HB536: HB536 Public Facilities Authority of the City of Fairburn Act; enact

25 LC 62 0067/AP House Bill 536 (AS PASSED HOUSE AND SENATE) By: Representatives Jackson of the 68th and Glaize of the 67th A BILL TO BE ENTITLED AN ACT To create the Public Facilities Authority of the City of Fairburn; to provide for a short title1 and definitions; to confer powers and impose duties on the auth ority; to provide for the2 membership of the authority and their terms of office, qualific ations, duties, powers, and3 compensation; to provide for a quorum; to provide for the issuance and sale of revenue bonds4 and other obligations and use of proceeds from such sales; to p rovide for conditions for5 issuance of such obligations; to prohibit the pledge of credit for the payment of revenue6 bonds and other obligations; to provide for trust indentures; t o provide for payment of7 proceeds of revenue bonds and other obligations; to provide for remedies and protection of8 holders of revenue bonds and other obligations; to provide for refunding revenue bonds and9 other obligations; to provide for validation; to provide for venue and jurisdiction; to provide10 for trust funds; to provide for charges; to provide for tort im munity; to provide for tax11 exemptions and exemptions from levy and sale; to provide for area of operation; to provide12 for supplemental powers; to provide for effect on other governm ents; to provide for13 conveyance of property upon dissolution; to provide for liberal construction; to provide for14 severability; to provide for related matters; to provide for an effective date; to repeal15 conflicting laws; and for other purposes.16 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:17 H. B. 536 - 1 - 25 LC 62 0067/AP SECTION 1.18 Short title.19 This Act shall be known and may be cited as the "Public Facilities Authority of the City of20 Fairburn Act."21 SECTION 2.22 Definitions.23 As used in this Act, the following words and terms shall have the meaning specified unless24 the context or use clearly indicates a different meaning or intent:25 (1) "Authority" means the Public Facilities Authority of the City of Fairburn created by26 this Act.27 (2) "City" means the City of Fairburn, Georgia, or its successor.28 (3) "Cost of the project" shall include:29 (A) The cost of construction;30 (B) The cost of all land and interests therein, properties, ri ghts, easements, and31 franchises acquired;32 (C) The cost of acquiring, constructing, or erecting buildings, improvements, materials,33 labor, and services;34 (D) The cost of all fixtures, furnishings, machinery, and equipment;35 (E) Issuance costs, including, but not limited to fees or disc ounts of underwriters or36 placement agents, the funding of reserve accounts, financing charges including interest37 prior to and during the construction or acquisition of any project and for up to one year38 after such project is placed into service and operational at the level intended;39 (F) The cost of construction, engineering, architectural, fiscal, accounting, inspection,40 and legal expenses relating to a project or to the financing or refinancing of any project41 H. B. 536 - 2 - 25 LC 62 0067/AP and other expenses necessary or incident to determining the feasibility or practicability42 of any project; and43 (G) Administrative expenses relating to any project or the fin ancing or refinancing44 thereof, and such other expenses as may be necessary or inciden t to the financing or45 refinancing of a project herein authorized; the acquisition, co nstruction, renovation,46 reconstruction, or remodeling of a project; and the placing of the same in operation. 47 Any obligation or expense incurred for any of the foregoing purposes shall be regarded48 as part of the cost of the project and may be paid or reimbursed as such out of any funds49 of the authority, including proceeds of any revenue bonds or other obligations issued50 under the provisions hereof for any such project or projects and the proceeds of the sale51 of any contracts, lease agreements, or installment sales agreem ents or the amounts52 payable thereunder, either directly or by the creation of interests therein.53 (4) "County" means Fulton County, Georgia.54 (5) "Obligations" means and includes revenue bonds, bond antic ipation notes, other55 promissory notes, certificates of participation, custodial rece ipts, or other similar56 instruments creating interests in any contracts, lease agreemen ts, or installment sales57 agreements or in the amounts payable to the authority, directly or indirectly, thereunder.58 (6) "Private person" means any individual or any legal entity, other than a public body,59 whether operated for profit or not for profit.60 (7) "Project" means any capital project located or to be locat ed in the city that is61 determined by the authority to promote the public good or general welfare of the citizens62 of the city, of the county, or of