| HB 711 - City of Rome Recreational Facilities Authority; create |
First Reader Summary
A BILL to create the City of Rome Recreational Facilities
Authority; and for other purposes.
| House |
Action |
Senate |
| 2/22/99 |
Read 1st Time |
3/2/99 |
| 2/23/99 |
Read 2nd Time |
|
| 3/1/99 |
Favorably Reported |
3/4/99 |
| 3/1/99 |
Read 3rd Time |
|
| 3/1/99 |
Passed/Adopted |
3/4/99 |
| 3/10/99 |
Sent to Governor |
|
| 3/11/99 |
Signed by Governor |
|
| 10 |
Act/Veto Number |
|
HB 711 LC 9 9932
A BILL TO BE ENTITLED
AN ACT
1- 1 To create the City of Rome Recreational Facilities
1- 2 Authority; to authorize the authority to acquire, construct,
1- 3 add to, extend, improve, equip, operate, and maintain a
1- 4 recreational center and area or centers and areas,
1- 5 including, but not limited to, playgrounds, parks, swimming
1- 6 and wading pools, lakes, golf courses, tennis courts,
1- 7 athletic fields and courts, stadiums, club houses,
1- 8 gymnasiums, hiking trails, camping facilities, and related
1- 9 buildings and the usual and convenient facilities
1-10 appertaining to such undertakings and acquiring the
1-11 necessary property therefor, both real and personal; to
1-12 confer powers and to impose duties on the authority; to
1-13 provide for the membership and for the appointment of
1-14 members of the authority and their terms and compensation;
1-15 to authorize the authority to contract with others
1-16 pertaining to the use of the facilities of the authority and
1-17 to execute leases and do all things deemed necessary or
1-18 convenient for the operation of such undertakings or
1-19 projects; to authorize the issuance of revenue bonds of the
1-20 authority payable from the revenues, tolls, fees, charges,
1-21 and earnings of the authority and to pay the costs of such
1-22 undertakings or projects and authorize the collection and
1-23 pledging of the revenues and earnings of the authority for
1-24 the payment of such bonds; to authorize the execution of
1-25 resolutions and trust indentures to secure the payment
1-26 thereof and to define the rights of the holders of such
1-27 bonds or obligations; to provide that no debt of the City of
1-28 Rome shall be incurred in the exercise of any of the powers
1-29 granted by this Act; to make the bonds of the authority
1-30 exempt from taxation; to provide for the authority to
1-31 condemn property of every kind; to authorize the issuance of
1-32 funding or refunding bonds; to fix the venue or jurisdiction
1-33 of actions; to provide that bonds be validated; to provide
1-34 for construction; to provide for related matters; to provide
1-35 an effective date; to repeal conflicting laws; and for other
1-36 purposes.
-1-
2- 1 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
2- 2 SECTION 1.
2- 3 This Act shall be known and may be cited as the "City of
2- 4 Rome Recreational Facilities Authority Act."
2- 5 SECTION 2.
2- 6 City of Rome Recreational Facilities Authority.
2- 7 (a) There is created a body corporate and politic to be
2- 8 known as the City of Rome Recreational Facilities Authority,
2- 9 which shall be deemed to be a political subdivision of the
2-10 State of Georgia and a public corporation thereof and by
2-11 that name, style, and title, said body may contract and be
2-12 contracted with, sue and be sued, implead and be impleaded,
2-13 and complain and defend in all courts of law and equity.
2-14 The authority shall not be a state institution nor a
2-15 department or agency of the state but shall be an
2-16 instrumentality of the state, a separate body corporate and
2-17 politic of the state, being a distinct corporate entity and
2-18 being exempt from the provisions of Article 2 of Chapter 17
2-19 of Title 50 of the O.C.G.A., the "Georgia State Financing
2-20 and Investment Commission Act." The authority shall consist
2-21 of five members, all of whom shall be appointed by the City
2-22 Commission of the City of Rome. The members of the
2-23 authority so selected and appointed shall serve for a term
2-24 of one year and until their respective successors shall have
2-25 been selected and appointed. Any member of the authority
2-26 may be selected and appointed to succeed himself or herself.
