---
title: O.C.G.A. § 32-10-109. Covenant with holders as to tax-exempt status of authority property and bonds.
collection: code
id: 32-10-109
cite_as: O.C.G.A. § 32-10-109 (2025)
canonical_url: https://georgiacommons.org/code/32-10-109
md_url: https://georgiacommons.org/code/32-10-109.md
text_url: https://georgiacommons.org/code/32-10-109/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t32-(v23a)-2019-pdf.pdf?sfvrsn=b4b1408c_0#page=471
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/32-10.md
previous: https://georgiacommons.org/code/32-10-108.md
next: https://georgiacommons.org/code/32-10-110.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: HIGHWAYS, BRIDGES, AND FERRIES / PUBLIC AUTHORITIES / STATE ROAD AND TOLLWAY AUTHORITY / REVENUE BONDS
---

# O.C.G.A. § 32-10-109. Covenant with holders as to tax-exempt status of authority property and bonds.

It is found, determined, and declared that the creation of the authority and the carrying out of its corporate purpose are 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 article; and this state covenants with the holders of the bonds that the authority shall not be required to pay any taxes or assessments upon any of the property acquired or leased by it or under its jurisdiction, control, possession, or supervision or upon its activities in the operation or maintenance of the projects erected by it or upon any fees, tolls, or other charges for the use of such projects or upon other income received by the authority. The bonds of the authority, their transfer, and the income therefrom shall at all times be exempt from taxation within this state. The tax exemption provided for in this chapter shall include an exemption from sales and use tax on property purchased by the authority or for use by the authority.

## History

Ga. L. 1953, Jan.-Feb. Sess., p. 302, § 28; Code 1933, § 95A-1265, enacted by Ga. L. 1973, p. 947, § 1; Ga. L. 2015, p. 1058, § 3/SB 125.

## Code Commission Notes

Pursuant to Code Section 28-9-5, in 1991, ‘‘are’’ was substituted for ‘‘is’’ near the beginning of this Code section.