GA
Georgia Senate Bill SB368

Georgia 2025-2026 Regular Session

Georgia Senate Bill SB368 Compare Versions

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11 25 LC 47 3655
22 Senate Bill 368
33 By: Senator Ginn of the 47th
44 A BILL TO BE ENTITLED
55 AN ACT
66 To create the Northeast Regional Water Authority; to provide a short title; to authorize such
77 1
88 authority to acquire or construct regional water supply reservoirs; to operate and maintain2
99 self-liquidating projects embracing sources of water supply and the distribution and sale of3
1010 water and other related facilities to individuals, public and private corporations, and political4
1111 subdivisions; to provide for the membership and for appointment of members of the5
1212 authority; to provide for quorums; to provide for the selection of officers; to provide6
1313 definitions; to provide for the purpose of the authority; to confer and limit powers and7
1414 impose duties on the authority; to authorize the authority to contract with others pertaining8
1515 to the water utilities and facilities and to execute leases and all undertakings deemed9
1616 necessary or convenient for the operation of such undertakings or projects; to provide for10
1717 payments to site jurisdictions; to provide for the addition and withdrawal of member political11
1818 subdivisions; to provide contracting guidelines; to authorize the issuance of revenue bonds12
1919 or certificates of the authority payable from the revenues, tolls, fees, charges, and earnings13
2020 of the authority and to pay the cost of such undertakings or projects; to provide for14
2121 application of the "Revenue Bond Law"; to authorize the collection and pledging of the15
2222 revenues and earnings of the authority for the payment of such bonds or certificates; to16
2323 authorize the execution of trust indentures to secure the payment thereof and to define the17
2424 rights of the holders of such obligations; to provide for the authority to condemn property of18
2525 S. B. 368
2626 - 1 - 25 LC 47 3655
2727 every kind; to authorize the issuance of refunding bonds or certificates; to fix the venue or
2828 19
2929 jurisdiction of actions relating to any provisions of this Act; to provide for financial20
3030 statements and audit reports; to provide that powers provided are supplemental; to provide21
3131 tort immunity; to provide for liberal construction; to preserve powers of other political22
3232 subdivisions and authorities; to provide for severability; to repeal conflicting laws; and for23
3333 other purposes.24
3434 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:25
3535 SECTION 1.26
3636 Short title.27
3737 This Act shall be known and may be cited as the "Northeast Regional Water Authority Act."28
3838 SECTION 2.29
3939 Northeast Regional Water Authority.30
4040 (a) There is created a body corporate and politic, to be known as the Northeast Regional31
4141 Water Authority, which shall be deemed to be a political subdivision of the State of Georgia32
4242 and a public corporation, and by that name, style, and title said body may contract and be33
4343 contracted with, bring and defend actions, sue and be sued, implead and be impleaded, and34
4444 complain and defend in all courts. Unless the number of member entities of the authority is35
4545 increased or decreased as provided for in this Act, the authority shall consist of six members36
4646 as follows:37
4747 (1) One member to be appointed by the governing authority of Banks County;38
4848 (2) One member to be appointed by the governing authority of Franklin County;39
4949 (3) One member to be appointed by the governing authority of Madison County; 40
5050 S. B. 368
5151 - 2 - 25 LC 47 3655
5252 (4) One member to be appointed by the governing authority of the City of Commerce;
5353 41
5454 (5) One member to be appointed by the governing authority of the City of Elberton; and42
5555 (6) One member to be appointed by the governing body of the Jackson County Water43
5656 and Sewer Authority.44
5757 In the event that one or more additional member entities join the authority as provided for45
5858 in Section 9 of this Act, the governing authority or body of each such additional member46
5959 entities shall appoint one member to the authority. In the event a member entity exercises47
6060 its option to withdraw from the authority, the member appointed by such member entity shall48
6161 cease to serve on the authority on the date that such withdrawal becomes effective.49
6262 (b) A majority of the total votes of the members of the authority shall constitute the quorum 50
6363 necessary for a meeting of the authority. Any vacancy in the position of a member appointed51
6464 by a governing authority or body shall be filled by such governing authority or body. No52
6565 vacancy on the authority shall impair the right of the quorum to exercise all the rights and53
6666 perform all the duties of the authority. The members of the authority shall elect a54
6767 chairperson and vice chairperson from among its members and shall also elect a55
6868 secretary-treasurer who need not be a member of the authority. The members of the56
6969 authority shall determine their compensation for serving in such capacities. The authority57
