| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | To create the South Georgia Energy Authority; to provide for a short title; to provide for |
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| 8 | 8 | | 1 |
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| 9 | 9 | | definitions; to provide for purpose; to provide for members of the Authority and meetings;2 |
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| 10 | 10 | | to provide for powers of the Authority; to authorize the issuance of revenue bonds of the3 |
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| 11 | 11 | | Authority; to provide for funds received and trust funds; to provide for venue and4 |
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| 12 | 12 | | jurisdiction; to provide for imposition of rates, charges, fees, and the pledge of revenues; to5 |
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| 13 | 13 | | provide for tax exemption of Authority property; to provide for tort immunity; to provide6 |
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| 14 | 14 | | contracting requirements; to provide for supplemental powers; to deny taxing powers; to7 |
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| 15 | 15 | | provide for construction and severability; to provide for related matters; to repeal conflicting8 |
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| 16 | 16 | | laws; and for other purposes.9 |
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| 17 | 17 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:10 |
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| 18 | 18 | | SECTION 1.11 |
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| 19 | 19 | | Short title.12 |
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| 20 | 20 | | This Act shall be known and may be cited as the "South Georgia Energy Authority Act."13 |
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| 21 | 21 | | S. B. 206 |
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| 22 | 22 | | - 1 - 25 LC 47 3300 |
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| 23 | 23 | | SECTION 2. |
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| 24 | 24 | | 14 |
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| 25 | 25 | | South Georgia Energy Authority; creation.15 |
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| 26 | 26 | | There is hereby created a public body corporate and politic to be known as the "South16 |
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| 27 | 27 | | Georgia Energy Authority," which shall be a political subdivision of the State of Georgia,17 |
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| 28 | 28 | | an instrumentality of the State of Georgia, and a public corporation performing an essential18 |
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| 29 | 29 | | government function, and by that name, style, and title such body may contract and be19 |
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| 30 | 30 | | contracted with, sue and be sued, implead and be impleaded, and complain and defend in all20 |
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| 31 | 31 | | courts of law and equity. The Authority, however, shall not be a State institution nor a21 |
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| 32 | 32 | | department or agency of the State but shall be an instrumentality of the State, a mere creature22 |
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| 33 | 33 | | of the State, being a distinct corporate entity and being exempt from Article 2 of23 |
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| 34 | 34 | | O.C.G.A. 50-17. The Authority shall have perpetual existence. All property owned by such24 |
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| 35 | 35 | | corporation shall be public property held and owned for governmental purposes and shall be25 |
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| 36 | 36 | | exempt from taxation as provided by law.26 |
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| 37 | 37 | | SECTION 3.27 |
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| 38 | 38 | | Definitions.28 |
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| 39 | 39 | | As used in this Act, the following words and terms shall have the following meanings unless29 |
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| 40 | 40 | | the context clearly indicates otherwise:30 |
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| 41 | 41 | | (1) "Authority" means the South Georgia Energy Authority created in this Act.31 |
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| 42 | 42 | | (2) "Cities" means, collectively, the City of Ashburn, Georgia, the City of Douglas,32 |
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| 43 | 43 | | Georgia, the City of Fitzgerald, Georgia, the City of Ocilla, Georgia, and the City of33 |
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| 44 | 44 | | Tifton, Georgia.34 |
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| 45 | 45 | | (3) "Cost of the project" or "cost of construction" means all costs of construction; all35 |
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| 46 | 46 | | costs of real and personal property required for the purpose of such project and facilities36 |
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| 47 | 47 | | related thereto, including land and any leases, rights or undivided interests therein,37 |
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| 48 | 48 | | S. B. 206 |
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| 49 | 49 | | - 2 - 25 LC 47 3300 |
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| 50 | 50 | | easements, franchises, water rights, fees, permits, approvals, licenses, and certificates, |
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| 51 | 51 | | 38 |
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| 52 | 52 | | and the securing of such permits, approvals, licenses, and certificates and the preparation39 |
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| 53 | 53 | | of applications therefor, and including all machinery and equipment, including equipment40 |
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| 54 | 54 | | for use in connection with such construction; financing charges; working capital; interest41 |
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| 55 | 55 | | prior to and during construction and during such additional period as the Authority may42 |
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| 56 | 56 | | determine; operating expenses during such period as the Authority may determine; costs43 |
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| 57 | 57 | | of engineering, architectural, and legal services; costs of plans and specifications and all44 |
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| 58 | 58 | | expenses necessary or incidental to determining the feasibility or practicability of the45 |
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| 59 | 59 | | project; costs of insurance or of self-insuring any project; administrative expenses;46 |
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| 60 | 60 | | amounts payable under any judgment against the Authority; disposal costs; all costs47 |
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| 61 | 61 | | associated with acquiring contract rights or other contractual arrangements for the48 |
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| 62 | 62 | | short-term or long-term provisions of gas supplies, including reserves, transmission,49 |
