HB1580: HB1580 Henry County Airport Authority; current operative provisions; repeal and replace

26 LC 47 4287S/AP House Bill 1580 (AS PASSED HOUSE AND SENATE) By: Representatives Holly of the 116th, Douglas of the 78th, Santos of the 117th, Lewis-Ward of the 115th, and Flournoy of the 74th A BILL TO BE ENTITLED AN ACT To amend an Act creating the Henry County Airport Authority, ap proved May 3, 20231 (Ga. L. 2023, p. 4389), as amended, so as to repeal and replace all current operative2 provisions related to such Authority; to provide for such Authority and its membership; to3 authorize such Authority to acquire, construct, equip, maintain, operate, own and improve4 airports and landing fields for the use of aircraft, which shal l include related buildings,5 equipment and the usual and convenient facilities appertaining to such undertaking, and to6 acquire, own and hold a fee simple title to all necessary prope rty therefor, both real and7 personal, and to lease and sell any and all such facilities, including real property; to confer8 powers and to impose duties on the Authority; to provide for th e membership and for the9 appointment of members of the Authority and their term of tenur e and compensation; to10 authorize the Authority to contract with others pertaining to airports and landing fields for11 the use of aircraft and to execute leases of such facilities an d to do all things deemed12 necessary or convenient for the operation of such undertaking; to authorize the issuance of13 revenue bonds or obligations of the Authority payable from the revenues, tolls, fees, charges14 and earnings of the Authority; including but not limited to earnings derived from leases and15 the use of the facilities, and to pay the costs of such undertakings and authorize the collection16 and pledging of the revenues and earnings of the Authority for the payment of such bonds17 or obligations or to secure the payment thereof by contract, mortgage, deed to secure debt,18 H. B. 1580 - 1 - 26 LC 47 4287S/AP security deed note or trust deed and to define the rights of th e holders of such bonds and19 securities; to provide that no liability or debt against Henry County shall be incurred in the20 exercise of any powers granted by this Act; to make the bonds, securities or obligations of21 the Authority exempt from taxation; to authorize the issuance of refunding bonds, securities22 or other obligations; to provide that such bonds, securities or other obligations be validated23 as authorized by the Article 3 of Chapter 82 of Title 36 of the O.C.G.A, the "Revenue Bond24 Law" as now or hereafter amended; to authorize the Authority to exercise the power of25 condemnation; to provide for all matters relative thereto; to p rovide for related matters; to26 repeal conflicting laws; and for other purposes.27 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:28 SECTION 1.29 An Act creating the Henry County Airport Authority, approved Ma y 3, 202330 (Ga. L. 2023, p. 4389), is amended by replacing Sections 2 through 32 with the following:31 "SECTION 2.32 Henry County Airport Authority 33 There is hereby created a body corporate and politic to be know n as the Henry County34 Airport Authority, which shall be deemed to be a political subd ivision of the State of35 Georgia and a public corporation by that name, style and title, and said body may contract36 and be contracted with, sue and be sued, implead and be impleaded, complain and defend37 in all courts of law and equity, except that the Authority or the trustee acting under the trust38 indenture herein provided for shall in no event be liable for any torts committed by any of39 the officers, agents and employees of the Authority. The Authority may exercise, subject40 to the approval of the governing Authority of Henry County, the powers set out in this Act41 H. B. 1580 - 2 - 26 LC 47 4287S/AP with respect to any land located within Henry County or land contiguous to Henry County,42 which is, in either case, owned by Henry County or the Authorit y and used for airport43 purposes as provided in this Act. The Authority shall have perpetual existence.44 SECTION 3.45 Membership46 The Authority shall consist of seven members who shall serve without pay, and the county47 manager of Henry County shall serve as an ex-officio member. The executive director of48 the Henry County Development Authority shall serve as an ex-officio member. At least49 five of the seven members of the Authority shall reside in Henry County. One Authority50 member shall be appointed by the governing Authority of Henry County from one or more51 nominations made by the representatives in the Henry County delegation. One Authority52 member shall be appointed by the governing Authority of Henry County from one or more53 nominations made by the senators in the Henry County delegation . The Henry County54 legislative delegation shall be composed of all senators and representatives in the General55 Assembly whose districts are wholly or partially in Henry Count y. The governing56 Authority of Henry County shall appoint two Authority members a nd one ex-officio57 member, and such appointments shall not require nominations from outside entities. In the58 event of a tie vote for an appointment to the Authority, the vote of the chairperson of the59 governing Authority shall be controlling.60 SECTION 4.61 Meetings62 The Authority shall hold their first regular meeting after this Act becomes effective, and63 the first regular meeting of each year thereafter shall be in July. The Authority shall meet64 H. B. 1580 - 3 - 26 LC 47 4287S/AP at such times as may be necessary to transact the business comi ng before it, but not less65 than quarterly. At its first meeting in July of each year thereafter, the Authority shall elect66 one of its members as its Chairman and another member as Secretary-Treasurer. Only one67 person shall hold the office of Secretary-Treasurer. These off icers shall be elected for a68 term ending on June 30th of the year following the year in which they were elected or until69 their successors are elected and qualified. Four members of the Authority shall constitute70 a quorum for the transaction of all business coming before it. T h e m e m b e r s o f t h e71 Authority shall receive no compensation for their services. Th ey shall be reimbursed,72 however, for all actual expenses incurred in the performance of their duties.73 SECTION 5.74 Vacancies in Office75 In the event of a vacancy on the Authority by reason of death, resignation or otherwise, the76 vacancy shall be filled in the same manner in which the member vacating his or her77 membership was appointed to membership, and the person so appointed shall serve for the78 remainder of the unexpired term.79 SECTION 6.80 Definitions81 As used in this Act, the following words and terms have the following meanings:82 (1) The word 'Authority' shall mean the Henry County Airport Authority as created by83 the provisions of this Act.84 (2) The word 'project' shall be deemed to mean and include the acquisition, construction,85 equipping, maintenance, improving and operation of public airpo rts and landing fields86 for the use of aircraft, and related buildings and the usual an d convenient facilities87 H. B. 1580 - 4 - 26 LC 47 4287S/AP appertaining to such undertakings and extensions and improvemen ts of such facilities,88 acquiring the necessary property, both real and personal, and t he lease and sale of any89 part or all such facilities, including real and personal property so as to assure the efficient90 and proper development, maintenance and operation of such airports, and landing fields91 for the use of aircraft, deemed by the Authority to be necessary, convenient or desirable.92 (3) The term 'cost of project' shall embrace the cost of construction, the cost of all lands,93 properties, rights, easements and franchises acquired; the cost of all machinery,94 equipment, financing charges, and interest prior to and during construction; the cost of95 engineering, architectural, fiscal and legal expenses; and the cost of plans and96 specifications, and such other expenses as may be necessary or incident to the financing97 herein authorized, the construction of any project and improvin g the same, and the98 placing of the same in operation. Any obligation or expense in curred for any of the99 foregoing purposes shall be regarded as a part of the cost of the project and may be paid100 or reimbursed as such out of any funds of the Authority including the proceeds from any101 revenue bonds issued under the provisions of this Act for any such project or projects.102 (4) The terms 'revenue bonds,' 'bonds,' and 'obligations as use d in this Act,' shall mean103 revenue bonds as defined and provided for in Article 3 of Chapter 82 of Title 36 of the104 O.C.G.A, the 'Revenue Bond Law,' as now or hereafter amended, a nd such type of105 obligations may be issued by the Authority as authorized under said 'Revenue Bond Law'106 and any amendments thereto, and in addition shall also mean obligations of the Authority107 the issuance of which are hereinafter authorized in this Act.108 (5) Any project shall be deemed self-liquidating, if, in the judgment of the Authority, the109 revenues and earnings to be derived by the Authority therefrom and all properties used,110 leased and sold in connection therewith will be sufficient to p ay the cost of operating,111 maintaining and repairing, improving and extending the project and to pay the principal112 and interest of the revenue bonds which may be issued to finance, in whole or in part, the113 cost of such project or projects.114 H. B. 1580 - 5 - 26 LC 47 4287S/AP