12 LC
34 3262S/AP
House
Bill 815 (AS PASSED HOUSE AND SENATE)
By:
Representative Kidd of the
141st
A
BILL TO BE ENTITLED
AN ACT
To
create the Central State Hospital Local Redevelopment Authority; to provide for
a short title; to confer powers and impose duties on the authority; to provide
for the membership and the appointment of members of the authority and their
terms of office, qualifications, duties, powers, and compensation; to provide
for vacancies, organizations, meetings, and expenses; to prohibit authority
employees and members from having certain interests; to provide for definitions;
to provide for revenue bonds and their forms, signatures thereon, negotiability,
sale, and use of proceeds from such sales; to provide for interim documents and
for lost or mutilated documents; to provide for conditions for issuance; to
prohibit the pledge of credit for the payment of bonds; to provide for trust
indentures and a sinking fund; to provide for payment of bond proceeds; to
provide for bondholders' remedies and protection; to provide for refunding
bonds; to provide for bond validation; to provide for venue and jurisdiction; to
provide for trust funds; to provide for authority purpose; to provide for
chargers; to provide for rules and regulations; to provide for tort immunity; to
provide for tax exemptions; to provide for supplemental powers; to provide for
effect on other governments; to provide for liberal construction; 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.
This
Act shall be known and may be cited as the "Central State Hospital Local
Redevelopment Authority Act."
SECTION
2.
Definitions.
(a)
As used in this Act, the term:
(1)
"Authority" or "redevelopment authority" means the Central State Hospital Local
Redevelopment Authority created by this Act.
(1.1)
"Central State Hospital" means the Central State Hospital in Milledgeville,
Georgia, now or formerly under the jurisdiction of the Georgia Department of
Behavioral Health and Developmental Disabilities.
(2)
"Cost 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 one year after completion of construction; the cost of
engineering, architectural, fiscal agent, and legal expenses, and of plans and
specifications and other expenses necessary or incident to determining the
feasibility or practicability of the project, administrative expenses, and such
other expenses as may be necessary or incident to the financing authorized in
this Act; the cost of the acquisition or construction of any project; and the
cost of placing any project in operation. Any obligation or expense incurred
for any of the foregoing purposes shall be regarded as a part of the cost of the
project and may be paid or reimbursed as such out of the proceeds of revenue
bonds issued under the provisions of this Act for such projects.
(3)
"Economic development conveyance" has the same meaning as provided in 32 C.F.R.
174.9(a).
(4)
"Project" includes:
(A)
The land and any one or more buildings or structures located in or on the land
(the real property) now or formerly occupied by Central State Hospital and the
real property adjacent thereto to be used in education, parks and recreation,
transportation, health care, research, housing, commerce, or the production,
manufacturing, procession, assembling, storing, or handling of any agricultural,
manufactured, mining, or industrial products or any combination of the foregoing
or similar uses, in every case with all necessary or useful furnishings,
machinery, equipment, parking facilities, landscaping, and facilities for
outdoor storage, all as determined by the authority, which determination shall
be final and not subject to review; and there may be included as part of any
such project all improvements necessary to the full utilization thereof,
including site preparation, roads and streets, sidewalks, water supply, outdoor
lighting, belt line railroad sidings and lead tracks, bridges, causeways,
terminals for railroad and automotive transportation, and transportation
facilities incidental to the project;
(B)
The acquisition, construction, leasing, or equipping of new industrial
facilities or the improvement, modification, acquisition, expansion,
modernization, leasing, equipping, or remodeling of existing industrial or
governmental facilities located or to be located in or on the property now or
formerly occupied by Central State Hospital and the properties adjacent
thereto;
(C)
The acquisition, construction, improvement, or modification of any property,
real or personal, which any industrial concern might desire to use, acquire, or
lease in connection with the operation of any plant or facility located or to be
located in or on the property now or formerly occupied by Central State Hospital
and the properties adjacent thereto; and
(D)
The acquisition and development of land in or on the property now or formerly
occupied by Central State Hospital as the site for an educational facility,
historical preservation site, commercial enterprise, entertainment facility,
park or recreational facility, industrial park, transportation facility, health
care facility, research facility, residential project, or similar uses, provided
that, for purposes of this subparagraph, the term "development of land" includes
the provision of water, sewage, drainage, or similar facilities or
transportation, power, or communication facilities which are incidental to use
of the site as an educational facility, historical preservation site, commercial
enterprise, entertainment facility, park or recreational facility, industrial
park, transportation facility, health care facility, research facility,
residential project, or similar use but, except with respect to such facilities,
does not include the provision of structures or buildings.
