§ 50-26-1. Short Title
This chapter shall be known and may be cited as the “Georgia Housing and Finance Authority Act.” History. Code 1981, § 50-26-1 , enacted by Ga. L. 1991, p. 1653, § 1-2.
§ 50-26-10. Obligations Not Subject to “Georgia Uniform Securities Act of 2008”; Payment of Operating Costs; Authority’s Revenue; Bond Anticipation Notes; Terms of Bond; Replacement of Bond; Validation; Interest Rates
The offer, sale, or issuance of bonds, notes, or other obligations by the authority shall not be subject to regulation under Chapter 5 of Title 10, the “Georgia Uniform Securities Act of 2008.” No notice, proceeding, or publication except those required in this chapter is necessary to the performance of any act authorized in this […]
§ 50-26-11. Bonds as Securities
The bonds authorized by this chapter are securities in which: All public officers and bodies of this state; All local governments of this state; All insurance companies and associations and other persons carrying on an insurance business; All banks, bankers, trust companies, saving banks, and savings associations, including savings and loan associations, building and loan […]
§ 50-26-12. Payment of Bond Proceeds; Pledges of Proceeds for Payment of Bond
All or any part of the gross or net revenues and earnings derived from any particular loan or loans and any and all revenues and earnings received by the authority, regardless of whether such revenues and earnings were produced by a particular loan or loans for which bonds have been issued, may be pledged by […]
§ 50-26-13. Power to Secure Issuance of Bonds by Trust Agreement or Indenture; Contents of Trust Agreement or Indenture
Any issue of bonds may be secured by a trust agreement or indenture made by the authority with a corporate trustee, which may be any trust company or bank having the power of a trust company inside or outside this state. Such trust agreement or indenture may pledge or assign all revenue, receipts, and earnings […]
§ 50-26-14. Moneys Received Deemed Trust Funds; Pledge of Assets, Funds, and Properties for Payment of Bonds
All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or other obligations, as grants or other contributions, or as revenues and earnings, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The authority shall, in the resolution […]
§ 50-26-15. Annual and Periodic Audits and Reports Required
The state auditor shall make an annual audit of the books, accounts, and records of the authority with respect to its receipts, disbursements, contracts, mortgages, leases, assignments, loans, and all other matters relating to its financial operations. The state auditor shall place the audit report on file in his or her office, make the report […]
§ 50-26-16. Termination of Authority
The authority and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the authority shall have bonds or other obligations outstanding, unless adequate provision has been made for the payment thereof. On termination of the existence of the authority, all its rights and […]
§ 50-26-17. Powers as to Real Property; Reverse Equity Mortgages; Sale of Qualified Mortgage Bonds; Administration of Alternate Funds; Authority to Issue
The authority may directly acquire, manage, develop, and dispose of real property and improvements thereon as it deems necessary or desirable to provide adequate housing within the state. The authority may issue bonds for reverse equity mortgages to enable the elderly to maintain a decent and appropriate residence while providing necessary cash for living expenses. […]
§ 50-26-18. Facilitating Economic Development for Enterprises
Without limiting the generality of the findings and intent of the General Assembly or any provision of this chapter, the authority shall facilitate economic development for enterprises throughout the state by means that shall include, without limitation, the issuance of bonds, with or without such credit enhancement as the authority may deem appropriate; the collection […]
§ 50-26-19. Financing Acquisition, Construction, and Equipping of Health Care Facilities
The authority may initiate a program of financing the acquisition, construction, and equipping of health care facilities in the state. In furtherance of this objective, the authority may also: Establish eligibility standards for participating providers, provided that such standards shall encourage maximum feasible participation for participating providers serving disproportionately high numbers of indigent patients; Contract […]
§ 50-26-2. Legislative Findings and Declaration of Necessity
The General Assembly finds that: There exists an inadequate supply of, and a pressing need for, financing and financial assistance to ensure the provision or preservation of safe, decent, energy efficient, and affordable housing and an adequate system of housing finance for housing and housing related concerns within this state; There exists an inadequate supply […]
§ 50-26-20. Competitive Bidding on Contracts Not Required
A project financed under this chapter is not subject to any statutory requirement of competitive bidding or other restriction imposed on the procedure for award of contracts or the lease, sale, or other disposition of property with regard to any action taken under authority of this chapter. History. Code 1981, § 50-26-20 , enacted by […]
§ 50-26-21. Transfer of Assets and Obligations of Hospital Financing Authority to Authority
The authority shall receive all assets of and the authority shall be responsible for any contracts, leases, agreements, or other obligations of the Hospital Financing Authority created by Article 10 of Chapter 7 of Title 31. The authority is substituted as a party to any such contract, agreement, lease, or other obligation and is responsible […]
§ 50-26-22. Transfer of Personnel to Department of Community Affairs
Effective July 1, 1996, without diminishing the powers of the authority pursuant to Code Section 50-26-8, all personnel positions authorized by the authority in fiscal year 1996 shall be transferred to the Department of Community Affairs. All employees of the authority on June 30, 1996, whose positions are transferred by the authority to the Department […]
§ 50-26-3. Substitution of Georgia Housing and Finance Authority for Georgia Residential Finance Authority
The authority shall receive all assets of, and the authority shall be responsible for any contracts, leases, agreements, or other obligations of, the Georgia Residential Finance Authority. The authority is substituted as a party to any such contract, agreement, lease, or other obligation and is responsible for performance thereon as if it had been the […]
§ 50-26-4. Definitions
As used in this chapter, the term: “Authority” means the Georgia Housing and Finance Authority or any subsidiary corporation created by the board of directors of the Georgia Housing and Finance Authority pursuant to this chapter. “Bonds” or “revenue bonds” means any bonds, revenue bonds, notes, interim certificates, bond or revenue anticipation notes, or other […]
§ 50-26-5. Creation of Authority; Composition; Election and Terms of Officers; Expense Allowance; Delegation of Power; Executive Director; Use of Funds; Legal Services Provided by Attorney General
There is created a body corporate and politic to be known as the Georgia Housing and Finance Authority which shall be deemed to be an instrumentality of the state, and not a state agency, and a public corporation performing an essential governmental function. The authority is assigned to the Department of Community Affairs for administrative […]
§ 50-26-6. Limitation on Liability
Neither the members of the authority nor any officer or employee of the authority acting in behalf thereof, while acting within the scope of his or her authority, is subject to any liability resulting from: The construction, ownership, maintenance, or operation of any project financed with the assistance of the authority; or Carrying out any […]
§ 50-26-7. Powers of Authority Vested in Board of Directors; Quorum; Action Taken by Majority
The powers of the authority shall be vested in the members of the board of directors in office from time to time; and a majority of members in office shall constitute a quorum for the transaction of any business and for the exercise of any power or function of the authority. Action may be taken […]