SECTION 7.115 Powers116 The Authority shall have the following powers:117 (1) To have a seal and alter the same at pleasure;118 (2) To acquire by purchase, lease or otherwise, and to hold, lease and dispose of real and119 personal property of every kind and character for its corporate purposes;120 (3) To acquire in its own name by purchase, gift or otherwise, on such terms and121 conditions and in such manner as it may deem proper, real property or rights of easements122 therein or franchise necessary or convenient for its corporate purposes, and to use the123 same so long as its corporate existence shall continue, and to lease or make contracts with124 respect to the use of, or disposition of, the same in any manne r it deems to be the best125 advantage of the Authority;126 (4) To appoint, select and employ officers, agents and employees including engineering,127 architectural and construction experts, fiscal agents and attorneys, and fix their respective128 compensation;129 (5) To make contracts, leases and to execute all instruments ne cessary or convenient,130 including contracts for construction of projects or lease of pr ojects or contracts with131 respect to the use of projects which it causes to be erected or acquired, and any and all132 persons, firms and corporations and any and all political subdi visions, departments,133 institutions, or agencies of the state are hereby authorized to enter into contracts, leases134 or agreements with the Authority upon such terms and for such p urposes as they may135 deem advisable. The said Authority is further granted the Auth ority to make contracts136 and leases, and to execute all instruments necessary or convenient, with the United States137 Government or any agency or department thereof concerning the p rojects of the138 Authority, subject to the rights and interests of the holder of any of the bonds or139 obligations authorized to be issued hereunder, and by the resolution or trust indenture of140 H. B. 1580 - 6 - 26 LC 47 4287S/AP the Authority authorizing the issuance of any of its bonds or obligations as provided in141 section 21 of this Act;142 (6) To construct, erect, acquire, own, repair, remodel, maintain, add to, extend, improve,143 equip, operate and manage projects, as hereinabove defined, the cost of any such project144 to be paid in whole or in part from the proceeds of revenue bonds or other funds of the145 Authority or from such proceeds or other funds and any grant from the United States or146 any agency or instrumentality thereof;147 (7) To accept loans and grants, or to accept loans or grants of money or materials or148 property of any kind from the United States or any agency, inst rumentality or political149 subdivision thereof or from any other source, upon such terms a nd conditions as the150 United States or such agency, instrumentality or other source may impose;151 (8) To accept loans and grants, or to accept loans or grants of money or materials or152 property of any kind from the State of Georgia or any agency, instrumentality or political153 subdivision thereof or from any other source, upon such terms and conditions as the State154 of Georgia or such agency, instrumentality or political subdivision or any other source155 may impose;156 (9) To borrow money for any of its corporate purposes, to execu te evidences of such157 indebtedness and to secure the same, and to issue negotiable re venue bonds payable158 solely from funds pledged for that purpose, and to provide for the payment of the same159 and for the rights of the holders thereof;160 (10) To exercise any powers usually possessed by private corporations performing similar161 functions, which are not in conflict with the Constitution and laws of this state;162 (11) The Authority and the trustee acting under the trust inden ture are specifically163 authorized to sell, lease, grant, exchange or otherwise dispose of any surplus property,164 both real or personal, or interest therein, not required in the normal operation of the165 Authority and usable in the furtherance of the purpose for whic h the Authority was166 H. B. 1580 - 7 - 26 LC 47 4287S/AP created, except as such right and power may be limited as provi ded in Section 2 and167 Section 21 of this Act;168 (12) To do all things necessary or convenient to carry out the powers especially given169 in this Act.170 SECTION 8.171 Revenue Bonds172 The Authority, or any Authority or body which has succeeded, or which may in the future173 succeed, to the powers, duties and liabilities vested in the Authority created hereby, shall174 have the power, and is hereby authorized, to provide by resolut ion for the issuance of175 negotiable revenue bonds, for the purpose of paying all or any part of the cost as herein176 defined of any one or more projects. The principal and interest of such revenue