HB 548: Albany-Dougherty Inner City Authority Act; enact

House Bill 548

By: Representatives Greene of the 154th, Yearta of the 152nd, Cheokas of the 151st, and Sampson of the 153rd

A BILL TO BE ENTITLED

AN ACT

To amend an Act creating the Albany-Dougherty Inner City Authority, approved March 30, (Ga. L. 1977, p. 4220), as amended, particularly by an Act approved May 4, 2017 (Ga. L. 2017, p. 3954), so as to restate the law governing the authority; provide a short title; to provide definitions; to provide for the existence and membership of the authority; to provide for officers; to provide for conflicts of interest; to provide for powers of the authority; to provide for revenue bonds; to provide for rules, regulations, and other procedures; to provide for immunity; to provide for tax exemptions; to provide that authority property is not subject to levy and sale; to provide for the Act's effect on other governments; to provide for earnings and dissolution; to provide for construction; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

An Act creating the Albany-Dougherty Inner City Authority, approved March 30, 1977 (Ga. 4 L. 1977, p. 4220), as amended, particularly by an Act approved May 4, 2017 (Ga. L. 2017, p. 3954), is amended by revising Sections 1 through 12 as follows: "Section 1.

Short title.

This Act shall be known and may be cited as the 'Albany-Dougherty Inner City Authority Act.'

Section 2.

Definitions.

As used in this Act, the term:

(1) 'Act' means this Albany-Dougherty Inner City Authority Act.

(2) 'Authority' means the Albany-Dougherty Inner City Authority continued by this Act.

(3) 'City' means the City of Albany, Georgia, or its successor.

(4) 'City commission' means the governing body of the City of Albany, Georgia.

(5) 'Costs of the project' or 'cost of any project' means and includes all costs of acquisition, by purchase or otherwise, construction, installation, modification, renovation, or rehabilitation of any project or any part of any project; all costs of real or personal property used in or in connection with or necessary for any project or for any facilities related thereto, including the cost of all land, estates for years, easements, rights, improvements, water rights, connections for utility services, fees, franchises, permits, approvals, licenses, and certificates, the cost of securing any such franchises, permits, approvals, licenses, or certificates, the cost of preparation of any application therefor, and the cost of all fixtures, machinery, equipment, furniture, and other property used in or in connection with or necessary for any project; all financing charges and loan fees and all interest which accrues or is paid prior to and during the period of construction of a project and for such period after the completion of construction thereof as the authority may determine; all costs of engineering, architectural, and legal services and all expenses incurred by engineers, architects, and attorneys in connection with any project; all inspection expenses; all fees of fiscal agents, paying agents, and trustees for bondholders under any trust agreement, indenture of trust, or similar instrument, all expenses incurred by any such fiscal agents, paying agents, and trustees, and all other costs and expenses incurred relative to the issuance of any revenue bonds, notes, or other obligations for any project; all costs permitted under this Act; all expenses incident to determining the feasibility or practicability of any project; all costs of plans and specifications for any project; all costs of title insurance and examinations of title; repayment of any loans made for the advance payment of any part of any of the foregoing costs, including interest thereon and other expenses of such loans; administrative expenses of the authority and such other expenses as may be necessary or incident to any project or the financing thereof or the placing of any project in operation; and a fund or funds for the creation of a debt service reserve, a renewal and replacement reserve, or such other funds or reserves as the authority may approve with respect to the financing and operation of any project and as may be authorized by any bond resolution, trust agreement, indenture of trust, or similar instrument pursuant to the provisions of which the issuance of any revenue bonds, notes, or other obligations of the authority may be authorized. Any cost, obligation, or expense incurred for any of the foregoing purposes shall be a part of the cost of the project and may be paid or reimbursed as such out of the proceeds of revenue bonds, notes, or other obligations issued by the authority. Entertainment or promotional expenses shall not constitute part of the cost of any project.

(6) 'County' means Dougherty County, Georgia, or its successor. Such term includes the entirety of incorporated and unincorporated Dougherty County.