2-27 The members of the authority may include persons who are
2-28 members of the City Commission of the City of Rome;
2-29 provided, however, that a majority of the members of the
2-30 authority shall be persons who are not members of the city
2-31 commission. Immediately after such appointments, the members
2-32 of the authority shall enter upon their duties. Any vacancy
2-33 on the authority shall be filled in the same manner as was
2-34 the original appointment of the member whose termination of
2-35 membership resulted in such vacancy, and the person so
2-36 selected and appointed shall serve for the remainder of the
2-37 unexpired term. The authority shall elect one of its
2-38 members as chairperson and another as vice chairperson. The
2-39 authority shall also elect a secretary, who does not
2-40 necessarily have to be a member of the authority; and it may
2-41 also elect a treasurer, who does not necessarily have to be
2-42 a member of the authority. If the secretary or treasurer is
2-43 not a member, he or she shall have no voting rights. Three
-2-
3- 1 members of the authority shall constitute a quorum. No
3- 2 vacancy on the authority shall impair the right of the
3- 3 quorum to exercise all the rights and perform all the duties
3- 4 of the authority. The members of the authority may be
3- 5 compensated as determined from time to time by the governing
3- 6 authority of the City of Rome; however, it is expressly
3- 7 provided that they shall be reimbursed for all actual
3- 8 expenses incurred in the performance of their duties. The
3- 9 authority shall make rules and regulations for its own
3-10 government. It shall have perpetual existence.
3-11 SECTION 3.
3-12 (a) As used in this Act, the term:
3-13 (1) "Authority" shall mean the City of Rome Recreational
3-14 Facilities Authority created in Section 2 of this Act.
3-15 (2) "Cost of the project" shall embrace the cost of
3-16 construction; the cost of all lands, properties, rights,
3-17 easements, and franchises acquired; the cost of all
3-18 machinery and equipment; financing charges; interest
3-19 prior to and during construction and for one year after
3-20 completion of construction; the cost of engineering,
3-21 architectural, fiscal agents' expenses, and legal
3-22 expenses and of plans and specifications and other
3-23 expenses necessary or incident to determining the
3-24 feasibility or practicability of the project;
3-25 administrative expenses and such other expenses as may
3-26 be necessary or incident to the financing authorized by
3-27 this Act; and the cost of the acquisition or
3-28 construction of any project, the placing of such project
3-29 into operation, and the condemnation of property
3-30 necessary for such construction and operation. Any
3-31 obligation or expense incurred for any of the foregoing
3-32 purposes shall be regarded as a part of the cost of the
3-33 project and may be paid or reimbursed as such out of the
3-34 proceeds of revenue bonds issued under the provisions of
3-35 this Act for such project.
3-36 (3) "Project" shall be deemed to mean and include:
3-37 (A) The acquisition, construction, equipping,
3-38 maintenance, and operation of a recreation center and
3-39 area or centers and areas, including, but not limited
3-40 to, playgrounds, parks, swimming and wading pools,
3-41 lakes, golf courses, tennis courts, athletic fields
3-42 and courts, club houses, gymnasiums, hiking trails,
-3-
4- 1 camping facilities and related buildings, and the
4- 2 usual and convenient facilities appertaining to such
4- 3 undertakings and extensions and improvements of such
4- 4 facilities; the acquisition of the necessary property
4- 5 thereof, both real and personal; and the lease and
4- 6 sale of any part or all of such facilities, including
4- 7 real or personal property, so as to assure the
4- 8 efficient and proper development, maintenance, and
4- 9 operation of such recreational facilities and areas
4-10 deemed by the authority to be necessary, convenient,
4-11 or desirable; and
4-12 (B) Any undertaking permitted by Article 3 of Chapter
4-13 82 of Title 36 of the O.C.G.A., the "Revenue Bond
4-14 Law".
4-15 (4) "Revenue bonds" and "bonds" mean revenue bonds as
4-16 defined and provided for in Article 3 of Chapter 82 of
4-17 Title 36 of the O.C.G.A., the "Revenue Bond Law," and
4-18 such type of obligations may be issued by the authority
4-19 as authorized under Article 3 of Chapter 82 of Title 36
4-20 of the O.C.G.A., the "Revenue Bond Law," and, in
4-21 addition, such term shall also mean obligations of the
4-22 authority the issuance of which are specifically
4-23 provided for in this Act.
