Bill Text: GA HB1060 | 2009-2010 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Georgia Ports Authority; comprehensive revisions; provide
Spectrum: Moderate Partisan Bill (Republican 6-1)
Status: (Passed) 2010-06-03 - Effective Date [HB1060 Detail]
Download: Georgia-2009-HB1060-Introduced.html
Bill Title: Georgia Ports Authority; comprehensive revisions; provide
Spectrum: Moderate Partisan Bill (Republican 6-1)
Status: (Passed) 2010-06-03 - Effective Date [HB1060 Detail]
Download: Georgia-2009-HB1060-Introduced.html
10 LC 18
8778
House
Bill 1060
By:
Representatives Stephens of the
164th,
Williams of the
165th,
Barnard of the
166th,
Parrish of the
156th,
O`Neal of the
146th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 2 of Title 52 of the Official Code of Georgia Annotated, relating
to the Georgia Ports Authority, so as to provide for the comprehensive revision
of provisions regarding such authority; to change certain provisions regarding
definitions; to change certain provisions regarding projects and facilities; to
change certain provisions regarding powers of such authority; to change certain
provisions regarding revenue bonds; to change certain provision regarding fees,
rentals, and charges; to change certain provisions regarding operational duties;
to change certain provision regarding status, investment, sale, and reinvestment
of moneys; to provide for related matters; to provide an effective date; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
2 of Title 52 of the Official Code of Georgia Annotated, relating to the Georgia
Ports Authority, is amended by revising Code Section 52-2-2, relating to
definitions regarding such authority, as follows:
"52-2-2.
As
used in this chapter, the term:
(1)
'Authority' means the Georgia Ports Authority created by Code Section
52-2-4.
(2)
'Bonds' or 'revenue bonds' means any bonds issued by the authority under this
chapter, including refunding bonds.
(3)
'Cost of the project' means the cost of
acquisition
and construction, the cost of all lands,
properties, rights, easements, and franchises acquired, the cost of all
machinery and equipment, financing charges, interest prior to and during
construction
or
installation and for
one
year
up to three
years after completion of construction
or
installation, cost of engineering,
architectural, and legal expenses and of plans and specifications and other
expenses necessary or incident to determining the feasibility or practicability
of the project, administrative expense,
the costs of
establishing and maintaining any necessary funds and reserve funds with respect
to the financing or operation of any
project, and such other expenses as may be
necessary or incident to the financing herein authorized,
the
including the
fees and costs of trustees, paying agents, remarketing agents, and other fiscal
agents, costs of bond insurance, letter of credit fees, reimbursement agreement
fees, and other loan, credit enhancement, or guarantee fees and, to the
completion of construction
or
installation of any project, the placing
of the same in operation, and the condemnation of property necessary for such
construction,
installation, and operation.
(4)
'Harbor' includes any place natural or artificial in which vessels capable of
moving articles of commerce on water may be loaded, unloaded, or
accommodated.
(5)
'Port' and 'seaport' include any place natural or artificial in which seagoing
vessels may be sheltered or loaded or unloaded.
(6)
'Project' includes wharves, docks, ships, piers, quays, elevators,
cranes, cargo
handling equipment, computer hardware and software,
technology, compresses, refrigeration
storage plants, and warehouses and may include buildings and facilities
or equipment
and machinery to be used in the
manufacturing, processing, assembling, storing, or handling of any
cargo,
agricultural or manufactured produce or products or produce and products of
mining or industry, if the use and operation thereof, in the judgment of the
authority, will result in the increased use of port facilities, the development
of the system of state docks, or, in connection therewith, promote the
agricultural, industrial, and natural resources of this state; provided,
however,
that
no such building or facility
may
shall
be constructed by the authority unless the building or facility is located on or
in the environs of property
now owned
by
in
which the
authority,
or hereafter acquired by the authority, for port development
purposes
has an
interest. Any project may include other
structures and any and all facilities needful for the convenient use of the same
in the aid of commerce, including the dredging of
harbors
and approaches thereto and the
construction of belt-line railroads, railroad sidings, roads, highways, bridges,
causeways, and approaches, necessary or useful in connection therewith, and
shipping facilities and transportation facilities incident thereto and useful or
convenient for the use thereof, including terminal railroads, and also airports,
seaplane bases, and air transportation terminals. There may be included as a
part of any project any public utility facilities necessary or desirable to
supply public utility services to other parts of such project or to the users of
any of the facilities of the authority, which public utility facilities may
include,
but
without limitation, facilities for the supplying of electricity, gas, and water
and for the collection and disposal of storm and sanitary sewage. There may be
included as part of any project all appurtenances, equipment, and machinery of
every kind and nature necessary or desirable for the full utilization of the
project."
SECTION
2.