(7) 'Prior Acts' means Ga. L. 1977, p. 4220, amended by Ga. L. 1980, p. 3184, approved March 18, 1980, Ga. L. 1981, p. 4688, approved April 9, 1981, and Ga. L. 2017, p. 3954, approved May 4, 2017.

(8) 'Private person' means any natural person or any legal entity, other than a public body, whether operated for profit or not for profit.

(9) 'Project' means any of the following:

(A) Any undertaking permitted by the 'Revenue Bond Law';

(B) Any redevelopment project permitted by the 'Redevelopment Powers Law' when the authority is serving as a redevelopment agency under the 'Redevelopment Powers Law';

(B) Any property, whether real, personal or mixed, and if personal, whether tangible or intangible:

(i) To be owned by the authority or to be provided by the authority for or on behalf of the city, the county, or both the city and county; or

(ii) That is not otherwise included in the meaning of the term project but which the authority determines is necessary or appropriate for carrying out its public purposes.

(10) 'Project area' means the urban, central city or downtown areas within the county selected and designated by the authority for the exercise of its public purposes pursuant to the authorization provided for in this Act.

(11) 'Public bodies' means and includes the United States of America, its territories and possessions, and any federal agency, department, or authority or any branch of its armed services; the state and any department, district, agency, board, bureau, authority, or instrumentality of the state, including, without limitation, the Board of Regents of the University System of Georgia and the Technical College System of Georgia; the city and the county, and any other county, political subdivision, or municipal corporation of the state; and any school district or other district, including without limitation, the Dougherty County School District, or other local government, and any other local authority or other local public corporation or entity within the state. Such term includes, without limitation, any agency as defined in O.C.G.A. § 50-14-1(a)(1), except nonprofit organizations referred to in O.C.G.A. § 50-14-1(a)(1)(E).

(12) 'Redevelopment Powers Law' means Chapter 44 of Title 36 of the O.C.G.A., as now or hereafter amended.

(13) 'Revenue bonds' means revenue bonds authorized to be issued pursuant to this Act and the 'Revenue Bond Law.'

(14) 'Revenue Bond Law' means Article 3 of Chapter 82 of Title 36 of the O.C.G.A., as now or hereafter amended.

(15) 'State' means the State of Georgia.

Section 3.

Albany-Dougherty Inner City Authority.

(a)(1) By the Prior Acts, there was created, and by this Act there is continued without interruption, in accordance with its provisions, a public body corporate and politic known as the Albany-Dougherty Inner City Authority, which shall be deemed to be an instrumentality of the state and a public corporation, and by that name, style, and title said body may contract and be contracted with, sue and be sued, implead and be impleaded, and complain and defend in all courts of law and equity.

(2) It is hereby determined, declared, and established that the authority is created for the public purposes set forth in this Act and that the same are in all respects for the benefit of the people of this state, and that the authority is an institution of purely public charity. It is hereby further determined, declared, and established that the public purposes of this Act and of the authority are each and all of the following:

(A) The financing, or providing, or both by the authority of projects and services that relate to any such project or that otherwise relate to any of the purposes of this Act, in order to either:

(i) Redevelop or improve a project area; or

(ii) Otherwise benefit the citizens of the city, of the county, or both, regardless of whether or not the project or services provided are located, provided or performed within a project area; and

(B) Serving as a redevelopment agency under the 'Redevelopment Powers Law' when designated as such by the city, by the county, or by both the city and the county, including, without limitation, exercising all powers that have been legally delegated to the authority by the city, by the county, or by both the city and the county pursuant to and subject to the 'Redevelopment Powers Law.'

(3) It is further declared to be part of and in furtherance of its public purposes, that the authority is, without limitation, authorized and empowered to:

(A) Own, use, operate, manage, maintain and otherwise deal in and with any project, or

(B) Sell, lease, exchange, transfer, assign, pledge, encumber, mortgage, or dispose of any project, or grant options for any such purposes, to any public body or, if the authority should determine that doing so will promote the public good and general welfare and assist in or facilitate providing projects and services in the city or elsewhere in the county for the public purposes of this Act, for the authority to sell, lease, exchange, transfer, assign, pledge, encumber, mortgage, or dispose of, any project or grant options for any such purposes, to any private person.