4-24 (5) "Revenue Bond Law" means Article 3 of Chapter 82 of
4-25 Title 36 of the O.C.G.A., the "Revenue Bond Law," or any
4-26 similar law hereinafter enacted.
4-27 (b) Any project shall be deemed "self-liquidating" if, in
4-28 the judgment of the authority, the revenues and earnings
4-29 to be derived by the authority therefrom, including the
4-30 anticipated revenues and earnings from the lease of any
4-31 project, and all properties or facilities used, leased,
4-32 and sold in connection therewith, will be sufficient to
4-33 pay the cost of acquiring, operating, maintaining,
4-34 repairing, improving, and extending the project and to pay
4-35 the principal of and interest on the revenue bonds which
4-36 may be issued to finance, in whole or in part, the cost of
4-37 such project or projects.
4-38 SECTION 4.
4-39 The authority shall have the following powers:
4-40 (1) To have a seal and alter the same at its pleasure;
-4-
5- 1 (2) To acquire by purchase, lease, or otherwise and to
5- 2 hold, lease, and dispose of real and personal property
5- 3 of every kind and character for its corporate purposes;
5- 4 (3) To acquire in its own name by purchase, on such
5- 5 terms and conditions and in such manner as it may deem
5- 6 proper, or by condemnation in accordance with the
5- 7 provisions of any and all laws applicable to the
5- 8 condemnation of property for public use, which power of
5- 9 eminent domain is hereby granted, real property or
5-10 rights or easements therein or franchises necessary or
5-11 convenient for its corporate purposes; to use the same
5-12 so long as its corporate existence shall continue; to
5-13 lease or make contracts with respect to the use of the
5-14 same; or to dispose of the same in any manner it deems
5-15 to the best advantage of the authority, the authority
5-16 being under no obligation to accept and pay for any
5-17 property condemned under this Act except from funds
5-18 provided under the authority of this Act; and in any
5-19 proceedings to condemn, such orders may be made by the
5-20 court having jurisdiction of the suit, action, or
5-21 proceeding as may be just to the authority and to the
5-22 owners off the property to be condemned. No property
5-23 shall be acquired under the provisions of this Act upon
5-24 which any lien or other encumbrance exists, unless, at
5-25 the time such property is so acquired, a sufficient sum
5-26 of money is deposited in trust to pay and redeem the
5-27 fair value of such lien or encumbrance. If the
5-28 authority shall deem it expedient to construct any
5-29 project on any other lands, the title to which shall
5-30 then be in the State of Georgia, the Governor is
5-31 authorized to convey for and on behalf of the state
5-32 title to such lands to the authority upon payment to the
5-33 state treasury for the credit of the general fund of the
5-34 state of the reasonable value of such lands in
5-35 accordance with the applicable laws of the State of
5-36 Georgia. If the authority shall deem it expedient to
5-37 construct any project on any other lands, the title to
5-38 which shall then be in the City of Rome, the city
5-39 commission is authorized to convey title to such lands
5-40 to the authority upon the receipt of reasonable
5-41 consideration therefor as determined by the parties of
5-42 such conveyance;
5-43 (4) To appoint, select, and employ officers, agents, and
5-44 employees, including engineering, architectural, and
-5-
6- 1 construction experts, fiscal agents, and attorneys, and
6- 2 fix their respective compensation;
6- 3 (5) To make contracts and leases and to execute all
6- 4 instruments necessary or convenient, including contracts
6- 5 for the construction of projects and leases of projects
6- 6 or contracts with respect to the use of projects which
6- 7 the authority causes to be constructed or acquired; and
6- 8 any and all persons, firms, and corporations and the
6- 9 state and any and all political subdivisions,
6-10 departments, institutions, or agencies of the state are
6-11 authorized to enter into contracts, leases, or
6-12 agreements with the authority upon such terms and for
6-13 such purposes as they deem advisable. Without limiting
6-14 the generality of the foregoing, authority is
6-15 specifically granted to municipal corporations and
6-16 counties and to the authority to enter into contracts
6-17 with the state or any agencies or departments of the