the state, or any of its enterprises or systems, including,63 but not limited to, the acquisition, construction, renovation, improvement, extension,64 addition, or equipping within the city of:65 (A) Utility systems and improvements, including without limitation water and sewer66 systems and facilities, sewage and solid waste disposal systems and facilities, and67 electric, gas, and other similar facilities and systems;68 H. B. 536 - 3 - 25 LC 62 0067/AP (B) Emergency facilities, including emergency, fire, police, and rescue facilities and69 equipment;70 (C) Recreational facilities, including parks, athletic fields, buildings, or facilities and71 other similar facilities or related equipment;72 (D) Public safety facilities, including prisons, jails, police stations, facilities, or73 equipment, and state patrol or other law enforcement facilities or equipment;74 (E) Educational, cultural, or historical facilities and equipment;75 (F) Administrative facilities or equipment, including city hal l buildings and other76 governmental buildings; and77 (G) Courthouses, public libraries, and other facilities to be leased or subleased,78 operated, or otherwise used by the authority or any other publi c body or any private79 person.80 (8) "Public bodies" means and includes any county, political subdivision, or municipality81 of the state, and any state or local government agency, departm ent, authority, agency,82 board, or instrumentality, each being a "public body."83 (9) "Revenue bonds" means revenue bonds issued by the authority pursuant to the terms84 of this Act or under Article 3 of Chapter 82 of Title 36 of the O.C.G.A., known as the85 "Revenue Bond Law."86 (10) "State" means the State of Georgia.87 SECTION 3.88 Creation of authority; purpose.89 There is created a body corporate and politic to be known as the "Public Facilities Authority90 of the City of Fairburn," which shall be deemed to be a public corporation. Such corporation91 shall be separate and distinct from any public corporation or other entity heretofore created92 by the General Assembly and shall be an instrumentality of the State of Georgia exercising93 H. B. 536 - 4 - 25 LC 62 0067/AP governmental and proprietary powers. The authority is created for the purpose of promoting94 the public good and general welfare of the citizens of the city, and financing and providing95 facilities, equipment, and services within the city, for sale t o, lease or sublease to, or96 operation by any public body or any private person. In connection with the exercise of any97 of its powers, the members of the authority may make findings o r determinations that the98 exercise of its powers as proposed will promote the public good and general welfare, and99 assist public bodies in providing facilities, equipment, and se rvices in the city, and such100 findings or determinations, if made, shall be conclusive and binding and shall not be subject101 to review.102 SECTION 4.103 Powers of the authority.104 The authority shall have the power:105 (1) To sue and be sued;106 (2) To have and to use a seal and to alter the same at its pleasure;107 (3) To acquire, construct, purchase, hold, own, lease as lesse e, expand, improve,108 renovate, repair, maintain, and operate real and personal property or interests therein;109 (4) To enter into contacts for operation, management, maintenance, and repair of any of110 its property;111 (5) To sell, lease as lessor, or otherwise transfer, pledge, o r dispose of any real and112 personal property or interests therein. In connection with any such lease, sale, transfer,113 assignment, or other disposition, the authority need not comply with any other provision114 of law requiring public bidding or any notice to the public of such lease, sale, transfer,115 assignment, or other disposition;116 (6) To exercise the powers conferred upon a "public corporation" or a "public authority"117 by Article IX, Section III, Paragraph I of the Constitution of Georgia, such authority118 H. B. 536 - 5 - 25 LC 62 0067/AP being expressly declared to be a "public corporation" or a "public authority" within the119 meaning of such provision of the Constitution of Georgia;120 (7) To acquire projects and other property in its own name by gift or by purchase on such121 terms and conditions and in such manner as it may deem proper. If the authority shall122 deem it expedient to construct any project on real property or any interest therein or123 usufruct therein which is subject to the control of any other public body, then such other124 public body is hereby authorized to convey or lease such real property or interest therein125 to the authority for no consideration or for such consideration as may be agreed upon by126 the authority and such other public body, taking into consideration the public benefit to127 be derived from such conveyance, lease, or usufruct. Any public body may transfer such128 real property or interest