 |
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| 36 | 36 | | construed; to define the scope of the authority's operation; to provide for disposition of25 |
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| 37 | 37 | | property upon authority dissolution; to provide for severability; to repeal conflicting laws;26 |
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| 38 | 38 | | and for other purposes.27 |
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| 39 | 39 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:28 |
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| 40 | 40 | | SECTION 1.29 |
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| 41 | 41 | | Short title.30 |
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| 42 | 42 | | This Act shall be known and may be cited as the "Dodge County Building and Public31 |
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| 43 | 43 | | Facilities Authority Act."32 |
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| 44 | 44 | | SECTION 2.33 |
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| 45 | 45 | | Dodge County Building and Facilities Authority.34 |
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| 46 | 46 | | There is created a public body corporate and politic to be known as the Dodge County35 |
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| 47 | 47 | | Building and Public Facilities Authority which shall be an instrumentality and a public36 |
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| 48 | 48 | | corporation of the State of Georgia, the purpose of which shall be to acquire, construct,37 |
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| 49 | 49 | | equip, maintain, and operate certain projects for use by Dodge County or any other political38 |
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| 50 | 50 | | subdivision or municipality located within Dodge County for its governmental, proprietary,39 |
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| 51 | 51 | | public, and administrative functions. The authority shall not be a state institution, nor a40 |
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| 52 | 52 | | H. B. 786 |
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| 54 | 54 | | department or agency of the state, but shall be an instrumentality of the state, a mere creation |
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| 55 | 55 | | 41 |
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| 56 | 56 | | of the state, being a distinct corporate entity and being exempt from the provisions of Article42 |
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| 57 | 57 | | 2 of Chapter 17 of Title 50 of the O.C.G.A., the "Georgia State Financing and Investment43 |
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| 58 | 58 | | Commission Act." The authority shall have its principal office in Dodge County, and its44 |
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| 59 | 59 | | legal situs or residence for the purposes of this Act shall be Dodge County.45 |
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| 60 | 60 | | SECTION 3.46 |
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| 61 | 61 | | Membership.47 |
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| 62 | 62 | | The authority shall consist of five members who shall be eligible to succeed themselves and48 |
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| 63 | 63 | | who shall be elected by the Board of Commissioners of Dodge County. No more than two49 |
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| 64 | 64 | | members of the authority may be a member of said board of commissioners. Any member50 |
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| 65 | 65 | | of the authority who is a member of said board of commissioners shall serve for a term of51 |
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| 66 | 66 | | office concurrent with such person's term of office as a member of said board of52 |
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| 67 | 67 | | commissioners. Each member of the authority who is not a member of said board of53 |
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| 68 | 68 | | commissioners shall serve for a term of office of three years, except that the initial terms of54 |
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| 69 | 69 | | office of those members first appointed to the authority shall be specified at the time of55 |
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| 70 | 70 | | appointment to be one, two, and, if no such member is a member of the board of56 |
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| 71 | 71 | | commissioners, three years. After such initial terms, those members who are not members57 |
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| 72 | 72 | | of said board of commissioners shall each serve for terms of office of three years. Members58 |
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| 73 | 73 | | of the authority shall serve for the terms of office so specified and until the appointment and59 |
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| 74 | 74 | | qualification of their respective successors. Vacancies on the authority shall be filled by said60 |
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| 75 | 75 | | board of commissioners for the remainder of the unexpired term and until the appointment61 |
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| 76 | 76 | | and qualification of a successor. Immediately after their election, the members of the62 |
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| 77 | 77 | | authority shall enter upon their duties. The authority shall elect one of its members as63 |
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| 78 | 78 | | chairperson and one as vice chairperson. The secretary-treasurer of the authority shall be64 |
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| 79 | 79 | | appointed by the authority and need not be a member of the authority. Two members of the65 |
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| 80 | 80 | | H. B. 786 |
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| 82 | 82 | | authority shall constitute a quorum, and no vacancy on the authority shall impair the right of |
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| 83 | 83 | | 66 |
