House Bill 1448
By: Representatives Anderson of the 10th, Yearta of the 152nd, Leverett of the 123rd, Dempsey
of the 13th, Richardson of the 125th, and others
A BILL TO BE ENTITLED
AN ACT
To amend Title 36 of the Official Code of Georgia Annotated, relating to local government,
so as to provide for comprehensive regulation of local government assets financing; to
provide for a short title; to provide for legislative purpose; to provide for definitions; to
create the Georgia Local Government Finance Authority; to provide for members,
qualifications, officers, meetings, and procedures; to provide for powers, duties, and
authority of the authority; to provide for procedures, conditions, and limitations; to provide
for certain bonds, notes, certificates, bond anticipation notes, and other evidences of
indebtedness; to provide for nonapplicability of certain general laws; to provide for certain
tax-exempt status of the authority, the authority's property, and the authority's activities; to
provide for cumulative effect of the foregoing; to provide for liberal construction of the
foregoing; to provide for related matters; to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
Title 36 of the Official Code of Georgia Annotated, relating to local government, is amended
by adding a new chapter to read as follows:
<ins>"CHAPTER 93
36-93-1.
This chapter shall be known and may be cited as the 'Georgia Local Government Finance
Authority Act.'
36-93-2.
The purpose of this chapter shall be to provide a mechanism through which local
governments may finance assets at lower than prevailing costs and to make this mechanism
available to the largest number of local governments feasible.
36-93-3.
As used in this chapter, the term:
(1) 'Assets' means any capital asset, fixture, or personal property, which shall include,
but not be limited to, public safety vehicles and equipment and school vehicles and
equipment, that is determined by the authority to be necessary or desirable for the
efficient operation of any participating local government, regardless of whether such
property is in existence at the time of, or is to be provided after the making of, such
finding.
(2) 'Authority' means the Georgia Local Government Finance Authority created by this
chapter and any successor or successors thereto. Any change in name or composition of
the authority shall in no way affect the vested rights of any person under this chapter.
(3) 'Bond' or 'bonds' means revenue bonds, notes, interim certificates, bond anticipation
notes, and other evidences of indebtedness of the authority issued under this chapter.
(4) 'Cost' as applied to assets financed under this chapter includes:
(A) The cost and the incidental and related costs of the acquisition, construction, repair,
restoration, reconditioning, refinancing, or installation of assets;
</ins>
<ins>(B) The cost of any property interest in any assets, including an option to purchase a
leasehold interest;
(C) The cost of architectural, engineering, legal, trustee, underwriting, and related
services; the cost of the preparation of plans, specifications, studies, surveys, and
estimates of cost; and all other expenses necessary or incident to planning, providing,
or determining the need for or the feasibility and practicability of any assets;
(D) The cost of financing charges, including premiums or prepayment penalties and
interest, accrued before the acquisition and installation or refinancing of such assets and
for up to three years after such acquisition and installation or refinancing;
(E) The costs paid or incurred in connection with the financing of assets, including
out-of-pocket expenses; of any policy of insurance or other credit enhancement; of
printing, engraving, and reproduction services; and the cost of the initial or acceptance
fee of any trustee or paying agent;
(F) The costs of the authority incurred in connection with providing assets, including
reasonable sums to reimburse the authority for time spent by its agents or employees
in providing and financing assets; and
(G) The costs paid or incurred for the administration of any program for the financing
or refinancing of assets by the authority and any program for the installment sale or
lease of assets to any participating local government.
(5) 'Participating local government' means a county, municipality, consolidated
government, school district, authority, special district, or other political subdivision of
this state that contracts under this chapter with the authority for the purchase, lease, or
financing of assets.
(6) 'Revenue bonds' means revenue bonds issued by the authority pursuant to the terms
of Article 3 of Chapter 82 of this title, the 'Revenue Bond Law.'
</ins>
<ins>36-93-4.