therein without regard to any determination as to whether or not129 such property or interest therein is surplus;130 (8) To accept gifts and bequests for its corporate purposes;131 (9) To appoint, select, and employ, with or without bidding as the authority may choose,132 officers, agents, and employees, including engineering, archite ctural, and construction133 experts, fiscal agents, underwriters or other advisors, and att orneys, and to fix their134 compensation;135 (10) To make and execute with one or more public bodies and private persons contracts,136 lease agreements, rental agreements, installment sale agreements, and other instruments137 relating to the property of the authority and incident to the exercise of the powers of the138 authority, including contracts for constructing, renting, leasi ng, and selling its projects139 for the benefit of other public bodies and, without limiting the generality of the foregoing,140 authority is specifically granted to the authority and to other public bodies to enter into141 contracts, lease agreements, rental agreements, installment sale agreements, and related142 agreements with each other relating to the provision of any project or services for a term143 not exceeding 50 years, as provided in Article IX, Section III, Paragraph I(a) of the144 Constitution of Georgia;145 H. B. 536 - 6 - 25 LC 62 0067/AP (11) To be a co-owner, along with other public bodies or, to t he extent allowed by the146 Constitution of the state, private persons of any property, if the authority finds and147 determines that such co-ownership is in the best interests of the authority and will serve148 the public purposes of the authority;149 (12) To purchase policies of insurance as may be deemed appropriate for its corporate150 purposes;151 (13) To operate, lease, sell, transfer, or otherwise dispose o f any property, real or152 personal, or assets of the authority, or to assign its rights u nder its contracts, lease153 agreements, or installment sale agreements or its right to receive payments thereunder,154 either directly or through trust or custodial arrangements wher eby interests are created155 in such contracts, lease agreements, or installment sale agreements or the payments to be156 received thereunder through the issuance of trust certificates, certificates of participation,157 custodial receipts, or other similar instruments. In connection with any such lease, sale,158 transfer, assignment, or other disposition, the authority need not comply with any other159 provision of law requiring public bidding or any notice to the public of such lease, sale,160 transfer, assignment, or other disposition;161 (14) To accept loans and grants of money or property of any kind from the United States162 or any public body or private person, and all public bodies are authorized to make grants163 to the authority, subject to any limitations in the Constitution of Georgia;164 (15) To borrow money for any of its corporate purposes and to issue revenue bonds and165 other obligations payable from funds or revenues of the authori ty pledged for that166 purpose and to pledge and assign any of its revenues, income, rents, charges, and fees to167 provide for the payment of the same and to provide for the rights of the holders of such168 obligations;169 (16) To enter into:170 (A) Interest rate swaps, collars, or other types of interest rate management agreements;171 or172 H. B. 536 - 7 - 25 LC 62 0067/AP (B) Credit enhancement or liquidity agreements relating to any obligations of the173 authority, provided that the obligation of the authority under such agreements shall not174 be a general obligation of the authority but shall be a limited obligation of the authority175 payable from a specific source of funds identified for such purpose;176 (17) To make such rules and regulations governing its employees and property as it may177 in its discretion deem proper;178 (18) To be sued the same as any private corporation on any contractual obligation of the179 authority. The authority shall have the same rights to sue any other person or entity as180 any private corporation;181 (19) To issue revenue bonds or other obligations to finance or refinance any project182 which may be financed by the city; and183 (20) To have and exercise the usual powers of private corporations, except such as are184 inconsistent with this Act, and to do any and all things necess ary and convenient to185 accomplish the purpose and powers of the authority as herein stated.186 SECTION 5.187 Members of the authority; terms of office.188 Each person who is serving on the board of directors of the Dev elopment Authority of the189 City of Fairburn shall be by virtue of such office also a membe r of the authority and shall190 serve on the governing board of the authority so long as such person serves on the board of191 directors of the Development Authority of the City of Fairburn. T h