| HB 1021 - Springbrook Golf Course Commission Act; enact |
First Reader Summary
A BILL to create the Springbrook Golf Course Commission; and for
other purposes.
| House |
Action |
Senate |
| 3/16/99 |
Read 1st Time |
3/18/99 |
| 3/17/99 |
Read 2nd Time |
|
| 3/18/99 |
Favorably Reported |
3/24/99 |
| 3/18/99 |
Read 3rd Time |
|
| 3/18/99 |
Passed/Adopted |
3/24/99 |
| 4/7/99 |
Sent to Governor |
|
| 4/16/99 |
Signed by Governor |
|
| 241 |
Act/Veto Number |
|
| 4/16/99 |
Effective Date |
|
HB 1021 LC 9 0094
A BILL TO BE ENTITLED
AN ACT
1- 1 To create the Springbrook Golf Course Commission; to provide
1- 2 for a short title; to provide for definitions; to provide
1- 3 for membership, officers, and practices and procedures; to
1- 4 provide for terms and vacancies; to provide for the powers
1- 5 and duties of the commission; to authorize such commission
1- 6 to acquire, construct, equip, maintain, and operate the
1- 7 Springbrook Golf Course and related buildings and the usual
1- 8 and convenient facilities appertaining to such undertakings
1- 9 or for any other facilities or projects, or the extensions
1-10 and improvements of such or any other facilities; to
1-11 authorize the commission to do all things deemed necessary
1-12 or convenient for the operation of such undertakings; to
1-13 authorize the issuance of revenue bonds or other legally
1-14 permitted forms of capital or operating financing
1-15 obligations of the commission, payable solely from the
1-16 revenues, tolls, fees, charges, and earnings of the
1-17 commission including, but not limited to, earnings derived
1-18 from leases and income from conveyances of real property of
1-19 the commission, and to pay the cost of such undertakings and
1-20 authorize the collection and pledging of the revenues and
1-21 earnings of the commission for the payment of such bonds or
1-22 obligations and to authorize the execution of trust
1-23 indentures to secure the payment thereof and to define the
1-24 rights of the holders of such bonds or obligations; to
1-25 provide that no debt of the State of Georgia shall be
1-26 incurred in the exercise of any of the powers granted by
1-27 this Act; to provide that Gwinnett County shall stand as
1-28 guarantor of all bonds issued by the commission; to make the
1-29 bonds or obligations of the commission exempt from taxation;
1-30 to authorize the issuance of refunding bonds or obligations;
1-31 to fix the venue or jurisdiction of actions relating to any
1-32 provisions of this Act and to provide that such bonds or
1-33 obligations be validated; to provide for rules and
1-34 regulations; to provide for budgets, audits, and payments;
1-35 to provide for accounts; to provide for construction; to
1-36 provide for other matters related to the foregoing; to
-1-
2- 1 provide for severability; to provide an effective date; to
2- 2 repeal conflicting laws; and for other purposes.
2- 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
2- 4 SECTION 1.
2- 5 Short title.
2- 6 This Act shall be known and may be cited as the "Springbrook
2- 7 Golf Course Commission Act."
2- 8 SECTION 2.
2- 9 (a) As used in this Act, the term:
2-10 (1) "Commission" means the Springbrook Golf Course
2-11 Commission created in Section 3 of this Act. The
2-12 commission shall have all powers of an authority and
2-13 everywhere the word "commission" is used it shall
2-14 include the word "authority," as said term is used in
2-15 the Constitution of the State of Georgia and the laws
2-16 relating thereto.
2-17 (2) 'Corporate purposes' means all acts which the
2-18 commission shall deem necessary for the proper operation
2-19 of the Springbrook Golf Course located at Camp Perrin
2-20 Road, Lawrenceville, GA 30043.