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| 63 | 63 | | storage, peaking, or other services associated therewith, including prepayments for such;50 |
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| 64 | 64 | | and such other expenses as may be necessary or incidental to the financing herein51 |
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| 65 | 65 | | authorized. All funds paid or advanced for any of the purposes mentioned in this52 |
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| 66 | 66 | | paragraph by political subdivisions contracting with the Authority prior to the issuance53 |
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| 67 | 67 | | of any of the Authority's bonds or notes may be refunded to such political subdivisions54 |
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| 68 | 68 | | out of the proceeds of any bonds or notes so issued. The costs of any project may also55 |
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| 69 | 69 | | include a fund or funds for the creation of a debt service reserve, a renewal and56 |
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| 70 | 70 | | replacement reserve, and such other reserves as may be reasonably required by the57 |
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| 71 | 71 | | Authority for the operation of its projects and as may be authorized by any bond58 |
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| 72 | 72 | | resolution or trust agreement or indenture pursuant to the provisions of which the59 |
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| 73 | 73 | | issuance of any such bonds may be authorized. Any obligation or expense incurred for60 |
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| 74 | 74 | | any of the purposes mentioned in this paragraph shall be regarded as a part of the cost of61 |
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| 75 | 75 | | the project and may be paid or reimbursed as such out of the proceeds of revenue bonds62 |
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| 76 | 76 | | or notes issued under the provision of this Act for such project. The term "cost of the63 |
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| 77 | 77 | | project" is intended to include all costs associated with acquiring contract rights or other64 |
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| 78 | 78 | | S. B. 206 |
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| 79 | 79 | | - 3 - 25 LC 47 3300 |
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| 80 | 80 | | contractual arrangements for the short-term or long-term provision of gas supplies, |
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| 81 | 81 | | 65 |
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| 82 | 82 | | including reserves, transmission, storage, peaking, or other services associated therewith,66 |
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| 83 | 83 | | including prepayments for such and any hedging or similar agreements.67 |
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| 84 | 84 | | (4) "Gas" means either natural or synthetic gas, including propane, manufactured,68 |
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| 85 | 85 | | methane from coal beds, geothermal gas, or any mixture thereof, whether in gaseous or69 |
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| 86 | 86 | | liquid form, or any byproduct resulting therefrom.70 |
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| 87 | 87 | | (5) "Project," "undertaking," or "facility" means any plant, works, system, facility, and71 |
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| 88 | 88 | | real and personal property of any nature whatsoever, together with all parts thereof and72 |
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| 89 | 89 | | appurtenances hereto, and any contract rights, relating to the storage, acquisition,73 |
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| 90 | 90 | | exploration, production, distribution, enrichment, transmission, purchase, sale, exchange,74 |
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| 91 | 91 | | or interchange of gas and relating to the acquisition, extraction, conversion,75 |
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| 92 | 92 | | transportation, storage, or reprocessing of fuel of any kind for any such purposes, or any76 |
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| 93 | 93 | | interest in, or right to the use, services, enrichment, output, or capacity of any such plant,77 |
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| 94 | 94 | | works, system, or facilities so as to assure an adequate natural gas distribution or78 |
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| 95 | 95 | | transmission system deemed by the Authority necessary or convenient for the efficient79 |
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| 96 | 96 | | operation of such type of project or undertaking. "Project" or "undertaking" as used in80 |
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| 97 | 97 | | this paragraph is intended to include acquiring contract rights and other contractual81 |
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| 98 | 98 | | arrangements for the short-term or long-term provision of gas supplies, as well as tangible82 |
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| 99 | 99 | | property.83 |
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| 100 | 100 | | (6) "Revenue bonds" and "bonds," as used in this Act, means revenue bonds as defined84 |
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| 101 | 101 | | and provided for in Article 3 of Chapter 82 of Title 36 of the O.C.G.A., known as the85 |
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| 102 | 102 | | "Revenue Bond Law," as amended, and such type of obligations may be issued by the86 |
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| 103 | 103 | | Authority as authorized under the "Revenue Bond Law" and, in addition, shall also mean87 |
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| 104 | 104 | | obligations of the Authority, the issuance of which are hereinafter specifically provided88 |
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| 105 | 105 | | for in this Act.89 |
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| 106 | 106 | | (7) "State" means the State of Georgia.90 |
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| 107 | 107 | | S. B. 206 |
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| 108 | 108 | | - 4 - 25 LC 47 3300 |
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| 109 | 109 | | SECTION 4. |
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| 110 | 110 | | 91 |
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| 111 | 111 | | Purpose.92 |
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| 112 | 112 | | Without limiting the generality of any provisions of this Act, the general purpose of the93 |
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| 113 | 113 | | Authority is declared to be that of effecting projects that benefit the Cities, including, without94 |
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| 114 | 114 | | limitation, acquiring an adequate source or sources of natural gas and thereafter the95 |
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| 115 | 115 | | transmission and distribution of same to the natural gas utilities of the Cities; but such96 |