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| 84 | 84 | | the quorum to exercise all the rights and perform all the duties of the authority and, in every67 |
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| 85 | 85 | | instance, a majority vote of a quorum shall authorize any legal act of the authority, including68 |
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| 86 | 86 | | all things necessary to authorize and issue revenue bonds. The members of the authority69 |
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| 87 | 87 | | shall receive no compensation for their services but may be reimbursed by the authority for70 |
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| 88 | 88 | | their actual expenses properly incurred in the performance of their official duties. The71 |
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| 89 | 89 | | authority shall promulgate rules and regulations for its own government and shall have72 |
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| 90 | 90 | | perpetual existence.73 |
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| 91 | 91 | | SECTION 4.74 |
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| 92 | 92 | | Definitions.75 |
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| 93 | 93 | | As used in this Act, the following words and terms shall have the following meanings unless76 |
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| 94 | 94 | | a different meaning clearly appears from the context:77 |
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| 95 | 95 | | (1) "Authority" shall mean the Dodge County Building and Public Facilities Authority78 |
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| 96 | 96 | | created by this Act.79 |
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| 97 | 97 | | (2) "Board of commissioners" shall mean the Board of Commissioners of Dodge County.80 |
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| 98 | 98 | | (3) "Cost of project" shall include the cost of lands, buildings, improvements, machinery,81 |
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| 99 | 99 | | equipment, property, easements, rights, franchises, material, labor, services acquired or82 |
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| 100 | 100 | | contracted for, plans and specification, financing charges, construction costs, interest83 |
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| 101 | 101 | | prior to and during construction; architectural, accounting, engineering, inspection,84 |
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| 102 | 102 | | administrative, fiscal, and legal expenses; expenses incident to determining the feasibility85 |
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| 103 | 103 | | or practicability of the project; and expenses incident to the acquiring, constructing,86 |
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| 104 | 104 | | equipping, and operating of any project or any part thereof, and to the placing of the same87 |
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| 105 | 105 | | in operation.88 |
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| 106 | 106 | | (4) "Project" shall mean and include real and personal property acquired or held by the89 |
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| 107 | 107 | | authority, including all land, buildings, structures, sanitary and surface water sewers,90 |
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| 108 | 108 | | H. B. 786 |
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| 110 | 110 | | utilities, including natural gas distribution, telecommunications, fiber, cable and |
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| 111 | 111 | | 91 |
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| 112 | 112 | | broadband services; and other public property determined by the authority to be desirable92 |
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| 113 | 113 | | for the efficient operation of any department, board, office, commission, or agency of93 |
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| 114 | 114 | | Dodge County, the Dodge County School District, any municipality or other political94 |
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| 115 | 115 | | subdivisions located within Dodge County, or of the State of Georgia, in the performance95 |
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| 116 | 116 | | of its governmental, proprietary, and administrative functions.96 |
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| 117 | 117 | | (5) "Revenue bonds" shall mean revenue bonds issued under the provisions of Article97 |
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| 118 | 118 | | 3 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law," or under the98 |
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| 119 | 119 | | provisions of this Act. The obligations authorized under this Act may be issued by the99 |
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| 120 | 120 | | authority in the manner authorized under the "Revenue Bond Law."100 |
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| 121 | 121 | | SECTION 5.101 |
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| 122 | 122 | | Powers.102 |
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| 123 | 123 | | The authority shall have all the powers necessary or convenient to carry out and effectuate103 |
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| 124 | 124 | | the purposes and provisions of this Act including, but without limiting the generality of the104 |
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| 125 | 125 | | foregoing, the power:105 |
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| 126 | 126 | | (1) To sue and be sued;106 |
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| 127 | 127 | | (2) To adopt and alter a corporate seal;107 |
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| 128 | 128 | | (3) To make and execute with public and private persons and corporations contracts,108 |
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| 129 | 129 | | trusts, leases, rental agreements, and other instruments relating to its projects and in109 |
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| 130 | 130 | | furtherance of the purposes of the authority, including contracts for constructing, renting,110 |
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| 131 | 131 | | or leasing of its projects for the use of any county or municipality in this state;111 |