(5)
"Revenue bonds" or "bonds" means revenue bonds as defined and provided for in
Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law," and
such type of obligations may be issued by the authority as authorized under said
"Revenue Bond Law" and any amendments thereto.
(b)
Any project shall be deemed self-liquidating if, in the judgment of the
authority, the revenues and earnings to be derived by the authority therefrom
and all facilities used in connection therewith will be sufficient to pay the
costs of operating, maintaining, repairing, improving, and extending the project
and to pay the principal of and interest on the revenue bonds which may be
issued to finance, in whole or in part, the cost of such project or
projects.
SECTION
3.
Central State Hospital Local
Redevelopment Authority.
(a)
There is created a body corporate and politic, to be known as the "Central State
Hospital Local Redevelopment Authority," which shall be deemed to be a political
subdivision of the State of Georgia 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 bring and defend actions in all courts. The
authority shall have perpetual existence.
(b)
The authority shall consist of not less than seven nor more than 11 members. In
addition, the Governor shall select a voting member to represent the State of
Georgia. With the exception of the member selected by the Governor to represent
the State of Georgia, the members shall be appointed by the mayor of the City of
Milledgeville with the consent of a majority of the Milledgeville City Council.
Persons so appointed shall serve for initial terms of office which shall expire
on December 31 of the fourth year after their appointment. After the initial
terms of office, members of the authority shall serve for terms of office of
four years each. Members of the authority shall serve for their respective
terms of office specified in this subsection and until their respective
successors are appointed and qualified. Any member of the authority may be
appointed to succeed himself or herself. After such appointment, the members of
such authority shall enter upon their duties. Any vacancy on the authority
shall be filled in the same manner as was the original appointment of the member
whose term of membership resulted in such vacancy. A person appointed to fill a
vacancy shall serve for the remainder of the unexpired term and until the
appointment and qualification of a successor. The members of the authority
shall be reimbursed, upon submission of sworn vouchers, for all actual expenses
incurred in the performance of their duties out of funds of the authority but
shall receive no further compensation. The authority shall make rules and
regulations for its own government.
(c)
To be eligible for appointment as a member of the authority, a person shall be
at least 21 years of age and shall not have been convicted of a
felony.
(d)
The mayor of the City of Milledgeville with the consent of a majority of the
Milledgeville City Council shall appoint the chairperson of the authority who
shall serve as chairperson for a four-year term. The members of the authority
shall elect from their number a vice chairperson, secretary, and treasurer. The
secretary may also serve as treasurer. Each of such officers shall serve for a
period of four years and until their successors are duly elected and qualified.
The chairperson of the authority shall be entitled to vote upon any issue,
motion, or resolution.
(e)
In addition to the members set forth in subsection (b) of this section, there
shall be ex officio members who shall be as follows:
(1)
One member appointed by the members of the Senate whose districts include all or
a portion of Central State Hospital and one member appointed by the members of
the House of Representatives whose districts include all or a portion of Central
State Hospital;
(2)
The State Property Commission executive director or his or her
designee;
(3)
The commissioner of economic development or his or her designee;
(4)
The commissioner of community affairs or his or her designee;
(5)
The commissioner of natural resources or his or her designee;
(6)
The commissioner of transportation or his or her designee;
(7)
The Commissioner of Labor or his or her designee; and
(8)
The chancellor of the University System of Georgia or his or her
designee.
Such
ex officio members shall have all of the rights and duties as other members of
the authority except that they shall not have the right to vote on any matter.
At the request of the authority, the mayor of the City of Milledgeville with the
consent of a majority of the Milledgeville City Council shall be authorized to
appoint additional ex officio members of the authority.
