Bonds of the authority shall be confirmed and validated in accordance with Article 3 of Chapter 82 of Title 36, the “Revenue Bond Law.” The petition for validation for conduit bonds issued pursuant to paragraph (8) of Code Section 32-10-63 shall also make any person, firm, corporation, limited liability company, or other type of private entity a party defendant to such action, if such person, firm, corporation, limited liability company, or other type of private entity has contracted or will contract with the authority to provide funds for the repayment of revenue bonds which are to be issued and are sought to be validated. The bonds, when validated, and the judgment of validation shall be final and conclusive with respect to the validity of such bonds and against the authority and against all other persons or entities, regardless of whether such persons or entities were parties to such validation proceedings.
History. Ga. L. 1953, Jan.-Feb. Sess., p. 302, § 30; Code 1933, § 95A-1267, enacted by Ga. L. 1973, p. 947, § 1; Ga. L. 2017, p. 760, § 6/SB 183; Ga. L. 2021, p. 526, § 9/HB 577.
The 2017 amendment, effective July 1, 2017, substituted the present provisions of this Code section for the former provisions, which read: “Bonds of the authority shall be confirmed and validated in accordance with Article 3 of Chapter 82 of Title 36, the ‘Revenue Bond Law.’ The bonds, when validated, and the judgment of validation shall be final and conclusive with respect to such bonds and against the authority issuing the same.”.
The 2021 amendment, effective July 1, 2021, in the second sentence, inserted “for conduit bonds issued pursuant to paragraph (8) of Code Section 32-10-63” near the beginning, inserted “contracted” near the middle, substituted “to provide funds for the repayment of” for “with respect to the project for which” in the middle, and inserted “which” near the end.
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For annual survey on administrative law, see 69 Mercer L. Rev. 15 (2017).