Said
chapter is further amended by revising Code Section 52-2-3, relating to projects
and facilities of such authority, as follows:
"52-2-3.
Any
project shall be deemed
'self-liquidating'
if, in the judgment of the authority, the revenues and earnings
thereof
of the
authority or of the project or from the terminal or facilities of which the
project shall become a part will be
sufficient to pay the cost of constructing, maintaining, repairing, and
operating the project and to pay the principal and interest of revenue bonds
which may be issued for the cost of such project. Any buildings or facilities
acquired by the authority under this chapter which are to be utilized in the
manufacturing, processing, assembling, storing, or handling of any agricultural
or manufactured produce or products or produce and products of mining or
industry, which may be acquired by the authority for operation by a corporation,
entity, or persons other than the authority, as distinguished from facilities
acquired by the authority for operation by it as a port and allied facilities
for the direct use of the public, shall be acquired and financed under this
chapter only if, prior to the issuance of bonds therefor, the authority shall
have entered into a lease or leases thereof or an agreement or agreements for
the sale thereof pursuant to the terms of which the lessees or purchasers shall
pay to the authority such rentals or installment purchase payments, or both, as
upon the basis of determinations and findings to be made by the authority will
be fully sufficient to pay principal of and interest on the bonds issued by the
financing thereof, to build up and maintain any reserves deemed by the authority
to be advisable in connection therewith, and to pay the cost of maintaining the
buildings and facilities in good repair and of keeping them properly insured,
unless the leases or agreements obligate the lessees or purchasers to pay for
such insurance or maintenance. The authority is given full power and discretion
to enter into any such agreements or leases as may in its judgment be desirable
for the best interests of the authority. Any such agreement or lease may
provide that any surplus capacity of the buildings or facilities which are the
subject matter thereof may be utilized by and for the benefit of the general
public, in which
event,
such surplus capacity may be maintained or operated, or both, by either the
authority or by the lessee or purchaser under the lease or agreement, or in part
by each, all as may be provided in the lease or agreement. Any project may
include in part one or more buildings or facilities or combinations thereof to
be leased or sold as provided in this
paragraph
Code
section and in part other facilities
described in paragraph (6) of Code Section 52-2-2, the revenues of the whole
being allocated and pledged to the financing of the project as a whole; and in
such
event,
the requirements of this
paragraph
Code
section applicable to buildings or
facilities to be leased or sold shall be applicable only to the part of the
project which consists of the buildings or facilities to be so leased or
sold."
SECTION
3.
Said
chapter is further amended by revising Code Section 52-2-9, relating to powers
of such authority, as follows:
"52-2-9.
The
authority shall have the following powers:
(1)
To have a seal and alter the same at pleasure;
(2)
To acquire, hold, and dispose of personal property for its corporate
purposes;
(3)
To acquire in its own name by purchase, on such terms and conditions and in such
manner as it may deem proper, or by condemnation in accordance with and subject
to any and all existing laws applicable to the condemnation of property for
public use, real property or rights of easements therein or franchises necessary
or convenient for its corporate purposes and to use the same so long as its
corporate existence shall continue and to lease or make contracts with respect
to the use of or to dispose of the same in any manner it deems to the best
advantage of the authority. The authority shall be under no obligation to
accept and pay for any property condemned under this chapter, except from the
funds provided under the authority of this chapter. In any proceedings to
condemn, such orders may be made by the court having jurisdiction of the suit,
action, or proceeding as may be just to the authority and to the owners of the
property to be condemned. No property shall be acquired under this chapter upon
which any lien or other encumbrance exists unless at the time the property is so
acquired a sufficient sum of money is deposited in trust to pay and redeem the
lien or encumbrance in full; provided, however, that nothing in this paragraph
shall prohibit the authority from acquiring property, real or personal, tangible
or intangible, from the Brunswick Port Authority as otherwise authorized under
this chapter and the laws of this state; and, if the authority deems it
expedient to construct any project on lands the title to which then is in the
State of Georgia, the Governor is authorized to convey, for and in behalf of the
state, title to such lands to the authority upon payment to the Office of
Treasury and Fiscal Services for the credit of the
sinking
general
fund of the state
treasury
of the reasonable value of such lands, such value to be determined by three
appraisers to be agreed upon by the Governor and the
chairman
chairperson
of the authority;
(4)
To appoint and select officers, agents, and employees, including engineering,
architectural, and construction experts and attorneys, and to fix their
compensation;
(5)
To make contracts and to execute all instruments necessary or convenient,
including contracts for
acquisition,
construction,
and installation of projects and leases of
projects or contracts with respect to the use of projects which it causes to be
erected or acquired, and to make such contracts and leases with the state, state
institutions, and departments and agencies of the state; rentals under leases
with the state or any department, agency, or institution of the state shall be
paid as provided in the lease contracts from funds appropriated for such
purposes by the terms of the Constitution of this state
or from any
other funds lawfully
available.