7070 shall make rules and regulations for its own government. It shall have perpetual existence.58
7171 SECTION 3.59
7272 Definitions.60
7373 (a) As used in this Act, the term:61
7474 (1) "Authority" means the Northeast Regional Water Authority created by Section 2 of62
7575 this Act.63
7676 (2) "Cost of the project" means the cost of construction, the cost of all lands, properties,64
7777 rights, easements, and franchises acquired, the cost of all machinery and equipment,65
7878 S. B. 368
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8080 financing charges, interest prior to and during construction and for six months after
8181 66
8282 completion of construction, the cost of engineering, architectural and legal expenses, the67
8383 cost of plans and specifications, and other expenses necessary or incident to determining68
8484 the feasibility or practicability of the project, administrative expense, and such other69
8585 expenses as may be necessary or incident to the financing authorized in this Act, the70
8686 construction of any project, the placing of the same in operation, and the condemnation71
8787 of property necessary for such construction and operation. Any obligation or expense72
8888 incurred for any of the foregoing purposes shall be regarded as part of the cost of the73
8989 project and may be paid or reimbursed as such out of the proceeds of revenue bonds74
9090 issued under the provisions of this Act for such project.75
9191 (3) "Member entity" means Banks County, Franklin County, Madison County, the City76
9292 of Commerce, the City of Elberton, and the Jackson County Water and Sewer Authority,77
9393 provided that political subdivisions may join or withdraw from the authority as provided78
9494 for in Section 9 of this Act. Any political subdivision added shall be a member entity79
9595 upon the final approval of its membership as provided for in Section 9. Upon80
9696 withdrawing as provided for in Section 9 a political subdivision shall no longer be a81
9797 member entity.82
9898 (4) "Northeast region" or "region" means the geographic area composed of Banks,83
9999 Elbert, Franklin, Jackson, and Madison counties.84
100100 (5) "Project" means and includes the acquisition, construction, and operation of one or85
101101 more regional water reservoirs, the acquisition of real property surrounding such86
102102 reservoirs, contracting with the United States Army Corps of Engineers to access water87
103103 resources, and all necessary and usual water facilities useful for obtaining one or more88
104104 sources of water supply, the treatment of water, and the distribution and sale of water to89
105105 users and consumers, including counties and municipalities for the purpose of resale,90
106106 inside and outside the territorial boundaries of the member entities, and the operation,91
107107 maintenance, additions, improvements, and extensions of such facilities so as to assure92
108108 S. B. 368
109109 - 4 - 25 LC 47 3655
110110 an adequate water utility system deemed by the authority to be necessary or convenient
111111 93
112112 for the efficient operation of such type of undertaking, all in accordance with any94
113113 applicable state-wide or regional water plan adopted pursuant to Article 8 of Chapter 595
114114 of Title 12 of the O.C.G.A., the "Comprehensive State-wide Water Management Planning96
115115 Act." "Project" shall also mean and include the acquisition, construction, and operation97
116116 of recreational facilities on and around any regional water reservoir, the acquisition of98
117117 real property surrounding such reservoir for such recreational facilities, the establishment99
118118 of a permitting system for recreational activities, the collection of fees and rentals for100
119119 permitting recreational activities, and the establishment of rules and regulations101
120120 prohibiting, permitting, and governing recreational activities.102
121121 (6) "Public authority" means any entity which is created by the laws of this state, which103
122122 is designated as an authority, and which provides services or facilities to the public.104
123123 (7) "Revenue bonds" and "bonds" mean revenue bonds and certificates as defined and105
124124 provided for in Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond106
125125 Law," and such type of obligations may be issued by the authority as authorized under107
126126 said article.108
127127 (8) "Site jurisdiction" means any municipality or county within which the authority109
128128 causes to be located a reservoir or any facility or improvement for which property is110
129129 acquired, by condemnation or purchase, in fee simple.111
130130 (b) Any project shall be deemed "self-liquidating" if, in the judgment of the authority, the112
131131 revenues and earnings to be derived by the authority therefrom will be sufficient to pay the113
132132 cost of operating, maintaining, repairing, improving, and extending the project and to pay the114
133133 principal and interest of the revenue bonds that may be issued for the cost of such project or115
134134 projects.116
135135 S. B. 368
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137137 SECTION 4.
