HB933: HB933 Lake Lanier Islands Development Authority; property held is for public purposes for the benefit of the people of this state; provide

26 LC 47 3832 House Bill 933 By: Representatives Hawkins of the 27th, Dunahoo of the 31st, Cox of the 28th, Clark of the 100th, Dubnik of the 29th, and others A BILL TO BE ENTITLED AN ACT To amend Part 3 of Article 7 of Chapter 3 of Title 12 of the Of ficial Code of Georgia1 Annotated, relating to the Lake Lanier Islands Development Authority, so as to provide that2 property held by the authority and that leaseholds and other interest in such property granted3 by the authority are public property held for public purposes for the benefit of the people of4 this state; to provide for related matters; to repeal conflicting laws; and for other purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Part 3 of Article 7 of Chapter 3 of Title 12 of the Official Co de of Georgia Annotated,8 relating to the Lake Lanier Islands Development Authority, is a mended by revising Code9 Section 12-3-339, relating to authority property, activities, income, and bonds exempt from10 taxation and assessment, as follows:11 "12-3-339.12 (a) It is found, determined, and declared that the creation of the authority and the carrying13 out of its corporate purposes are in all respects for the benefit of the people of this state and14 constitute a public purpose and that the authority will be perf orming an essential15 governmental function in the exercise of the power conferred upon it by this part. All real16 H. B. 933 - 1 - 26 LC 47 3832 and personal property and improvements held by or under the jurisdiction or control of the17 authority are public property held for public purposes for the benefit of the people of this18 state exempt from ad valorem property taxes pursuant to Code Section 48-5-41. 19 (b) This state covenants with the holders of the bonds that the authority shall be required20 to pay no taxes or assessments upon any of the property acquired or leased by it or under21 its jurisdiction, control, possession, or supervision, or upon its activities in the operation22 or maintenance of the buildings erected or acquired by it, or upon any fees, rentals, or other23 charges for the use of such buildings, or upon other income rec eived by the authority.24 Further, this state covenants that the bonds of the authority, their transfer, and the income25 therefrom shall at all times be exempt from taxation within the state. The exemption26 provided in this Code section subsection shall include an exemption from state and local27 sales and use tax on property purchased by the authority for us e exclusively by the28 authority.29 (c) Any leaseholds or other interest in real property granted by the authority to any person30 or entity are determined and declared to be created for the benefit of the people of this state31 and constitute public property held for public purposes for the benefit of the people of this32 state exempt from ad valorem property taxes pursuant to Code Section 48-5-41."33 SECTION 2.34 All laws and parts of laws in conflict with this Act are repealed.35 H. B. 933 - 2 -