e m e m b e r s o f t h e192 authority shall hold office for terms coinciding with their terms on the board of directors of193 the Development Authority of the City of Fairburn. In the event that the number of members194 of the board of directors of the Development Authority of the City of Fairburn is changed,195 then the number of members of the authority shall be correspondingly changed. Immediately196 after their official seating on the board of directors of the Development Authority of the City197 H. B. 536 - 8 - 25 LC 62 0067/AP of Fairburn, each member of the authority shall enter upon thei r duties. A majority of the198 members of the authority holding office at any time shall const itute a quorum, and no199 vacancy on the authority shall impair the right of the quorum t o exercise all the rights and200 perform all the duties of the authority and, in every instance, a majority vote of a quorum201 shall authorize any legal act of the authority, including all things necessary to authorize and202 issue revenue bonds and other obligations. The authority shall elect one of its members as203 chairperson, and from its membership shall elect a secretary and a treasurer. The authority204 may elect one of its members as a vice chairperson and may elec t any number of assistant205 secretaries or treasurers, who need not be members of the authority, as it may from time to206 time deem necessary or desirable. The members of the authority shall not be entitled to207 compensation for their services, but may be reimbursed for their actual expenses necessarily208 incurred in the performance of their duties. The authority may make rules and regulations209 for its own governance, and it shall have perpetual existence. Any change in name or210 composition of the authority shall in no way affect the vested rights of any person under the211 provisions of this Act or impair the obligations of any contracts existing under this Act.212 SECTION 6.213 Issuance and sale of revenue bonds and other obligations.214 The authority shall have the power and is authorized from time to time to provide for the215 issuance and sale of negotiable revenue bonds in the manner pro vided by Article 3 of216 Chapter 82 of Title 36 of the O.C.G.A., known as the "Revenue Bond Law," and may issue217 other obligations for the purpose of paying all or any part of the cost of any one or more218 projects, including the cost of constructing, reconstructing, equipping, extending, adding to,219 or improving any such project, or for the purpose of refunding, as herein provided, any such220 bonds or other obligations of the authority or to refund bonds or other obligations of any221 other authority or public body previously issued to finance or refinance the cost of a project. 222 H. B. 536 - 9 - 25 LC 62 0067/AP The principal of and interest on such revenue bonds or other ob ligations shall be a limited223 obligation of the authority payable solely from the source or sources of funds specified in the224 indenture or resolution of the authority authorizing the issuan ce of such revenue bonds or225 other obligations. Such revenue bonds or other obligations shall mature on such dates, bear226 interest at such rate or rates, whether fixed or variable, be subject to redemption, and have227 such other terms as the authority may provide in the indenture or resolution relating thereto. 228 Such revenue bonds or other obligations shall not be subject to any provision of state law229 limiting the rate of interest payable thereon and may be sold i n a negotiated sale or in a230 public sale as the authority may determine. Such revenue bonds or other obligations may be231 issued for cash, property, or other consideration and may be sold in a negotiated sale or in232 a public sale at such price on such terms as the authority may determine. The offer, sale, or233 issuance of the authority's revenue bonds or other obligations (including any separate234 securities securing the same) shall not be subject to regulation under Chapter 5 of Title 10235 of the O.C.G.A., the "Georgia Uniform Securities Act of 2008," as the same may be amended236 from time to time.237 SECTION 7.238 Revenue bonds or other obligations not a debt or general obligation.239 Revenue bonds or other obligations issued under the provisions of this Act or any loan240 incurred as authorized herein shall not constitute a debt or a pledge of the faith and credit of241 any other public body, but shall be payable solely from the sources as may be designated in242 the resolution or indenture of the authority authorizing the is suance of the same. The243 issuance of such obligations shall not directly, indirectly, or contingently obligate any public244 body to levy or to pledge any form of taxation whatsoever for t he payment thereof, unless245 otherwise provided by an intergovernmental contract executed by such public body. No246 holder of any bond or other