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| 132 | 132 | | (4) To acquire in its own name by purchase on such terms and conditions and in such112 |
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| 133 | 133 | | manner as it may deem proper or by gift, grant, lease, or otherwise, real and personal113 |
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| 134 | 134 | | property necessary or convenient for its corporate purposes, or rights and easements114 |
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| 135 | 135 | | therein, and to use the same so long as its corporate existence shall continue and to lease115 |
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| 136 | 136 | | H. B. 786 |
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| 138 | 138 | | or make contracts with respect to the use of or disposition of the same in any manner it |
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| 139 | 139 | | 116 |
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| 140 | 140 | | deems to the best advantage of the authority. Title to any such property shall be held by117 |
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| 141 | 141 | | the authority exclusively for the benefit of the public.118 |
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| 142 | 142 | | (5) To improve, extend, add to, reconstruct, renovate, or remodel any project or part119 |
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| 143 | 143 | | thereof already acquired;120 |
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| 144 | 144 | | (6) To pledge or assign any revenues, income, rent, charges, and fees received by the121 |
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| 145 | 145 | | authority;122 |
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| 146 | 146 | | (7) To appoint and select agents, engineers, architects, attorneys, fiscal agents,123 |
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| 147 | 147 | | accountants, and employees and to provide for their compensation and duties;124 |
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| 148 | 148 | | (8) To construct, reconstruct, acquire, own, alter, repair, remodel, maintain, extend,125 |
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| 149 | 149 | | improve, operate, manage, and equip projects located on land owned or leased by the126 |
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| 150 | 150 | | authority;127 |
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| 151 | 151 | | (9) To receive, accept, and use any contributions, loans, or grants by persons, firms, or128 |
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| 152 | 152 | | corporations, including the State of Georgia and the United States of America, or any129 |
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| 153 | 153 | | instrumentality thereof, and any other contributions;130 |
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| 154 | 154 | | (10) To pay all or part of the costs of any project from the proceeds of revenue bonds of131 |
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| 155 | 155 | | the authority or from other lawful sources available to it;132 |
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| 156 | 156 | | (11) To prescribe rules and regulations for the operation of and to exercise police powers133 |
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| 157 | 157 | | over the projects managed or operated by the authority;134 |
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| 158 | 158 | | (12) To accept, receive, and administer gifts, grants, loans and devises of money,135 |
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| 159 | 159 | | material, and property of any kind, including loans and grants from the State of Georgia136 |
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| 160 | 160 | | or the United States of America or any agency or instrumentality thereof, upon such137 |
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| 161 | 161 | | terms and conditions as the State of Georgia or the United States of America or such138 |
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| 162 | 162 | | agency or instrumentality may impose;139 |
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| 163 | 163 | | (13) To sell, lease, exchange, transfer, assign, pledge, mortgage, dispose of, grant in140 |
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| 164 | 164 | | trust, or grant options for any real or personal property or interest therein in furtherance141 |
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| 165 | 165 | | of the purposes of the authority;142 |
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| 166 | 166 | | H. B. 786 |
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| 168 | 168 | | (14) As security for repayment of authority obligations, to pledge, mortgage, convey, |
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| 169 | 169 | | 143 |
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| 170 | 170 | | assign, hypothecate, or otherwise encumber any property, real or personal, of such144 |
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| 171 | 171 | | authority and to execute any trust agreement, indenture, or security agreement containing145 |
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| 172 | 172 | | any provisions not in conflict with law, which trust agreement, indenture, or security146 |
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| 173 | 173 | | agreement may provide for foreclosure or forced sale of any property of the authority147 |
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| 174 | 174 | | upon default, on such obligations, either in payment of principal or interest or in the148 |
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| 175 | 175 | | performance of any term or condition, as are contained in such agreement or indenture;149 |
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| 176 | 176 | | (15) To borrow money for any of its corporate purposes, to issue revenue bonds payable150 |
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| 177 | 177 | | solely from funds pledged for that purpose, and to provide for the payment of the same151 |
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| 178 | 178 | | and for the rights of the holders thereof;152 |