6-18 state relative to any parks and recreational centers,
6-19 areas, and facilities and relative to any property which
6-20 such department or other agency or department of the
6-21 state has now or may hereafter obtain by lease from the
6-22 United States government or any agency or department
6-23 thereof. The authority is specifically authorized to
6-24 convey title in fee simple to any and all of its lands
6-25 and any improvements thereon to any persons, firms,
6-26 corporations, municipalities, the state, the United
6-27 States government, or any agency or department thereof,
6-28 subject to the rights and interests of the holders of
6-29 any bonds or obligations authorized to be issued
6-30 pursuant to this Act and by the resolution or trust
6-31 indenture of the authority authorizing the issuance of
6-32 any of its bonds or obligations as provided in this Act;
6-33 (6) To acquire, construct, own, repair, add to, extend,
6-34 improve, equip, operate, and maintain and manage
6-35 projects as defined in this Act, the cost of any such
6-36 project to be paid, in whole or in part, from the
6-37 proceeds of revenue bonds of the authority or from such
6-38 proceeds and any grant or contribution from the United
6-39 States of America or any agency or instrumentality
6-40 thereof or from the State of Georgia or any agency or
6-41 instrumentality thereof;
6-42 (7) To accept loans and grants of money, materials, or
6-43 property of any kind from the United States of America
6-44 or any agency or instrumentality thereof, upon such
-6-
7- 1 terms and conditions as the United States of America or
7- 2 such agency or instrumentality thereof may require;
7- 3 (8) To accept loans and grants of money, materials, or
7- 4 property of any kind from the State of Georgia or any
7- 5 agency, instrumentality, or political subdivision
7- 6 thereof, upon such terms and conditions as the State of
7- 7 Georgia or such agency, instrumentality, or political
7- 8 subdivision thereof may require;
7- 9 (9) To borrow money for any of its corporate purposes
7-10 and to execute evidences of such indebtedness and to
7-11 secure the same and to issue negotiable revenue bonds
7-12 payable solely from the funds pledged for that purpose,
7-13 and to provide for the payment of the same and for the
7-14 rights of the holders thereof;
7-15 (10) To exercise any power usually possessed by private
7-16 corporations performing similar functions which is not
7-17 in conflict with the Constitution or laws of this state;
7-18 and
7-19 (11) To do all things necessary or convenient to carry
7-20 out the powers expressly given in this Act.
7-21 SECTION 5.
7-22 Revenue bonds.
7-23 The authority, or any authority or body which has or which
7-24 may in the future succeed to the powers, duties, and
7-25 liabilities vested in the authority created by this Act,
7-26 shall have power and is authorized at one time or from time
7-27 to time to provide by resolution for the issuance of
7-28 negotiable revenue bonds for the purpose of paying all or
7-29 any part of the cost as defined in this Act of any one or
7-30 more projects. The principal of and interest on such
7-31 revenue bonds shall be payable solely from the special fund
7-32 provided for in this Act for such payment. The bonds of
7-33 each issue shall be dated; shall bear interest at such rate
7-34 or rates per annum, payable at such time or times; shall
7-35 mature at such time or times not exceeding 40 years from
7-36 their date or dates; and shall be payable in such medium of
7-37 payment as to both principal and interest as may be
7-38 determined by the authority. Such bonds may be made
7-39 redeemable before maturity, at the option of the authority,
7-40 at such price or prices and under such terms and conditions
7-41 as may be fixed by the authority in the resolution providing
7-42 for the issuance of the bonds.
-7-
8- 1 SECTION 6.
8- 2 Same; form; denomination; registration; place of payment.
8- 3 The authority shall determine the form of the bonds and
8- 4 shall fix the denomination or denominations of the bonds and
8- 5 the place or places of payment of the principal thereof and
8- 6 the interest thereon, which may be at any bank or trust
8- 7 company within or outside the state. The bonds may be
8- 8 issued in registered form or in book entry form through a
8- 9 securities depository, or both, as the authority may
8-10 determine.