(f)
The authority may create the following subcommittees: health care, education,
infrastructure, labor, real estate, economic development, housing and
homelessness, environment, quality of life, and others as deemed appropriate.
The authority may appoint as members of the subcommittees such individuals from
the community as the authority deems appropriate, and such members do not have
to be members of the authority. The subcommittees shall serve in an advisory
capacity to the authority. The chairperson of the authority shall choose from
among the members of each subcommittee a person to serve as chairperson of that
subcommittee. The chairpersons of the subcommittees shall serve four-year terms
and shall be eligible for reappointment.
(g)
A majority of the members of the authority, excluding ex officio members, 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.
(h)
A vacancy on the authority shall exist in the office of any member of the
authority who is convicted of a felony or who enters a plea of nolo contendere
thereto; who is convicted of a crime involving moral turpitude or who enters a
plea of nolo contendere thereto; who is convicted of any act of misfeasance,
malfeasance, or nonfeasance of such person's duties as a member of the
authority; or who fails to attend three consecutive regular meetings of the
authority without an excuse approved by a resolution of the
authority.
(i)
All meetings of the authority, regular or special, shall be open to the
public.
(j)
No member or employee of the authority shall have, directly or indirectly, any
financial interest, profit, or benefit in any contract, work, or business of the
authority nor in the sale, lease, or purchase of any property to or from the
authority.
SECTION
4.
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 executing and administering the reuse plan
for the property now or formerly occupied by Central State Hospital, executing
economic development conveyances for such property now or formerly occupied by
Central State Hospital resulting from the closure or realignment of Central
State Hospital so as to ameliorate the impact of such closure or realignment on
the communities and residents of Milledgeville and Baldwin County; extending and
improving such projects; acquiring the necessary property therefor, both real
and personal, with the right to contract for the use of or to lease or sell any
or all of such facilities, including real property, to any persons, firms, or
corporations, whether public or private, if in the sole judgment of the
authority such use, lease, or sale supports the general purposes of the
authority; and doing all things deemed by the authority necessary, convenient,
and desirable for and incident to the efficient and proper development and
operation of such type of undertakings.
SECTION
5.
Powers of the
authority.
The
authority shall have the power:
(1)
To have a seal and alter the same at its pleasure;
(2)
To acquire by purchase, lease, or otherwise, including acquisition of land from
the state government, and to hold, lease, and dispose of real and personal
property of every kind and character for its corporate purpose and to plan,
acquire, establish, develop, construct, enlarge, improve, maintain, equip, and
lease all projects which shall come under the control of the authority under the
provisions of this Act or which it may acquire or plan to acquire; to regulate,
protect, and police such projects and all related activities and facilities; to
enter into any contracts, leases, or other charges for the use of property or
services of the authority and collect and use the same as necessary to operate
the projects under control of the authority; and to accomplish any of the
purposes of this Act and make any purchases or sales necessary for such
purposes;
(3)
To acquire in its own name by purchase, on such terms and conditions and in such
manner as it may deem proper, real property, or rights or easements therein, or
franchises necessary or convenient for its corporate purpose, 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 such property, or dispose of the same in
any manner it deems to be to the best advantage of the authority;
(4)
To appoint, select, and employ officers, agents, and employees, including real
estate, environmental, engineering, architectural, and construction experts,
fiscal agents, and attorneys, and to fix their respective
compensations;
(5)
To make contracts and leases and to execute all instruments necessary or
convenient, including contracts for construction of projects and leases of
projects or contracts with respect to the use of projects which it causes to be
constructed, erected, or acquired. Any and all persons, firms, and corporations
and any and all political subdivisions, departments, institutions, or agencies
of the state and federal government are authorized to enter into contracts,
leases, or agreements with the authority upon such terms and for such purposes
as they deem advisable; and, without limiting the generality of the foregoing,
authority is specifically granted to municipal corporations, counties, political
subdivisions, and to the authority relative to entering into contracts, lease