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| 116 | 116 | | general purpose shall not restrict the Authority from selling and delivering natural gas97 |
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| 117 | 117 | | directly to consumers in those areas regardless of whether any county or any municipality98 |
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| 118 | 118 | | deems it desirable or feasible to furnish natural gas.99 |
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| 119 | 119 | | SECTION 5.100 |
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| 120 | 120 | | Members.101 |
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| 121 | 121 | | (a) The Authority shall be governed by a board that shall consist of eight members, who102 |
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| 122 | 122 | | shall be determined and selected as follows:103 |
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| 123 | 123 | | (1) The Mayor or a person appointed by the Mayor of the City of Ashburn, Georgia;104 |
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| 124 | 124 | | (2) The Mayor or a person appointed by the Mayor of the City of Douglas, Georgia;105 |
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| 125 | 125 | | (3) The Mayor or a person appointed by the Mayor of the City of Fitzgerald, Georgia;106 |
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| 126 | 126 | | (4) The Mayor or a person appointed by the Mayor of the City of Ocilla, Georgia;107 |
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| 127 | 127 | | (5) The Mayor or a person appointed by the Mayor of the City of Tifton, Georgia; and108 |
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| 128 | 128 | | (6) Three members appointed by majority vote of the members provided for by109 |
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| 129 | 129 | | paragraphs (1) through (5) of this subsection, provided that any person appointed110 |
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| 130 | 130 | | pursuant to this paragraph shall have at least three years of experience in the field of111 |
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| 131 | 131 | | economic development.112 |
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| 132 | 132 | | (b)(1) If a member appointed pursuant to paragraphs (1) through (5) of subsection (a) of113 |
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| 133 | 133 | | this section is a mayoral appointee, such member shall serve at the pleasure of his or her114 |
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| 134 | 134 | | S. B. 206 |
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| 135 | 135 | | - 5 - 25 LC 47 3300 |
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| 136 | 136 | | appointing authority and each appointing authority shall have the right and authority to |
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| 137 | 137 | | 115 |
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| 138 | 138 | | remove its appointee from the Authority and to appoint replacements as may be required116 |
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| 139 | 139 | | to fill vacancies.117 |
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| 140 | 140 | | (2) The members appointed pursuant to paragraph (6) of subsection (a) of this section may118 |
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| 141 | 141 | | be removed at any time by majority vote of the remaining board members. The members119 |
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| 142 | 142 | | appointed pursuant to paragraphs (1) through (5) of this subsection shall appoint a qualified120 |
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| 143 | 143 | | person to fill any vacancy created pursuant to this paragraph.121 |
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| 144 | 144 | | (c) The terms of members of the Authority who are serving by nature of being a mayor of122 |
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| 145 | 145 | | one of the Cities shall be concurrent with the elected terms of office of such mayor. The123 |
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| 146 | 146 | | terms of members of the Authority who are serving as appointees of a mayor or pursuant to124 |
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| 147 | 147 | | paragraph (6) of subsection (a) of this section shall be four years from the date of such125 |
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| 148 | 148 | | member's appointment.126 |
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| 149 | 149 | | (d) No person shall hold the office of the Authority member if that person is ineligible for127 |
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| 150 | 150 | | such office pursuant to O.C.G.A. ยง 45-2-1 or any other general law.128 |
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| 151 | 151 | | (e) Five members of the Authority shall constitute a quorum, and no vacancy on the129 |
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| 152 | 152 | | Authority shall impair the right of the quorum to exercise all the rights and perform all the130 |
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| 153 | 153 | | duties of the Authority and, in every instance, a majority vote of a quorum shall authorize131 |
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| 154 | 154 | | any legal act of the Authority, including all things necessary to authorize and issue revenue132 |
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| 155 | 155 | | bonds.133 |
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| 156 | 156 | | (f) The Authority shall elect one of its members as chairman and another as vice chairman,134 |
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| 157 | 157 | | and shall elect a secretary-treasurer and an assistant secretary-treasurer, each of whom shall135 |
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| 158 | 158 | | be elected from the membership of the Authority. Such officers shall serve for such terms136 |
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| 159 | 159 | | as shall be prescribed by the resolution of the Authority or until their successors are elected137 |
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| 160 | 160 | | and qualified.138 |
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| 161 | 161 | | (g) The members of the Authority shall serve without compensation; provided, however, that139 |
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| 162 | 162 | | the members shall be reimbursed for all actual, reasonable, and necessary expenses incurred140 |
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| 163 | 163 | | in the performance of their duties. No reimbursement or payment shall be made by the141 |
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| 164 | 164 | | S. B. 206 |
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| 165 | 165 | | - 6 - 25 LC 47 3300 |
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| 166 | 166 | | Authority for travel, meal, or entertainment expenses for members of the Authority unless |
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| 167 | 167 | | 142 |
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| 168 | 168 | | on each occasion the incurring of such expenses for the same are approved in advance by the143 |
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| 169 | 169 | | Authority at one of its public meetings.144 |