2-21 (3) "Cost of the project" shall embrace the cost of
2-22 construction; the cost of all lands, properties, rights,
2-23 easements, and franchises acquired and the cost of all
2-24 conveyances in fee simple of the commission's title
2-25 thereto and leases thereof; the cost of preparing the
2-26 land, including the installation of storm and sanitary
2-27 sewers; the cost of all machinery, equipment, and
2-28 furnishings related to the operation of the project;
2-29 financing charges; interest prior to and during
2-30 construction and for six months after completion of
2-31 construction; the cost of engineering, architectural,
2-32 fiscal and legal expenses and other expenses necessary
2-33 or incident to determining the feasibility or
2-34 practicability of the project; administrative expenses
2-35 and such other expenses as may be necessary or incident
2-36 to the financing authorized by this Act; and the cost of
2-37 placing the project into operation. Any obligation or
2-38 expense incurred for any of the foregoing purposes shall
2-39 be regarded as a part of the cost of the project and may
2-40 be paid or reimbursed as such out of any funds of the
-2-
3- 1 commission, including the proceeds of revenue bonds
3- 2 issued under the provisions of this Act for such project
3- 3 or projects.
3- 4 (4) "Project" shall be deemed to mean and include the
3- 5 acquisition, construction, equipping, maintenance, and
3- 6 operation of the Springbrook Golf Course and related
3- 7 buildings or other authorized facilities, located on
3- 8 Camp Perrin Road, Lawrenceville, GA 30043, and the usual
3- 9 and convenient facilities appertaining to such
3-10 undertakings and extensions and improvements of such
3-11 facilities; acquiring the necessary property therefor,
3-12 both real and personal, so as to assure the efficient
3-13 and proper development, maintenance, and operation of
3-14 such recreational facilities and areas deemed by the
3-15 commission to be necessary, convenient, or desirable.
3-16 (5) "Revenue bonds," "bonds," and "obligations" shall
3-17 mean revenue bonds as defined and provided for in
3-18 Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the
3-19 "Revenue Bond Law," and such type of obligations may be
3-20 issued by the commission as authorized under Article 3
3-21 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue
3-22 Bond Law," and, in addition, such term shall also mean
3-23 obligations of the commission the issuance of which are
3-24 specifically provided for in this Act or to provide for
3-25 capital financing contracts as authorized within Code
3-26 Section 36-60-13 of the O.C.G.A. All bonds referred to
3-27 under this Act shall in aggregate be capped at
3-28 $5,000,000.00.
3-29 (b) Any project shall be deemed "self-liquidating" if, in
3-30 the judgment of the commission, the revenues and earnings
3-31 to be derived by the commission therefrom and all
3-32 properties used, leased, and sold in connection therewith,
3-33 together with grants which may be received for the benefit
3-34 of the project from the United States of America or the
3-35 State of Georgia or any agency or instrumentality of
3-36 either of them, will be sufficient to pay the cost of
3-37 operating, maintaining, repairing, improving, and
3-38 extending the project and to pay the principal of and
3-39 interest on the revenue bonds which may be issued to
3-40 finance, in whole or in part, the cost of such project or
3-41 projects.
3-42 SECTION 3.
3-43 Springbrook Golf Course Commission.
-3-
4- 1 (a) There is created a body corporate and politic to be
4- 2 known as the Springbrook Golf Course Commission (hereinafter
4- 3 "commission"), which shall be deemed to be a political
4- 4 subdivision of the State of Georgia and a public corporation
4- 5 and by that name, style, and title, said body may contract
4- 6 and be contracted with, sue and be sued, implead and be
4- 7 impleaded, and complain and defend in all courts of law and
4- 8 equity, except that the commission or a trustee acting under
4- 9 a trust indenture shall in no event be liable for any torts
4-10 committed by any of the officers, agents, and employees
4-11 thereof. The commission is granted the same exemptions and
4-12 exclusions from taxes as now or hereafter may be granted to
4-13 cities and counties for the construction, acquisition, and
4-14 operation of facilities similar to facilities to be operated
4-15 by the commission as provided under the provisions of this
4-16 Act.
4-17 The commission shall consist of five members, the majority
4-18 of whom shall be residents of Gwinnett County, Georgia.
4-19 Such members shall be appointed by the Board of
4-20 Commissioners of Gwinnett County (hereinafter the "county").