(a) There is created a public body corporate and politic to be known as the Georgia Local
Government Finance Authority and by that name, style, and title such body may contract
and be contracted with, bring and defend actions and implead and be impleaded, and
complain and defend in all courts of law and equity. Such authority, however, shall not be
a state institution nor a department or agency of the state but shall be an instrumentality of
purely public charity performing an essential governmental function, being a distinct
corporate entity. The authority shall be separate and distinct from any public corporation
or other entity heretofore created by the General Assembly. The authority shall be exempt
from the provisions of Article 2 of Chapter 17 of Title 50 and Code Sections 45-15-13
through 45-15-16.
(b) The authority shall be governed by five members appointed as follows:
(1) The Governor shall appoint three members and shall designate two of the initial
members appointed to a two-year term of office;
(2) The President of the Senate shall appoint one member; and
(3) The Speaker of the House of Representatives shall appoint one member;
Each member of the authority shall be an elected member of a governing authority of a
county or municipal corporation of this state. In the event that a member ceases to be an
elected member of a governing authority of a county or municipal corporation, such
member's seat on the authority shall be declared vacant and the relevant appointing
authority shall appoint a qualified member to serve out the remainder of the unexpired term
of office.
(c) The members shall elect a chairperson, a vice chairperson, and other officers. The
members shall not be compensated for their services, but they shall be reimbursed for their
actual and necessary expenses as determined by the authority. A majority of the members
of the authority shall constitute a quorum for the transaction of business. The vote of a
majority of the members present at any meeting at which a quorum is present is necessary
</ins>
<ins>for any action to be taken by the authority. No vacancy in the membership of the authority
shall impair the right of a quorum to exercise all rights and perform all duties of the
authority.
(d) The authority may adopt and amend bylaws governing the procedures and internal
operations of the authority.
(e) Meetings of the members of the authority shall be held at the call of the chairperson or
whenever any three members so request. The members shall meet at least once each year.
The authority shall be authorized to conduct meetings by teleconference.
(f) The authority shall be authorized to contract with the Georgia Municipal Association
or its successors, or another Georgia nonprofit corporation whose income is exempt from
federal income tax pursuant to Section 115 of the Internal Revenue Code of 1986
representing at least 300 municipalities of this state, to provide administrative staff and
clerical services and to assist in the management of the routine affairs of the authority,
including the originating and processing of any applications from participating local
governments for assets financing through the authority and the servicing of contracts
between the authority and the participating local governments. If such a contract is entered
into, the administrative staff may include an executive director who may serve as the ex
officio secretary of the authority. The executive director may be an employee of the
Georgia Municipal Association or its successors or another Georgia nonprofit corporation
whose income is exempt from federal income tax pursuant to Section 115 of the Internal
Revenue Code of 1986 representing at least 300 of the municipalities of this state.
(g) The executive director shall attend the meetings of the members of the authority, shall
keep a record of the proceedings of the authority, and shall maintain all books, documents,
and papers filed with the authority, the minutes of the authority, and its official seal. He
or she may cause copies to be made of all minutes and other records and documents of the
authority and may give certificates under seal of the authority to the effect that such copies
are true copies, and all persons dealing with the authority may rely upon such certificates.
</ins>
<ins>If the executive director is unable to attend a meeting of the members of the authority, the
members of the authority shall designate a member of the authority or an employee of the
organization referred to in subsection (f) of this Code section as the person responsible for
carrying out the duties of the executive director set out in this Code section.
36-93-5.