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| 170 | 170 | | SECTION 6.145 |
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| 171 | 171 | | General powers.146 |
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| 172 | 172 | | The Authority shall have all the powers necessary or convenient to carry out and effectuate147 |
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| 173 | 173 | | the purpose and provisions of this Act, including, but without limiting the generality of the148 |
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| 174 | 174 | | foregoing, the power:149 |
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| 175 | 175 | | (1) To provide natural gas transmission and distribution services to the natural gas150 |
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| 176 | 176 | | utilities of the Cities;151 |
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| 177 | 177 | | (2) To sue and be sued and to complain and defend in all courts of law and equity;152 |
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| 178 | 178 | | (3) To have a seal and alter the same at pleasure;153 |
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| 179 | 179 | | (4) To acquire by purchase, lease, or otherwise, and to hold, lease, and dispose of real154 |
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| 180 | 180 | | and personal property of every kind and character for its corporate purposes;155 |
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| 181 | 181 | | (5) To acquire in its own name by purchase, on such terms and conditions and in such156 |
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| 182 | 182 | | manner as it may deem proper, or by condemnation in accordance with the provisions of157 |
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| 183 | 183 | | any and all existing laws applicable to the condemnation of property for public use, real158 |
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| 184 | 184 | | property or rights of easements therein or franchises necessary or convenient for its159 |
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| 185 | 185 | | corporate purposes, and to use the same so long as its corporate existence shall continue160 |
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| 186 | 186 | | and to lease or make contracts with respect to the use of or dispose of the same in any161 |
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| 187 | 187 | | manner it deems to the best advantage of the Authority, the Authority being under no162 |
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| 188 | 188 | | obligation to accept and pay for any property condemned under this Act except from the163 |
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| 189 | 189 | | funds provided under the authority of this Act, and in any proceedings to condemn, such164 |
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| 190 | 190 | | orders may be made by the court having jurisdiction of the suit, action or proceedings as165 |
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| 191 | 191 | | may be just to the Authority and to the owners of the property to be condemned, and no166 |
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| 192 | 192 | | S. B. 206 |
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| 193 | 193 | | - 7 - 25 LC 47 3300 |
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| 194 | 194 | | property shall be acquired under the provision of this Act on which any lien or other |
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| 195 | 195 | | 167 |
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| 196 | 196 | | encumbrance exists, unless at the time such property is so acquired a sufficient sum of168 |
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| 197 | 197 | | money be deposited in trust to pay and redeem the fair value of such lien or encumbrance;169 |
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| 198 | 198 | | (6) To appoint, select, and employ officers, agents, and employees, including170 |
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| 199 | 199 | | engineering, architectural, and construction experts, fiscal agents, and attorneys, and fix171 |
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| 200 | 200 | | their respective compensations;172 |
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| 201 | 201 | | (7) To make contracts and leases and to execute all instruments necessary or convenient,173 |
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| 202 | 202 | | including contracts for construction of projects and leases of projects or contracts with174 |
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| 203 | 203 | | respect to the use of projects which it causes to be erected or acquired, and any and all175 |
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| 204 | 204 | | persons, firms, and corporations and any and all political subdivisions, departments,176 |
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| 205 | 205 | | institutions, or agencies of the State are hereby authorized to enter into contracts, leases,177 |
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| 206 | 206 | | or agreements with the Authority upon such terms and for such purposes as they deem178 |
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| 207 | 207 | | advisable; and without limiting the generality of the above, the authority is specifically179 |
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| 208 | 208 | | granted to municipal corporations and counties and to the Authority to enter into180 |
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| 209 | 209 | | contracts, lease agreements, or other undertakings relative to the furnishing of natural gas181 |
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| 210 | 210 | | and related services and facilities by the Authority to such municipal corporations and182 |
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| 211 | 211 | | counties for a term not exceeding 50 years. This power includes the making of contracts183 |
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| 212 | 212 | | for the construction of projects, which contracts for construction may be made either as184 |
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| 213 | 213 | | sole owner of the project or as owner, in common with other public or private persons,185 |
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| 214 | 214 | | of any divided or undivided interest therein; and is further intended to include, without186 |
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| 215 | 215 | | limitation, the making of contracts for the purchase, sale, exchange, interchange, pooling,187 |
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| 216 | 216 | | transmission, distribution, or storage of gas and fuel of any kind for any such purposes,188 |
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| 217 | 217 | | inside and outside the State of Georgia, in such amounts as it shall determine to be189 |
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| 218 | 218 | | necessary and appropriate to make the most effective use of its powers and to meet its190 |
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| 219 | 219 | | responsibilities, on such terms and for such period of time, not exceeding 50 years, as the191 |