(6)
To construct, erect, acquire, own, repair, remodel, maintain, add to, extend,
improve, equip, operate, and manage projects, as defined in paragraph (6) of
Code Section 52-2-2, to be located on property owned by the authority, the cost
of any such project to be paid from the proceeds of revenue bonds
or other
obligations of the authority or from such
proceeds and any grant from the United States of America or any agency or
instrumentality thereof;
(7)
To accept loans and grants, either or both, of money or materials or property of
any kind from the United States of America or any agency or instrumentality
thereof upon such terms and conditions as the United States of America or such
agency or instrumentality may impose;
(8)
To borrow money for any of its corporate purposes and to issue negotiable
revenue bonds payable from earnings of such projects and to provide for the
payment of the same and for the rights of the holders thereof;
(9)
To exercise any power usually possessed by private corporations performing
similar functions which is not in conflict with the Constitution and laws of
this state;
(10)
To do all things necessary or convenient to carry out the powers expressly given
in this chapter;
(11)
To act as agent for the United States of America or any agency, department,
corporation, or instrumentality thereof in any matter coming within the purposes
or powers of the authority;
(12)
To adopt, alter, or repeal its own bylaws, rules, and regulations governing the
manner in which its business may be transacted and in which the power granted to
it may be enjoyed, as the authority may deem necessary or expedient in
facilitating its business;
(13)
To do any and all other acts and things in this chapter authorized or required
to be done, whether or not included in the general powers mentioned in this Code
section;
(14)
To receive gifts, donations, or contributions from any person, firm, or
corporation;
(15)
To contract with any municipality or county for the leasing, operation, or
management of real or personal property in or adjacent to any seaport of this
state;
(16)
To develop and improve the harbors or seaports of this state for the handling of
waterborne commerce from and to any part of this state and other states and
foreign countries;
(17)
To acquire, construct, equip, maintain, develop, and improve said harbors or
seaports and their port facilities;
(18)
To foster and stimulate the shipment of freight and commerce through such ports,
whether originating within or without this state, including the investigation
and handling of matters pertaining to all transportation rates and rate
structures affecting the same;
(19)
To own, lease, and operate tug boats, locomotives, and any and every kind of
character of motive power and conveyances or appliances necessary or proper to
carry passengers, goods, wares, merchandise, or articles of commerce in, on, or
around its projects;
(20)
To hold, use, administer, and expend such sum or sums as may hereafter be
appropriated by authority of the General Assembly for any of the purposes of the
authority;
(21)
To do any other things necessary or proper to foster or encourage the commerce,
domestic or foreign, of the state, of the United States of America, or of the
several sister states; and
(22)
To appoint and select employees designated as security guards who shall have a
limited power to make arrests for certain offenses committed on any property
under the jurisdiction of the Georgia Ports Authority."
SECTION
4.
Said
chapter is further amended by revising Code Section 52-2-11, relating to
additional powers regarding indebtedness, as follows:
"52-2-11.
The
Georgia Ports Authority shall have and may exercise the following
powers:
(1)
The authority may borrow money for its corporate purposes and may execute
and deliver
long-term and short-term notes, commercial paper, bond anticipation notes, and
other obligations or evidences of
indebtedness therefor and may secure such indebtedness in such manner as the
authority may provide by its resolution authorizing the indebtedness to be
incurred, provided that the authority shall not pledge to the payment of the
indebtedness revenue pledged to the payment of any other indebtedness then
outstanding or encumber property in violation of the terms of any existing
contract, agreement, or trust indenture securing existing
indebtedness.
(2)
The authority may from time to time sell or otherwise dispose of surplus
personal property and may sell or otherwise dispose of land and any improvements
thereon acquired by the authority pursuant to law and which the authority may
determine is not required for port or warehouse operations or for the future
expansion and improvement of the state system of docks, including property which
is suitable for industrial development. Any such property may be sold, leased,
or otherwise disposed of upon such terms and conditions as may be provided by
resolution of the authority. The proceeds of any such sale shall be used by the
authority for the purposes provided by law. However, any sale of land or leasing
of same and mortgaging of same or conveying the same as security for a loan as
provided under this Code section shall be first approved in writing by the
Governor, the state auditor, and the Attorney General."
SECTION
5.
Said
chapter is further amended by revising Code Section 52-2-19, relating to revenue
bonds, as follows:
"52-2-19.
The
bonds may be issued in
coupon,
or
in
registered, or
book-entry form,
or
both, as the authority may determine, and
provision may be made for the registration of any coupon bond as to principal
alone and also as to both principal and interest."
SECTION
6.
