09 LC 28
4454/AP
House
Bill 93 (AS PASSED HOUSE AND SENATE)
By:
Representative Sims of the
119th,
Harbin of the
118th,
Anderson of the
117th,
and Howard of the
121st
A
BILL TO BE ENTITLED
AN ACT
To
amend Chapter 15 of Title 20 of the Official Code of Georgia Annotated, relating
to the Georgia Medical Center Authority, so as to provide authorization for the
authority to take partial and joint ownership interests in real property, to
create nonprofit subsidiaries, to create investment or revolving loan funds
using bond money as seed funds, and to invest in equity investments managed by
third-party managers; to provide for related matters; to repeal conflicting
laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
15 of Title 20 of the Official Code of Georgia Annotated, relating to the
Georgia Medical Center Authority, is amended by revising paragraph (2) of Code
Section 20-15-5, relating to powers of the authority, as follows:
"(2)
To acquire, by purchase, lease, or otherwise and to hold, lease, and dispose of
real and personal property of every kind and character for its corporate
purposes,
including the acquisition of partial and joint ownership interests in real
property with other
entities;".
SECTION
2.
Said
chapter is further amended by striking the word "and" at the end of paragraph
(21) of Code Section 20-15-5, relating to powers of the authority; by striking
the period at the end of paragraph (22) and inserting a semi-colon in lieu
thereof; and by adding new paragraphs as follows:
"(23)
To create, acquire, alter, dissolve, operate, manage, and maintain subsidiaries
for the sole purpose of facilitating the purposes and exercising the powers of
the authority provided in this chapter, provided such subsidiaries are operated
on a not-for-profit basis;
(24)
To create an investment or revolving loan fund utilizing money derived from the
sale of bonds as seed funds for such loan fund to facilitate the purposes of the
authority; and
(25)
To invest and reinvest in any equity investments which are legal investments for
executors or trustees; provided, however, that investments in such equity
investments will at all times be held for and, when sold, used for the purposes
for which the money was originally received and provided further that all such
investments shall be managed by properly accredited third-party
managers."
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.