The authority is granted all powers necessary to carry out and effectuate its public and
corporate purposes, including but not limited to the following:
(1) To have perpetual succession as a public body corporate and politic and an
independent public instrumentality exercising essential public functions;
(2) To adopt, amend, and repeal bylaws and rules consistent with this chapter to regulate
its affairs, to carry into effect its powers and purposes, and to conduct its business;
(3) To sue and be sued in its own name, bring and defend actions, implead and be
impleaded, and complain and defend in all courts of law and equity;
(4) To have an official seal;
(5) To maintain an office in the State of Georgia;
(6) To make and execute contracts and all other instruments necessary or convenient for
the performance of its duties and the exercise of its powers and functions under this
chapter;
(7) To employ architects, engineers, independent legal counsel, inspectors, accountants,
and financial experts and such other advisers, consultants, and agents as may be
necessary in its judgment without the approval or consent of any other public official and
to fix their compensation;
(8) To procure insurance against any loss in connection with its property and other assets
in such amounts and from such insurers as it considers advisable and to pay premiums
on any such insurance;
</ins>
<ins>(9) To procure insurance, guarantees, or other credit enhancement from any public or
private entities, including any department, agency, or instrumentality of the United States,
to secure payment:
(A) On a lease, purchase, or financing payment owed by a participating local
government to the authority; or
(B) Of any bonds issued by the authority and to pay premiums on any such insurance,
guarantee, or other credit enhancement;
(10) To procure letters of credit or other credit or liquidity facilities or agreements from
any national or state banking association or other entity authorized to issue a letter of
credit or other credit or liquidity facilities or agreements to secure the payment of any
bonds issued by the authority or to secure the payment of any lease, purchase, or
financing payment owed by a participating local government to the authority;
(11) To pay the cost of obtaining such letters of credit or other credit or liquidity
facilities or agreements;
(12) To receive and accept from any source any money, property, or thing of value to be
held, used, and applied to carry out the purposes of this chapter, subject to the conditions
upon which the grants or contributions are made, including gifts, loans, or grants from
any department, agency, political subdivision, authority, or instrumentality of the United
States, the State of Georgia, or any other state, or of any political subdivision, of the
foregoing;
(13) To provide, or cause to be provided by a participating local government, by
acquisition, construction, operation, lease, fabrication, repair, restoration, reconditioning,
refinancing, or installation, assets to be located within the State of Georgia;
(14) To lease as lessor any assets for such rentals and upon such terms and conditions
as the authority considers advisable and which are not in conflict with this chapter;
</ins>
<ins>(15) To sell by installment or otherwise, to sell by option or contract for sale, and to
convey all or any part of any assets for such price and upon such terms and conditions as
the authority considers advisable and which are not in conflict with this chapter;
(16) To make contracts and incur liabilities, borrow money at such rates of interest as the
authority determines, issue its bonds in accordance with this chapter, and secure any of
its bonds or obligations by an assignment or pledge of all or any part of its property,
contract rights, and income or as otherwise provided in this chapter;
(17) To purchase, receive, lease as lessee or lessor, or otherwise acquire, own, hold,
improve, use, or otherwise deal in and with assets, or any interest therein, wherever
situated;
(18) To sell, convey, hypothecate, pledge, assign, lease, exchange, transfer, and
otherwise dispose of all or any part of its property and assets;
(19) To charge to and apportion among participating local governments its administrative
costs and expenses incurred in the exercise of the powers and duties conferred by this
chapter;
(20) To collect fees and charges, as the authority determines to be reasonable, in
connection with its leases, sales, financing, advances, insurance, commitments, and
servicing;
(21) To cooperate with and exchange services, personnel, and information with any
federal, state, or local governmental agency;
(22) To sell or assign its rights under its leases, purchase contracts, or other contracts or
its right to receive payments thereunder, either directly or through trust or custodial
arrangements, whereby interests are created in such leases, purchase contracts, or other
contracts, or the payments to be received thereunder through the issuance of trust
certificates, certificates of participation, custodial receipts, or other similar instruments;
(23) To exercise any power granted by the laws of this state to public or private
corporations which is not in conflict with the public purpose of the authority;
</ins>
<ins>(24) To exercise the powers conferred upon a public corporation or a public authority by
Article IX, Section III, Paragraph I of the Constitution of Georgia, such authority being
expressly declared to be a public corporation or a public authority within the meaning of
such provisions of the Constitution of the State of Georgia;
(25) To do all things necessary or convenient to carry out the powers conferred by this
chapter;
(26) To hold funds in deposit accounts with banking institutions as otherwise authorized
by law; and
(27) Subject to any agreement with bondholders, to invest moneys of the authority not
required for immediate use to carry out the purposes of this chapter, including the
proceeds from the sale of any bonds and any moneys held in reserve funds, in
investments authorized pursuant to Code Section 36-82-7.
36-93-6.