bonds shall177 be payable solely from the special fund herein provided for such payment. The bonds of178 each issue shall be dated, shall bear interest at such rate or rates as may be authorized by179 the Authority, shall be payable semiannually, shall mature at s uch time or times not180 exceeding 30 years from their date or dates, shall be payable in such medium of payment181 as to both principal and interest as may be determined by the Authority, and may be made182 redeemable before maturity at the option of the Authority, at such price or prices and under183 such terms and conditions as may be fixed by the Authority in the resolution providing for184 the issuance of the bonds. Such revenue bonds or obligations shall be issued pursuant to,185 and in conformity with, Article 3 of Chapter 82 of Title 36 of the O.C.G.A, the 'Revenue186 Bond Law,' as now or hereafter amended. All procedures pertaining to such issuance and187 the conditions thereof shall be the same as those contained in said Revenue Bond Law and188 any amendments thereto.189 H. B. 1580 - 8 - 26 LC 47 4287S/AP SECTION 9.190 Form, Denominations, Registration, Place of Payment191 The Authority shall determine the form of the bonds and the place or places of payment of192 principal thereto, and shall fix the denomination or denominati ons of the bonds and the193 place or places of payment of principal and interest thereof, which may be at any bank or194 trust company within or without the state. The bonds may be is sued in coupon or195 registered form, or both. The Authority may make provisions for the registration of any196 coupon bond, as to principal alone, or to both the principal and interest.197 SECTION 10.198 Signatures, Seal199 In case any officer whose signature shall appear on any bonds, or whose facsimile signature200 shall appear on any coupon, shall cease to be such officer befo re the delivery of such201 bonds, such signature shall nevertheless be valid and sufficient for all purposes the same202 as if he or she had remained in office until such delivery. All such bonds shall be signed203 by the Chairman of the Authority and attested by the Secretary-Treasurer of the Authority,204 and the official seal of the Authority shall be affixed thereto. Any coupons attached thereto205 shall bear the facsimile signatures of the Chairman and Secreta ry-Treasurer of the206 Authority. Any bond may be signed, sealed and attested on behalf of the Authority by such207 persons as shall be duly authorized or hold the proper office, at the actual time of the208 execution of such bonds, although such persons may not have been so authorized or shall209 not have held such office on the date of delivery and payment of such bonds.210 H. B. 1580 - 9 - 26 LC 47 4287S/AP SECTION 11.211 Negotiability. Exemption from Taxation212 All revenue bonds issued under the provisions of this Act shall have, and are hereby213 declared to have, all the qualities and incidents of negotiable instruments under the214 negotiable instruments law of this state. Such bonds are decla red to be issued for an215 essential public and governmental purpose, and the said bonds, their transfer, and the216 income thereof shall be exempt from all taxation within this state.217 SECTION 12.218 Sale Price219 The Authority may sell such bonds in such manner and for such price as it may determine220 to be for the best interest of the Authority, but no such sale shall be made at a price less221 than par, as provided in Article 3 of Chapter 82 of Title 36 of the O.C.G.A, the 'Revenue222 Bond Law', unless said 'Revenue Bond Law' be hereafter amended to permit the sale of223 such bonds at less than par.224 SECTION 13.225 Proceeds of Bonds226 The proceeds of such bonds shall be used solely for the payment of the cost of the project227 or projects, and unless otherwise provided in the resolution authorizing the issuance of the228 bonds or in the trust indenture, additional bonds may in like manner be issued to provide229 the amount of any deficit for the cost of the project or projec ts, which, unless otherwise230 provided in the resolution authorizing the issuance of the bonds or in the trust indenture,231 shall be deemed to be of the same issue and shall be entitled t o payment from the same232 H. B. 1580 - 10 - 26 LC 47 4287S/AP fund without preference or priority of the bonds first issued for the same purposes. If the233 proceeds of the bonds of any issue shall exceed the amount requ ired for the purpose for234 which such bonds are issued, the surplus shall be paid into a s inking fund or used for235 additional construction as may be provided in the resolution authorizing the issuance of the236 bonds or in the trust indenture.237 SECTION 14.238 Interim Receipts and Certificates or Temporary Bonds239 Prior to the preparation of definitive bonds, the Authority