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| 220 | 220 | | Authority shall determine; and is further intended to include, without limitation, the192 |
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| 221 | 221 | | S. B. 206 |
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| 222 | 222 | | - 8 - 25 LC 47 3300 |
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| 223 | 223 | | making of contracts for furnishing gas supply, development services, and management |
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| 224 | 224 | | 193 |
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| 225 | 225 | | services to political subdivisions contracting with the Authority;194 |
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| 226 | 226 | | (8) To construct, erect, acquire, own, repair, remodel, maintain, add to, extend, improve,195 |
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| 227 | 227 | | equip, operate, and manage projects, as hereinabove defined; the cost of any such project196 |
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| 228 | 228 | | to be paid in whole or in part from the proceeds of revenue bonds of the Authority or197 |
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| 229 | 229 | | from such proceeds and any grant from the United States of America or any agency or198 |
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| 230 | 230 | | instrumentality thereof;199 |
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| 231 | 231 | | (9) To accept, receive, and administer gifts, grants, appropriations, donations of money,200 |
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| 232 | 232 | | materials, and property of any kind, including loans and grants from the United States of201 |
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| 233 | 233 | | America or the State of Georgia or any agency or instrumentality thereof, upon such202 |
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| 234 | 234 | | terms and conditions as the United States of America, the State of Georgia, or such203 |
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| 235 | 235 | | agency or instrumentality may impose;204 |
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| 236 | 236 | | (10) To borrow money for any of its corporate purposes and to issue revenue bonds as205 |
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| 237 | 237 | | hereinafter provided in evidence of its indebtedness incurred with respect to the powers206 |
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| 238 | 238 | | above described payable from the revenues, receipts, and earnings of the projects of the207 |
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| 239 | 239 | | Authority and other available funds thereof; to execute trust agreements or indentures;208 |
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| 240 | 240 | | to sell, convey, pledge, and assign any and all of its funds, assets, property, and income209 |
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| 241 | 241 | | as security for the payment of such revenue bonds and to provide payment of the same210 |
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| 242 | 242 | | and for the rights of the owners thereof;211 |
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| 243 | 243 | | (11) To invest any accumulation of its funds and any sinking funds or reserves in any212 |
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| 244 | 244 | | manner that public funds of the State of Georgia or its political subdivisions may be213 |
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| 245 | 245 | | invested and to purchase its own bonds and notes; and214 |
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| 246 | 246 | | (12) To do any and all things necessary or proper for the accomplishment of the215 |
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| 247 | 247 | | objectives of this Act and any amendments hereto and to exercise any power usually216 |
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| 248 | 248 | | possessed by private corporations performing similar functions which is not in conflict217 |
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| 249 | 249 | | with the Constitution and laws of this State, including employment of professional and218 |
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| 250 | 250 | | administrative staff and personnel and retaining of legal, engineering, and other219 |
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| 251 | 251 | | S. B. 206 |
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| 252 | 252 | | - 9 - 25 LC 47 3300 |
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| 253 | 253 | | professional services, the purchasing of all kinds of insurance including, without |
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| 254 | 254 | | 220 |
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| 255 | 255 | | limitation, insurance against tort liability and against risks of damage to property,221 |
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| 256 | 256 | | including the power to borrow money for any of the corporate purposes of the Authority;222 |
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| 257 | 257 | | provided, however, that obligations of the Authority other than revenue bonds, for which223 |
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| 258 | 258 | | provision is herein made, shall be payable from the general funds of the Authority and224 |
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| 259 | 259 | | shall not be a charge against any special fund allocated to the payment of revenue bonds,225 |
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| 260 | 260 | | and including the power to indemnify and hold harmless any parties contracting with the226 |
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| 261 | 261 | | Authority or its agents from damage to person or property and the power to act as227 |
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| 262 | 262 | | self-insurer with respect to any loss or liability.228 |
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| 263 | 263 | | SECTION 7.229 |
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| 264 | 264 | | Revenue bonds.230 |
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| 265 | 265 | | The Authority shall have power and is authorized, pursuant to the Revenue Bond Law, to231 |
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| 266 | 266 | | provide by resolution for the issuance of revenue bonds of the Authority for the purpose of232 |
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| 267 | 267 | | paying all or any part of the costs of a project and for the purpose of refunding revenue bonds233 |
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| 268 | 268 | | or other obligations previously issued. Revenue bonds shall be undertaken, issued, priced,234 |
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| 269 | 269 | | validated, sold, paid, redeemed, refunded, secured, and replaced in accordance with the235 |
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| 270 | 270 | | provisions of the Revenue Bond Law. The principal of and interest on such revenue bonds236 |
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| 271 | 271 | | shall be payable solely from such part of the revenues and earnings of a project or projects237 |
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| 272 | 272 | | as may be designated in the resolution of the Authority authorizing the issuance of such238 |