(a) The authority may initiate one or more programs of providing assets to be purchased
or leased by participating local governments. In furtherance of this objective, the authority
may also:
(1) Establish eligibility standards for participating local governments, provided that such
standards shall encourage maximum feasible participation by participating local
governments;
(2) Contract with any entity securing or enhancing the payment of bonds, authorizing the
entity to approve the participating local governments that can lease or purchase assets
financed with proceeds of bonds secured or enhanced by that entity;
(3) Lease assets to a participating local government upon terms and conditions that the
authority considers proper, charge and collect rents therefor, and include in any such
lease provisions that the lessee has the option to purchase any or all of the assets to which
the lease applies;
</ins>
<ins>(4) Sell assets to a participating local government under any lease, purchase, or other
legal contract upon such terms and conditions as the authority considers proper;
(5) Sell or otherwise dispose of any unneeded or obsolete assets under terms and
conditions as determined by the authority;
(6) Maintain, repair, replace, and otherwise improve or cause to be maintained, repaired,
replaced, and otherwise improved any assets owned by the authority;
(7) Obtain or aid in obtaining property insurance, in establishing self-insurance, or in
participating in an interlocal risk management agency under Chapter 85 of this title,
covering all assets owned or financed or accept payment if any asset is damaged or
destroyed; and
(8) Enter into any agreement, contract, or other instrument for any insurance, guarantee,
or letter of credit accepting payment in such manner and form as provided therein if a
participating local government defaults and assign any such insurance, guarantee, or letter
of credit as security for bonds issued by the authority.
(b) Before exercising any of the powers conferred by subsection (a) of this Code section,
the authority may:
(1) Require that the lease, purchase, or other contract involved be insured by a financial
guaranty insurer, be credit enhanced by a credit enhancer, or be secured by a letter of
credit; or
(2) Require any other type of security from a participating local government that it
considers reasonable and necessary.
36-93-7.
(a) The authority may issue, sell, and deliver its bonds, in accordance with this chapter, for
the purpose of paying for all or any part of the cost of assets, to finance the acquisition of
assets for lease or sale to participating local governments, and for any other purpose
authorized by this chapter.
</ins>
<ins>(b) The bonds may be issued as serial bonds or as term bonds or a combination of each in
one or more series and shall bear such date or dates, mature at such time or times not
exceeding 30 years from their respective dates of issue, bear interest at such fixed or
variable rates without regard to any limitations contained in any other statute or laws of this
state, bear interest at different rates, and mature at different dates within a series, bear
interest at one or more variable or fixed rates within a series, and may be converted from
such variable rate or rates to a fixed rate or rates, or may be converted from such fixed rate
or rates to a variable rate or rates from time to time, be payable at such time or times, be
in such denominations, be in such form, either coupon or fully registered, carry such
registration and conversion privileges, have such rank or priority, be payable in lawful
money of the United States at such places within or outside this state, and be subject to
such terms of redemption and tender for purchase as such bond resolution may provide.
(c) All revenue bonds issued by the authority shall be subject to validation in accordance
with Article 3 of Chapter 82 of this title, the 'Revenue Bond Law.' Notes and other types
of obligations of the authority shall not be required to be so validated. All proceedings to
validate revenue bonds of the authority shall be held in the Superior Court of Fulton
County, and judgments of validation obtained in the manner set forth in such chapter shall
be forever conclusive upon the validity of such bonds and the security for such bonds as
therein provided. The petition and complaint for validation may also make party defendant
to such action any participating local government that has contracted with the authority in
connection with the issuance of the revenue bonds or regarding the manner in which such
bonds are to be secured; and such participating local government may be required to show
cause, if any exists, why such contract and the terms and conditions thereof should not be
inquired into by the court, the validity of the terms thereof determined, and the contract
adjudicated as a binding obligation of the participating local government for the security
of any such bonds of the authority. The revenue bonds when validated and the judgment
of validation shall be final and conclusive with respect to such bonds against the authority,
</ins>
<ins>any parties to the validation proceedings, or any persons who might properly have become
parties to such proceedings. The certificate of validation, however, may be signed with the
facsimile or manually executed official signature of the clerk or deputy clerk of the
Superior Court of Fulton County.