4-21 After the effective date of this Act, each member of the
4-22 Board of Commissioners of Gwinnett County shall appoint one
4-23 member of the commission. Commission members appointed by
4-24 the district commissioners for Districts Two and Four shall
4-25 serve from the date of such appointment through December 31,
4-26 2002, and until their successors are appointed and assume
4-27 office. Commission members appointed by the district
4-28 commissioners for Districts One and Three, as well as the
4-29 commission member appointed by the chairperson of the board
4-30 of commissioners, shall serve from the date of such
4-31 appointment through December 31, 2000, and until their
4-32 successors are appointed and assume office. Upon the
4-33 expiration of the term of office of each of the initially
4-34 appointed members, the vacancies created by the expiration
4-35 of said terms shall be filled by an appointment by the
4-36 respective commissioner who appointed the member who last
4-37 filled the office that is vacant. Each member so selected
4-38 shall serve for a term of four years which shall run
4-39 concurrently with the term of the appointing member of the
4-40 Board of Commissioners of Gwinnett County. Vacancies
4-41 occurring other than by expiration of the term of office
4-42 shall be filled in like manner for the balance of the term.
4-43 The commission shall elect one of its members as chairperson
4-44 and another member as vice chairperson and shall also elect
4-45 a secretary and a treasurer. Neither the secretary nor the
-4-
5- 1 treasurer shall be required to be a member of the commission
5- 2 and, if not a member, he or she shall have no voting rights.
5- 3 A majority of the members of the commission shall constitute
5- 4 a quorum necessary for the transaction of business and a
5- 5 majority vote of those present at any meeting at which there
5- 6 is a quorum shall be sufficient to do and perform any action
5- 7 authorized and permitted by law. No vacancy shall impair
5- 8 the right of the quorum to transact any and all business in
5- 9 accordance with the foregoing procedure. The members of the
5-10 commission shall serve without compensation except that they
5-11 shall be reimbursed for actual expenses incurred in the
5-12 performance of their duties. The commission shall make
5-13 rules and regulations for its own government. It shall have
5-14 perpetual existence.
5-15 SECTION 4.
5-16 The commission shall have powers:
5-17 (1) To have a seal and alter the same at pleasure;
5-18 (2) To acquire by purchase, lease, or otherwise and to
5-19 hold, lease, and dispose of real and personal property
5-20 of every kind and character for its corporate purposes;
5-21 (3) To acquire in its own name by purchase or gift or
5-22 otherwise, on such terms and conditions and in such
5-23 manner as it may deem proper, real property or rights or
5-24 easements therein or franchises necessary or convenient
5-25 for its corporate purposes; to use the same so long as
5-26 its corporate existence shall continue; to lease or make
5-27 contracts with respect to the use or disposition of the
5-28 same in any manner it deems to the best advantage of the
5-29 commission;
5-30 (4) To appoint, select, and employ officers, agents, and
5-31 employees, including engineering, architectural, and
5-32 construction experts, fiscal agents, and attorneys, and
5-33 fix their respective compensation;
5-34 (5) To make contracts and leases and to execute all
5-35 instruments necessary or convenient, including contracts
5-36 for the construction of projects and leases of projects
5-37 or contracts with respect to the use of projects which
5-38 it causes to be erected or acquired, and to dispose by
5-39 conveyance of its title in fee simple of real and
5-40 personal property of every kind and character; and any
5-41 and all persons, firms, and corporations and any and all
-5-
6- 1 political subdivisions, departments, institutions, or
6- 2 agencies of the state are authorized to enter into
6- 3 contracts, leases, or agreements with the commission
6- 4 upon such terms and for such purposes as they deem
6- 5 advisable;
6- 6 (6) To construct, erect, acquire, own, repair, remodel,
6- 7 maintain, add to, extend, improve, equip, operate, and
6- 8 manage projects, as defined in this Act, the cost of any
6- 9 such project to be paid, in whole or in part, from the
6-10 proceeds of revenue bonds or any other sources of funds
6-11 of the commission or from such proceeds or other funds
6-12 and any grant from the United States of America or the
6-13 State of Georgia or any agency or instrumentality of
6-14 either of them;
6-15 (7) To accept loans or grants of money or materials or
6-16 property of any kind from the United States of America
6-17 or any agency or instrumentality thereof, upon such
6-18 terms and conditions as the United States of America or
6-19 such agency or instrumentality may impose;
6-20 (8) To accept loans or grants of money or materials or
6-21 property of any kind from the State of Georgia or any
6-22 agency, instrumentality, or political subdivision
6-23 thereof, upon such terms and conditions as the State of
6-24 Georgia or such agency, instrumentality, or political
6-25 subdivision may impose;
6-26 (9) To borrow money for any of its corporate purposes
6-27 and to execute evidences of such indebtedness and to
6-28 secure the same and to issue negotiable revenue bonds or
6-29 other legally permitted forms of financing payable
6-30 solely from the funds pledged for that purpose, and to
6-31 provide for the payment of the same and for the rights
6-32 of the holders thereof;
6-33 (10) To exercise any power usually possessed by private
6-34 corporations performing similar functions which is not
6-35 in conflict with the Constitution and laws of this
6-36 state;
6-37 (11) From time to time, to sell, lease, grant, exchange,
6-38 or otherwise dispose of any surplus property, both real
6-39 or personal, or interest therein not required in the
6-40 normal operation of and usable in the furtherance of the
6-41 purpose for which the commission was created, except as
6-42 such right and power may be limited as provided in
6-43 Section 17 of this Act; and
-6-
7- 1 (12) To do all things necessary or convenient to carry
7- 2 out the powers expressly given in this Act.