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| 179 | 179 | | (16) To exercise all powers usually possessed by private corporations performing similar153 |
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| 180 | 180 | | functions which are not in conflict with the Constitution and laws of this state; and154 |
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| 181 | 181 | | (17) Pursuant to proper resolution of the authority, to issue revenue bonds payable from155 |
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| 182 | 182 | | the rents and revenues of the authority and its projects, which bonds may be issued in156 |
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| 183 | 183 | | either fully negotiable coupon form, in which event they shall have all the qualities and157 |
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| 184 | 184 | | incidents of negotiable instruments under the laws of this state, or they may be issued in158 |
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| 185 | 185 | | whole or in part in nonnegotiable fully registered form without coupons, payable to a159 |
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| 186 | 186 | | designated payee or to the registered assigns of the payee with such conversion privileges160 |
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| 187 | 187 | | as the authority may provide, for the purpose of paying all or any part of the cost161 |
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| 188 | 188 | | associated with the projects authorized by the authority, including the cost of162 |
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| 189 | 189 | | constructing, reconstructing, equipping, extending, adding to, or improving such projects,163 |
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| 190 | 190 | | or for the purpose of refunding, as provided in this Act, any such bonds of the authority164 |
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| 191 | 191 | | theretofore issued. If the proceeds of the bonds of any issue shall exceed the amount165 |
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| 192 | 192 | | required for the purpose for which such bonds were issued, the surplus shall be paid into166 |
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| 193 | 193 | | the fund provided for the payment of principal and interest on such bonds. All such167 |
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| 194 | 194 | | revenue bonds shall be issued and validated under and in accordance with the provisions168 |
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| 195 | 195 | | of Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law," and in169 |
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| 196 | 196 | | H. B. 786 |
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| 198 | 198 | | accordance with all terms and provisions thereof not in conflict with this Act and in |
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| 199 | 199 | | 170 |
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| 200 | 200 | | accordance with Code Section 50-17-1 of the O.C.G.A., relating to use of facsimile171 |
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| 201 | 201 | | signatures on public securities, and, as security for the payment of any revenue bonds so172 |
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| 202 | 202 | | authorized, any rents and revenue of the authority may be pledged and assigned. Such173 |
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| 203 | 203 | | bonds are declared to be issued for an essential public and governmental purpose, and174 |
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| 204 | 204 | | such bonds and all income therefrom shall be exempt from all taxation within the State175 |
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| 205 | 205 | | of Georgia. For the purpose of the exemption from taxation of such bonds and the176 |
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| 206 | 206 | | income therefrom, the authority shall be deemed to be a political subdivision of the State177 |
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| 207 | 207 | | of Georgia.178 |
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| 208 | 208 | | SECTION 6.179 |
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| 209 | 209 | | Credit not pledged and debt not created by bonds.180 |
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| 210 | 210 | | Revenue bonds issued under the provisions of this Act shall not constitute a debt or a pledge181 |
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| 211 | 211 | | of the faith and credit of the State of Georgia or Dodge County; but such bonds shall be182 |
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| 212 | 212 | | payable from the rentals, revenue, earnings, and funds of the authority as provided in the183 |
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| 213 | 213 | | resolution, trust agreement, or indenture authorizing the issuance and securing the payment184 |
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| 214 | 214 | | of such bonds. The issuance of such bonds shall not directly, indirectly, or contingently185 |
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| 215 | 215 | | obligate the state or said county to levy or pledge any form of taxation whatever for the186 |
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| 216 | 216 | | payment thereof. No holder of any bond or receiver or trustee in connection therewith shall187 |
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| 217 | 217 | | have the right to enforce the payment thereof against any property of the state or of said188 |
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| 218 | 218 | | county, nor shall any such bond constitute a charge, lien, or encumbrance, legal or equitable,189 |
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| 219 | 219 | | upon any such property. All such bonds shall contain on their face a recital setting forth190 |
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| 220 | 220 | | substantially the foregoing provisions of this section.191 |
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| 221 | 221 | | H. B. 786 |
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| 223 | 223 | | SECTION 7. |
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| 224 | 224 | | 192 |