agreements, or other undertakings authorized between the authority and private
corporations, both inside and outside this state, and between the authority and
public bodies, including counties and cities outside this state and the federal
government;
(6)
To construct, erect, acquire, own, repair, remodel, maintain, add to, extend,
improve, equip, operate, and manage projects, the cost of any such project to be
paid in whole or in part from the proceeds of revenue bonds of the authority or
from such proceeds and any grant or contribution from the United States of
America or any agency or instrumentality thereof or from the State of Georgia or
any agency or instrumentality thereof;
(7)
To accept loans and 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;
(8)
To accept loans and grants of money or materials or property of any kind from
the State of Georgia or any agency or instrumentality or political subdivision
thereof upon such terms and conditions as the State of Georgia or such agency or
instrumentality or political subdivision may require;
(9)
To borrow money for any of its corporate purposes and to issue negotiable
revenue bonds payable solely from funds pledged for the purpose and to provide
for the payment of the same and for the rights of the holders
thereof;
(10)
To exercise any power usually possessed by private corporations performing
similar functions, including the power to make short-term loans and approve,
execute, and deliver appropriate evidence of such indebtedness, provided that no
such power is in conflict with the Constitution or general laws of this
state;
(11)
To encourage and facilitate job training and housing rehabilitation programs for
residents surrounding Central State Hospital; and
(12)
To do all things necessary or convenient to carry out the powers expressly given
in this Act.
SECTION
6.
Revenue bonds.
The
authority, or any authority or body which had or which may in the future succeed
to the powers, duties, and liabilities vested in the authority created by this
Act, is authorized to provide by resolution for the issuance of negotiable
revenue bonds of the authority for the purpose of paying all or any part of the
cost of the project of any one or more projects. The principal of and interest
on such revenue bonds shall be payable solely from the special fund provided in
this Act for such payment. The 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 bonds.
SECTION
7.
Revenue bonds; form; denomination;
registration; place of payment.
The
authority shall determine the form of the bonds, including any interest coupons
to be attached thereto, and shall fix the denomination or denominations of the
bonds and the place or places of payment of principal and interest thereon,
which may be at any bank or trust company inside or outside this state. The
bonds may be issued in coupon or registered form, or both, as the authority may
determine, and provisions may be made for the registration of any coupon bond as
to principal alone and also as to both principal and interest.
SECTION
8.
Revenue bonds; signatures;
seal.
In
case any officer whose signature appears on any bond or whose facsimile
signature appears on any coupon ceases to be such officer before the delivery of
such bond, such signature shall nevertheless be valid and sufficient for all
purposes the same as if such officer had remained in office until such delivery.
All such bonds shall be signed by the chairperson of the authority, and the
official seal of the authority shall be affixed thereto and attested by the
secretary of the authority, and any coupons attached thereto shall bear the
facsimile signatures of the chairperson and the secretary of the authority. Any
coupon may bear the facsimile signatures of such persons, and any bond may be
signed, sealed, and attested on behalf of the authority by such persons as at
the actual time of the execution of such bonds shall be duly authorized or hold
the proper office, although at the date of such bonds such person may not have
been so authorized or shall not have held such office.
SECTION
9.
Revenue bonds; negotiability;
exemption from taxation.
All
revenue bonds issued under the provisions of this Act shall have and are
declared to have all the qualities and incidents of negotiable instruments under
the laws of this state. Such bonds, their transfer, and the income therefrom
shall be exempt from all taxation within this state.
SECTION
10.
Revenue bonds; sale; price;
proceeds.
The
authority may sell such bonds in such manner and for such price as it may
determine to be for the best interests of the authority. The proceeds derived
from the sale of such bonds shall be used solely for the purpose or purposes
provided in the resolutions and proceedings authorizing the issuance of such
bonds.
SECTION
11.
Revenue bonds; interim receipts and
certificates or temporary bonds.
Prior
to the preparation of any definitive bonds, the authority may, under like
restrictions, issue interim receipts, interim certificates, or temporary bonds,
with or without coupons, exchangeable for definitive bonds upon the issuance of
the latter.
SECTION
12.
Revenue bonds; replacement of lost
or mutilated bonds.