138138 117
139139 Purpose of the authority.118
140140 Without limiting the generality of any provisions of this Act, the general purpose of the119
141141 authority is declared to be that of:120
142142 (1) Acquiring an adequate source or sources of water supply, treatment of such water, 121
143143 and thereafter the distribution of such water to the Northeast region and the various122
144144 counties, municipalities, and political subdivisions in said region; and123
145145 (2) Providing, as the authority deems appropriate, recreational services and facilities124
146146 upon the lands and waters owned or controlled by the authority.125
147147 Such general purpose shall not restrict the authority from selling and delivering water126
148148 directly to consumers in those areas where water distribution systems do not now exist and127
149149 where neither any county, municipality, nor political subdivision deems it desirable or128
150150 feasible to furnish water in such locality.129
151151 SECTION 5.130
152152 Powers.131
153153 The authority is authorized:132
154154 (1) To have a seal and alter the seal at pleasure;133
155155 (2) To acquire by purchase, lease, or otherwise and to hold, lease, and dispose of real and134
156156 personal property of every kind and character for its corporate purposes;135
157157 (3) To acquire in its own name by purchase on such terms and conditions and in such136
158158 manner as it may deem proper, or by condemnation in accordance with the provisions of137
159159 any and all existing laws applicable to the condemnation of property for public use, real138
160160 property, rights, or easements therein or franchises necessary or convenient for its139
161161 corporate purposes, to use the same so long as its corporate existence shall continue, and140
162162 S. B. 368
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164164 to lease or make contracts with respect to the use of or to dispose of the same in any
165165 141
166166 manner it deems to the best advantage of the authority, the authority being under no142
167167 obligation to accept and pay for any property condemned under this Act except from the143
168168 funds provided under the authority of this Act; in any proceedings to condemn, such144
169169 orders may be made by the court having jurisdiction of the suit, action, or proceedings145
170170 as may be just to the authority and to the owners of the property to be condemned; and146
171171 no property shall be acquired under the provisions of this Act upon which any lien or147
172172 other encumbrance exists, unless at the time such property is so acquired a sufficient sum148
173173 of money is deposited in trust to pay and redeem the fair value of such lien or149
174174 encumbrance;150
175175 (4) To appoint, select, and employ officers, agents, and employees, including151
176176 engineering, architectural, and construction experts, fiscal agents, and attorneys, and fix152
177177 their respective compensation;153
178178 (5) To make contracts and leases and to execute all instruments necessary or convenient154
179179 for purposes of the authority, including, but not limited to, contracts for design,155
180180 construction, or operation of projects and leases of projects or contracts with respect to156
181181 the use of projects which it causes to be erected or acquired, and any and all persons,157
182182 firms, and corporations and any and all political subdivisions, departments, institutions,158
183183 or agencies of the state are authorized to enter into contracts, leases, or agreements with159
184184 the authority upon such terms and for such purposes as they deem advisable; and, without160
185185 limiting the generality of the above, authority is specifically granted to municipal161
186186 corporations, counties, public authorities, and the authority to enter into contracts, lease162
187187 agreements, or other undertakings relative to the refurnishing of water, water facilities,163
188188 and related services, as well as to the furnishing of recreation, recreational facilities, and164
189189 related services, by the authority to such municipal corporations, counties, and public165
190190 authorities or relative to the furnishing of water or recreational facilities and services or166
191191 both by municipal corporations, counties, public authorities, corporations, or individuals167
192192 S. B. 368
193193 - 7 - 25 LC 47 3655
194194 to the authority for a term not to exceed the term authorized by the Georgia Constitution
195195 168
196196 or law for intergovernmental contracts. Without limiting the generality of the foregoing,169
197197 the authority is specifically authorized to enter into contracts with the Water Supply170
198198 Division of the Georgia Environmental Facilities Authority in accordance with Article171
199199 6 of Chapter 5 of Title 12 of the O.C.G.A., the "Georgia Water Supply Act of 2008," for172
200200 the purposes stated therein;173
201201 (6) To construct, erect, acquire, own, lease, repair, remodel, maintain, add to, extend,174
202202 improve, equip, operate, and manage projects as defined in paragraph (6) of Section 3 of175
203203 this Act; the cost of any such project shall be paid in whole or in part from the proceeds176
204204 and revenue bonds of the authority; from such proceeds and any grant from the United177
205205 States of America, the State of Georgia, any agency, authority, or instrumentality thereof;178
206206 or from a private party;179
207207 (7) To contract with the United States Army Corps of Engineers to access to water180
208208 resources;181
209209 (8) To purchase water from other sources, public or private, for distribution and sale to182
210210 water users and consumers;183
211211 (9) To accept loans and grants of money, materials, or property of any kind from the184