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| 225 | 225 | | Trust agreement.193 |
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| 226 | 226 | | In the discretion of the authority, any issue of revenue bonds may be secured by an194 |
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| 227 | 227 | | agreement or indenture made by the authority with a corporate trustee, which may be any195 |
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| 228 | 228 | | trust company or bank having the powers of a trust company within or without this state.196 |
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| 229 | 229 | | Such trust agreement or indenture may pledge and assign rents, fees, charges, revenues, and197 |
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| 230 | 230 | | earnings to be received by the authority. The resolution providing for the issuance of198 |
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| 231 | 231 | | revenue bonds and such trust agreements or indenture may contain provisions for protecting199 |
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| 232 | 232 | | and enforcing the rights and remedies of the bondholders, including the right of appointment200 |
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| 233 | 233 | | of a receiver upon default of the payment of any principal or interest obligation and the right201 |
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| 234 | 234 | | of any receiver or trustee to enforce collection of any rents, fees, charges, or revenues for use202 |
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| 235 | 235 | | of the project or projects necessary to pay all costs of operation and all reserves provided for,203 |
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| 236 | 236 | | all principal and interest on all bonds of the issue, all costs of collection, and all other costs204 |
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| 237 | 237 | | reasonably necessary to accomplish the collection of such sums in the event of any default205 |
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| 238 | 238 | | of the authority. Such resolution and such trust agreement or indenture may include206 |
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| 239 | 239 | | covenants setting forth the duties of the authority in relation to the acquisition of property for207 |
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| 240 | 240 | | and construction of the project and to the custody, safeguarding, and application of all funds208 |
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| 241 | 241 | | and covenants providing for the operation, maintenance, repair, and insurance of the project209 |
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| 242 | 242 | | or projects and may contain provisions concerning the conditions, if any, upon which210 |
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| 243 | 243 | | additional revenue bonds may be issued. Such trust agreement or indenture may set forth the211 |
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| 244 | 244 | | rights and remedies of the bondholders and of the trustee and may restrict the individual right212 |
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| 245 | 245 | | of action of bondholders as is customary in securing bonds and debentures of corporations213 |
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| 246 | 246 | | and may contain such other provisions as the authority may deem reasonable and proper for214 |
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| 247 | 247 | | the security of the bondholders. All expenses incurred in carrying out such trust may be215 |
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| 248 | 248 | | treated as a part of the cost of maintenance, operation, and repair of the project affected by216 |
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| 249 | 249 | | such trust.217 |
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| 250 | 250 | | H. B. 786 |
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| 252 | 252 | | SECTION 8. |
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| 253 | 253 | | 218 |
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| 254 | 254 | | Refunding bonds.219 |
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| 255 | 255 | | The authority is authorized to provide by resolution for the issuance of revenue bonds of the220 |
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| 256 | 256 | | authority for the purpose of calling, refunding, or refinancing any revenue bonds issued221 |
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| 257 | 257 | | under the provisions of this Act and then outstanding and to include in the amount of such222 |
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| 258 | 258 | | refunding bonds all interest and any call premiums that may be required for the redemption223 |
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| 259 | 259 | | and refunding of such outstanding bonds.224 |
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| 260 | 260 | | SECTION 9.225 |
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| 261 | 261 | | Venue of actions, jurisdiction.226 |
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| 262 | 262 | | Any action to protect or enforce any rights under the provisions of this Act or any action227 |
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| 263 | 263 | | against the authority brought in the courts of the State of Georgia shall be brought in the228 |
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| 264 | 264 | | Superior Court of Dodge County, Georgia; and any action pertaining to validation of any229 |
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| 265 | 265 | | bonds issued under the provisions of this Act shall be brought in said court, which shall have230 |
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| 266 | 266 | | exclusive, original jurisdiction of such actions.231 |
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| 267 | 267 | | SECTION 10.232 |
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| 268 | 268 | | Revenue bond validation.233 |
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| 269 | 269 | | The petition for validation of all revenue bonds of the authority shall be brought against the234 |