(4) The foregoing as set forth hereinabove in this section are the purposes of this Act and of the authority and are declared to be proper public purposes that are for the public good and general welfare.

(5) The authority was created and exists for nonprofit and public purposes, and it is found, determined, and declared that 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 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. To the maximum extent provided by general law, the authority shall be considered a public authority and property acquired by the authority or under its jurisdiction, control, possession, or supervision or leased by it to others or upon its activities in the operation or maintenance of any such property or on any income derived by the authority in the form of fees, recording fees, rentals, charges, purchase price, installments, or otherwise, and that the bonds and other obligations of the authority, their transfer, and the income therefrom public property shall be subject to all exemptions provided by general law for such public authorities, properties, or income; provided, however, that nothing in this Act shall be interpreted as attempting to provide any exemption from sales and use tax on property purchased by the authority or for use by the authority.

(6) The area of operations within which the authority shall carry out its public purposes shall be the territorial area of the county, including all unincorporated areas, the territorial area of the city, and the territorial areas of all other municipal corporations. The principal office of the authority shall be in the city, and the venue of any action against it shall be in the county. Service upon the authority of any process, subpoena, or summons shall be effected by serving the same personally upon any member of the authority.

(b) The authority shall have perpetual existence.

(c) The authority shall consist of the mayor of the city, who shall be a nonvoting ex officio member, and seven members who shall be appointed by the city commission for terms of two years each. Each such appointed member shall be a resident of the city or of the portion of the county, whether or not incorporated, outside of the city. The city commission may appoint no more than one member of the city commission as a member of the authority.

(d) The initial members to serve under this Act shall consist of those persons now in office: the present mayor of the city and the seven members who have been appointed by the city commission for terms of two years each. The current terms of office of all members other than the mayor shall expire in accordance with the terms of such appointments prior to the effective date of this Act.

(e) All members shall be eligible to succeed themselves and shall continue to serve until their successors have been appointed and qualified, except that the mayor's term shall be coextensive with his or her term of office as mayor.

(f) All vacancies which shall occur prior to the end of a member's term shall be filled by the city commission for the unexpired portion of the term.

(g) The authority shall elect one of its members as chairperson and one as vice-chairperson and shall elect a secretary-treasurer who may, but need not necessarily, be a member of the authority.

(h) Four members of the authority shall constitute a quorum for the transaction of the ordinary business of the authority; provided, however, that any resolution of the authority authorizing the issuance of revenue bonds, notes, or other obligations for any project of the authority must be approved by a majority vote of the members of the authority.

(i) The members of the authority shall not be entitled to compensation for their services, but may be reimbursed by the authority for their actual expenses properly incurred in the performance of their duties.

(j) The authority shall make rules and regulations for its own government, including without limitation, the adoption, amendment and repeal of bylaws, and may retain, employ, and engage professional and technical advisers, supervisors, assistants, and experts and other agents and employees, temporary or permanent, as it may require.

(k) The members of the authority shall be accountable in all respects as trustees, and the authority shall keep suitable books and records of all its obligations, contracts, transactions, and undertakings and of all income and receipts of every nature and all expenditures of every kind.

(l) No vacancy on the authority shall impair the right of the quorum, subject to the provisions of subsection (h) of this section, to exercise all of the rights and perform all of the duties of the authority. The mayor, as an ex officio member of the authority, does not count toward a quorum.

(m) The provisions of O.C.G.A. § 45-10-3 shall apply to all members of the authority.

(n) The mayor of the city and the members of the city commission may vote on transactions between the city and the authority, and the members of the authority may likewise vote on transactions between the city and the authority, and the same shall not be deemed to create any conflict of interest.

Section 4.

Powers of the authority.

