Bill Text: GA HB589 | 2011-2012 | Regular Session | Introduced
Bill Title: City of Peachtree City Public Facilities Authority; create
Spectrum: Bipartisan Bill
Status: (Passed) 2011-05-13 - Effective Date [HB589 Detail]
Download: Georgia-2011-HB589-Introduced.html
11 LC
35 2229/AP
House
Bill 589 (AS PASSED HOUSE AND SENATE)
By:
Representatives Ramsey of the
72nd
and Fludd of the
66th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
create the City of Peachtree City Public Facilities Authority and to provide for
the appointment of members of the authority; to confer powers upon the
authority; to authorize the issuance of revenue bonds of the authority and to
authorize the collection for the payment of such revenue bonds; to make the
revenue bonds of the authority exempt from taxation to fix and provide the venue
and jurisdiction of actions relating to any provisions of this Act; to provide
for the validation of bonds; to provide for related matters; to provide for an
effective date; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Short title.
Short title.
This
Act shall be known and may be cited as the "City of Peachtree City Public
Facilities Authority Act."
SECTION
2.
City of Peachtree City Public Facilities Authority.
City of Peachtree City Public Facilities Authority.
(a)
There is created a public body corporate and politic to be known as the "City
of Peachtree City Public Facilities Authority," which shall be deemed to be a
political subdivision of the state and a public corporation, and by that name,
style, and title said body may contract and be contracted with, sue and be sued,
implead and be impleaded, and complain and defend in all courts of law and
equity. The authority shall have perpetual
existence.
(b) The authority shall consist of five members who shall be appointed by the mayor and council of the City of Peachtree City. City councilmembers and the mayor may be appointed as members of the authority. With respect to the initial appointment by the mayor and council of the City of Peachtree City, two members shall be appointed for a term of three years, two members shall be appointed for a term of two years, and one member shall be appointed for a term of one year. Thereafter, all appointments shall be made for terms of three years and until successors are appointed and qualified. Immediately after such appointments the members of the authority shall enter upon their duties. To be eligible for appointment as a member of the authority a person shall be at least 21 years of age, shall be a resident of the City of Peachtree City, Georgia, for at least two years prior to the date of his or her appointment, and shall not have been convicted of a felony. Any member of the authority may be selected and appointed to succeed himself or herself.
(c) The mayor and council of the City of Peachtree City may provide by resolution for compensation for the services of the members of the authority in such amounts as they may deem appropriate; provided, however, that such members shall be reimbursed for their actual expenses necessarily incurred in the performance of their duties.
(d) The members of the authority shall elect one of their members to act as chairperson and another as vice chairperson. The members of the authority shall also elect a secretary, who need not be a member of the authority, and may also elect a treasurer, who need not be a member of the authority. The secretary may also serve as treasurer. If the secretary and treasurer are not members of the authority, such officers shall have no voting rights. Each of such officers shall serve for a period of one year and until their successors are duly elected and qualified.
(e) Four members of the authority shall constitute a quorum. No vacancy on the authority shall impair the right of the quorum to exercise all of the rights and perform all of the duties of the authority.
(b) The authority shall consist of five members who shall be appointed by the mayor and council of the City of Peachtree City. City councilmembers and the mayor may be appointed as members of the authority. With respect to the initial appointment by the mayor and council of the City of Peachtree City, two members shall be appointed for a term of three years, two members shall be appointed for a term of two years, and one member shall be appointed for a term of one year. Thereafter, all appointments shall be made for terms of three years and until successors are appointed and qualified. Immediately after such appointments the members of the authority shall enter upon their duties. To be eligible for appointment as a member of the authority a person shall be at least 21 years of age, shall be a resident of the City of Peachtree City, Georgia, for at least two years prior to the date of his or her appointment, and shall not have been convicted of a felony. Any member of the authority may be selected and appointed to succeed himself or herself.
(c) The mayor and council of the City of Peachtree City may provide by resolution for compensation for the services of the members of the authority in such amounts as they may deem appropriate; provided, however, that such members shall be reimbursed for their actual expenses necessarily incurred in the performance of their duties.
(d) The members of the authority shall elect one of their members to act as chairperson and another as vice chairperson. The members of the authority shall also elect a secretary, who need not be a member of the authority, and may also elect a treasurer, who need not be a member of the authority. The secretary may also serve as treasurer. If the secretary and treasurer are not members of the authority, such officers shall have no voting rights. Each of such officers shall serve for a period of one year and until their successors are duly elected and qualified.