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| 270 | 270 | | authority, and any contracting party whose obligation is pledged as security for the payment235 |
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| 271 | 271 | | of the bonds sought to be validated, as defendants, and the defendants shall be required to236 |
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| 272 | 272 | | show cause, if any exists, as to why such contract or contracts and the terms and conditions237 |
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| 273 | 273 | | thereof shall not be adjudicated to be in all respects valid and binding upon such contracting238 |
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| 274 | 274 | | parties. It shall be incumbent upon such defendants to defend against adjudication of the239 |
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| 275 | 275 | | H. B. 786 |
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| 277 | 277 | | validity and binding effect of such contract or contracts or be forever bound thereby. Notice |
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| 278 | 278 | | 240 |
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| 279 | 279 | | of such proceedings shall be included in the notice of the validation hearing required to be241 |
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| 280 | 280 | | issued and published by the clerk of the Superior Court of Dodge County in which court such242 |
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| 281 | 281 | | validation proceedings shall be initiated.243 |
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| 282 | 282 | | SECTION 11.244 |
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| 283 | 283 | | Interest of bondholders protected.245 |
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| 284 | 284 | | While any of the bonds issued by the authority remain outstanding, the powers, duties, or246 |
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| 285 | 285 | | existence of the authority or of its officers, employees, or agents shall not be diminished,247 |
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| 286 | 286 | | impaired, or affected in any manner that will affect adversely the interest and rights of the248 |
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| 287 | 287 | | holders of such bonds. The provisions of this section shall be for the benefit of the authority249 |
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| 288 | 288 | | and the holders of any such bonds and, upon the issuance of bonds under the provisions of250 |
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| 289 | 289 | | this Act, shall constitute a contract with the holders of such bonds.251 |
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| 290 | 290 | | SECTION 12.252 |
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| 291 | 291 | | Revenues, earnings, rents, and charges; use.253 |
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| 292 | 292 | | (a) For the purpose of earning sufficient revenue to make possible the financing of the254 |
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| 293 | 293 | | construction of the project or projects of the authority with revenue bonds, the authority is255 |
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| 294 | 294 | | authorized and empowered to fix, revise, and collect rents, fees, and charges on each project256 |
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| 295 | 295 | | which it shall cause to be acquired or constructed. Such rents, fees, or charges to be paid for257 |
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| 296 | 296 | | the use of such project or projects shall be so fixed and adjusted as to provide a fund258 |
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| 297 | 297 | | sufficient with other revenue, if any, of such project or projects or of the authority:259 |
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| 298 | 298 | | (1) To pay the cost of operating, maintaining, and repairing the project or projects,260 |
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| 299 | 299 | | including reserves for insurance and extraordinary repairs and other reserves required by261 |
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| 300 | 300 | | H. B. 786 |
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| 302 | 302 | | the resolution or trust agreement or indenture pertaining to such bonds and the issuance |
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| 303 | 303 | | 262 |
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| 304 | 304 | | thereof, unless such cost shall be otherwise provided for;263 |
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| 305 | 305 | | (2) To pay the principal of and interest on such revenue bonds as the same shall become264 |
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| 306 | 306 | | due, including call premium, if any, the proceeds of which shall have been or will be used265 |
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| 307 | 307 | | to pay the cost of such project or projects;266 |
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| 308 | 308 | | (3) To comply with any sinking fund requirements contained in the resolution or trust267 |
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| 309 | 309 | | agreement or indenture pertaining to the issuance of and security for such bonds;268 |
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| 310 | 310 | | (4) To perform fully all provisions of such resolution and trust agreement or indenture269 |
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| 311 | 311 | | relating to the issuance of or security for such bonds to the payment of which such rent270 |
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| 312 | 312 | | is pledged;271 |
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| 313 | 313 | | (5) To accumulate any excess income which may be required by the purchasers of such272 |
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| 314 | 314 | | bonds or may be dictated by the requirements of such resolution, trust agreement, or273 |
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| 315 | 315 | | indenture, or of achieving ready marketability of and low interest rates on such bonds;274 |
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| 316 | 316 | | and275 |
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| 317 | 317 | | (6) To pay any expenses in connection with such bond issue or of such project or276 |