The authority shall have all of the powers necessary or convenient to carry out and effectuate the purposes and provisions set forth in this Act, including, but without limiting the generality of the foregoing, the power to:

(1) Sue and be sued;

(2) Adopt and amend a corporate seal;

(3) Make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the authority, including, but not limited to, contracts for the sale or purchase of projects, contracts for construction of projects, leases of projects as lessor or lessee, and contracts with respect to the use of projects which it causes to be erected or acquired, and to contract with any public body and with private legal entities and others upon such terms and for such purposes as the members of the authority may deem advisable; and each such political subdivision, municipal corporation, or other public body of this state shall have and hereby is given the right and power to make such contracts, and the rentals contracted to be paid by the lessee or tenants to the authority under such contract or contracts entered into pursuant to the provisions of this Act shall constitute general obligations of the political subdivision, municipal corporation, or other public body for the payment of which the full faith and credit of such political subdivision, municipal corporation, or other public body shall be, and the same hereby is pledged to provide the funds required to fulfill all obligations arising under any such contract; and any such political subdivision, municipal corporation, or other public body which shall have entered into such a contract pursuant to the provisions of this Act shall annually in each and every fiscal year during the term of such contract include in a general revenue or appropriation measure, whether or not any other items are included, sums sufficient to satisfy the payments required to be made in each year by such contract until all payments required under such contract have been paid in full, and such revenues shall be and hereby are unconditionally obligated to the payment of such sums. In the event for any reason any such provision or appropriation is not made, then the fiscal officers of such political subdivision, municipal corporation, or other public body are hereby authorized and directed to set up as an appropriation on their accounts in each fiscal year the amounts required to pay the obligations called for under any such contract. The amount of the appropriation in each fiscal year to meet the obligations of such contract as authorized and required hereby shall be due and payable and shall be expended for the purpose of paying and meeting the obligations provided under the terms and conditions of such contract, and such appropriation shall have the same legal status as if the contracting political subdivision, municipal corporation, or other public body had included the amount of the appropriation in its general revenue or appropriation measure, and such fiscal officers shall make such payment to the authority if for any reason such appropriation is not otherwise made; and said political subdivision, municipal corporation, or other public body having the power of taxation shall be, and the same is hereby specifically authorized to levy taxes, without limitation as to rate or amount, and to expend tax monies of said political subdivision, municipal corporation, or other public body and any other available funds thereof, and to obligate said political subdivision, municipal corporation, or other public body to make payment thereof to the authority upon such terms as may be provided in any such contract entered into by and between the authority and said political subdivision, municipal corporation, or other public body, in order to enable the authority to pay the principal of and interest on any of its bonds as the same mature and to create and maintain a reserve for that purpose and also to enable the authority to pay the cost of maintaining, repairing, and operating the property so furnished by said authority;

(4) Finance by loan or grant, lease, construct or erect, purchase, acquire, own, repair, remodel, renovate, rehabilitate, maintain, extend, improve, sell, equip, expand, add to, operate, or manage projects and to pay the cost of any project from the proceeds of revenue bonds, notes, or other obligations of the authority or any other funds of the authority, or from any contributions or loans by persons, corporations, partnerships, or other entities, all of which the authority is hereby authorized to receive and accept and use;

(5) Accept loans and grants of money or materials or property of any kind from the United States of America, the state, or any agency, instrumentality, or political subdivision thereof, or the city or the county, upon such terms and conditions as the United States of America, the state, or such agency, instrumentality, or political subdivision, or the city or the county, may require;

(6) Receive and administer gifts, grants, and devises of any property and to administer trusts;

(7) Acquire by purchase, gift, or donation any real or personal property desired to be acquired as a part of any project or for the purpose of improving, extending, adding to, reconstructing, renovating, or remodeling any project or part thereof already acquired, or for the purpose of demolition to make room for such project or any part thereof;