212212 United States of America, the State of Georgia, or any agency, authority, or185
213213 instrumentality thereof upon such terms and conditions as the United States of America,186
214214 the State of Georgia, or such agency, authority, or instrumentality may impose;187
215215 (10) To borrow money for any of its corporate purposes, to issue negotiable revenue188
216216 bonds payable solely from funds pledged for that purpose, and to provide for the payment189
217217 of the same and for the rights of the holders thereof;190
218218 (11) To exercise any power which is usually possessed by private corporations191
219219 performing similar functions and which is not in conflict with the Constitution and laws192
220220 of this state; and193
221221 S. B. 368
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223223 (12) To do all things necessary or convenient to carry out the powers expressly given in
224224 194
225225 this Act.195
226226 SECTION 6.196
227227 Limitations of power.197
228228 The authority shall:198
229229 (1) Not obligate any member entity to issue or guarantee revenue bonds, nor shall the199
230230 authority bind the member entity to any capital indebtedness contract until that member200
231231 entity has approved such issuance or guarantee of an indebtedness contract or revenue201
232232 bonds by official action or vote as may be required by law;202
233233 (2) Provide for, in a manner consistent with and subject to all state and federal laws and203
234234 regulations, provide for stream withdrawal rights among member entities prior to the204
235235 funding of any reservoir project; and205
236236 (3) Only distribute water on a wholesale basis to member entities and other retail water206
237237 providers and shall not be authorized to provide or undertake retail water distribution207
238238 services.208
239239 SECTION 7.209
240240 Services to member entities.210
241241 The authority shall provide water services and facilities to each member entity so long as211
242242 such political subdivision remains a member entity.212
243243 S. B. 368
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245245 SECTION 8.
246246 213
247247 Payments to site jurisdictions.214
248248 The authority shall be authorized to make an annual payment on or before November 15 of215
249249 each year to any site jurisdiction within which is constructed a reservoir or any facility or216
250250 improvement for which property is acquired, by condemnation or purchase, by the authority217
251251 in fee simple. If such payment is made, the amount shall be at least equal to the ad valorem218
252252 taxes which would be paid by a nonexempt property owner calculated as follows: the value219
253253 of the property for ad valorem tax purposes shall be established based upon the average220
254254 per-acre value for agriculturally assessed property within the site jurisdiction for the current221
255255 tax year, using the millage rate adopted for the current tax year. The authority shall be further222
256256 authorized to make an additional payment to the site jurisdiction based on the value of223
257257 improvements or facilities constructed on property acquired in fee simple within such224
258258 jurisdiction or an additional payment made on some other basis.225
259259 SECTION 9.226
260260 Addition or withdrawal of member political subdivisions.227
261261 (a) Any county adjacent to, or any municipality located within, one or more of the member228
262262 entities or Jackson County may request to join the authority as a member entity. 229
263263 Applications to become a member entity must be approved by a two-thirds' vote of the230
264264 authority and shall be conditioned upon the political subdivision agreeing to such terms and231
265265 conditions required by the authority to ensure that the addition of the political subdivision232
266266 does not disadvantage the current member entities. Political subdivisions joining the233
267267 authority pursuant to this section may be required by the authority to provide financial234
268268 support for, or buy into, any existing or proposed projects or obligations of the authority.235
269269 S. B. 368
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271271 (b) The governing authority or body of any member entity may withdraw from the authority
272272 236
273273 by adopting a resolution, at any time, declaring that such political subdivision shall not be237
274274 a member entity under this Act. Such withdrawal by any member entity from the authority238
275275 shall not affect any previously incurred obligations with respect to the issuance of or payment239
276276 of any bonds, certificates, or other obligations of the authority incurred during such political240
277277 subdivision's membership in the authority.241
278278 SECTION 10.242
279279 Public works construction contracts.243
280280 Public works construction projects of the authority, as defined in Chapter 91 of Title 36 of244
281281 the O.C.G.A., the "Georgia Local Government Public Works Construction Law," shall be245
282282 subject to the provisions of said chapter.246
283283 SECTION 11.247
284284 Revenue bonds.248
285285 The authority, or any authority or body which may in the future succeed to the powers,249
286286 duties, and liabilities vested in the authority created by this Act, is authorized, at one time or250
287287 from time to time, to provide by resolution for the issuance of negotiable revenue bonds of251
288288 the authority, for the purpose of paying all or any part of the cost of any one or more projects. 252
289289 Revenue bonds shall be undertaken, issued, priced, validated, sold, paid, redeemed, refunded,253
290290 secured, and replaced in accordance with the provisions of this Act.254
291291 S. B. 368
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293293 SECTION 12.