(e) Four members of the authority shall constitute a quorum. No vacancy on the authority shall impair the right of the quorum to exercise all of the rights and perform all of the duties of the authority.
SECTION
3.
Definitions.
Definitions.
As
used in this Act, the term:
(1)
"Authority" means the City of Peachtree City Public Facilities Authority created
by this Act.
(2)
"Costs of the project" means and embraces the cost of 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 and for six months after completion of construction; the cost of
engineering, architectural, fiscal agents, accounting, legal expenses, plans,
specifications, and other expenses necessary or incidental to determining the
feasibility or practicability of the project; administrative expenses and such
other expenses as may be necessary or incident to the financing herein
authorized; working capital; and all other costs necessary to acquire,
construct, add to, extend, improve, equip, operate, and maintain the
project.
(3)
"Project" means:
(A)
All buildings, facilities, and equipment necessary or convenient for the
efficient operation of the City of Peachtree City, Georgia, or any department,
agency, division, or commission thereof; and
(B)
Any undertaking permitted by the Revenue bond law.
(4)
"Revenue bond law" means the revenue bond laws of the State of Georgia found at
Article 3 of Chapter 82 of Title 36 of the O.C.G.A. or any other similar law
hereinafter enacted.
(5)
"Revenue bonds" means revenue bonds authorized to be issued pursuant to this
Act.
(6)
"Self-liquidating" means any project which the revenues and earnings to be
derived by the authority therefrom, including, but not limited to, any
contractual payments with governmental or private entities, and all properties
used, leased, and sold in connection therewith, together with any grants, will
be sufficient to pay the costs of operating, maintaining, and repairing the
project and to pay the principal and interest on the revenue bonds or other
obligations which may be issued for the purpose of paying the costs of the
project.
(7)
"State" means the State of Georgia.
SECTION
4.
Powers.
Powers.
The
authority shall have the power:
(1)
To have a seal and alter the same at its pleasure;
(2)
To acquire by purchase, lease, gift, condemnation, or otherwise, and to hold,
operate, maintain, lease, and dispose of real and personal property of every
kind and character 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 the
provisions of any and all existing laws applicable to the condemnation of
property for public use, real property or rights or 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 dispose of the same in any manner it
deems to the best advantage of the authority, the authority being under no
obligation to accept and pay for any property condemned under this Act, except
from the funds provided under the authority of this Act, and in any proceedings
to condemn, such orders may be made by the court having jurisdiction of the
suit, action, or proceedings as may be just to the authority and to the owners
of the property to be condemned, and no property shall be acquired under the
provisions of this Act upon which any lien or encumbrance exists, unless at the
time such property is so acquired a sufficient sum of money is to be deposited
in trust to pay and redeem the fair value of such lien or
encumbrances;
(4)
To appoint, select, and employ officers, agents, and employees, including
engineering, architectural, and construction experts, fiscal agents, and
attorneys, and fix their respective compensations;
(5)
To execute contracts, leases, installment sale agreements, and other agreements
and instruments necessary or convenient in connection with the acquisition,
construction, addition, extension, improvement, equipping, operation, or
maintenance of a project; and any and all persons, firms and corporations, and
the City of Peachtree City, Georgia, are authorized to enter into contracts,
leases, installment sale agreements, and other agreements or instruments with
the authority upon such terms and for such purposes as they deem advisable and
as they are authorized by law;
(6)
To acquire, construct, add to, extend, improve, equip, hold, operate, maintain,
lease, and dispose of projects;
(7)
To pay the costs of the project with the proceeds of revenue bonds or other
obligations issued by the authority or from any grant or contribution from the
United States of America or any agency or instrumentality thereof or from the
state or any agency or instrumentality or other political subdivision thereof or
from any other source whatsoever;
(8)
To accept loans or grants 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 require;
(9)
To accept loans or grants of money or materials or property of any kind from the
state or any agency or instrumentality or political subdivision thereof, upon
such terms and conditions as the state or such agency or instrumentality or
political subdivision may require;
(10)
To borrow money for any of its corporate purposes and to issue revenue bonds,
and to provide for the payment of the same and for the rights of the holders
thereof;
(11)
To exercise any power usually possessed by private corporations performing
similar functions, including the power to incur short-term debt and to approve,
execute, and deliver appropriate evidence of any such indebtedness;
and
(12)
To do all things necessary or convenient to carry out the powers expressly given
in this Act.