(8) Sell, lease, exchange, transfer, assign, pledge, encumber, mortgage, or dispose of any project or any other real or personal property, or grant options for any such purposes, to any public body and, if the authority should determine that doing so will promote the public good and general welfare and assist in or facilitate providing projects and services in the city or elsewhere in the county for the public purposes of this Act, sell, lease, exchange, transfer, assign, pledge, encumber, mortgage, or dispose of any project or any other real or personal property, or grant options for any such purposes, to any private person. In connection with any such lease, sublease, sale, transfer, assignment or other disposition, the authority need not comply with any provision of law requiring public bidding or other competitive process or any notice to the public of same;

(9) Mortgage, convey, pledge, or assign any properties, revenues, income, tolls, charges, or fees owned or received by the authority;

(10) Issue revenue bonds, notes, or other obligations of the authority and use the proceeds thereof for the purpose of paying, or lending the proceeds thereof to pay, all or any part of the cost of any project or otherwise to further or carry out the public purpose of the authority and to pay all costs of the authority incident to, or necessary and appropriate to, furthering or carrying out such purposes;

(11) Appoint officers and retain agents, engineers, attorneys, fiscal agents, accountants, and employees and to provide their compensation and duties;

(12) Acquire by purchase, gift, or lease any property owned by a political subdivision or municipal or public corporation which has been acquired or damaged through the exercise of the right of eminent domain by said political subdivision or municipal or public corporation;

(13) Construct, acquire, own, repair, remodel, maintain, extend, improve, and equip projects located on land owned or leased by the authority, and to pay all or part of the cost of any such project from the proceeds of revenue bonds of the authority or from any contribution or loans by persons, firms, or corporations, or any other contribution or source, all of which the authority is hereby authorized to receive and accept and use;

(14) Borrow money to further or carry out its public purpose and to execute revenue bonds, notes, other obligations, leases, trust indentures, trust agreements, agreements for the sale of its revenue bonds, notes, or other obligations, loan agreements, mortgages, deeds to secure debt, trust deeds, security agreements, assignments, and such other instruments as may be necessary or desirable, in the judgment of the authority, to evidence and secure such borrowing;

(15) Have and to exercise any and all of the usual powers of private and public corporations which are not in conflict with the Constitution and the laws of the state;

(16) Accumulate its funds from year to year and to invest accumulated funds in any manner that public funds of the state or any of its political subdivisions may be invested;

(17) Designate officers to sign and act for the authority generally or in any specific matter;

(18) Extend credit or make loans to any person, corporation, partnership, or other entity, public or private, provided, in the case of a private person, that the authority determines that the same would promote the public purposes of the Act, for the costs of any project or any part of the costs of any project, which credit or loans shall be evidenced or secured by loan agreements, notes, mortgages, deeds to secure debt, trust deeds, security agreements, assignments, and such other instruments, or by rentals, revenues, fees, or charges, upon such terms and conditions as the authority shall determine to be reasonable in connection with such extension of credit or loans, including provision for the establishment and maintenance of reserves and insurance funds, and, in the exercise of powers granted by this paragraph in connection with any project, the authority shall have the right and power to require the inclusion in any such loan agreement, note, mortgage, deed to secure debt, trust deed, security agreement, assignment, or other instrument of such provisions for guaranty, insurance, construction, use, operation, maintenance, and financing of a project, and such other terms and conditions as the authority may deem necessary or desirable;

(19) As security for repayment of any revenue bonds, notes, or other obligations of the authority, pledge, mortgage, convey, assign, hypothecate, or otherwise encumber any property, real or personal, of the authority and to execute any lease, trust indenture, trust agreement, agreement for the sale of the authority's revenue bonds, notes, or other obligations, loan agreement, mortgage, deed to secure debt, trust deed, security agreement, assignment, or other instrument as may be necessary or desirable, in the judgment of the authority, to secure any such revenue bonds, notes, or other obligations, which instrument may provide for foreclosure or forced sale of any property of the authority upon default in any obligation of the authority, either in payment of principal or interest or in the performance of any term or condition contained in any such instrument;