8-11 SECTION 7.
8-12 Same; signatures; seal.
8-13 In case any officer whose manual or facsimile signature
8-14 shall appear on any bonds shall cease to be such officer
8-15 before the delivery of such bonds, such signature shall
8-16 nevertheless be valid and sufficient for all purposes the
8-17 same as if such officer had remained in office until such
8-18 delivery. All such bonds shall be executed by the manual or
8-19 facsimile signature of the chairperson of the authority and
8-20 the official seal of the authority shall be affixed thereto
8-21 or a facsimile thereof shall appear thereon and the same
8-22 shall be attested by the manual or facsimile signature of
8-23 the secretary and treasurer of the authority. Any bond may
8-24 be signed, sealed, and attested on behalf of the authority
8-25 by the manual or facsimile signature of such persons as at
8-26 the actual time of the execution of such bonds shall be duly
8-27 authorized or hold the proper office, although at the date
8-28 of such bonds such persons may not have been so authorized
8-29 or shall not have held such office.
8-30 SECTION 8.
8-31 Same; negotiability; exemption from taxation.
8-32 All revenue bonds issued under the provisions of this Act
8-33 shall have and are declared to have all the qualities and
8-34 incidents of negotiable instruments under the laws of this
8-35 state. Such bonds are declared to be issued for an
8-36 essential public and governmental purpose; and such bonds,
8-37 their transfer, and the income therefrom shall be exempt
8-38 from all taxation within the state.
8-39 SECTION 9.
8-40 Same; sale; proceeds.
8-41 The authority may sell such bonds in such manner and for
8-42 such price as it may determine to be for the best interest
-8-
9- 1 of the authority, including, without limitation, private
9- 2 negotiated sale, and the proceeds derived from the sale of
9- 3 such bonds shall be used solely for the purpose provided in
9- 4 the proceedings authorizing the issuance of such bonds.
9- 5 SECTION 10.
9- 6 Same; interim receipts and
9- 7 certificates or temporary bonds.
9- 8 Prior to the preparation of definitive bonds, the authority
9- 9 may, under like restrictions, issue interim receipts,
9-10 interim certificates, or temporary bonds, with or without
9-11 coupons exchangeable for definitive bonds upon the issuance
9-12 of the latter.
9-13 SECTION 11.
9-14 Same; replacement of lost or mutilated bonds.
9-15 The authority may also provide for the replacement of any
9-16 bonds which shall become mutilated or be destroyed or lost.
9-17 SECTION 12.
9-18 Same; conditions precedent to issuance.
9-19 Such revenue bonds may be issued without any other
9-20 proceedings or the happening of any other conditions or
9-21 things other than those proceedings, conditions, and things
9-22 which are specified or required by this Act. Any resolution
9-23 providing for the issuance of revenue bonds under the
9-24 provisions of this Act shall become effective immediately
9-25 upon its passage and need not be published or posted, and
9-26 any such resolution may be passed at any regular, special,
9-27 or adjourned meeting of the authority by a majority of its
9-28 members.
9-29 SECTION 13.
9-30 Credit not pledged.
9-31 Revenue bonds issued under the provisions of this Act shall
9-32 not be deemed to constitute a debt of the City of Rome or a
9-33 pledge of the faith and credit of said municipal corporation
9-34 but such bonds shall be payable solely from the fund
9-35 provided for in this Act. The issuance of such revenue
9-36 bonds shall not directly, indirectly, or contingently
9-37 obligate the City of Rome to levy or to pledge any form of
9-38 taxation whatever therefor or to make any appropriation for
9-39 their payment, and all such bonds shall contain recitals on
9-40 their face covering substantially the foregoing provisions
9-41 of this section.
-9-
10- 1 SECTION 14.
10- 2 Trust indenture as security.