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| 273 | 273 | | revenue bonds.239 |
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| 274 | 274 | | S. B. 206 |
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| 275 | 275 | | - 10 - 25 LC 47 3300 |
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| 276 | 276 | | SECTION 8. |
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| 277 | 277 | | 240 |
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| 278 | 278 | | Revenue bonds; conditions precedent to issuance.241 |
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| 279 | 279 | | The Authority shall adopt a resolution authorizing the issuance of the revenue bonds. In the242 |
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| 280 | 280 | | resolution, the Authority may determine that the project financed with the proceeds of such243 |
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| 281 | 281 | | revenue bonds is self-liquidating. Revenue bonds may be issued without any other244 |
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| 282 | 282 | | proceedings or the happening of any other conditions or things other than those proceedings,245 |
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| 283 | 283 | | conditions, and things which are specified or required by this Act. Any resolution providing246 |
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| 284 | 284 | | for the issuance of revenue bonds under the provisions of this Act shall become effective247 |
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| 285 | 285 | | immediately upon its passage and need not be published or posted, and any such resolution248 |
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| 286 | 286 | | may be passed at any regular, special, or adjourned meeting of the Authority by a majority249 |
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| 287 | 287 | | of its members present and voting.250 |
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| 288 | 288 | | SECTION 9.251 |
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| 289 | 289 | | Credit not pledged.252 |
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| 290 | 290 | | Neither the revenue bonds nor notes issued under provisions of this Act nor the instruments253 |
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| 291 | 291 | | evidencing the obligations which constitute the security therefor shall constitute a debt or a254 |
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| 292 | 292 | | loan or pledge of the faith and credit of the State of Georgia or of any political subdivision255 |
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| 293 | 293 | | thereof, other than the Authority, but such bonds and notes shall be payable from the256 |
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| 294 | 294 | | revenues of the Authority as provided in the resolutions or trust agreements or indentures257 |
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| 295 | 295 | | authorizing or securing the issuance and payment of such bonds or notes. The issuance of258 |
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| 296 | 296 | | such bonds or notes shall not obligate the State or any political subdivision thereof, other259 |
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| 297 | 297 | | than the Authority, nor shall any such bond or note constitute a charge, lien, or encumbrance,260 |
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| 298 | 298 | | legal or equitable, upon any such property. Notwithstanding the foregoing provisions, this261 |
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| 299 | 299 | | Act shall not affect the ability of the Authority and a political subdivision or municipal262 |
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| 300 | 300 | | corporation of the State from entering into an intergovernmental contract pursuant to which263 |
|---|
| 301 | 301 | | S. B. 206 |
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| 302 | 302 | | - 11 - 25 LC 47 3300 |
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| 303 | 303 | | the political subdivision or municipal corporation agrees to pay amounts sufficient to pay |
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| 304 | 304 | | 264 |
|---|
| 305 | 305 | | operating charges and other costs of the Authority or any project, including, without265 |
|---|
| 306 | 306 | | limitation, the principal of and interest on revenue bonds, in consideration for services or266 |
|---|
| 307 | 307 | | facilities of the Authority.267 |
|---|
| 308 | 308 | | SECTION 10.268 |
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| 309 | 309 | | Revenue bonds; trust indenture as security.269 |
|---|
| 310 | 310 | | In the discretion of the Authority, any issue of revenue bonds may be secured by a trust270 |
|---|
| 311 | 311 | | agreement or indenture made by the Authority with a corporate trustee which may be any271 |
|---|
| 312 | 312 | | trust company or bank having the powers of a trust company within or without the State.272 |
|---|
| 313 | 313 | | Such trust agreement or indenture may pledge or assign all revenues, receipts, and earnings273 |
|---|
| 314 | 314 | | to be received by the Authority and any proceeds which may be derived from the disposition274 |
|---|
| 315 | 315 | | of any real or personal property of the Authority or proceeds of insurance carried thereon.275 |
|---|
| 316 | 316 | | The resolution providing for the issuance of revenue bonds and such trust agreement or276 |
|---|
| 317 | 317 | | indenture may contain provisions for protecting and enforcing the rights and remedies of the277 |
|---|
| 318 | 318 | | bond owners, including the right of appointment of a receiver upon default in the payment278 |
|---|
| 319 | 319 | | of any principal or interest obligation and the right of any receiver or trustee to enforce279 |
|---|
| 320 | 320 | | collection of contractual rights, rates, fees, tolls, charges, or revenues for the use of the280 |
|---|
| 321 | 321 | | services or facilities of the project necessary to pay all costs of operation and all reserves281 |
|---|
| 322 | 322 | | provided for, the principal of and interest on all bonds in the issue, all costs of collection, and282 |
|---|
| 323 | 323 | | all other costs reasonably necessary to accomplish the collection of such sums in the event283 |
|---|
| 324 | 324 | | of any default of the Authority. Such resolution and trust agreement or indenture may284 |
|---|
| 325 | 325 | | include covenants setting forth the duties of the Authority in relation to the acquisition of285 |
|---|
| 326 | 326 | | property for and construction of the project and to the custody, safeguarding, and application286 |
|---|
| 327 | 327 | | of all funds of the Authority, including any proceeds derived from the disposition of any real287 |
|---|
| 328 | 328 | | or personal property of the Authority or proceeds of insurance carried thereon, and covenants288 |
|---|
| 329 | 329 | | S. B. 206 |
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| 330 | 330 | | - 12 - 25 LC 47 3300 |
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| 331 | 331 | | providing for the operation, maintenance, repair, and insurance of the project and may |
|---|
| 332 | 332 | | 289 |
|---|
| 333 | 333 | | contain provisions concerning the conditions, if any, upon which additional bonds may be290 |
|---|
| 334 | 334 | | issued. Such resolution and trust agreement or indenture may set forth the rights and291 |