(20) Incur short-term debt and to approve, execute, and deliver appropriate evidence of any such indebtedness and to enter into interest rate swaps, forward purchase agreements, repurchase agreements, and other similar agreements;

(21) Sell or assign its rights under its contracts, lease agreements, or installment sale agreements or its right to receive payments thereunder, either directly or through trust or custodial arrangements whereby interests are created in such contracts, lease agreements, or installment sale agreements or the payments to be received thereunder through the issuance of trust certificates, certificates of participation, custodial receipts, or other similar instruments;

(22) Exercise all powers that at the time have been legally delegated to the authority by the city, by the county, or by both the city and the county pursuant to and subject to the 'Redevelopment Powers Law'; and

(23) Take any and all actions necessary or convenient to accomplish or to complement the purpose and powers of the authority as herein stated.

Section 5.

Revenue bonds.

(a) The authority, or any entity or body which has or which may in the future succeed to the powers, duties, and liabilities vested in the authority created hereby, shall have power and is hereby authorized to provide by resolution for the issuance of revenue bonds by the authority for the purpose of paying all or any part of the costs of the project and for the purpose of refunding revenue bonds or other obligations previously issued. The principal of and interest on such revenue bonds shall be payable solely from the special fund hereby provided for such payment. The revenue bonds of each issue shall be dated, shall bear interest at such rate or rates per annum, payable at such time or times, shall mature at such time or times not exceeding 40 years from their date or dates, shall be payable in such medium of payment as to both principal and interest as may be determined by the authority, and may be redeemable before maturity, at the option of the authority, at such price or prices and under such terms and conditions as may be fixed by the authority in the resolution for the issuance of such revenue bonds.

(b) The authority shall determine the form of the revenue bonds and shall fix the denomination or denominations of such revenue bonds. The revenue bonds may be issued in registered form, and provision may be made for registration and exchangeability privileges. The authority shall fix the place or places of payment of principal and interest thereon.

(c) All revenue bonds shall bear the manual or facsimile signature of the chairperson or vice-chairperson of the authority and the attesting manual or facsimile signature of the secretary-treasurer of the authority, and the official seal of the authority shall be impressed or imprinted thereon. Any revenue bonds may bear the manual or facsimile signature of such persons as at the actual time of the execution of such revenue bonds shall be duly authorized or hold the proper office, although at the date of issuance of such revenue bonds such person may not have been so authorized or shall not have held such office. In case any officer whose signature shall appear on any revenue bond shall cease to be such officer before the delivery of such revenue bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as if that person had remained in office until such delivery.

(d) All revenue bonds shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the laws of the state. All revenue bonds, their transfer, and the income therefrom shall be exempt from all taxation within the state.

(e) To the maximum extent as permitted by general law, the authority shall be exempt from taxation.

(f) The authority may sell revenue bonds in such manner and for such price as it may determine to be in the best interest of the authority. The proceeds derived from the sale of revenue bonds shall be used solely for the purpose or purposes provided in the resolutions and proceedings authorizing the issuance of such revenue bonds.

(g) Prior to the preparation of any definitive revenue bonds, the authority may, under like restrictions, issue interim receipts, interim certificates, or temporary revenue bonds, exchangeable for definitive revenue bonds upon the issuance of the latter.

(h) The authority may provide for the replacement of any revenue bonds which shall become mutilated or be destroyed or lost.

(i) The authority shall adopt a resolution authorizing the issuance of the revenue bonds. Any resolution providing for the issuance of revenue bonds under the provisions of this Act shall become effective immediately upon its passage. Any such resolution may be passed by a majority of the authority's members at any regular or special meeting.

(j) Revenue bonds shall not be deemed to constitute a debt of the city or county nor a pledge of the faith and credit of the city or county, but such revenue bonds shall be payable solely from the fund hereinafter provided for. The issuance of such revenue bonds shall not directly, indirectly, or contingently obligate the city or county to levy or to pledge any form of taxation whatsoever for payment of such revenue bonds or to make any appropriation for their payment, and all such revenue bonds shall contain recitals on their face covering substantially the foregoing provisions of this section. Notwithstanding the foregoing provisions, this Act shall not affect the ability of the authority and any political subdivision, municipal corporation, or other public body, including, without limitation, the county and the city, to enter into an intergovernmental contract pursuant to which the political subdivision, municipal corporation, or other public body agrees to pay amounts sufficient to pay operating charges and other costs of the authority or any project including, without limitation, the principal of and interest on revenue bonds in consideration for services or facilities of the authority.