SECTION
5.
Revenue bonds.
Revenue bonds.
The
authority, or any authority or body which has or which may in the future succeed
to the powers, duties, and liabilities vested in the authority created by this
Act, shall have power and is authorized to provide by resolution for the
issuance of revenue bonds of the authority for the purpose of paying all or any
part of the costs of the project and for the purpose of refunding revenue bonds
or other obligations previously issued. The principal of and interest on such
revenue bonds shall be payable solely from the special fund provided for such
payment. The revenue bonds of each issue shall be dated, shall bear interest at
such rate or rates per annum, payable at such time or times, shall mature at
such time or times not exceeding 40 years from their date or dates, shall be
payable in such medium of payment as to both principal and interest as may be
determined by the authority, and may be redeemable before maturity, at the
option of the authority, at such price or prices and under such terms and
conditions as may be fixed by the authority in the resolution for the issuance
of such revenue bonds.
SECTION
6.
Same; form; denomination; registration; place of payment.
Same; form; denomination; registration; place of payment.
The
authority shall determine the form of the revenue bonds and shall fix the
denomination or denominations of the revenue bonds. The revenue bonds may be
issued in coupon or registered form, or both, as the authority may determine,
and provision may be made for registration and exchangeability privileges. The
authority shall fix the place or places of payment of principal and interest
thereon.
SECTION
7.
Same; signatures; seal.
Same; signatures; seal.
All
such revenue bonds shall bear the manual or facsimile signature of the
chairperson or vice chairperson of the authority and the attesting manual or
facsimile signature of the secretary, assistant secretary, or
secretary-treasurer of the authority, and the official seal of the authority
shall be impressed or imprinted thereon. Any coupons attached thereto shall
bear the manual or facsimile signatures of the chairperson or vice chairperson
and the secretary, assistant secretary or secretary-treasurer of the authority.
Any revenue bonds or coupons attached thereto may bear the manual or facsimile
signature of such persons as at the actual time of the execution of such revenue
bonds or coupons shall be duly authorized or hold the proper office, although at
the date of issuance of such revenue bonds such person may not have been so
authorized or shall not have held such office. In case any officer whose
signature shall appear on any revenue bond or any coupon shall cease to be such
officer before the delivery of such revenue bond, such signature shall
nevertheless be valid and sufficient for all purposes, the same as if that
person had remained in office until such delivery.
SECTION
8.
Same; negotiability; exemption from taxation.
Same; negotiability; exemption from taxation.
All
revenue bonds shall have and are declared to have all the qualities and
incidents of negotiable instruments under the laws of the state. All revenue
bonds, their transfer, and the income therefrom shall be exempt from all
taxation within the state.
SECTION
9.
Same; sale; price; proceeds.
Same; sale; price; proceeds.
The
authority may sell revenue bonds in such manner and for such price as it may
determine to be in the best interest of the authority. The proceeds derived
from the sale of revenue bonds shall be used solely for the purpose or purposes
provided in the resolutions and proceedings authorizing the issuance of such
revenue bonds.
SECTION
10.
Same; interim receipts and certificates or temporary bonds.
Same; interim receipts and certificates or temporary bonds.
Prior
to the preparation of any definitive revenue bonds, the authority may, under
like restrictions, issue interim receipts, interim certificates, or temporary
revenue bonds, with or without coupons, exchangeable for definitive revenue
bonds upon the issuance of the latter.
SECTION
11.
Same; replacement of lost or mutilated bonds.
Same; replacement of lost or mutilated bonds.
The
authority may provide for the replacement of any revenue bonds or coupons which
shall become mutilated or be destroyed or lost.
SECTION
12.
Same; conditions precedent to issuance.
Same; conditions precedent to issuance.
The
authority shall adopt a resolution authorizing the issuance of the revenue
bonds. In the resolution, the authority shall determine that the project
financed with the proceeds of the revenue bonds is self-liquidating. Revenue
bonds may be issued without any other proceedings or the happening of any other
conditions or things other than those proceedings, conditions, and things which
are specified or required by this Act. Any resolution providing for the
issuance of revenue bonds under the provisions of this Act shall become
effective immediately upon its passage and need not be published or posted, and
any such resolution may be passed at any regular or special or adjourned meeting
of the authority by a majority of its members.