|---|
| 335 | 335 | | remedies of the bond owners and of the trustee and may restrict the individual right of action292 |
|---|
| 336 | 336 | | of any bond owner as is customary in securing bonds and debentures of corporations and293 |
|---|
| 337 | 337 | | may contain such other provisions as the Authority may deem reasonable and proper for the294 |
|---|
| 338 | 338 | | security of the bond owners. All expenses incurred in carrying out such trust may be treated295 |
|---|
| 339 | 339 | | as part of the cost of maintenance, operation, and repair of the project affected by such trust. 296 |
|---|
| 340 | 340 | | SECTION 11.297 |
|---|
| 341 | 341 | | Revenue bonds; interest rate or rates; negotiability; exemption from taxes.298 |
|---|
| 342 | 342 | | All revenue bonds shall have and are hereby declared to have all the qualities and incidents299 |
|---|
| 343 | 343 | | of negotiable instruments under the laws of the State. The interest rate or rates to be borne300 |
|---|
| 344 | 344 | | by any revenue bonds or other obligations of the Authority shall be fixed by the board of the301 |
|---|
| 345 | 345 | | Authority. Any limitations with respect to interest rates found in Article 3 of Chapter 82 of302 |
|---|
| 346 | 346 | | Title 36 of the O.C.G.A. or the usury laws of this State shall not apply to revenue bonds303 |
|---|
| 347 | 347 | | issued under this Act. All revenue bonds, their transfer, and the income therefrom shall be304 |
|---|
| 348 | 348 | | exempt from all taxation within the State.305 |
|---|
| 349 | 349 | | SECTION 12.306 |
|---|
| 350 | 350 | | Trust indenture as security; remedies of bondholders.307 |
|---|
| 351 | 351 | | Any owner of revenue bonds and the trustee under the trust indenture, if any, except to the308 |
|---|
| 352 | 352 | | extent that the rights given herein may be restricted by resolution passed before the issuance309 |
|---|
| 353 | 353 | | of the revenue bonds or by the trust indenture, may, either at law or in equity, by suit, action,310 |
|---|
| 354 | 354 | | mandamus, or other proceedings, protect and enforce any and all rights it may have under311 |
|---|
| 355 | 355 | | S. B. 206 |
|---|
| 356 | 356 | | - 13 - 25 LC 47 3300 |
|---|
| 357 | 357 | | the laws of the State, including specifically, but without limitation, the Revenue Bond Law, |
|---|
| 358 | 358 | | 312 |
|---|
| 359 | 359 | | or granted hereunder or under such resolution or trust indenture and may enforce and compel313 |
|---|
| 360 | 360 | | performance of all duties required by this Act or by such resolution or trust indenture to be314 |
|---|
| 361 | 361 | | performed by the Authority or any officer thereof, including the fixing, charging, and315 |
|---|
| 362 | 362 | | collecting of revenues, fees, tolls, fines, and other charges for the use of the facilities and316 |
|---|
| 363 | 363 | | services furnished, and the enforcement of any contract.317 |
|---|
| 364 | 364 | | SECTION 13.318 |
|---|
| 365 | 365 | | To whom proceeds of bonds shall be paid.319 |
|---|
| 366 | 366 | | In the resolution providing for the issuance of revenue bonds or in the trust indenture, the320 |
|---|
| 367 | 367 | | Authority shall provide for the payment of the proceeds of the sale of the revenue bonds to321 |
|---|
| 368 | 368 | | any officer or person who, or any agency, bank, or trust company which, shall act as trustee322 |
|---|
| 369 | 369 | | of such funds and shall hold and apply the same to the purposes thereof, subject to such323 |
|---|
| 370 | 370 | | regulations as this Act and such resolution or trust indenture may provide.324 |
|---|
| 371 | 371 | | SECTION 14.325 |
|---|
| 372 | 372 | | Sinking fund.326 |
|---|
| 373 | 373 | | All or any part of the gross or net revenues and earnings derived from any particular project327 |
|---|
| 374 | 374 | | or projects and any and all revenues and earnings received by the Authority, regardless of328 |
|---|
| 375 | 375 | | whether or not such revenues and earnings were produced by a particular project for which329 |
|---|
| 376 | 376 | | bonds have been issued, may be pledged by the Authority to the payment of the principal of330 |
|---|
| 377 | 377 | | and interest on revenue bonds of the Authority as may be provided in any resolution331 |
|---|
| 378 | 378 | | authorizing the issuance of such bonds or in any trust instrument pertaining to such bonds.332 |
|---|
| 379 | 379 | | Such funds so pledged, from whatever source received, may include funds received from one333 |
|---|
| 380 | 380 | | or more or all sources and may be set aside at regular intervals into a sinking fund for which334 |
|---|
| 381 | 381 | | S. B. 206 |
|---|
| 382 | 382 | | - 14 - 25 LC 47 3300 |
|---|
| 383 | 383 | | provision may be made in any such resolution or trust instrument, which sinking funds may |
|---|
| 384 | 384 | | 335 |
|---|
| 385 | 385 | | be pledged to and charged with the payment of:336 |
|---|
| 386 | 386 | | (1) The interest upon such revenue bonds as such interest shall become due;337 |
|---|
| 387 | 387 | | (2) The principal of the bonds as the same shall mature;338 |
|---|
| 388 | 388 | | (3) The necessary charges of any trustee or paying agent or registrar for such bonds; and339 |
|---|
| 389 | 389 | | (4) Any premium upon bonds retired upon call or purchase.340 |
|---|
| 390 | 390 | | The use and disposition of any sinking fund may be subject to such regulations for which341 |
|---|
| 391 | 391 | | provisions may be made in the resolution authorizing the issuance of the bonds or in the trust342 |
|---|
| 392 | 392 | | instrument or indenture, but, except as may otherwise be provided in such resolution or trust343 |
|---|
| 393 | 393 | | instrument or indenture, such sinking fund shall be maintained as a trust account for the344 |
|---|
| 394 | 394 | | benefit of all revenue bonds without distinction or priority of one over another.345 |
|---|
| 395 | 395 | | SECTION 15.346 |
|---|
| 396 | 396 | | Interest of bondholders protected.347 |
|---|
| 397 | 397 | | While any of the bonds or notes issued by the Authority shall remain outstanding, the348 |
|---|
| 398 | 398 | | powers, duties, or existence of the Authority or its officers, employees, or agents shall not349 |
|---|
| 399 | 399 | | be diminished or impaired in any manner that will affect adversely the interests and rights350 |
|---|
| 400 | 400 | | of the owners of such bonds or notes; and no other entity, department, agency, or authority351 |
|---|
| 401 | 401 | | shall be created to compete with the Authority so as to affect adversely the interests and352 |
|---|
| 402 | 402 | | rights of the owners of such bonds or notes. The provisions of this Act shall be for the353 |
|---|
| 403 | 403 | | benefit of the Authority and every owner of the Authority's bonds and notes and, upon and354 |
|---|
| 404 | 404 | | after the issuance of bonds or notes under the provisions of this Act, shall constitute an355 |
|---|
| 405 | 405 | | irrevocable contract by the Authority with the owners of such bonds and notes.356 |
|---|
| 406 | 406 | | S. B. 206 |
|---|
| 407 | 407 | | - 15 - 25 LC 47 3300 |
|---|
| 408 | 408 | | SECTION 16. |
|---|
| 409 | 409 | | 357 |
|---|
| 410 | 410 | | Funds received considered trust funds.358 |
|---|
| 411 | 411 | | All funds received pursuant to the authority of this Act, whether as proceeds from the sale359 |
|---|
| 412 | 412 | | of revenue bonds or as contractual payments, revenues, fees, tolls, charges, or other earnings360 |
|---|