294294 255
295295 Revenue bonds; conditions precedent to issuance.256
296296 The authority shall adopt a resolution authorizing the issuance of the revenue bonds. In the257
297297 resolution, the authority shall determine that the project financed with the proceeds of such258
298298 revenue bonds is self-liquidating. Revenue bonds may be issued without any other259
299299 proceedings or the happening of any other conditions or things other than those proceedings,260
300300 conditions, and things which are specified or required by this Act. Any resolution providing261
301301 for the issuance of revenue bonds under the provisions of this Act shall become effective262
302302 immediately upon its passage and need not be published or posted, and any such resolution263
303303 may be passed at any regular or special meeting of the authority by a majority of its members264
304304 present and voting.265
305305 SECTION 13.266
306306 Credit not pledged.267
307307 Revenue bonds of the authority shall not be deemed to constitute a debt of any member268
308308 entity, any other county, municipality, local authority, or political subdivision in the region269
309309 that is not a member entity, or the State of Georgia, nor a pledge of the faith and credit of this270
310310 state or such county or municipality, but such revenue bonds shall be payable solely from the271
311311 fund hereinafter provided for. The issuance of such revenue bonds shall not directly,272
312312 indirectly, or contingently obligate this state or such county or municipality to levy or pledge273
313313 any form of taxation whatsoever for payment of such revenue bonds or to make any274
314314 appropriation for their payment, and all such revenue bonds shall contain recitals on their275
315315 face covering substantially the foregoing provisions of this section. Notwithstanding the276
316316 foregoing provisions, this Act shall not affect the ability of the authority and any political277
317317 subdivision to enter into an intergovernmental contract pursuant to which the political278
318318 S. B. 368
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320320 subdivision agrees to pay amounts sufficient to pay operating charges and other costs of the
321321 279
322322 authority or any project including, without limitation, the principal of and interest on revenue280
323323 bonds in consideration for services or facilities of the authority.281
324324 SECTION 14.282
325325 Trust indenture as security.283
326326 In the discretion of the authority, any issuance of revenue bonds may be secured by a trust284
327327 indenture by and between the authority and a corporate trustee, which may be any trust285
328328 company or bank having the powers of a trust company within or without this state. Either286
329329 the resolution providing for the issuance of the revenue bonds or such trust indenture may287
330330 contain such provisions for protecting and enforcing the rights and remedies of the288
331331 bondholders as may be reasonable and proper and not in violation of law, including289
332332 covenants setting forth the duties of the authority in relation to the acquisition and290
333333 construction of the project, the maintenance, operation, repair, and insuring of the project,291
334334 and the custody, safeguarding, and application of all money.292
335335 SECTION 15.293
336336 Trust indenture as security; remedies of bondholders.294
337337 Any holder of revenue bonds and the trustee under the trust indenture, if any, except to the295
338338 extent that the rights given herein may be restricted by resolution passed before the issuance296
339339 of the revenue bonds or by the trust indenture, may, either at law or in equity, by suit, action,297
340340 mandamus, or other proceedings, protect and enforce any and all rights it may have under298
341341 the laws of the state, including specifically, but without limitation, the Revenue Bond Law,299
342342 or granted hereunder or under such resolution or trust indenture and may enforce and compel300
343343 performance of all duties required by this Act or by such resolution or trust indenture to be301
344344 S. B. 368
345345 - 13 - 25 LC 47 3655
346346 performed by the authority or any officer thereof, including the fixing, charging, and
347347 302
348348 collecting of revenues, fees, tolls, fines, and other charges for the use of the facilities and303
349349 services furnished.304
350350 SECTION 16.305
351351 Trust indenture as security; validation.306
352352 Revenue bonds and the security therefor shall be issued, confirmed, and validated in307
353353 accordance with the provisions of the Revenue Bond Law. The petition for validation shall308
354354 also make a member entity or member entities party defendant to such action if such political309
355355 subdivision or subdivisions have contracted with the authority for services or facilities310
356356 relating to the project for which revenue bonds are to be issued and sought to be validated,311
357357 and such defendant shall be required to show cause, if any exists, as to why such contract or312
358358 contracts shall not be adjudicated as a part of the basis for the security for the payment of any313
359359 such revenue bonds. The revenue bonds, when validated, and the judgment of validation314
360360 shall be final and conclusive with respect to such revenue bonds and the security for the315
361361 payment thereof and interest thereon and against the authority and all other defendants.316
362362 SECTION 17.317
363363 To whom proceeds of bonds shall be paid.318
364364 In the resolution providing for the issuance of revenue bonds or in the trust indenture, the319
365365 authority shall provide for the payment of the proceeds of the sale of the revenue bonds to320
366366 any officer or person who, or any agency, bank, or trust company which, shall act as trustee321
367367 of such funds and shall hold and apply the same to the purposes thereof, subject to such322
368368 regulations as this Act and such resolution or trust indenture may provide.323