10- 3 In the discretion of the authority, any issue of such
10- 4 revenue bonds may be secured by a trust indenture by and
10- 5 between the authority and a corporate trustee, which may be
10- 6 any trust company or bank having the powers of a trust
10- 7 company within or outside the state. Such trust indenture
10- 8 may pledge or assign fees, tolls, revenues, and earnings to
10- 9 be received by the authority. Either the resolution
10-10 providing for the issuance of revenue bonds or such trust
10-11 indenture may contain such provisions for protecting and
10-12 enforcing the rights and remedies of the bondholders as may
10-13 be reasonable and proper and not in violation of law,
10-14 including covenants setting forth the duties of the
10-15 authority in relation to the acquisition of property, the
10-16 construction of the project, the maintenance, operation,
10-17 repair, and insuring of the project, and the custody,
10-18 safeguarding, and application of all moneys; and may also
10-19 provide that any project shall be constructed and paid for
10-20 under the supervision and approval of consulting engineers
10-21 or architects employed or designated by the authority and
10-22 satisfactory to the original purchasers of the bonds issued
10-23 therefor; and may also require that the security given by
10-24 contractors and by any depository of the proceeds of the
10-25 bonds or revenues or other moneys be satisfactory to such
10-26 purchasers; and may also contain provisions concerning the
10-27 conditions, if any, upon which additional revenue bonds may
10-28 be issued. It shall be lawful for any bank or trust company
10-29 authorized under the laws of this state to do business in
10-30 this state to act as such depository and to furnish such
10-31 indemnifying bonds or pledge such securities as may be
10-32 required by the authority. Such indenture may set forth the
10-33 rights and remedies of the bondholders and of the trustee
10-34 and may restrict the individual right of action of
10-35 bondholders as is customary in trust indentures securing
10-36 bonds and debentures of corporations. In addition to the
10-37 foregoing, such trust indenture may contain such other
10-38 provisions as the authority may deem reasonable and proper
10-39 for the security of the bondholders. All expenses incurred
10-40 in carrying out such trust indenture may be treated as a
10-41 part of the cost of maintenance, operation, and repair of
10-42 the project affected by such indenture.
10-43 SECTION 15.
10-44 To whom proceeds of bonds shall be paid.
-10-
11- 1 The authority shall, in the resolution providing for the
11- 2 issuance of revenue bonds or in the trust indenture, provide
11- 3 for the payment of the proceeds of the sale of the bonds to
11- 4 any officer or person who or any agency, bank, or trust
11- 5 company which shall act as trustee of such funds and shall
11- 6 hold and apply the same to the purposes of this Act, subject
11- 7 to such regulations as this Act and such resolutions or
11- 8 trust indentures may provide.
11- 9 SECTION 16.
11-10 Sinking fund.
11-11 The revenues, fees, tolls, and earnings derived from any
11-12 particular project or projects, regardless of whether or not
11-13 such fees, earnings, and revenues were produced by a
11-14 particular project for which bonds have been issued unless
11-15 otherwise pledged and allocated, may be pledged and
11-16 allocated by the authority to the payment of the principal
11-17 and interest on revenue bonds of the authority as the
11-18 resolution authorizing the issuance of the bonds or the
11-19 trust instrument may provide. Such funds so pledged from
11-20 whatever source received, which pledge may include funds
11-21 received from one or more or all sources, shall be set aside
11-22 at regular intervals as may be provided in the resolution or
11-23 trust indenture into a sinking fund which shall be pledged
11-24 to and charged with the payment of (1) the interest upon
11-25 such revenue bonds as such interest shall fall due, (2) the
11-26 principal of the bonds as the same shall fall due, (3) the
11-27 necessary charges of paying agents for paying principal and
11-28 interest and other investment charges, and (4) any premium
11-29 upon bonds retired by call or purchase as provided in this
11-30 Act. The use and disposition of such sinking fund shall be
11-31 subject to such regulations as may be provided in the
11-32 resolution authorizing the issuance of the revenue bonds or
11-33 in the trust indenture; but, except as may otherwise be
11-34 provided in such resolution or trust indenture, such sinking
11-35 fund shall be maintained as a trust account for the benefit
11-36 of all revenue bonds without distinction or priority of one
11-37 over another. Subject to the provisions of the resolution
11-38 authorizing the issuance of the bonds or the trust
11-39 indenture, any surplus moneys in the sinking fund may be
11-40 applied to the purchase or redemption of bonds and any such
11-41 bonds so purchased or redeemed shall forthwith be cancelled
11-42 and shall not again be issued.