(d) The authority may sell its bonds in such manner and for such price, at public or private
sale, as it may determine to be in the best interest of the authority. Prior to the preparation
of definitive bonds, the authority may issue interim certificates or receipts or temporary
bonds for definitive bonds upon issuance of the latter. The authority may also provide for
the replacement of any bonds that shall become mutilated or be stolen, destroyed, or lost.
(e) The bonds shall be signed by the chairperson of the authority or such other person
designated by the authority, and the corporate seal of the authority shall be thereunto
impressed, imprinted, or otherwise reproduced and attested by the signature of the secretary
of the authority or such other person designated by the authority. The coupons, if any, shall
be signed in such manner as may be directed by the authority. The signatures of the
officers of the authority and the seal of the authority upon any bond issued by the authority
may be by facsimile if the instrument is manually authenticated or countersigned by a
trustee other than the authority itself or an officer or employee of the authority. All bonds
issued under the authority of this chapter bearing signatures or facsimiles of the signatures
of officers of the authority in office on the date of the signing thereof shall be valid and
binding, notwithstanding that before the delivery thereof and payment therefor such
officers whose signatures appear thereon shall have ceased to be officers of the authority.
(f) The authority may provide for the issuance of bonds of the authority for the purpose
of refunding any bonds of the authority then outstanding, including the payment of any
redemption premium thereon and any interest accrued or to accrue to the earliest or any
subsequent date of redemption, purchase, or maturity of such bonds, and, if considered
advisable by the authority, for the additional purpose of paying all or any part of the cost
of assets.
</ins>
<ins>(g) The proceeds of any bonds issued for the purpose of refunding outstanding bonds may,
in the discretion of the authority, be applied to the purchase or retirement at maturity or
redemption of such outstanding bonds either on their earliest or any subsequent redemption
date or upon the purchase or at the maturity thereof and may, pending such application, be
placed in escrow to be applied to such purchase or retirement at maturity or redemption on
such date as may be determined by the authority. Subject to the provisions of any trust
indenture to the contrary, any such escrowed proceeds, pending such use, may be invested
and reinvested in accordance with Code Section 36-82-7 in order to assure the prompt
payment of the principal and interest and redemption premium, if any, on the outstanding
bonds to be so refunded. The interest, income, and profits, if any, earned or realized on any
such investment may also be applied to the payment of the outstanding bonds to be so
refunded. Only after the terms of the escrow have been fully satisfied and carried out shall
any balance of such proceeds and interest, income, and profits, if any, earned or realized
on the investments thereof be returned to the authority or the participating local
governments for use by them in any lawful manner.
(h) The proceeds of the bonds, other than refunding bonds, of each series shall be used for
the payment of all or part of the cost of the assets for which such bonds have been
authorized and, at the option of the authority, for the deposit to a reserve fund or reserve
funds for the bonds; however, the authority may be paid, out of proceeds of the sale and
delivery of its bonds issued in accordance with this chapter, all of the authority's
out-of-pocket expenses and costs in connection with the issuance, sale, and delivery of such
bonds and the costs of obtaining insurance, guarantees, other credit enhancement, and
letters of credit securing payment of the bonds and the lease and the purchase payments,
plus an amount equal to the compensation paid to any employees or agents of the authority
for the time those employees or agents have spent on activities relating to the issuance,
sale, and delivery of the bonds. Bond proceeds shall be disbursed in the manner and under
the restrictions determined by the authority.
</ins>
<ins>36-93-8.
(a) The bonds may be secured by a trust indenture by and between the authority and a
corporate trustee, which may be any bank having the power of a trust company, or any trust
company. The trust indenture may contain such provisions for protecting and enforcing
the rights and remedies of the holders of the bonds 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 exercise of its powers and the custody, investing, safekeeping, and
application of all money. The authority may provide by the trust indenture for the payment
of the proceeds of the bonds and any lease, purchase, or other contractual payments to the
trustee under the trust indenture or other depository and for the method of disbursement
thereof with such safeguards and restrictions as the authority may determine. All expenses
incurred in carrying out the trust indenture may be treated as a part of the operating
expenses of the authority.