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| 318 | 318 | | projects, including but not limited to trustees', attorneys', and fiscal agents' fees.277 |
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| 319 | 319 | | (b) Such rent shall be payable at such intervals as may be agreed upon and set forth in the278 |
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| 320 | 320 | | rental contract or lease providing therefor, and any such contract or lease may provide for the279 |
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| 321 | 321 | | commencement of rent payments to the authority prior to the completion of the undertaking280 |
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| 322 | 322 | | by the authority of any such project and may provide for the payment of rent during such281 |
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| 323 | 323 | | times as such project or projects may be partially or wholly untenantable.282 |
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| 324 | 324 | | (c) Such rental contract or lease may obligate the tenants or lessees to operate, maintain, and283 |
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| 325 | 325 | | keep in good repair, including complete reconstruction, if necessary, the rented or leased284 |
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| 326 | 326 | | premises and projects, regardless of the cause of the necessity of such maintenance, repair,285 |
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| 327 | 327 | | or reconstruction.286 |
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| 328 | 328 | | (d) Such rental contract or lease may obligate the tenants or lessees to indemnify and save287 |
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| 329 | 329 | | harmless the authority from any and all damage to persons and property occurring on or by288 |
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| 330 | 330 | | H. B. 786 |
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| 332 | 332 | | reason of the leased property or improvements thereon and to undertake, at the expense of |
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| 333 | 333 | | 289 |
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| 334 | 334 | | the tenants or lessees, the defense of any action brought against the authority by reason of290 |
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| 335 | 335 | | injury or damages to persons or property occurring on or by reason of the leased premises.291 |
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| 336 | 336 | | (e) In the event of any failure or refusal on the part of the tenants or lessees to perform292 |
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| 337 | 337 | | punctually any covenant or obligation contained in any such rental contract or lease, the293 |
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| 338 | 338 | | authority may enforce performance by any legal or equitable process against the tenants or294 |
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| 339 | 339 | | lessees.295 |
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| 340 | 340 | | (f) The authority shall be permitted to assign any rent payable to it, pursuant to such rental296 |
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| 341 | 341 | | contract or lease, to a trustee or paying agent as may be required by the terms of the297 |
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| 342 | 342 | | resolution or trust agreement or indenture relating to the issuance of and security for such298 |
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| 343 | 343 | | bonds.299 |
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| 344 | 344 | | (g) The use and disposition of the authority's revenue shall be subject to the provisions of300 |
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| 345 | 345 | | the resolution authorizing the issuance of such bonds or of the trust agreement or indenture,301 |
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| 346 | 346 | | if any, securing the same.302 |
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| 347 | 347 | | SECTION 13.303 |
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| 348 | 348 | | Sinking fund.304 |
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| 349 | 349 | | The revenue, rents, and earnings derived from any particular project or projects and any and305 |
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| 350 | 350 | | all revenue, rents, and earnings received by the authority, regardless of whether such306 |
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| 351 | 351 | | revenue, rents, and earnings were produced by a particular project for which bonds have been307 |
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| 352 | 352 | | issued, unless otherwise pledged, may be pledged by the authority to payment of the308 |
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| 353 | 353 | | principal of and interest on revenue bonds of the authority as may be provided in any309 |
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| 354 | 354 | | resolution authorizing the issuance of such bonds or in any trust instrument pertaining to such310 |
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| 355 | 355 | | bonds, and such funds so pledged, from whatever source received, may include funds311 |
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| 356 | 356 | | received from one or more or all sources and may be set aside at regular intervals into312 |
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| 357 | 357 | | H. B. 786 |
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| 359 | 359 | | sinking funds for which provision may be made in any such resolution or trust instrument |
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| 360 | 360 | | 313 |
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| 361 | 361 | | and which may be pledged to and charged with the payment of:314 |
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| 362 | 362 | | (1) The interest upon such revenue bonds as such interest shall become due;315 |
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| 363 | 363 | | (2) The principal of the bonds as the same shall mature;316 |