SECTION
13.
Credit not pledged.
Credit not pledged.
Revenue
bonds shall not be deemed to constitute a debt of the City of Peachtree City,
Georgia, nor a pledge of the faith and credit of the city, but such revenue
bonds shall be payable solely from the fund provided for in this Act. The
issuance of such revenue bonds shall not directly, indirectly, or contingently
obligate the city to levy or to pledge any form of taxation whatsoever for
payment of such revenue bonds or to make any appropriation for their payment,
and all such revenue bonds shall contain recitals on their face covering
substantially the foregoing provisions of this section. Notwithstanding the
foregoing provisions, this Act shall not affect the ability of the authority and
any political subdivision or municipality to enter into an intergovernmental
contract pursuant to which the political subdivision or municipality agrees to
pay amounts sufficient to pay operating charges and other costs of the authority
or any project including, without limitation, the principal of and interest on
revenue bonds in consideration for services or facilities of the
authority.
SECTION
14.
Trust indenture as security.
Trust indenture as security.
In
the discretion of the authority, any issuance of revenue bonds may be secured by
a trust indenture by and between the authority and a corporate trustee, which
may be any trust company or bank having the powers of a trust company inside or
outside the state. Either the resolution providing for the issuance of the
revenue bonds or such trust indenture may contain such provisions for protecting
and enforcing the rights and remedies of the bondholders as may be reasonable
and proper and not in violation of law, including covenants setting forth the
duties of the authority in relation to the acquisition and construction of the
project, the maintenance, operation, repair, and insuring of the project, and
the custody, safeguarding, and application of all moneys.
SECTION
15.
To whom proceeds of bonds shall be paid.
To whom proceeds of bonds shall be paid.
In
the resolution providing for the issuance of revenue bonds or in the trust
indenture, the authority shall provide for the payment of the proceeds of the
sale of the revenue bonds to any officer or person who, or any agency, bank, or
trust company which, shall act as trustee of such funds and shall hold and apply
the same to the purposes thereof subject to such regulations as this Act and
such resolution or trust indenture may provide.
SECTION
16.
Sinking fund
Sinking fund
The
moneys received pursuant to an intergovernmental contract and the revenues,
fees, tolls, charges, and earnings derived from any particular project or
projects, regardless of whether or not such revenues, fees, tolls, fines,
charges, and earnings were produced by a particular project for which revenue
bonds have been issued, unless otherwise pledged and allocated, may be pledged
and allocated by the authority to the payment of the principal and interest on
revenue bonds of the authority as the resolution authorizing the issuance of the
revenue bonds or in the trust indenture may provide, and such funds so pledged
from whatever source received shall be set aside at regular intervals as may be
provided in the resolution or trust indenture into a sinking fund, which sinking
fund shall be pledged to and charged with the payment of:
(1)
The interest upon such revenue bonds as such interest shall fall
due;
(2)
The principal or purchase price of such revenue bonds as the same shall fall
due;
(3)
Any premium upon such revenue bonds as the same shall fall due;
(4)
The purchase of such revenue bonds in the open market; and
(5)
The necessary charges of the paying agent for paying principal and
interest.
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 such
resolution or trust indenture, such sinking fund shall be maintained as a trust
account for the benefit of all revenue bonds without distinction or priority of
one over another.
SECTION
17.
Remedies of bondholders.
Remedies of bondholders.
Any
holder of revenue bonds or any of the coupons appertaining thereto, and the
trustee under the trust indenture, if any, except to the extent the rights
herein given may be restricted by resolution passed before the issuance of the
revenue bonds or by the trust indenture, may, either at law or in equity, by
suit, action, mandamus, or other proceedings, protect and enforce any and all
rights under the laws of the state, including specifically but without
limitation the revenue bond law, or granted hereunder or under such resolution
or trust indenture, and may enforce and compel performance of all duties
required by this Act or by such resolution or trust indenture to be performed by
the authority or any officer thereof, including the fixing, charging, and
collecting of revenues, fees, tolls, fines, and other charges for the use of the
facilities and services furnished.
SECTION
18.
Validation.
Validation.
