§ 36-41-1. Short Title
This chapter shall be known and may be cited as the “Urban Residential Finance Authorities Act for Large Municipalities.” History. Ga. L. 1979, p. 4662, § 1.
§ 36-41-10. Bonds or Obligations Not Public Debt
No bonds or other obligations of and no indebtedness incurred by any authority shall constitute an indebtedness or obligation of the state or any county, municipality, or political subdivision thereof, nor shall any act of any authority in any manner constitute or result in the creation of an indebtedness of the state or any such […]
§ 36-41-11. Tax Exemptions
As each authority will be performing essential governmental functions in the exercise of the powers conferred upon it by this chapter, the state covenants with the holders of the bonds of an authority that the authority shall be required to pay no taxes or assessments upon any of the property acquired by it or under […]
§ 36-41-12. Competition With Georgia Housing and Finance Authority
No authority shall compete with the Georgia Housing and Finance Authority to such an extent as to affect adversely the interests and rights of the holders of bonds issued by the Georgia Housing and Finance Authority. History. Ga. L. 1979, p. 4662, § 12; Ga. L. 1991, p. 1653, § 2-3.
§ 36-41-13. Annual Audit
Each authority and each trustee acting on behalf of an authority shall submit to an annual independent audit performed by a qualified firm selected by the members of such authority. Payment for this audit shall be paid from any funds held by the trustee for the authority. History. Ga. L. 1979, p. 4662, § 13; […]
§ 36-41-2. Legislative Findings and Declaration of Public Necessity
It is found, determined, and declared: That there exists within the large municipalities of the state a serious shortage of decent, safe, and sanitary housing which a significant portion of the persons and families residing or desiring to reside in such municipalities can afford. This shortage is inimical to the safety, health, and welfare of […]
§ 36-41-3. Definitions
As used in this chapter, the term: “Authority” means any public corporation created by this chapter. “Bonds” means any bonds, including refunding bonds, or any notes or other obligations authorized to be issued by an authority pursuant to this chapter. “Eligible household” means any household which does not have sufficient income to afford to pay […]
§ 36-41-4. Creation of Authority; Governing Board; Filing of Resolutions With Secretary of State; Filling of Vacancies on Board; Officers; Compensation of Members of Board; Promulgation of Rules and Regulations
There is created in and for each municipality of this state, as defined in paragraph (11) of Code Section 36-41-3, a public body corporate, which shall be deemed to be an instrumentality of the state, to be known as the “urban residential finance authority” of such municipality and which shall be governed by a board […]
§ 36-41-5. Powers of Authority Generally; Establishment of Administrative Guidelines for Determination of Eligibility
Except as otherwise limited by this chapter, each authority shall have the power: To bring and defend actions; To have a seal and alter the same at its pleasure; To make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this chapter, including contracts with […]
§ 36-41-6. Loans to Qualified Housing Sponsors or Eligible Households; Loans to Lending Institutions
With respect to the power to make loans set forth in subsection (a) of Code Section 36-41-5, each authority may make loans to qualified housing sponsors or eligible households for the financing, acquisition, or rehabilitation of residential housing within the geographic boundaries of the large municipality activating the authority. Any such loan: Shall be used […]
§ 36-41-7. Purchase of Mortgages or Security Interests or Participations Therein
With respect to the power to purchase mortgages or security interests or participations therein from lending institutions as set forth in subsection (a) of Code Section 36-41-5, each authority may purchase mortgages or security interests from lending institutions, which shall in turn reinvest the proceeds in new mortgage loans made as rapidly as possible on […]
§ 36-41-8. Issuance of Revenue Bonds; Use and Commitment of Funds; Form and Contents of Bonds; Execution; Sale; Temporary Bonds; Refunding Bonds; Trust Indenture; Validation of Bonds; Bonds as Authorized Investments
Each authority shall have the power and is authorized, at one time or from time to time, to issue its revenue bonds in such principal amounts as, in the opinion of the authority, shall be necessary to provide sufficient funds for achieving the corporate purposes thereof, including the making and purchasing of loans for the […]
§ 36-41-9. Pledge of Assets for Payment of Bonds
Each authority may pledge for the payment of its bonds such assets, funds, contract rights, and properties as the resolution providing for the issuance of its bonds may provide. Any such pledge made by the authority shall be valid and binding from the time when the pledge is made. The moneys or properties so pledged […]