7- 3 SECTION 5.
7- 4 Revenue bonds.
7- 5 The commission, or any authority or body which has or which
7- 6 may in the future succeed to the powers, duties, and
7- 7 liabilities vested in the commission created by this Act,
7- 8 shall have power and is authorized at one time or from time
7- 9 to time to provide by resolution for the issuance of
7-10 negotiable revenue bonds for the purpose of paying all or
7-11 any part of the cost as defined in this Act of any one or
7-12 more projects to establish a reasonable debt service reserve
7-13 in connection with any bond issued. The principal of and
7-14 interest on such revenue bonds shall be payable solely from
7-15 the special fund provided for in this Act for such payment.
7-16 The bonds of each issue shall bear interest from the date of
7-17 such bonds at such rate or rates as shall be determined by
7-18 the commission without regard to any limit prescribed in
7-19 Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the
7-20 "Revenue Bond Law," or any other law. Interest on any such
7-21 bonds shall be payable semiannually or at such other times
7-22 as may be determined by the commission. Principal on such
7-23 bonds shall mature at such time or times not exceeding 40
7-24 years from their date or dates, shall be payable in such
7-25 medium of payment as to both principal and interest as may
7-26 be determined by the commission and may be made redeemable
7-27 before maturity, at the option of the commission, at such
7-28 price or prices and under such terms and conditions as may
7-29 be fixed by the commission in the resolution providing for
7-30 the issuance of the bonds. Such revenue bonds or
7-31 obligations shall be issued pursuant to and in conformity
7-32 with the procedures set forth in Article 3 of Chapter 82 of
7-33 Title 36 of the O.C.G.A., the "Revenue Bond Law," and all
7-34 procedures pertaining to such issuance, including the
7-35 issuance of bonds in exchange for outstanding bonds, the
7-36 validation certificate of the clerk of the superior court,
7-37 and the execution of the same, shall be the same as those
7-38 contained in Article 3 of Chapter 82 of Title 36 of the
7-39 O.C.G.A., the "Revenue Bond Law."
7-40 SECTION 6.
7-41 Same; form; denomination; registration; place of payment.
7-42 The commission shall determine the form of the bonds,
7-43 including any interest coupons to be attached thereto, and
7-44 shall fix the denomination or denominations of the bonds and
-7-
8- 1 the place or places of payment of principal and interest
8- 2 thereof, which may be at any bank, trust company, or
8- 3 financial institution regularly engaged in such business
8- 4 within or outside the state. The bonds may be issued in
8- 5 coupon or registered form, or both, as the commission may
8- 6 determine and provision may be made for the registration of
8- 7 any coupon bond as to principal alone and also as to both
8- 8 the principal and interest. The commission may make such
8- 9 provisions for exchangeability, transfer, and the like as
8-10 the commission may deem proper.
8-11 SECTION 7.
8-12 Same; signatures; seal.