369369 S. B. 368
370370 - 14 - 25 LC 47 3655
371371 SECTION 18.
372372 324
373373 Sinking fund.325
374374 The money received pursuant to an intergovernmental contract and the revenues, fees, tolls,326
375375 fines, charges, and earnings derived from any particular project or projects, regardless of327
376376 whether or not such revenues, fees, tolls, fines, charges, and earnings were produced by a328
377377 particular project for which revenue bonds have been issued, unless otherwise pledged and329
378378 allocated, may be pledged and allocated by the authority to the payment of the principal and330
379379 interest on revenue bonds of the authority as the resolution authorizing the issuance of the331
380380 revenue bonds or the trust indenture may provide. Such funds so pledged from whatever332
381381 source received may be set aside at regular intervals as may be provided in such resolution333
382382 or trust indenture into a sinking fund, which sinking fund shall be pledged to and charged334
383383 with the payment of:335
384384 (1) The interest upon such revenue bonds as the same shall fall due;336
385385 (2) The principal or purchase price of such revenue bonds as the same shall fall due; 337
386386 (3) Any premium upon such revenue bonds as the same shall fall due;338
387387 (4) The purchase of such revenue bonds in the open market; and339
388388 (5) The necessary charges of the paying agent for paying principal and interest.340
389389 The use and disposition of such sinking fund shall be subject to such regulations as may be341
390390 provided in the resolution authorizing the issuance of the revenue bonds or in the trust342
391391 indenture, but, except as may otherwise be provided in such resolution or trust indenture,343
392392 such sinking fund shall be maintained as a trust account for the benefit of all revenue bonds344
393393 without distinction or priority of one over another.345
394394 S. B. 368
395395 - 15 - 25 LC 47 3655
396396 SECTION 19.
397397 346
398398 Venue and jurisdiction.347
399399 Any action to protect or enforce any rights under this Act or under Article 3 of Chapter 82348
400400 of Title 36 of the O.C.G.A., the "Revenue Bond Law," or any suit or action against the349
401401 authority shall be brought in any superior court with jurisdiction over a member entity, and350
402402 any action pertaining to validation of any bonds issued under this Act shall likewise be351
403403 brought in said court, which shall have jurisdiction of such actions.352
404404 SECTION 20.353
405405 Interest of bondholders protected.354
406406 While any of the revenue bonds issued by the authority remain outstanding, the powers,355
407407 duties, or existence of such authority or its officers, employees, or agents shall not be356
408408 diminished or impaired in any manner that will affect adversely the interests and rights of the357
409409 holders of such revenue bonds; and no other entity, department, agency, or authority shall358
410410 be created which will compete with the authority to such an extent as to affect adversely the359
411411 interests and rights of the holders of such revenue bonds, nor shall the state itself so compete360
412412 with the authority. The provisions of this Act shall be for the benefit of the authority and the361
413413 holders of any such revenue bonds, and, upon the issuance of such revenue bonds under the362
414414 provisions of this Act, shall constitute a contract with the holders of such revenue bonds.363
415415 S. B. 368
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417417 SECTION 21.