(k) In the discretion of the authority, any issuance of revenue bonds may be secured by a trust indenture by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the state. Either the resolution providing for the issuance of the revenue bonds or such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the authority in relation to the acquisition and construction of the project, the maintenance, operation, repair and insuring of the project, and the custody, safeguarding, and application of all monies.

(l) In the resolution providing for the issuance of revenue bonds or in the trust indenture, the authority shall provide for the payment of the proceeds of the sale of the revenue bonds to any officer or person, or any agency, bank, or trust company, who shall act as trustee of such funds and shall hold and apply the same to the purposes thereof, subject to such regulations as this Act and such resolution or trust indenture may provide.

(m) The moneys received pursuant to an intergovernmental contract and the revenues, fees, tolls, charges, and earnings derived from any particular project or projects, regardless of whether or not such revenues, fees, tolls, fines, charges, and earnings were produced by a particular project for which revenue bonds have been issued, unless otherwise pledged and allocated, may be pledged and allocated by the authority to the payment of the principal and interest on revenue bonds of the authority as the resolution authorizing the issuance of the revenue bonds or in the trust indenture may provide, and such funds so pledged from whatever source received shall be set aside at regular intervals as may be provided in the resolution or trust indenture, into a sinking fund, which said sinking fund shall be pledged to and charged with the payment of the interest upon such revenue bonds as such interest shall fall due; the principal or purchase price of such revenue bonds as the same shall fall due; any premium upon such revenue bonds as the same shall fall due; the purchase of such revenue bonds in the open market; and the necessary charges of the paying agent for paying principal and interest. The use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing the issuance of the revenue bonds or in the trust indenture, but, except as may otherwise be provided in such resolution or trust indenture, such sinking fund shall be maintained as a trust account for the benefit of all revenue bonds without distinction or priority of one over another.

(n) Any holder of revenue bonds and the trustee under the trust indenture, if any, except to the extent the rights herein given may be restricted by resolution passed before the issuance of the revenue bonds or by the trust indenture, may, either at law or in equity, by suit, action, mandamus, or other proceedings, protect and enforce any and all rights under the laws of the state, including specifically but without limitation the 'Revenue Bond Law,' or granted hereunder or under such resolution or trust indenture, and may enforce and compel performance of all duties required by this Act or by such resolution or trust indenture to be performed by the authority or any officer thereof, including the fixing, charging, and collecting of revenues, fees, tolls, fines, and other charges for the use of the facilities and services furnished.

(o) Revenue bonds and the security therefor shall be confirmed and validated in accordance with the 'Revenue Bond Law.' The petition for validation shall also make the party defendant to such action any city, municipal corporation, school district, or other political subdivision or authority of the state, or other public body, which has contracted with the authority for services or facilities relating to the project for which revenue bonds are to be issued and sought to be validated, and such defendant shall be required to show cause, if any exists, why such contract or contracts shall not be adjudicated as a part of the basis for the security for the payment of any such revenue bonds. The revenue bonds when validated and the judgment of validation shall be final and conclusive with respect to such revenue bonds and the security for the payment thereof and interest thereon, and against the defendants in such action, and as to all other questions which could and should have been asserted during the bond validation proceedings.

(p) 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 Dougherty County, and any action pertaining to validation of any revenue bonds issued under the provisions of this Act shall likewise be brought in said court which shall have exclusive, original jurisdiction of such actions.

(q) While any of the revenue 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 revenue bonds. The provisions of this Act shall be for the benefit of the authority and the holders of any such revenue bonds.

(r) All monies 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.