The
authority may provide for the replacement of any bonds or coupons which become
mutilated or are destroyed or lost.
SECTION
13.
Revenue bonds; conditions precedent
to issuance.
Such
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. In the discretion of the
authority, revenue bonds of a single issue may be issued for the purpose of any
particular project. 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 meeting of the authority by a majority of its
members.
SECTION
14.
Credit not pledged.
Revenue
bonds issued under the provisions of this Act shall not be deemed to constitute
a debt of the State of Georgia or any county or municipality nor a pledge of the
faith and credit of the State of Georgia or any county or municipality; but such
bonds shall be payable solely from the fund hereinafter provided for, and the
issuance of such revenue bonds shall not directly, indirectly, or contingently
obligate the State of Georgia or any county or municipality to levy or to pledge
any form of taxation whatever therefor to make any appropriation for their
payment. All such bonds shall contain recitals on their face covering
substantially the foregoing provisions of this section.
SECTION
15.
Trust indenture as
security.
In
the discretion of the authority, any issuance of such 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 this state. Such trust indenture may pledge or assign
fees, tolls, revenues, and earnings to be received by the authority. Either the
resolution providing for the issuance of 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 of property, the construction of the project, the maintenance,
operation, repair, and insuring of the project, and the custody, safeguarding,
and application of all moneys; may also provide that any project shall be
constructed and paid for under the supervision and approval of consulting
engineers or architects employed or designated by the authority and satisfactory
to the original purchasers of the bonds issued therefor; may also require that
the security given by contractors and by any depository of the proceeds of the
bonds or revenues or other moneys be satisfactory to such purchasers; and may
also contain provisions concerning the conditions, if any, upon which additional
revenue bonds may be issued. It shall be lawful for any bank or trust company
incorporated under the laws of this state to act as such depository and to
furnish such indemnifying bonds or pledge such securities as may be required by
the authority. Such indenture may set forth the rights and remedies of the
bondholders and of the trustee and may restrict the individual right of action
of bondholders as is customary in trust indentures securing bonds and debentures
of corporations. In addition to the foregoing, such trust indenture may contain
such other provisions as the authority may deem reasonable and proper for the
security of the bondholders. All expenses incurred in carrying out such trust
indenture may be treated as a part of the cost of maintenance, operation, and
repair of the project affected by such indenture.
SECTION
16.
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 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 of this Act, subject to such regulations as this Act and
such resolution or trust indenture may provide.
SECTION
17.
Sinking fund.
The
revenues, fees, tolls, and earnings derived from any particular project or
projects, regardless of whether or not such fees, earnings, and revenues were
produced by a particular project for which 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 bonds or the trust instrument
may provide. Such funds so pledged from whatever source received, including
funds received from one or more or all sources, shall be set aside at regular
intervals as may be provided in the resolution or trust indenture into a sinking
fund which 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 of the bonds as the same shall fall due;
(3)
The necessary charges of paying agents for paying principal and interest and
other investment charges;
(4)
Any premium upon bonds retired by call or purchase as provided in this Act; and
(5)
Any investment fees or charges.
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. Subject to the provisions of the resolution authorizing the
issuance of the bonds or the trust indenture, any surplus moneys in the sinking
fund may be applied to the purchase or redemption of bonds, and any such bonds
so purchased or redeemed shall forthwith be canceled and shall not again be
issued.
SECTION
18.
Remedies of
bondholders.
Any
holder of revenue bonds issued under the provisions of this Act or any of the
coupons appertaining thereto and the trustee under the trust indenture, if any,
except to the extent the rights given in this Act may be restricted by
resolution passed before the issuance of the 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 this state
or granted under this Act 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, and other charges for the use of the facilities and services
furnished.
SECTION
19.
Refunding bonds.
The
authority is authorized to provide by resolution for the issuance of bonds of
the authority for the purpose of funding or refunding any revenue bonds issued
under the provisions of this Act and then outstanding, together with accrued
interest thereon and premium, if any. The issuance of such funding or refunding
bonds, the maturities and all other details thereof, the rights of the holders
thereof, and the duties of the authority in respect to the same shall be
governed by the foregoing provisions of this Act insofar as the same may be
applicable.