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| 364 | 364 | | (3) The necessary charges of any trustee or paying agent for paying such principal and317 |
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| 365 | 365 | | interest; and318 |
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| 366 | 366 | | (4) Any premium upon bonds retired by call or purchase; 319 |
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| 367 | 367 | | and the use and disposition of any sinking fund may be subject to such regulation as may be320 |
|---|
| 368 | 368 | | provided for in the resolution authorizing the issuance of the bonds or in the trust instrument321 |
|---|
| 369 | 369 | | securing the payment of the same.322 |
|---|
| 370 | 370 | | SECTION 14.323 |
|---|
| 371 | 371 | | Property acquired for public purpose.324 |
|---|
| 372 | 372 | | The exercise of the powers conferred upon the authority under this Act shall constitute an325 |
|---|
| 373 | 373 | | essential governmental function for a public purpose, and the property it acquires shall be326 |
|---|
| 374 | 374 | | deemed to be public property. To the maximum extent permitted by laws of this state, the327 |
|---|
| 375 | 375 | | authority shall not be required to pay taxes or assessments upon any of the property acquired328 |
|---|
| 376 | 376 | | by it or under its jurisdiction, control, possession, or supervision or upon its activities in the329 |
|---|
| 377 | 377 | | operation and maintenance of property acquired by it or of buildings or other improvements330 |
|---|
| 378 | 378 | | erected or acquired by it or any fees, rents, or other charges for the use of such property or331 |
|---|
| 379 | 379 | | buildings or improvements or other income received by the authority. Nothing provided in332 |
|---|
| 380 | 380 | | this section shall include an exemption from sales and use tax on property purchased by or333 |
|---|
| 381 | 381 | | for the use of the authority.334 |
|---|
| 382 | 382 | | H. B. 786 |
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| 384 | 384 | | SECTION 15. |
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| 385 | 385 | | 335 |
|---|
| 386 | 386 | | Immunity from tort actions.336 |
|---|
| 387 | 387 | | The authority shall have the same immunity and exemption from liability for torts and337 |
|---|
| 388 | 388 | | negligence as the State of Georgia, and the officers, agents, and employees of the authority,338 |
|---|
| 389 | 389 | | when in performance of work of the authority, shall have the same immunity and exemption339 |
|---|
| 390 | 390 | | from liability for torts and negligence as officers, agents, and employees of the State of340 |
|---|
| 391 | 391 | | Georgia. The authority may be sued the same as private corporations on any contractual341 |
|---|
| 392 | 392 | | obligation of the authority.342 |
|---|
| 393 | 393 | | SECTION 16.343 |
|---|
| 394 | 394 | | Property not subject to levy and sale.344 |
|---|
| 395 | 395 | | The property of the authority shall not be subject to levy and sale under legal process.345 |
|---|
| 396 | 396 | | SECTION 17.346 |
|---|
| 397 | 397 | | Trust funds.347 |
|---|
| 398 | 398 | | All funds received pursuant to authority of Section 12 of this Act, whether as proceeds from348 |
|---|
| 399 | 399 | | the sale of revenue bonds or as revenue, rents, fees, charges, or other earnings or as grants,349 |
|---|
| 400 | 400 | | gifts, or other contributions, shall be deemed to be trust funds to be held and applied by the350 |
|---|
| 401 | 401 | | authority, solely as provided in this Act. The bondholders entitled to receive the benefits of351 |
|---|
| 402 | 402 | | such funds shall have a lien on all such funds until the same are applied as provided for in352 |
|---|
| 403 | 403 | | any such resolution or trust instrument of the authority.353 |
|---|
| 404 | 404 | | H. B. 786 |
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| 406 | 406 | | SECTION 18. |
|---|
| 407 | 407 | | 354 |
|---|
| 408 | 408 | | Construction.355 |
|---|
| 409 | 409 | | This Act and any other law enacted with reference to the authority shall be liberally356 |
|---|
| 410 | 410 | | construed for the accomplishment of its purposes.357 |
|---|
| 411 | 411 | | SECTION 19.358 |
|---|
| 412 | 412 | | Scope of operations.359 |
|---|
| 413 | 413 | | The projects of the authority's operation shall be located in the territory embraced within the360 |
|---|
| 414 | 414 | | jurisdictional limits of Dodge County as the same now or may hereafter exist.361 |
|---|
| 415 | 415 | | SECTION 20.362 |
|---|
| 416 | 416 | | Conveyance of property upon dissolution.363 |
|---|
| 417 | 417 | | Should the authority for any reason be dissolved after full payment of all bonded364 |
|---|
| 418 | 418 | | indebtedness incurred under this Act, both as to principal and interest, title to all property of365 |
|---|
| 419 | 419 | | any kind and nature, real and personal, held by the authority at the time of such dissolution366 |
|---|
| 420 | 420 | | shall be conveyed to Dodge County. The title to any such property may be conveyed prior367 |
|---|
| 421 | 421 | | to such dissolution in accordance with provisions which may be made therefor in any368 |
|---|
| 422 | 422 | | resolution or trust instrument relating to such property, subject to any liens, leases, or other369 |
|---|
| 423 | 423 | | encumbrances outstanding against or in respect to said property at the time of such370 |
|---|
| 424 | 424 | | conveyance.371 |
|---|
| 425 | 425 | | H. B. 786 |
|---|
| 427 | 427 | | SECTION 21. |
|---|
| 428 | 428 | | 372 |
|---|
| 429 | 429 | | Effect of partial invalidity of Act.373 |
|---|
| 430 | 430 | | Should any sentence, clause, phrase, or part of this Act be declared for any reason to be374 |
|---|
| 431 | 431 | | unconstitutional or invalid, the same shall not affect such remainder of this Act or any part375 |
|---|
| 432 | 432 | | hereof, other than the part so held to be invalid, but the remaining provisions of this Act shall376 |
|---|
| 433 | 433 | | remain in full force and effect. It is the express intention of this Act to enact each provision377 |
|---|
| 434 | 434 | | of this Act independently of any other provision hereof.378 |
|---|
| 435 | 435 | | SECTION 22.379 |
|---|
| 436 | 436 | | Repealer.380 |
|---|
| 437 | 437 | | All laws and parts of laws in conflict with this Act are repealed.381 |
|---|
| 438 | 438 | | H. B. 786 |
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| 439 | 439 | | - 17 - |
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