obligation or receiver or trustee i n connection therewith shall247 H. B. 536 - 10 - 25 LC 62 0067/AP have the right to enforce the payment thereof against any property of any other public body248 nor shall any such bond or other obligation constitute a charge, lien, or encumbrance, legal249 or equitable, upon any such property unless otherwise provided by an intergovernmental250 contract executed by such other public body and the authority. All such obligations shall251 contain on their face a recital setting forth substantially the foregoing provisions of this252 section. Nothing in this section shall be construed to prohibi t any other public body from253 obligating itself to pay the amounts required under any intergovernmental contract entered254 into with the authority pursuant to Article IX of the Constitution of Georgia or any successor255 provision, including (if such other public body has taxing power) from funds received from256 taxes to be levied and collected by such other public body for that purpose and from any257 other source.258 SECTION 8.259 Issuance of bonds or obligations under indentures or resolutions.260 In the discretion of the authority, any issuance of such revenu e bonds or other obligations261 may be secured by a trust indenture by and between the authority and a trustee, which may262 be any trust company or bank having the powers of a trust compa ny within or outside the263 state. Such trust indenture may pledge or assign fees, tolls, rents, revenues, and earnings to264 be received by the authority including the proceeds derived from the financing, sale, or lease,265 or operation from time to time, of any project. Either the res olution providing for the266 issuance of revenue bonds or other obligations or such trust in denture may contain such267 provisions for protecting and enforcing the rights and remedies of the owners of such bonds268 or obligations as may be reasonable and proper and not in viola tion of law, including269 covenants setting forth the duties of the authority or any lessee or purchaser in relation to the270 acquisition and construction of any project; the maintenance, operation, repair, and financing271 of any project; and the custody, safeguarding, and application of all moneys, including the272 H. B. 536 - 11 - 25 LC 62 0067/AP proceeds derived from the sale or lease of any project or from the sale of any such revenue273 bonds or other obligations; and may contain provisions concerni ng the conditions, if any,274 upon which additional bonds or other obligations may be issued, whether on a parity with or275 subordinate to any other obligations issued by the authority. Such indenture or resolution276 may set forth the rights and remedies of the owners of such obl igations and of the trustee. 277 In addition to the foregoing, such trust indenture may contain such other provisions as the278 authority may deem reasonable and proper for the security of the owners of such bonds or279 other obligations or otherwise necessary or convenient in conne ction with the issuance of280 such obligations. All expenses incurred in carrying out such trust indenture may be treated281 as a part of the cost of maintenance, operation, and repair of the project affected by such282 indenture.283 SECTION 9.284 Security for the payment of bonds or other obligations.285 The authority may assign or pledge any property, or revenues an d its interest in any286 contracts, lease agreements, or installment sales agreements, o r the amounts payable287 thereunder, to the payment of the principal and interest on rev enue bonds and other288 obligations of the authority as the resolution authorizing the issuance of the bonds or other289 obligations or the trust indenture may provide. The use and disposition of such property or290 revenues assigned to the payment of bonds or other obligations shall be subject to the291 indenture or resolution authorizing the issuance of such revenue bonds or obligations. Any292 lien created by the authority for the payment of such bonds or obligations may be a first lien293 or a subordinate lien as the authority may provide, and any such indenture or resolution may294 provide, at the option of the authority, for the issuance of ad ditional bonds or other295 obligations sharing any lien on a parity or subordinate lien basis.296 H. B. 536 - 12 - 25 LC 62 0067/AP SECTION 10.297 Refunding bonds or obligations.298 The authority is authorized to provide by resolution for the issuance of obligations, whether299 revenue bonds or other obligations, for the purpose of refunding any revenue bonds or other300 obligations issued under the provisions of this Act or under any other provision of state law301 so long as such bonds or other obligations were issued for a purpose or project for which the302 authority could issue bonds or other obligations. The issuance of such refunding bonds or303 other obligations and all the details