may, under like restrictions, issue240 interim receipts, interim certificates or temporary bonds, with or without coupons241 exchangeable for definitive bonds upon the issuance of the latter.242 SECTION 15.243 Replacement of Lost or Mutilated Bonds244 The Authority may also provide for the replacement of any bond which shall become245 mutilated or be destroyed or lost.246 SECTION 16.247 Conditions Precedent to Issuance, Object of Issuance248 Such revenue bonds may be issued without any other proceedings or the happening of any249 other conditions or things than those proceedings, conditions and things which are specified250 or required by this Act. In the discretion of the Authority, revenue bonds of a single issue251 may be issued for the purpose of any particular project. Any resolution, providing for the252 issuance of revenue bonds under the provisions of this Act shal l become effective253 H. B. 1580 - 11 - 26 LC 47 4287S/AP immediately upon its passage and need not be published or posted, and any such resolution254 may be passed at regular, special, or adjourned meeting of the Authority by a majority vote255 of the quorum as provided in this Act.256 SECTION 17.257 Credit not Pledged258 Revenue bonds issued under the provisions of this Act shall not be deemed to constitute259 a debt of Henry County. Such bonds shall be payable solely fro m the fund hereinafter260 provided for, and the issuance of such revenue bonds shall not directly, indirectly or261 contingently obligate said county to levy or to pledge any form of taxation whatever262 therefor or to make any appropriation for the payment of such bonds. All such bonds shall263 contain recitals on their face substantially covering the foregoing provisions of this section.264 SECTION 18.265 Trust Indenture as Security266 In the discretion of the Authority any issue of such revenue bo nds may be secured by a267 trust indenture by and between the Authority and a corporate tr ustee, which may be any268 trust company or bank having the powers of a trust company within or outside of the State. 269 Such trust indenture may pledge or assign fees, tolls, revenues and earnings to be received270 by the Authority, including the proceeds derived from the sale of any surplus property of271 the Authority, both real and personal. Either the resolution providing for the issuance of272 revenue bonds or such trust indenture may contain such provisio ns for protecting and273 enforcing the rights and remedies of the bondholders as may be reasonable and proper and274 not in violation of law, including covenants setting forth the duties of the Authority in275 relation to the acquisition of property, the construction of th e project, the maintenance,276 H. B. 1580 - 12 - 26 LC 47 4287S/AP operation, repair and insurance of the property, and the custod y, safeguarding and277 application of all monies, including the proceeds derived from the sale of property of the278 Authority, both real and personal, and may also provide that an y project shall be279 constructed and paid for under the supervision and approval of consulting engineers or280 architects employed or designated by the Authority, and satisfa ctory to the original281 purchasers of the bonds issued therefor and may also require th at the security given by282 contractors and by any depository of the proceeds of the bonds or revenues or other monies283 be satisfactory to such purchasers, and may also contain provis ions concerning the284 conditions, if any, upon which additional revenue bonds may be issued. It shall be lawful285 for any bank or trust company incorporated under the laws of th is state to act as such286 depository and to furnish such indemnifying bonds or pledge suc h securities as may be287 required by the Authority. Such indenture may set forth the ri ghts and remedies of the288 bondholders and of the trustee, and may restrict the individual right of action of289 bondholders as is customary in trust indentures securing bonds and debentures of290 corporations. In addition to the foregoing, such trust indentu re may contain such other291 provisions as the Authority may deem reasonable and proper for the security of the292 bondholders. All expense incurred in carrying out such trust indenture may be treated as293 a part of the cost of maintenance, operation and repair of the project affected by such294 indenture.295 SECTION 19.296 To Whom Proceeds of Bonds Shall Be Paid297 The Authority shall, in the resolution providing for the issuance of revenue bonds or in the298 trust indenture, provide for the payment of the proceeds of the sale of the bonds to any299 officer or person who, or any agency, bank or trust company, which shall act as trustee of300 H. B. 1580 - 13 - 26 LC 47 4287S/AP such funds and shall hold and apply the same to the purposes he reof, subject to