SECTION
20.
Validation.
Bonds
of the authority shall be confirmed and validated in accordance with the
procedures of Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue
Bond Law." The petition for validation shall also make party defendants to such
action the State of Georgia or any municipality, county, authority, political
subdivision, or instrumentality of the State of Georgia which has contracted
with the authority for the services and facilities of the project for which
bonds are to be issued and sought to be validated, and the state or such
municipality, county, authority, political subdivision, or instrumentality shall
be required to show cause, if any exists, why such contract or contracts and the
terms and conditions thereof should not be inquired into by the court and the
contract or contracts adjudicated as a part of the basis for the security for
the payment of any such bonds of the authority. The bonds, when validated, and
the judgment of validation shall be final and conclusive with respect to such
bonds and the security of the payment thereof and interest thereon and against
the authority issuing the same and the state and any municipality, county,
authority, political subdivision, or instrumentality, if a party to the
validation proceedings, contracting with the redevelopment
authority.
SECTION
21.
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
Baldwin County, Georgia; and any action pertaining to validation of any 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
22.
Interest of bondholders
protected.
While
any of the bonds issued by the authority remain outstanding, the powers, duties,
or existence of said 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 bonds. No other entity, department, agency,
or authority shall 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
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 bonds and, upon the issuance of bonds under the provisions hereof, shall
constitute a contract with the holders of such bonds.
SECTION
23.
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
24.
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 fees, tolls, and charges for the services,
facilities, and commodities furnished and, in anticipation of the collection of
the revenues of such undertaking or project, to issue revenue bonds as herein
provided to finance, in whole or in part, the cost of the acquisition,
construction, reconstruction, improvement, betterment, or extension of any
project and to pledge to the punctual payment of said bonds and interest thereon
all or any part of the revenues of such undertaking or project, including the
revenues of improvements, betterments, or extensions thereto thereafter
made.
SECTION
25.
Rules and regulations for operation
of projects.
It
shall be the duty of the authority to prescribe rules and regulations for the
operation of the project or projects constructed or acquired under the
provisions of this Act.
SECTION
26.
Tort immunity.
The
authority shall have the same immunity and exemption from liability for torts
and negligence as other counties and municipalities in this state; 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 officers, agents, and employees of other counties
and municipalities in this state when in the performance of their public duties
or work of such political subdivisions.
SECTION
27.
Tax exemption.
It
is found, determined, and declared that the creation of the authority and the
carrying out of its corporate purpose is in all respects for the benefit of the
people of this state; that the authority is an institution of purely public
charity and will be performing an essential governmental function in the
exercise of the power conferred upon it by this Act; that this state covenants
with the holders of the bonds that the authority shall not be required to pay
any taxes or assessments upon any of the property acquired or leased by it or
under its jurisdiction, control, possession, or supervision or upon its
activities in the operation or maintenance of the projects erected by it or any
rates, fees, tolls, or other charges for the use of such projects or other
income received by the authority; and that the bonds of the authority, their
transfer, and the income therefrom shall at all times be exempt from taxation
within this state. The exemption from taxation provided for in this section
shall not extend to tenants or lessees of the authority and shall not include
exemptions from sales and use taxes on property purchased by the authority or
for use by the authority.
SECTION
28.
Power declared supplemental and
additional.
The foregoing sections of this Act shall be deemed to provide an additional and
alternative method for the doing of the things authorized by this Act, shall be
regarded as supplemental and additional to powers conferred by other laws, and
shall not be regarded as in derogation of any powers now existing.
SECTION
29.
Effect on other
governments.
This
Act shall not and does not in any way take from any county or municipality the
authority to own, operate, and maintain projects or to issue revenue bonds as is
provided by Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue
Bond Law."
SECTION
30.
Liberal construction of
Act.
This
Act being for the welfare of various political subdivisions of this state and
its inhabitants shall be liberally construed to effect the purposes of this
Act.
SECTION
31.
Effective date.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
32.
Repealer.
All
laws and parts of laws in conflict with this Act are repealed.