Said
chapter is further amended by revising Code Section 52-2-23, relating to
approval of revenue bonds, as follows;
"52-2-23.
Whenever
the authority determines to issue its bonds
or other
obligations, it shall
call upon
obtain
the approval
of the Georgia
Building
Authority to render advice and to perform, as its agent, ministerial services in
connection with the marketing of the
bonds.
State
Financing and Investment Commission and otherwise comply with the provisions of
Article 2 of Chapter 17 of Title 50, the 'Georgia State Financing and Investment
Commission Act.'"
SECTION
7.
Said
chapter is further amended by revising Code Section 52-2-31, relating to fees,
rentals, and charges, as follows:
"52-2-31.
(a)
The authority is authorized to fix and to revise from time to time fees,
rentals, and other charges for the use of each project and for the services and
facilities furnished by the same and to charge and collect the same and to lease
and to make contracts with any person, firm, or corporation with respect to the
use of any project or part thereof. Such rentals and other charges shall be so
fixed and adjusted in respect of the aggregate thereof from the project or
projects for which a single issue of revenue bonds is
issued,
or from the
authority or the terminal or facilities of which the project or projects are a
part, so as to provide a fund sufficient
with other revenues of the project or projects, if any, to pay:
(1)
The cost of new construction of projects;
(2)
The cost of maintaining, repairing, and operating the project or projects,
including reserves for extraordinary repairs and insurance and other reserves
required by the resolution or trust indenture, unless such cost shall be
otherwise provided for; and
(3)
The principal of the revenue bonds and the interest thereon as the same shall
become due.
(b)
The revenues and earnings derived from the projects for which a single issue of
bonds is issued
or from the
authority or the terminal or facilities of which the project or projects are a
part, except
the part
of such
part
thereof
revenues and
earnings as may be required to pay the
cost of maintaining, repairing, and operating the project or projects
or the
terminal or facilities of which the project or projects are a
part, and to provide such reserves
therefor as may be provided for in the resolution authorizing the issuance of
the revenue bonds or in the trust indenture, shall be set aside at such regular
intervals as may be provided in the resolution or the trust indenture in a
sinking fund which is pledged to, and charged with the payment of:
(1)
The interest upon the revenue bonds as the interest falls due;
(2)
The principal of the bonds as the same falls due;
(3)
The necessary charges of paying agents for paying principal and interest;
and
(4)
Any premium upon bonds retired by call or purchase as hereinabove
provided.
The
use and disposition of such sinking fund shall be subject to such regulations as
may be provided in the resolution authorizing the issuance of the revenue bonds
or in the trust indenture, but, except as may otherwise be provided in the
resolution or trust indenture, the sinking fund shall be a fund for the benefit
of all revenue bonds without distinction or priority of one over another.
Subject to the provisions of the resolution authorizing the issuance of the
revenue bonds or the trust indenture, any moneys in such sinking fund in excess
of an amount equal to one year's interest on all revenue bonds then outstanding
may be applied to the purchase or redemption of bonds. All revenue bonds so
purchased or redeemed shall forthwith be canceled and shall not again be
issued."
SECTION
8.
Said
chapter is further amended by revising Code Section 52-2-33, relating to
operational duties, as follows:
"52-2-33.
It
shall be the duty of the authority to prescribe rules and regulations for the
operation of each project constructed under this chapter, including rules and
regulations to ensure maximum use of each such project, and to impose rentals
and other charges for the use of the facilities furnished by
or related to
the use of such project and to collect the
same from all persons, firms, or corporations using the same."
SECTION
9.
Said
chapter is further amended by revising Code Section 52-2-36, relating to status,
investment, sale, and reinvestment of moneys, as follows:
"52-2-36.
(a)
All moneys received pursuant to the authority of this chapter, whether as
proceeds from the sale of revenue bonds, as grants or other contributions, or as
revenues and earnings, shall be deemed to be trust funds to be held and applied
solely as provided in this chapter. The authority shall, in the resolution
providing for the issuance of revenue bonds or in the trust indenture, provide
for the payment of the proceeds of the sale of the bonds and the earnings and
revenues to be received to any officer who or any agency, bank, or trust company
which shall act as trustee of such funds and shall hold and apply the funds to
the purposes of this chapter, subject to such regulations as this chapter and
the resolution or trust indenture may provide.
(b)
Subject to such restriction as provided by resolution passed before the issuance
of its bonds or by the trust indenture securing the bonds, the authority may
invest any moneys received by it pursuant to authority of this chapter in
obligations which are eligible as security for the investment of trust funds
under the
rules and regulations of the Federal Reserve
Board; and the authority may, by
resolution, provide for the sale of any such investment and for the reinvestment
of the proceeds thereof."
SECTION
10.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
11.
All
laws and parts of laws in conflict with this Act are repealed.