such301 regulations as this Act and such resolutions or trust indentures may provide.302 SECTION 20.303 Sinking Funds304 The revenues, fees, tolls and earnings derived from any particu lar project or projects,305 regardless of whether or not such fees, earnings and revenues were produced by a particular306 project for which bonds have been issued, and any monies derive d from the sale of any307 properties, both real and personal, of the Authority, unless otherwise pledged and allocated,308 may be pledged and allocated by the Authority to the payment of the principal and interest309 on revenue bonds of the Authority as the resolution authorizing the issuance of the bonds310 or the trust instrument may provide. Such funds so pledged fro m whatever source311 received, which said pledge may include funds received from one or more or all sources,312 shall be set aside at regular intervals, as may be provided in the resolution or trust313 indenture, into a sinking fund. Said sinking fund shall be pledged to and charged with the314 payments of:315 (1) The interest upon such revenue bonds as such interest shall fall due;316 (2) The principal of the bonds as the same shall fall due;317 (3) The necessary charges of paying agent or agents for paying interest and principal;318 and319 (4) Any premium upon bonds retired by call or purchase as hereinabove provided.320 The use and disposition of such sinking fund shall be subject t o such regulations as may321 be provided in the resolution authorizing the issuance of the revenue bonds or in the trust322 indenture, but, except as may otherwise be provided in such resolution or trust indenture,323 such sinking fund shall be a fund for the benefit of all revenue bonds without distinction324 or priority of one over another. Subject to the provisions of the resolution authorizing the325 H. B. 1580 - 14 - 26 LC 47 4287S/AP issuance of the bonds or in the trust indenture, surplus monies in the sinking fund may be326 applied to the purchase or redemption of bonds, and any such bo nds so purchased or327 redeemed shall forthwith be cancelled and shall not again be issued.328 SECTION 21.329 Remedies of Bondholders330 Any holder of revenue bonds issued under the provisions of this Act or any of the coupons331 appertaining thereto, and the trustee under the trust indenture, if any, except to the extent332 the rights herein given may be restricted by resolution passed before the issuance of the333 bonds or by the trust indenture, may, either at law or in equity, by suit, action, mandamus,334 or other proceedings protect and enforce any and all rights under the laws of the State of335 Georgia or granted hereunder or under such resolution or trust indenture, and may enforce336 and compel performance of all duties required by this Act or by such resolution or trust337 indenture, to be performed by the Authority, or any officer the reof, including the fixing,338 charging and collecting of revenues, fees, tolls and other charges for the use of the facilities339 and services furnished.340 SECTION 22.341 Refunding Bonds342 The Authority is hereby authorized to provide by resolution for the issuance of revenue343 refunding bonds issued under the provisions of this Act and then outstanding, together with344 accrued interest thereon. The issuance of such revenue refunding bonds, the maturities and345 all other details thereof, the rights of the holders thereof, and the duties of the Authority in346 respect to the same shall be governed by the foregoing provisions of this Act insofar as the347 same may be applicable.348 H. B. 1580 - 15 - 26 LC 47 4287S/AP SECTION 23.349 Validation350 Bonds of the Authority shall be confirmed and validated in accordance with the procedures351 of Article 3 of Chapter 82 of Title 36 of the O.C.G.A, the 'Rev enue Bond Law'. The352 petition for validation shall also make any municipality, county, Authority, subdivision or353 instrumentality of the State of Georgia or the United States Government or any department354 or agency of the United States Government, if subject to be sue d, which has contracted355 with the Authority for the services and facilities of the proje ct for which bonds are to be356 issued and sought to be validated, a party-defendant to such ac tion. Such municipality,357 county, Authority, subdivision or instrumentality shall be required to show cause, if any,358 why such contract or contracts and the terms and conditions thereof should not be inquired359 into by the court and the validity of the terms thereof be dete rmined and the contract or360 contracts adjudicated as security for the payment of any such bonds of the Authority. The361 bonds, when validated, and the judgment of validation shall be final and conclusive with362 respect to such bonds, against the Authority issuing the same, and any municipality,363 