418418 364
419419 Moneys received considered trust funds.365
420420 All moneys received pursuant to the authority of this Act, whether as proceeds from the sale366
421421 of revenue bonds, as grants or other contributions, or as revenues, fees, and earnings, shall367
422422 be deemed to be trust funds to be held and applied solely as provided in this Act.368
423423 SECTION 22.369
424424 Rates, charges, and revenues; use.370
425425 The authority is authorized to prescribe, fix, and collect rates, fees, tolls, or charges and to371
426426 revise from time to time and collect such rates, fees, tolls, or charges for the services,372
427427 facilities, or commodities furnished and, in anticipation of the collection of the revenues of373
428428 such undertaking or project, to issue revenue bonds as provided in this Act to finance in374
429429 whole or in part the cost of the acquisition, construction, reconstruction, improvement,375
430430 betterment, or extension of a project and to pledge to the punctual payment of said bonds and376
431431 interest thereon all or any part of the revenues of such undertakings or projects, including the377
432432 revenues of improvements, betterments, or extensions thereafter made.378
433433 SECTION 23.379
434434 Rules and regulations for operation of projects.380
435435 It shall be the duty of the authority to prescribe rules and regulations for the operation of the381
436436 project or projects constructed under the provisions of this Act, including the basis on which382
437437 water service and facilities shall be furnished.383
438438 S. B. 368
439439 - 17 - 25 LC 47 3655
440440 SECTION 24.
441441 384
442442 Financial statements and audit reports.385
443443 (a) The authority shall establish a fiscal year for its operation, and, as soon after the end of386
444444 each fiscal year as is feasible, the authority shall cause to be prepared and printed a report387
445445 and financial statement of the authority's operations for the fiscal year just ended and of its388
446446 assets and liabilities. A copy of such report shall be sent to the governing authority or body389
447447 of each member entity, and additional copies shall be made available for distribution to the390
448448 general public on written request therefor, subject to the provisions of Article 4 of Chapter391
449449 18 of Title 50 of the O.C.G.A.392
450450 (b) The authority shall appoint in due time each year a firm of independent certified public393
451451 accountants as auditors who shall examine the books, records, and accounts of the authority394
452452 for the purpose of auditing and reporting upon its financial statement for such year. The395
453453 report of such auditors shall be appended to such financial statement.396
454454 (c) Whenever the authority deems it necessary or advisable, it shall be authorized to employ397
455455 a firm of qualified independent engineers to survey the condition of the authority's facilities398
456456 and operations from an engineering standpoint and to make a report thereof, together with399
457457 its recommendations for improvement in its physical facilities and operating procedures. A400
458458 copy of such report shall be sent to the governing authority or body of each member entity,401
459459 and additional copies shall be made available for distribution to the general public on written402
460460 request therefor.403
461461 SECTION 25.404
462462 Powers declared supplemental and additional.405
463463 The foregoing sections of this Act shall be deemed to provide an additional and alternative406
464464 method for doing the things authorized thereby, shall be regarded as supplemental and407
465465 S. B. 368
466466 - 18 - 25 LC 47 3655
467467 additional to powers conferred by other laws, and shall not be regarded as being in
468468 408
469469 derogation of any powers now existing.409
470470 SECTION 26.410
471471 Tort immunity.411
472472 To the extent permitted by law, the authority shall have the same immunity and exemption412
473473 from liability for torts and negligence as a Georgia county; and the officers, agents, and413
474474 employees of the authority when in the performance of the work of the authority shall have414
475475 the same immunity and exemption from liability for torts and negligence as the officers,415
476476 agents, and employees of a county when in the performance of their public duties or work416
477477 of the county.417
478478 SECTION 27.418
479479 Liberal construction of Act.419
480480 This Act, being for the welfare of various political subdivisions of this state and its420
481481 inhabitants, shall be liberally construed to effect the purposes hereof.421
482482 SECTION 28.422
483483 Powers of counties, municipalities, and other local authorities.423
484484 This Act shall not in any way take from any counties, municipalities, political subdivisions,424
485485 or other local authorities the authorization to own, operate, and maintain reservoirs, water425
486486 systems, or recreational facilities on or around reservoirs or issue revenue certificates as is426
487487 provided by Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law."427
488488 S. B. 368
489489 - 19 - 25 LC 47 3655
490490 SECTION 29.
491491 428
492492 Severability; effect of partial invalidity of Act.429
493493 The provisions of this Act are severable, and if any of its provisions shall be held430
494494 unconstitutional by any court of competent jurisdiction, the decision of such court shall not431
495495 affect or impair any of the remaining provisions.432
496496 SECTION 30.433
497497 Repealer.434
498498 All laws and parts of laws in conflict with this Act are repealed.435
499499 S. B. 368
500500 - 20 -