§ 50-10-1. Short Title

This chapter may be cited as the “Georgia Development Authority Act.” History. Ga. L. 1953, Jan.-Feb. Sess., p. 337, § 1; Ga. L. 1960, p. 764, § 3.

§ 50-10-10. Liberal Construction

This chapter, being for the welfare of this state and its inhabitants, shall be liberally construed to effect the purposes specified in this chapter. History. Code 1981, § 50-10-10 , enacted by Ga. L. 1986, p. 705, § 4.

§ 50-10-2. Legislative Intent

It is the purpose and intent of this chapter to provide an instrumentality to assist agricultural and industrial interests in their effort to commence, expand, or diversify their operations by providing credit and servicing functions to better enable the farmers and businessmen within this state to obtain needed capital funds and to encourage and secure […]

§ 50-10-3. Creation of Authority; Administration by Agriculture Department

There is created a body corporate and politic to be known as the Georgia Development Authority which shall be deemed an instrumentality of the state and a public corporation; and by that name, style, and title such body may contract and be contracted with and bring and defend actions in all courts of this state. […]

§ 50-10-4. Purpose; Powers Under Business Corporation Law; Prohibition Against Loans to Persons Convicted of Controlled Substance Offense

The corporate purpose and the general nature of the business of the Georgia Development Authority shall be: Rural rehabilitation permissible under the charter of the Georgia Rural Rehabilitation Corporation and contained in paragraph (3) thereof and within the meaning of Public Law 499, Eighty-first Congress, Second Session; The development of agriculture and industry generally within […]

§ 50-10-5. Powers and Duties

In addition to, and not in limitation of, the powers granted in this chapter, the Georgia Development Authority shall have and may exercise the power and authority to: Guarantee or insure loans made for rural rehabilitation purposes or for agricultural and industrial development, provided that, with respect to any such guarantee or contract of insurance […]

§ 50-10-6. Exemption From Taxation

It is found, determined, and declared that the creation of this authority and the carrying out of its corporate purposes are in all respects for the benefit of the people of the state and that the authority is an institution of purely public charity and will be performing an essential governmental function in the exercise […]

§ 50-10-7. Certain Notes Exempt From Intangible Tax

Long-term notes secured by real estate and held by the authority or its assignees shall be exempt from the intangible recording tax imposed by Article 3 of Chapter 6 of Title 48. History. Code 1981, § 50-10-7 , enacted by Ga. L. 1986, p. 705, § 4.

§ 50-10-8. Approval of Bond Issues by Financing and Investment Commission

The issuance of any bond, revenue bond, note, or other obligation or incurring of debt, public or otherwise, by the authority must be approved by the commission established by Article VII, Section IV, Paragraph VII of the Constitution of the State of Georgia of 1983 or its successor. History. Code 1981, § 50-10-8 , enacted […]

§ 50-10-9. Rights Under Federal Constitution

The authority shall have all rights afforded the state by virtue of the Constitution of the United States, and nothing in this chapter shall be construed to remove any such rights. History. Code 1981, § 50-10-9 , enacted by Ga. L. 1986, p. 705, § 4.