thereof, the rights of holders thereof, and the duties of the304 authority with respect to the same shall be governed by the foregoing provisions of this Act305 insofar as the same may be applicable.306 SECTION 11.307 Principal office; venue.308 The principal office of the authority shall be in the City of F airburn, and the venue of any309 action against it shall be in Fulton County. Service upon the authority of any process,310 subpoena, or summons shall be effected by serving the same personally upon any member311 of the authority.312 SECTION 12.313 Validation of revenue bonds; elective validation of other obligations.314 Revenue bonds of the authority sha ll be confirmed and validated in accordance with the315 procedure now or hereafter set forth in Article 3 of Chapter 82 of Title 36 of the O.C.G.A.,316 known as the "Revenue Bond Law," as the same now exists or may hereafter be amended. 317 At the election of the authority, other obligations of the authority may be validated as if they318 H. B. 536 - 13 - 25 LC 62 0067/AP were revenue bonds. The petition for validation shall name the authority as a defendant and319 may also make a party defendant to such action any other private person or public body that320 has or will contract with the authority with respect to the project for which revenue bonds or321 other obligations are to be i ssued and are sought to be validat ed. The bonds or other322 obligations, when validated, and the judgment of validation shall be final and conclusive with323 respect to the validity of such bonds or other obligations and the security therefor against the324 authority and other parties to the validation and against all other private persons and public325 bodies, regardless of whether such private persons or public bo dies were parties to such326 validation proceedings. Any action pertaining to the validatio n of any revenue bonds or327 other obligations issued under the provisions of this Act and f or the validation of any328 instruments entered or to be entered into by the authority or other private persons or public329 bodies securing the same shall be brought in the Superior Court of Fulton County, and such330 court shall have exclusive original jurisdiction of such actions.331 SECTION 13.332 No impairment of rights.333 While any of the bonds or other obligations issued by the autho rity or any interests in334 contracts of the authority remain outstanding, the powers, duties, or existence of the authority335 or of its officers, employees, or agents shall not be diminished or impaired in any manner that336 will affect adversely the interest and rights of the holders of such bonds or obligations or337 such interests in contracts of the authority. The provisions o f this section of this Act shall338 be for the benefit of the authority and of the holders of any s uch bonds or obligations and339 interests in contracts of the authority and, upon the issuance of bonds or obligations or the340 creation of interests in contracts of the authority under the p rovisions of this Act, shall341 constitute a contract with the holders of such bonds or obligat ions or such interests in342 contracts of the authority.343 H. B. 536 - 14 - 25 LC 62 0067/AP SECTION 14.344 Trust funds; permitted investments.345 All moneys received by the authority pursuant to this Act, whether as proceeds from the sale346 of revenue bonds or obligations of the authority, as grants or other contributions, or as347 revenues, income, fees, and earnings, shall be deemed to be trust funds to be held and applied348 solely as provided in this Act and in such resolutions and trust indentures as may be adopted349 and entered into by the authority pursuant to this Act. Any su ch moneys or funds may be350 invested from time to time in such investments as may be permit ted under the indenture,351 agreement, or resolution establishing the fund or account in which such funds are held, or if352 not held in such a fund or account, in such investments as woul d be permitted for353 investments of a development authority created under Code Section 36-62-1, et seq. of the354 O.C.G.A.355 SECTION 15.356 Power to set rates, fees, and charges.357 The authority is authorized to operate, sell, or lease any project and to prescribe and fix rates,358 fees, tolls, rents, and charges and to revise, from time to time, and collect such revised rates,359 fees, tolls, rents, and charges for the services, facilities, or commodities furnished, including360 leases, concessions, and subleases of its projects, and to determine the price and terms at and361 under which its projects may be sold, leased, or otherwise disposed of. The authority may362 establish in its discretion procedures for contracting for any work done for the authority or363 for the acquisition, sale, transfer, lease, management, or oper ation of any property, real or364 personal, of the authority. The authority may contract with