county, Authority, subdivision or instrumentality of the United States Government if a364 party to the validation proceedings, contracting with the Henry County Airport Authority.365 SECTION 24.366 Venue and Jurisdiction367 Any action to protect or enforce any rights under the provisions of this Act or any suit or368 action against such Authority shall be brought in the Superior Court of Henry County,369 Georgia, and any action pertaining to validation of any bonds issued under the provisions370 of this Act shall likewise be brought in said court, which shall have original jurisdiction of371 such actions.372 H. B. 1580 - 16 - 26 LC 47 4287S/AP SECTION 25.373 Interest of Bondholders Protected374 While any of the bonds issued by the Authority remain outstanding, the powers, duties or375 existence of said Authority or of its officers, employees or agents shall not be diminished376 or impaired in any manner that will adversely affect the interest and rights of the holders377 of such bonds, and no other entity, department, agency or Authority shall be created which378 will compete with the Authority to such an extent as to adverse ly affect the interest and379 rights of the holders of such bonds, nor will the state itself so compete with the Authority. 380 The provisions of this Act shall be for the benefit of the state, the Authority and the holders381 of any such bonds, and upon the issuance of bonds under the pro visions hereof, shall382 constitute a contract with the holders of such bonds.383 SECTION 26.384 Monies Considered Trust Funds385 All monies received pursuant to the Authority of this Act, whet her as proceeds from the386 sale of revenue bonds, as grants or other contributions, or as revenues, income, fees and387 earnings, shall be deemed to be trust funds to be held and applied solely as provided in this388 Act.389 SECTION 27.390 Purpose of Authority391 Without limiting the generality of any provisions of the Act th e general purpose of the392 Authority is declared to be that of acquiring, constructing, eq uipping, maintaining,393 improving and operating airports and landing fields for the use of aircraft, including any394 H. B. 1580 - 17 - 26 LC 47 4287S/AP related buildings and the usual and convenient facilities appertaining to such undertakings395 and extensions and improvements of such facilities, acquiring t he necessary property396 therefor, both real and personal, and to lease or sell any or all of such facilities, including397 real property, and to do any a nd all things deemed by the Autho rity to be necessary,398 convenient or desirable for, and incident to, the efficient and proper development and399 operation of such types of undertakings.400 SECTION 28.401 Rates, Charges and Revenues; Use402 The Authority is hereby authorized to prescribe, fix and collec t rates, fees, tolls and403 charges, and to revise, from time to time, and collect such rates, fees, tolls and charges for404 the services, facilities or commodities furnished, including le ases, concessions or405 sub-leases of its lands or facilities, and in anticipation of the collection of the revenues and406 income of such undertakings or projects.407 SECTION 29.408 Rules and Regulations for Operation of Projects409 It shall be the duty of the Authority to prescribe rules and regulations for the operation of410 the project or projects constructed under the provisions of this Act, including the basis on411 which airports and landing fields for the use of aircraft shall be furnished.412 H. B. 1580 - 18 - 26 LC 47 4287S/AP SECTION 30.413 Powers Declared Supplemental and Additional, Liberal Construction414 (a) The foregoing sections of this Act shall be deemed to prov ide an additional and415 alternative method for the doing of the things authorized thereby and shall be regarded as416 supplemental and additional to powers conferred by other laws, and shall not be regarded417 as in derogation of any powers now existing.418 (b) This Act, being for the purpose of promoting the health, m orals and general welfare419 of the citizens of the United States, of the State of Georgia and of Henry County, shall be420 liberally construed to effect the purposes hereof.421 SECTION 31.422 Eminent Domain423 Through the use and power of eminent domain, the Authority shall have the right, power,424 privilege and Authority to condemn real property, rights-of-way o r e a s e m e n t f o r t h e425 purpose of carrying out the provisions of this Act. Any such c ondemnation shall be426 conducted in accordance with the laws of this State.427 SECTION 32.428 Jurisdiction429 All property, the title to which shall vest in said Authority, shall be subject to the430 jurisdiction of the county wherein such property shall lie."431 SECTION 2.432 All laws and parts of laws in conflict with this Act are repealed.433 H. B. 1580 - 19 -