| 413 | 413 | | or as gifts, grants, or other contributions, shall be deemed to be trust funds to be held and361 |
|---|
| 414 | 414 | | applied solely as provided in this Act. The bond owners are entitled to receive the benefits362 |
|---|
| 415 | 415 | | of such funds until applied as provided in any such resolution, trust agreement, or indenture363 |
|---|
| 416 | 416 | | of the Authority.364 |
|---|
| 417 | 417 | | SECTION 17.365 |
|---|
| 418 | 418 | | Venue; jurisdiction; service.366 |
|---|
| 419 | 419 | | The principal office of the Authority shall be in Coffee County, Georgia, and unless367 |
|---|
| 420 | 420 | | otherwise provided in general law, the venue of any action against it shall be in Coffee368 |
|---|
| 421 | 421 | | County. Any action pertaining to the validation of any bonds issued under the provisions of369 |
|---|
| 422 | 422 | | this Act or the validation of any contract entered into by the Authority shall be brought by370 |
|---|
| 423 | 423 | | the district attorney of Coffee County, a complaint directed to the Superior Court of Coffee371 |
|---|
| 424 | 424 | | County in the name of the State and against the Authority in the Superior Court of Coffee372 |
|---|
| 425 | 425 | | County, and such court shall have exclusive original jurisdiction of such actions. Service373 |
|---|
| 426 | 426 | | upon the Authority of any process, subpoena, or summons shall be effected by serving the374 |
|---|
| 427 | 427 | | same personally upon any officer of the Authority.375 |
|---|
| 428 | 428 | | S. B. 206 |
|---|
| 429 | 429 | | - 16 - 25 LC 47 3300 |
|---|
| 430 | 430 | | SECTION 18. |
|---|
| 431 | 431 | | 376 |
|---|
| 432 | 432 | | Imposition of rates, charges, fees, pledge of revenues, and exemption from regulation 377 |
|---|
| 433 | 433 | | by the Georgia Public Service Commission.378 |
|---|
| 434 | 434 | | The Authority is hereby authorized to prescribe, fix, and collect rates, fees, tolls, or charges,379 |
|---|
| 435 | 435 | | and to revise from time to time and collect such rates, fees, tolls, or charges for the services,380 |
|---|
| 436 | 436 | | facilities, or commodities furnished, and is authorized to enter into contracts relating to the381 |
|---|
| 437 | 437 | | provision of gas supplies including any hedging or similar agreements, and in anticipation382 |
|---|
| 438 | 438 | | of the collection of the revenues of such undertaking or project, to issue revenue bonds as383 |
|---|
| 439 | 439 | | herein provided to finance in whole or in part the cost of the acquisition, construction,384 |
|---|
| 440 | 440 | | reconstruction, improvement, betterment, or extension of any project and the provision of gas385 |
|---|
| 441 | 441 | | supplies including any hedging or similar agreements, and to pledge to the punctual payment386 |
|---|
| 442 | 442 | | of said bonds and interest thereon, all or any part of the revenues of such undertaking or387 |
|---|
| 443 | 443 | | project, including the revenues of improvements, betterments, or extensions thereto thereafter388 |
|---|
| 444 | 444 | | made and contractual payments. The Authority shall be exempt from regulation by the389 |
|---|
| 445 | 445 | | Georgia Public Service Commission to the same extent as a municipality and will be treated390 |
|---|
| 446 | 446 | | in all respects like a municipality for purposes of law or regulation related directly to natural391 |
|---|
| 447 | 447 | | gas transmission and distribution facilities and service.392 |
|---|
| 448 | 448 | | SECTION 19.393 |
|---|
| 449 | 449 | | Tax exemption of Authority properties.394 |
|---|
| 450 | 450 | | The properties of the Authority, both real and personal, are declared to be public properties395 |
|---|
| 451 | 451 | | used for the benefit and welfare of the people of the State of Georgia, and not for purposes396 |
|---|
| 452 | 452 | | of private or corporate benefit and income, and such properties and the Authority as provided397 |
|---|
| 453 | 453 | | by general law shall be exempt from all taxes and special assessments of any city, county,398 |
|---|
| 454 | 454 | | or the State or any political subdivision thereof.399 |
|---|
| 455 | 455 | | S. B. 206 |
|---|
| 456 | 456 | | - 17 - 25 LC 47 3300 |
|---|
| 457 | 457 | | SECTION 20. |
|---|
| 458 | 458 | | 400 |
|---|
| 459 | 459 | | Immunity from tort actions.401 |
|---|
| 460 | 460 | | To the extent permitted by law, the Authority shall have the same immunity and exemption402 |
|---|
| 461 | 461 | | from liability for torts and negligence as a municipality; and the officers, agents, and403 |
|---|
| 462 | 462 | | employees of the Authority when in the performance of the work of the Authority shall have404 |
|---|
| 463 | 463 | | the same immunity and exemption from liability for torts and negligence as the officers,405 |
|---|
| 464 | 464 | | agents, and employees of a municipality when in the performance of their public duties or406 |
|---|
| 465 | 465 | | work of the municipality.407 |
|---|
| 466 | 466 | | SECTION 21.408 |
|---|
| 467 | 467 | | Contracts.409 |
|---|
| 468 | 468 | | The Authority may be sued the same as any private corporations on any contractual410 |
|---|
| 469 | 469 | | obligation of the Authority, so long as the contractual obligation is set forth in a writing,411 |
|---|
| 470 | 470 | | approved by the board of the Authority during a meeting, and entered into the minutes of the412 |
|---|
| 471 | 471 | | board.413 |
|---|
| 472 | 472 | | SECTION 22.414 |
|---|
| 473 | 473 | | Property not subject to levy and sale.415 |
|---|
| 474 | 474 | | The property of the Authority shall not be subject to levy and sale under legal process.416 |
|---|
| 475 | 475 | | S. B. 206 |
|---|
| 476 | 476 | | - 18 - 25 LC 47 3300 |
|---|
| 477 | 477 | | SECTION 23. |
|---|
| 478 | 478 | | 417 |
|---|
| 479 | 479 | | Powers declared supplemental and additional.418 |
|---|
| 480 | 480 | | This Act shall be deemed to provide an additional and alternative method of carrying out the419 |
|---|
| 481 | 481 | | duties authorized hereby, shall be regarded as supplemental and additional to powers420 |
|---|
| 482 | 482 | | conferred to the Cities by other laws, and shall not be regarded as being in derogation of any421 |
|---|
| 483 | 483 | | powers now existing.422 |
|---|
| 484 | 484 | | SECTION 24.423 |
|---|
| 485 | 485 | | Authority without taxing power.424 |
|---|
| 486 | 486 | | The Authority shall not have the power to levy, impose, or collect any tax on any person or425 |
|---|
| 487 | 487 | | property.426 |
|---|
| 488 | 488 | | SECTION 25.427 |
|---|
| 489 | 489 | | Liberal construction of Act.428 |
|---|
| 490 | 490 | | This Act, being for the welfare of various political subdivisions of the State and its429 |
|---|
| 491 | 491 | | inhabitants, shall be liberally construed to effect the purposes hereof.430 |
|---|
| 492 | 492 | | SECTION 26.431 |
|---|
| 493 | 493 | | Severability; effect of partial invalidity of Act.432 |
|---|
| 494 | 494 | | The provisions of this Act are severable, and if any of its provisions shall be held433 |
|---|
| 495 | 495 | | unconstitutional by any court of competent jurisdiction, the decision of such court shall not434 |
|---|
| 496 | 496 | | affect or impair any of the remaining provisions.435 |
|---|
| 497 | 497 | | S. B. 206 |
|---|
| 498 | 498 | | - 19 - 25 LC 47 3300 |
|---|
| 499 | 499 | | SECTION 27. |
|---|
| 500 | 500 | | 436 |
|---|
| 501 | 501 | | General repealer.437 |
|---|
| 502 | 502 | | All laws and parts of laws in conflict with this Act are repealed.438 |
|---|
| 503 | 503 | | S. B. 206 |
|---|
| 504 | 504 | | - 20 - |
|---|