Revenue
bonds and the security therefor shall be confirmed and validated in accordance
with the procedure of revenue bond law. The petition for validation shall also
make a party defendant to such action the state; any institution, department, or
other agency thereof; and any county, municipality, school district, or other
political subdivision or authority of the state which has contracted with the
authority for services or facilities relating to the project for which revenue
bonds are to be issued and sought to be validated, and such defendant shall be
required to show cause, if any exists, why such contract or contracts shall not
be adjudicated as a part of the basis for the security for the payment of any
such revenue bonds. The revenue bonds when validated and the judgment of
validation shall be final and conclusive with respect to such revenue bonds and
the security for the payment thereof and interest thereon and against the
authority and all other defendants.
SECTION
19.
Venue and jurisdiction.
Venue and jurisdiction.
Any
action to protect or enforce any rights under the provisions of this Act or any
suit or action against such authority shall be brought in the Superior Court of
Fayette County, Georgia, and any action pertaining to validation of any revenue
bonds issued under the provisions of this Act shall likewise be brought in said
court which shall have exclusive, original jurisdiction of such
actions.
SECTION
20.
Interest of bondholders protected.
Interest of bondholders protected.
While
any of the revenue bonds issued by the authority remain outstanding, the powers,
duties, or existence of the authority or its officers, employees, or agents
shall not be diminished or impaired in any manner that will affect adversely the
interests and rights of the holders of such revenue bonds, and no other entity,
department, agency, or authority will be created which will compete with the
authority to such an extent as to affect adversely the interest and rights of
the holders of such revenue bonds, nor will the state itself so compete with the
authority. The provisions of this Act shall be for the benefit of the authority
and the holders of any such revenue bonds and upon the issuance of such revenue
bonds under the provisions hereof shall constitute a contract with the holders
of such revenue bonds.
SECTION
21.
Moneys received considered trust funds.
Moneys received considered trust funds.
All
moneys received pursuant to the authority of this Act, whether as proceeds from
the sale of revenue bonds, as grants or other contributions, or as revenue,
income, fees, and earnings, shall be deemed to be trust funds to be held and
applied solely as provided in this Act.
SECTION
22.
Purpose of the authority.
Purpose of the authority.
Without
limiting the generality of any provision of this Act, the general purpose of the
authority is declared to be that of providing buildings, facilities, equipment,
and services for the citizens of the City of Peachtree City,
Georgia.
SECTION
23.
Rates, charges, and revenues; use.
Rates, charges, and revenues; use.
The
authority is authorized to prescribe and fix rates and to revise the same from
time to time and to collect revenues, tolls, fees, and charges for the services,
facilities, and commodities furnished and, in anticipation of the collection of
the revenues, to issue revenue bonds or other types of obligations as herein
provided to finance, in whole or in part, the costs of the project and to pledge
to the punctual payment of said revenue bonds or other obligations all or any
part of the revenues.
SECTION
24.
Rules; regulations; service policies; and
procedures for operation of projects.
Rules; regulations; service policies; and
procedures for operation of projects.
It
shall be the duty of the authority to prescribe or cause to be prescribed rules,
regulations, service policies, and procedures for the operation of any project
or projects constructed or acquired under the provisions of this Act. The
authority may adopt bylaws.
SECTION
25.
Tort immunity.
Tort immunity.
To
the extent permitted by law, the authority shall have the same immunity and
exemption from liability for torts and negligence as the City of Peachtree City,
Georgia; and the officers, agents, and employees of the authority when in the
performance of the work of the authority shall have the same immunity and
exemption from liability for torts and negligence as the officers, agents, and
employees of the City of Peachtree City, Georgia, when in the performance of
their public duties or the work of the city.
SECTION
26.
Tax-exempt status of the authority.
Tax-exempt status of the authority.
The
properties of the authority, both real and personal, are declared to be public
properties used for the benefit and welfare of the people of the state and not
for purposes of private or corporate benefit and income, and such properties and
the authority shall be exempt from all taxes and special assessments of any
municipality, county, or the state and any political subdivision
thereof.
SECTION
27.
Effect on other governments.
Effect on other governments.
This
Act shall not and does not in any way take from the City of Peachtree City,
Georgia, or any political subdivision or municipality the authority to own,
operate, and maintain public facilities or to issue revenue bonds as provided by
the revenue bond law.
SECTION
28.
Liberal construction of Act.
Liberal construction of Act.
This
Act, being for the welfare of various political subdivisions and municipalities
of the state and its inhabitants, shall be liberally construed to effect the
purposes hereof.
SECTION
29.
Effective date.
Effective date.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
31.
Repealer.
Repealer.
All
laws and parts of laws in conflict with this Act are repealed.