§ 32-11-9. Construction of Compact
This compact shall be liberally construed to effectuate the compact’s purposes. The provisions of this compact are severable. If: A phrase, clause, sentence, or provision of this compact is declared to be contrary to the Constitution of a participating state or of the United States; or The applicability of this compact to a government, an […]
§ 32-11-6. Duties of Council
The council shall do the following: Meet within 30 days after ratification of this agreement by at least two participating states. Establish rules for the conduct of the council’s business, including the payment of the reasonable and necessary travel expenses of council members. Coordinate all aspects of the rail passenger financial and economic impact study […]
§ 32-11-7. Effective Date
This compact becomes effective upon the adoption of the compact into law by at least two of the participating states. Thereafter, the compact becomes effective for another participating state upon the enactment of the compact by the state. History. Code 1981, § 32-11-7 , enacted by Ga. L. 1993, p. 419, § 1.
§ 32-11-8. Repeal
This compact continues in force with respect to a participating state and remains binding upon the state until six months after the state has given notice to each other participating state of the repeal of this chapter. The withdrawal may not be construed to relieve a participating state from an obligation incurred before the end […]
§ 32-10-126. Earnings; Establishment of Accounts and Subaccounts; Commingling of Funds
Earnings on balances in the federal accounts must be credited and invested according to federal law. Earnings on state and local accounts must be credited to the state and local roadway account or state and local nonroadway account that generates the earnings. The bank may establish accounts and subaccounts within the state and local accounts […]
§ 32-10-127. Loans and Other Financial Assistance; Determination of Eligible Projects
The bank may provide loans and other financial assistance to a government unit to pay for all or part of the eligible costs of a qualified project. The term of the loan or other financial assistance shall not exceed the useful life of the project. The bank may require the government unit to enter into […]
§ 32-10-128. Authority of Qualified Borrowers
Qualified borrowers are authorized to obtain loans or other financial assistance from the bank through financing agreements. Qualified borrowers entering into financing agreements and issuing loan obligations to the bank may perform any acts, take any action, adopt any proceedings, and make and carry out any contracts or agreements with the bank as may be […]
§ 32-10-129. Bank Exempted From Taxes and Assessments
The bank is performing an essential governmental function in the exercise of the powers conferred upon it and shall not be required to pay taxes or assessments upon property or upon its operations or the income therefrom, or taxes or assessments upon property or loan obligations acquired or used by the bank or upon the […]
§ 32-10-130. Withholding of Funds
If a government unit fails to collect and remit in full all amounts due to the bank on the date these amounts are due under the terms of any note or other obligation of the government unit, the bank shall notify the appropriate state officials who shall withhold all or a portion of the funds […]
§ 32-10-131. Liability of Officer, Employee, or Committee of Bank
Neither the board nor any officer, employee, or committee of the bank acting on behalf of it, while acting within the scope of this authority, is subject to any liability resulting from carrying out any of the powers given in this part. History. Code 1981, § 32-10-131 , enacted by Ga. L. 2008, p. 73, […]