11-43 SECTION 17.
11-44 Remedies of bondholders.
-11-
12- 1 Any holder of revenue bonds issued under the provisions of
12- 2 this Act or any of the coupons appertaining thereto, and the
12- 3 trustee under the trust indenture, if any, except to the
12- 4 extent the rights given in this Act may be restricted by
12- 5 resolution passed before the issuance of the bonds or by the
12- 6 trust indenture, may, either at law or in equity, by suit,
12- 7 action, mandamus, or other proceedings, protect and enforce
12- 8 any and all rights under the laws of the State of Georgia or
12- 9 granted under this Act or under such resolution or trust
12-10 indenture and may enforce and compel performance of all
12-11 duties required by this Act or by such resolution or trust
12-12 indenture to be performed by the authority, or any officer
12-13 thereof, including the fixing, charging, and collecting of
12-14 revenues, fees, tolls, and other charges for the use of the
12-15 facilities and services furnished.
12-16 SECTION 18.
12-17 Refunding bonds.
12-18 The authority is authorized to provide by resolution for the
12-19 issuance of revenue refunding bonds of the authority for the
12-20 purpose of refunding any revenue bonds issued under the
12-21 provisions of this Act and then outstanding, together with
12-22 accrued interest thereon and premium, if any. The issuance
12-23 of such funding or refunding bonds, the maturities and all
12-24 other details thereof, the rights of the holders thereof,
12-25 and the duties of the authority in respect to the same shall
12-26 be governed by the provisions of this Act insofar as the
12-27 same may be applicable.
12-28 SECTION 19.
12-29 Bonds of the authority shall be confirmed and validated in
12-30 accordance with the procedure of the Revenue Bond Law. The
12-31 petition for validation shall also make party defendant to
12-32 such action the State of Georgia or any municipality,
12-33 county, authority, political subdivision, or instrumentality
12-34 of the State of Georgia which has contracted with the
12-35 authority for the services and facilities of the project for
12-36 which bonds are to be issued and sought to be validated; and
12-37 the state or such municipality, county, authority, political
12-38 subdivision, or instrumentality shall be required to show
12-39 cause, if any exists, why such contract or contracts and the
12-40 terms and conditions thereof should not be inquired into by
12-41 the court and the contract or contracts adjudicated as a
12-42 part of the basis of the security for the payment of any
12-43 such bonds of the authority. The bonds when validated and
-12-
13- 1 the judgment of validation shall be final and conclusive
13- 2 with respect to such bonds and the security for the payment
13- 3 thereof and interest thereon and against the authority
13- 4 issuing the same, and the state and any municipality,
13- 5 county, authority, political subdivision, or instrumentality
13- 6 if a party to the validation proceedings, contracting with
13- 7 the City of Rome Recreational Facilities Authority.
13- 8 SECTION 20.
13- 9 Exemption from ad valorem taxation.
13-10 The exercise of the powers conferred upon the authority in
13-11 this Act shall constitute an essential government function
13-12 for a public purpose; and the authority shall be required to
13-13 pay no taxes or assessments upon any of the property
13-14 acquired by it or under its jurisdiction, control,
13-15 possession, or supervision or upon its activities in the
13-16 operation and maintenance of the property acquired by it or
13-17 any fees, rentals, or other charges for the use of such
13-18 property or buildings or other income received by the
13-19 authority. The tax exemption provided in this Act shall not
13-20 include an exemption from the sales and use tax on property
13-21 purchased by or for the use of the authority.
13-22 SECTION 21.
13-23 Tort immunity.
13-24 The authority shall have the same immunity and exemption
13-25 from liability for torts and negligence as the state; and
13-26 the officers, agents, and employees of the authority, when
13-27 in the performance of the work of the authority, shall have
13-28 the same immunity and exemption from liability for torts and
13-29 negligence as the officers, agents, and employees of the
13-30 state. The authority may be sued in the same manner as
13-31 private corporations on any contractual obligation of the
13-32 authority.
13-33 SECTION 22.
13-34 Venue and jurisdiction.