others, including private persons,365 for services relating to the management, operation, sale, or leasing of any project.366 H. B. 536 - 15 - 25 LC 62 0067/AP SECTION 16.367 Revenue bonds or other obligations exempt from taxation.368 All revenue bonds or other obligation issued as provided in this Act are declared to be issued369 or incurred for an essential public and governmental purpose and such obligations and the370 interest thereon shall be exempt from all taxation within this state.371 SECTION 17.372 Essential governmental function; no taxes or assessments.373 All property or interests in property owned by the authority shall be public property held and374 owned for governmental purposes and such property and all interests therein shall be exempt375 from ad valorem taxation. The exercise of the powers conferred upon the authority376 hereunder shall constitute an essential governmental function for a public purpose and the377 authority shall not be required to pay taxes or assessments upon any of the property acquired378 by it or under its jurisdiction, control, possession, or supervision or upon its activities in the379 operation and maintenance of property acquired by it, or of buildings acquired or erected by380 it, or any fees, rentals, or other charges for the use of such property or buildings or other381 income received by the authority. The tax exemption herein pro vided shall include an382 exemption from any tax on rents from the leasing or subleasing of any project or other383 property of the authority, but shall not include an exemption f rom sales and use tax on384 property purchased by or for the use of the authority.385 H. B. 536 - 16 - 25 LC 62 0067/AP SECTION 18.386 Immunity of authority and members.387 The authority shall have the same immunity and exemption from l iability for torts and388 negligence as the city and the officers, agents, and employees of the authority, when in the389 performance of the work of the authority, shall have the same immunity and exemption from390 liability for torts and negligence as the officers, agents, and employees of the city.391 SECTION 19.392 Authority property not subject to levy and sale.393 The property of the authority shall not be subject to levy and sale under legal process, except394 this provision shall not preclude a sale or foreclosure of any property under the terms of any395 deed to secure debt, mortgage, assignment, or security agreemen t that the authority has396 executed.397 SECTION 20.398 Authority area of operation.399 The scope of the authority's operations shall be limited to the territory embraced within the400 territorial limits of the city, as the same now or may hereafter exist; provided, however, that401 nothing in this section shall prevent the authority from contracting with any entity or body,402 public or private, outside of the city with respect to any project located in the city or located403 outside of the city in furtherance of its public purposes.404 H. B. 536 - 17 - 25 LC 62 0067/AP SECTION 21.405 Supplemental powers.406 This Act does not in any way take away from the authority any p ower which may be407 conferred upon it by law but is supplemental thereto.408 SECTION 22.409 No power to impose taxes or exercise power of eminent domain.410 The authority shall not have the right to impose any tax on any person or property and shall411 not have the right to exercise the power of eminent domain.412 SECTION 23.413 Conveyance of property upon dissolution.414 Should the authority for any reason be dissolved after full payment of all revenue bonds and415 other obligations of the authority and the termination of any leases, contracts, or options to416 which the authority is a party, the interest and any redemption premiums thereon, title to the417 items of property, and funds of the authority held at the time of dissolution shall, prior to418 such dissolution, be conveyed and transferred to such one or mo re public bodies, as the419 authority shall elect.420 SECTION 24.421 Act to be liberally construed.422 This Act shall be liberally construed to effect the purposes hereof.423 H. B. 536 - 18 - 25 LC 62 0067/AP SECTION 25.424 Severability of provisions.425 Should any sentence, clause, phrase, or part of this Act be dec lared for any reason to be426 unconstitutional or invalid, the same shall not affect the rema inder of this Act, or any part427 hereof, other than the part so held to be invalid, but the remaining provisions of this Act shall428 remain in full force and effect, and it is the express intentio n of this Act to enact each429 provision of this Act independently of any other provision hereof.430 SECTION 26.431 Effective date.432 This Act shall become effective upon its approval by the Governor or upon its becoming law433 without such approval.434 SECTION 27.435 Conflicting laws.436 All laws and parts of laws in conflict with this Act are repealed.437 H. B. 536 - 19 -