(b) Every series of bonds is payable solely out of revenues, assets, or money of the
authority as the authority determines, subject only to any agreements with the holders of
particular bonds pledging any particular money or revenue. The bonds may be additionally
secured by a pledge of any grant, contribution, or guarantee from the federal government
or any corporation, association, institution, or person or a pledge of any money, income,
or revenue of the authority from any source.
(c)(1) Any bond resolution or related trust indenture may contain the following
provisions, which must be a part of the contract with the holders of the bonds to be
authorized:
(A) Pledging or assigning the lease or installment purchase payments made for the
assets or pledging or assigning the contract rights under the leases or installment
purchase contracts with the participating local governments whose assets have been
financed with the proceeds of such bonds or other specified revenues or property of the
authority;
</ins>
<ins>(B) The rentals, installment purchase payments, fees, and other amounts to be charged
by the authority, the schedule of payments, the sums to be raised in each year thereby,
and the use, investment, and disposition of such sums;
(C) Setting aside any reserves or sinking funds and the regulation, investment, and
disposition thereof;
(D) Limitation on the use of the assets;
(E) Limitations on the purpose for which or the investments in which the proceeds of
sale of any series of bonds then or thereafter may be applied;
(F) Limitations on the issuance of additional bonds, terms upon which additional bonds
may be issued and secured, and the terms upon which additional bonds may rank on a
parity with, or be subordinate or superior to, other bonds;
(G) The refunding of outstanding bonds;
(H) The procedure, if any, by which the terms of any contract with holders of the bonds
may be amended or abrogated, the amounts of bonds the holders of which must consent
thereto, the manner in which such consent may be given, and restrictions on the
individual rights of action by holders of the bonds;
(I) Acts or omissions that constitute a default in the duties of the authority to holders
of its bonds and providing the rights and remedies of such holders in the event of
default; and
(J) Any other matters relating to the bonds that the authority considers desirable.
(2) Bonds of the authority may also be secured by and payable from a pooling of leases
or of installment purchase contracts whereby the authority may assign its rights, as lessor,
and pledge rents under two or more leases of assets with two or more participating local
governments, as lessees, or assign its rights as seller and pledge the installment purchase
payments under two or more installment purchase contracts of assets with two or more
participating local governments, as purchasers, upon such terms as may be provided for
</ins>
<ins>in bond resolutions, trust indentures, or other instruments under which such bonds are
issued.
36-93-9.
(a) Neither the members of the authority nor any person executing bonds on behalf of the
authority shall be personally liable thereon by reason of the issuance thereof.
(b) The authority shall have the same immunity and exemption from liability as this state,
and the members, agents, and employees of the authority when in the performance of work
of the authority shall have the same immunity and exemption from liability as officers,
agents, and employees of this state.
(c) The offer, sale, or issuance of bonds by the authority shall not be subject to regulation
under Chapter 5 of Title 10, the 'Georgia Uniform Securities Act of 2008.' No notice,
proceeding, or publication except those required in this chapter shall be necessary to the
performance of any act authorized in this chapter; nor shall any such act be subject to
referendum.
(d) No lease, purchase, or other contract between the authority and any participating local
government shall be deemed to be a contract subject to any law requiring that a lease,
purchase, or other contract shall be let or entered into only after auction or receipt of
competitive bids or proposals.
36-93-10.
Bonds issued under this chapter shall not be deemed to constitute a debt or pledge of the
faith and credit of this state, any political subdivision or municipal corporation thereof, or
any participating local government within the meaning of any provision of the Constitution
or laws of this state. Bonds issued by the authority shall not directly, indirectly, or
contingently obligate this state or any of its political subdivisions or municipal corporations
or any participating local governments to levy or to pledge any form of taxation whatever
</ins>
<ins>therefor or to make any appropriation for the payment thereof; and all such bonds or other
obligations of the authority shall contain recitals on their face covering substantially the
foregoing provisions of this Code section.