13-35 Any action to protect or enforce any rights under the
13-36 provisions of this Act or any suit or action against such
13-37 authority shall be brought in the Superior Court of Floyd
13-38 County, Georgia; and any action pertaining to the validation
13-39 of any bonds issued under the provisions of this Act shall
13-40 likewise be brought in said court which shall have
13-41 exclusive, original jurisdiction of such actions.
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14- 1 SECTION 23.
14- 2 Interests of bondholders protected.
14- 3 While any of the bonds issued by the authority remain
14- 4 outstanding, the powers, duties, or existence of said
14- 5 authority or of its officers, employees, or agents shall not
14- 6 be diminished or impaired in any manner that will affect
14- 7 adversely the interests and rights of the holders of such
14- 8 bonds; and no other entity, department, agency, or authority
14- 9 will be created which will compete with the authority to
14-10 such an extent as to affect adversely the interests and
14-11 rights of the holders of such bonds, nor will the state
14-12 itself so compete with the authority. The provisions of
14-13 this Act shall be for the benefit of the authority and the
14-14 holders of any such bonds and, upon the issuance of bonds
14-15 under the provisions of this Act, shall constitute a
14-16 contract with the holders of such bonds.
14-17 SECTION 24.
14-18 Moneys received considered trust funds.
14-19 All moneys received pursuant to the authority of this Act,
14-20 whether as proceeds from the sale of revenue bonds, as
14-21 grants or other contributions, or as revenues, income, fees,
14-22 and earnings, shall be deemed to be trust funds to be held
14-23 and applied solely as provided in this Act.
14-24 SECTION 25.
14-25 Regulatory matters.
14-26 In connection with the issuance of any revenue bonds
14-27 pursuant to the authority of this Act, the authority is
14-28 authorized to execute such documents, certificates, and
14-29 agreements and to take such action as may be required by any
14-30 regulatory or similar requirements that may be applicable to
14-31 the authority or such revenue bonds, or both, to the extent
14-32 not in conflict with any applicable provision of the
14-33 Constitution of the State of Georgia or of general law.
14-34 SECTION 26.
14-35 Rates, charges, and revenues; use.
14-36 The authority is authorized to prescribe, fix, revise from
14-37 time to time, and collect rates, fees, tolls, and charges
14-38 for the services, facilities, and commodities furnished,
14-39 including leases, concessions, or subleases of its land and
14-40 facilities and to determine the price at which its lands or
14-41 facilities may be sold and, in anticipation of the
14-42 collection of the revenues of such undertaking or project,
-14-
15- 1 to issue revenue bonds as provided in this Act to finance,
15- 2 in whole or in part, the cost of the acquisition,
15- 3 construction, reconstruction, improvement, betterment, or
15- 4 extension of its land and facilities, and to pledge to the
15- 5 punctual payment of said bonds and interest thereon all or
15- 6 any part of the revenues of such undertaking or project,
15- 7 including the revenues of improvements, betterments, or
15- 8 extensions thereto thereafter made.
15- 9 SECTION 27.
15-10 Rules and regulations for operation of projects.
15-11 It shall be the duty of the authority to prescribe rules
15-12 and regulations for the operation of the project or projects
15-13 constructed under the provisions of this Act, including the
15-14 basis on which recreational facilities shall be furnished.
15-15 SECTION 28.
15-16 Powers declared supplemental and additional.
15-17 The foregoing sections of this Act shall be deemed to
15-18 provide an additional and alternative method for the doing
15-19 of the things authorized thereby, shall be regarded as
15-20 supplemental and additional to powers conferred by other
15-21 laws, and shall not be regarded as in derogation of any
15-22 powers now existing.
15-23 SECTION 29.
15-24 Liberal construction of Act.
15-25 This Act, being for the welfare of various political
15-26 subdivisions of the state and its inhabitants, shall be
15-27 liberally construed to effect the purposes hereof.
15-28 SECTION 30.
15-29 Effective date.
15-30 This Act shall become effective upon its approval by the
15-31 Governor or upon its becoming law without such approval.
15-32 SECTION 31.
15-33 All laws and parts of laws in conflict with this Act are
15-34 repealed.
-15-
Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 03/11/99
