§ 20-3-150. Short Title
This article may be cited as the “Georgia Education Authority (University) Act.” History. Ga. L. 1949, p. 1009, § 1; Ga. L. 1967, p. 869, § 1.
§ 20-3-151. Definitions
As used in this article, the term: “Authority” means the Georgia Education Authority (University), which was formerly known as the University System Building Authority. Such change in name of the authority shall in no way affect the identity of the authority or the rights, powers, privileges, or liabilities of the authority or any person under […]
§ 20-3-152. Creation; Members, Officers, and Staff; Quorum; Procedural Rules and Regulations; Assignment to Department of Administrative Services
There is created a body corporate and politic to be known as the Georgia Education Authority (University), which shall be deemed to be an instrumentality of this state and a public corporation; and by that name, style, and title said body may contract and be contracted with, bring and defend actions, and implead and be […]
§ 20-3-153. Powers of the Authority
The authority shall have powers: To have a seal and alter it at pleasure; To acquire by purchase, lease, or otherwise and to hold, lease, and dispose of real and personal property of every kind and character for its corporate purposes; To acquire in its own name by purchase, on such terms and conditions, and […]
§ 20-3-154. Authority to Issue Revenue Bonds; Terms
The authority or any authority or body which has or which may in the future succeed to the powers, duties, and liabilities vested in the authority created by this article shall have power at one time or from time to time to provide by resolution for the issuance of negotiable revenue bonds of the authority […]
§ 20-3-155. Form of Bonds; Denominations; Place of Payment; Registration
The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest thereof, which may be at any bank or trust company within or outside the state. The bonds […]
§ 20-3-156. Signing, Sealing, and Attesting Bonds
In case any officer whose signature shall appear on any bonds or whose facsimile signature shall appear on any coupon shall cease to be such officer before the delivery of such bonds, such signature shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until such delivery. […]
§ 20-3-157. Bonds Negotiable; Exemption of Bonds From Taxation
All revenue bonds issued under this article shall have all the qualities and incidents of negotiable instruments under Article 8 of Title 11. Such bonds and the income thereof shall be exempt from all taxation within the state. History. Ga. L. 1949, p. 1009, § 8.
§ 20-3-158. Manner of Sale and Price of Bonds; Assistance by Georgia Building Authority
The authority may sell its bonds in such manner and for such price as it may determine to be for the best interests of the authority. Whenever the authority shall determine to issue its bonds, it shall call upon the Georgia Building Authority to render advice and to perform, as its agent, ministerial services for […]
§ 20-3-159. Use of Bond Proceeds; Additional Bonds
The proceeds of revenue bonds issued under this article shall be used solely for the payment of the cost of the project or combined project and shall be disbursed upon requisition or order of the chairman of the authority under such restrictions, if any, as the resolution authorizing the issuance of the bonds or the […]
§ 20-3-160. Issuance of Interim Receipts or Certificates or Temporary Bonds
Prior to the preparation of definitive bonds, the authority may, under like restrictions, issue interim receipts, interim certificates, or temporary bonds, with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. History. Ga. L. 1949, p. 1009, § 11.
§ 20-3-161. Replacement of Mutilated, Destroyed, or Lost Bonds
The authority may also provide for the replacement of any bond which shall become mutilated or be destroyed or lost. History. Ga. L. 1949, p. 1009, § 12.
§ 20-3-162. Compliance With Article Sufficient for Issuance of Bonds; Single Issue for One or More Projects; Adoption of Bond Resolution
Revenue bonds may be issued without any other proceedings or the happening or any other conditions or things than those proceedings, conditions, and things which are specified or required by this article. In the discretion of the authority, revenue bonds of a single issue may be issued for the purpose of paying the cost of […]
§ 20-3-163. Credit of State Not Pledged
Revenue bonds issued under this article shall not be deemed to constitute a debt of the state or a pledge of the faith and credit of the state, but such bonds shall be payable solely from the fund provided for in Code Section 20-3-166; and the issuance of such revenue bonds shall not directly, indirectly, […]
§ 20-3-164. Trust Indentures to Secure Bonds; Contents of Indentures or Bond Resolutions; Expenses of Carrying Out Indentures
In the discretion of the authority, any issue of revenue bonds may be secured by a trust indenture by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside of the state. Such trust indenture may pledge or assign […]
§ 20-3-165. Trustee for Bond Proceeds
The authority shall in the resolution providing for the issuance of revenue bonds or in the trust indenture provide for the payment of the proceeds of the sale of the bonds to any officer or person who, or any agency, bank, or trust company which, shall act as trustee of such funds and shall hold […]
§ 20-3-166. Sinking Fund
The revenues, rents, and earnings derived from any particular project or combined project or any and all funds from any source received by the board of regents and pledged and allocated by it to the authority as security for the performance of any lease or leases or any and all revenues, rents, and earnings received […]
§ 20-3-167. Remedies of Bondholders, Receivers, or Indenture Trustees
Any holder of revenue bonds or interest coupons issued under this article, any receiver for such holders, or indenture trustee, if any, except to the extent the rights given in this Code section may be restricted by resolution passed before the issuance of the bonds or by the trust indenture, may by action, mandamus, or […]
§ 20-3-168. Refunding Bonds
The authority is authorized to provide by resolution for the issue of revenue refunding bonds of the authority for the purpose of refunding any revenue bonds issued under this article and then outstanding, together with accrued interest thereon. The issuance of such revenue refunding bonds, the maturities and all other details thereof, the rights of […]
§ 20-3-169. Bonds Legal Investments or Security Deposits
The bonds authorized in this article are made securities in which all public officers and bodies of this state and all municipalities and all municipal subdivisions; all insurance companies and associations and other persons carrying on an insurance business; all banks, bankers, trust companies, savings banks, and savings associations, including savings and loan associations, building […]