36-93-11.
The creation of the authority and the carrying out of its corporate purposes is in all respects
for the benefit of the people of this state and is a public purpose, and the authority will be
performing an essential governmental function in the exercise of the power conferred upon
it by this chapter; the state covenants with the holders of the bonds and any interest
coupons appertaining thereto that the authority shall be required to pay no taxes or
assessments imposed by the state or any of its counties, municipal corporations, political
subdivisions, or taxing districts upon any of the property acquired or leased or sold by it
or under its jurisdiction, control, possession, or supervision or upon its activities in the
operation or maintenance of the assets acquired by it or upon any fees, rentals, charges, or
purchase price, received in installments or otherwise, pertaining to such assets or upon
other income received by the authority; that the bonds of the authority, their transfer, and
the interest and income therefrom shall at all times be exempt from taxation within this
state; and that the recording of any indenture or security agreement by the authority shall
be exempt from recording taxes and fees and from intangible tax. The tax exemption
provided in this Code section shall not include any exemption from sales and use tax on
property purchased by the authority or for use by the authority, except that the authority
shall be entitled to such exemption with respect to property as is available to the
participating local government unit pursuant to Article 1 of Chapter 8 of Title 48.
36-93-12.
While any of the bonds issued by the authority remain outstanding, the powers, duties, or
existence of the authority or of any of its officers shall not be diminished or impaired in any
</ins>
<ins>manner that will affect adversely the interest and right of the holders of such bonds. This
chapter shall be for the benefit of the holders of any such bonds and, upon the issuance of
the bonds as provided in this chapter, such provisions shall constitute a contract with the
holders of such bonds. The provisions of any bond resolution, indenture, or trust
agreement shall be a contract with every holder of such bonds, and the duties of the
authority under any such bond resolution, indenture, or trust agreement shall be enforceable
by any bondholder by mandamus or other appropriate action or proceeding at law or in
equity.
36-93-13.
All moneys received by the authority pursuant to this chapter, whether as grants or other
contributions or as revenues, rents, installment purchase payments, and earnings, shall be
held in trust and applied solely as provided for in this chapter.
36-93-14.
The authority may hold title to any assets leased, purchased, sold, or financed by it but shall
not be required to do so.
36-93-15.
The authority's legal situs or residence for the purpose of this chapter shall be Fulton
County. Any action to protect or enforce any rights under this chapter, including the
validation of revenue bonds issued by the authority as permitted in this chapter, shall be
brought in the Superior Court of Fulton County, and such court shall have exclusive
original jurisdiction of all such actions.
</ins>
<ins>36-93-16.
Nothing in this chapter may be construed as a restriction or limitation upon any powers that
the authority might otherwise have under any other law of this state, and this chapter is
cumulative to such powers. This chapter shall be construed to provide a complete,
additional, and alternative mechanism for the doing of the things authorized and shall be
construed as supplemental to powers conferred by any other laws. The adoption by the
authority of bylaws and rules and the issuance of bonds by the authority under this chapter
need not comply with the requirements of any other state laws applicable to the adoption
of bylaws and rules and the issuance of bonds, notes, and other obligations. No
proceedings, notice, or approval is required for the issuance of any bonds or any instrument
or the security therefor or for the proper conduct of the authority's business, affairs, or
operations, except as provided in this chapter.
36-93-17.
This chapter, being for the welfare of this state and its inhabitants, shall be liberally
construed to effect its purposes."
</ins> SECTION 2.
Said title is further amended in Code Section 36-82-250, relating to definitions relative to
interest rate management agreements, by revising paragraph (6) as follows:
"(6) 'Local governmental entity' means:
<ins>(A) Any</ins> <del>any</del> governmental body as defined in paragraph (2) of Code Section 36-82-61,
as amended; provided, however, that such term shall only include authorities which are
local public authorities included in the definition thereof set forth in subparagraphs (C)
and (D) of paragraph (2) of Code Section 36-82-61, as amended; <ins>and
(B) The Georgia Local Government Finance Authority created by Chapter 93 of this
Title."
</ins>
SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.