§ 32-10-120. Short Title
This part shall be known and may be cited as the “Georgia Transportation Infrastructure Bank Act.” History. Code 1981, § 32-10-120 , enacted by Ga. L. 2008, p. 73, § 2/HB 1019.
§ 32-10-121. Creation; Governance; Corporate Purpose; Types of Accounts
There shall be created within the State Road and Tollway Authority an instrumentality of the state to be known as the Georgia Transportation Infrastructure Bank. The bank shall be governed by the board of the State Road and Tollway Authority as provided in this chapter. The corporate purpose of the bank is to assist in […]
§ 32-10-122. Definitions
As used in this part, the term: “Bank” means the Georgia Transportation Infrastructure Bank. “Board” means the board of the State Road and Tollway Authority. “Department of Transportation” means the Georgia Department of Transportation and its successors. “Eligible costs” means, as applied to a qualified project to be financed from the federal roadway account, the […]
§ 32-10-123. Authority of the Board
In administering the affairs of the bank, the board may exercise any or all of the powers granted to the authority under Parts 1 and 2 of this article, as well as the powers granted in this part. Without limiting the generality of the foregoing, the board is specifically authorized to issue bonds for the […]
§ 32-10-124. Power of Board; Meaning of Use of Word “Bank” for Purposes of This Article
In addition to the powers contained elsewhere in this article, the board has all power necessary, useful, or appropriate to fund, operate, and administer the bank, and to perform its other functions including, but not limited to, the power to: Have perpetual succession; Adopt, promulgate, amend, and repeal bylaws, not inconsistent with provisions in this […]
§ 32-10-125. Revenue Sources
The following sources may be used to capitalize the bank and for the bank to carry out its purposes: Appropriations by the General Assembly; Federal funds available to the state, as approved by the Department of Transportation; Contributions, donations, and deposits from government units, private entities, and any other source as may become available to […]
§ 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, […]
§ 32-10-132. Notice Prior to Action or Referendum Not Required
Notice, proceeding, or publication, except those required in this part, shall not be necessary to the performance of any act authorized in this part nor shall any act of the bank be subject to any referendum. History. Code 1981, § 32-10-132 , enacted by Ga. L. 2008, p. 73, § 2/HB 1019.
§ 32-10-133. Annual Report
Following the close of each state fiscal year, the bank shall submit an annual report of its activities for the preceding year to the Governor, the Lieutenant Governor, and the Speaker of the House of Representatives and make such report available to the General Assembly. The bank also shall submit an annual report to the […]