(s) The authority is hereby authorized to prescribe and fix rates and to revise same from time to time and to collect revenues, tolls, fees, and charges for the services, facilities, and commodities furnished, and in anticipation of the collection of the revenues, to issue revenue bonds or other types of obligations as herein provided to finance, in whole or in part, the costs of the project, and to pledge to the punctual payment of said revenue bonds or other obligations all or any part of the revenues.

(t) The bonds herein authorized are hereby made securities in which all public officers and bodies of this state and all political subdivisions; all insurance companies, associations, and other persons carrying on an insurance business; all banks, bankers, trust companies, savings banks, and savings associations, including savings and loan associations, building and loan associations, investment companies, and other persons carrying on a banking business; all administrators, guardians, executors, trustees, and other fiduciaries; and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of the state may properly and legally invest funds including capital in their control or belonging to them. The bonds are also hereby made securities that may be deposited with and shall be received by all public officers and bodies of this state and all political subdivisions for any purpose for which the deposit of the bonds or other obligations of this state is now or may hereafter be authorized.

(u) The offer, sale, or issuance of bonds or other obligations of the authority shall be exempt from registration to the extent provided in the Georgia Uniform Securities Act of 2008, as the same may be amended from time to time, or in any other law.

(v) While any revenue bonds issued by the authority prior to the effective date of this Act remain outstanding, the powers, duties, or existence of the authority or its officers, employees, or agents shall not be diminished or impaired by this Act in any manner that will affect adversely the interests and rights of the holders of such revenue bonds. This subsection shall be for the benefit of the authority and the holders of any such revenue bonds.

Section 6.

Tort immunity.

To the extent permitted by law, the authority shall have the same immunity and exemption from liability for torts and negligence as the city. The officers, agents, and employees of the authority when in the performance of the work of the authority shall have the same immunity and exemption from liability for torts and negligence as the officers, agents, and employees of the city when in the performance of their public duties or work of the city. Section 7.

Property not subject to levy and sale.

The property of the authority shall not be subject to levy and sale under legal process except such property, revenue, income, or funds as may be pledged, assigned, mortgaged, or conveyed to secure an obligation of the authority, and any such property, revenue, funds, or income may be sold under legal process or under any power granted by the authority to enforce payment of the obligation.

Section 8.

Effect on other governments.

This Act shall not and does not in any way take from the city, the county, or any other political subdivision or municipality the authority to own, operate, and maintain public facilities or to issue revenue bonds as provided by the 'Revenue Bond Law.' Section 9.

Earnings and dissolution.

The earnings of the authority shall not inure to the benefit of private persons. Upon dissolution of the authority, title to all property of the authority shall revert to the city. Section 10.

Severability; effect of partial invalidity of Act.

The provisions of this Act are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions.

Section 11.

Reserved powers.

(a) The changes made by this Act in the law under which the authority exists shall be effective prospectively from the effective date of this Act and shall not affect any project of, or any action taken by, the authority prior to such changes becoming effective.

(b) The authority shall retain, to the extent necessary to carry out or complete the performance of any such prior project or action, all powers and duties provided by the law under which the authority existed prior to the effective date of this Act.

(c) Pursuant to Section 13 of that certain Act approved March 30, 1977 (Ga. L. 1977, p. 4220), while any of the revenue bonds previously issued by the authority prior to the effective date of this Act remain outstanding, the powers, duties, or existence of the authority or its officers, employees, or agents, shall not be diminished or impaired by this Act in any manner that will affect adversely the interests and rights of the holders of such revenue bonds. The immediately preceding sentence shall be for the benefit of the authority and the holders of any such revenue bonds, and as to such revenue bonds that have been issued under the provisions of this Act, shall constitute a contract with the holders of such revenue bonds.

Section 12.

Liberal construction of Act.

This Act, being for the welfare of various political subdivisions and municipalities of the state and its inhabitants, shall be liberally construed to effect the purposes of this Act."

SECTION 2.

All laws and parts of laws in conflict with this Act are repealed.