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Official Code of Georgia Annotated

Title 32. HIGHWAYS, BRIDGES, AND FERRIES · Chapter 10. PUBLIC AUTHORITIES · Article 2. STATE ROAD AND TOLLWAY AUTHORITY · Part 1. GENERAL PROVISIONS

32-10-72. Authority fund for excess toll and other revenue.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. All revenue in excess of all obligations of the authority of any nature, together with all unused receipts and gifts of every kind and nature whatsoever, shall be and become the authority fund. The authority, in its discretion, is charged with the duty of pledging, utilizing, or expending the authority fund for the following purposes:

  2. (1)

    Pledges to the payment of any revenue bond issue requirements, sinking or reserve funds, as may be provided for under Code Section 32-10-102;#

  3. (2)

    The payment of any outstanding unpaid revenue bond obligations or administrative expenses;#

  4. (3)

    The construction of all or any part of projects, the need for which is concurred in by the Governor and the board;#

  5. (4)

    The most advantageous obtainable redemptions and retirements of the authority’s bonds pursuant to the prepayment redemption privileges accorded to the authority upon the various issues of bonds outstanding;#

  6. (5)

    The most advantageous open market purchase of the authority’s bonds that the authority may accomplish;#

  7. (6)

    Investment in such securities and in such manner as it determines to be in its best interest; and#

  8. (7)

    Subject to the terms of any resolution or trust indenture authorizing the issuance of revenue bonds, the transfer of funds to the department to be used by the department for department purposes.#

Reading note: a word broken across two lines in the printed volume was joined by rule and could not be checked against the volume's own vocabulary. The official page linked below settles any doubt.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Ga. L. 1953, Jan.-Feb. Sess., p. 302, § 10; Ga. L. 1972, p. 179, § 17; Code 1933, § 95A-1247, enacted by Ga. L. 1973, p. 947, § 1; Ga. L. 2001, p. 1251, § 1-11.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t32-(v23a)-2019-pdf.pdf, Volume V23A, 2019 edition, page 457; merge action: carried; file SHA-256 04a286a38b4e.