8-13 All such bonds shall be signed by the chairperson of the
8-14 commission and attested by the secretary and treasurer of
8-15 the commission and the official seal of the commission shall
8-16 be affixed thereto. Any coupons attached thereto shall bear
8-17 the facsimile signatures of the chairperson and secretary
8-18 and treasurer of the commission. Any coupon may bear the
8-19 facsimile signatures of such persons and any bond may be
8-20 signed, sealed, and attested on behalf of the commission by
8-21 such persons as at the actual time of the execution of the
8-22 bonds shall be duly authorized or hold the proper office,
8-23 although at the date of such bonds such persons may not have
8-24 been so authorized or shall not have held such office. In
8-25 case any officer whose signature shall appear on any bonds
8-26 or whose facsimile signature shall appear on any coupon
8-27 shall cease to be such officer before delivery of such
8-28 bonds, such signature shall nevertheless be valid and
8-29 sufficient for all purposes the same as if he or she had
8-30 remained in office until such delivery.
8-31 SECTION 8.
8-32 Same; negotiability; exemption from taxation.
8-33 All revenue bonds or other permitted forms of capital
8-34 financing issued under the provisions of this Act shall have
8-35 and are declared to have all the qualities and incidents of
8-36 negotiable instruments under the laws of this state. Such
8-37 bonds or other debt are declared to be issued for an
8-38 essential public and governmental purpose; and such bonds
8-39 and the income therefrom shall be exempt from all taxation
8-40 within the state.
8-41 SECTION 9.
8-42 Same; sale; proceeds.
-8-
9- 1 The commission may sell such bonds in such manner and for
9- 2 such price as it may determine to be for the best interest
9- 3 of the commission and the proceeds derived from the sale of
9- 4 such bonds shall be used solely for the purpose provided in
9- 5 the proceedings authorizing the issuance of such bonds.
9- 6 SECTION 10.
9- 7 Same; interim receipts and
9- 8 certificates or temporary bonds.
9- 9 Prior to the preparation of definitive bonds, the commission
9-10 may, under like restrictions, issue interim receipts,
9-11 interim certificates, or temporary bonds, with or without
9-12 coupons exchangeable for definitive bonds upon the issuance
9-13 of the latter.
9-14 SECTION 11.
9-15 Same; replacement of lost or mutilated bonds.
9-16 The commission may also provide for the replacement of any
9-17 bond or any coupons which shall become mutilated or be
9-18 destroyed or lost.
9-19 SECTION 12.
9-20 Same; conditions precedent to issuance.
9-21 Such revenue bonds may be issued without any other
9-22 proceedings or the happening of any other conditions or
9-23 things than those proceedings, conditions, and things which
9-24 are specified or required by this Act. Any resolution
9-25 providing for the issuance of revenue bonds under the
9-26 provisions of this Act shall become effective immediately
9-27 upon its passage and need not be published or posted, and
9-28 any such resolution may be passed at any regular or special
9-29 meeting of the commission by a majority of its members.
9-30 SECTION 13.
9-31 Credit not pledged.
9-32 Revenue bonds issued under the provisions of this Act shall
9-33 not be deemed to constitute a debt of the State of Georgia,
9-34 nor a pledge of the faith and credit of said county or state
9-35 but such bonds shall be payable solely from the fund
9-36 provided for in this Act. The issuance of such revenue
9-37 bonds shall not directly, indirectly, or contingently
9-38 obligate Gwinnett County to levy or to pledge any form of
9-39 taxation whatever therefor or to make any appropriation for
9-40 their payment, and all such bonds shall contain recitals on
9-41 their face covering substantially the foregoing provisions
-9-
10- 1 of this section. Gwinnett County shall stand as guarantor
10- 2 of all bonds issued by the commission.
10- 3 SECTION 14.
10- 4 Trust indenture as security.
10- 5 In the discretion of the commission, any issue of such
10- 6 revenue bonds may be secured by a trust indenture by and
10- 7 between the commission and a corporate trustee, which may be
10- 8 any trust company or bank having the powers of a trust
10- 9 company within or outside of the state. Such trust
10-10 indenture may pledge or assign fees, tolls, revenues,
10-11 earnings, or grants to be received by the commission,
10-12 including the proceeds derived from the sale from time to
10-13 time of any surplus property of the commission, both real
10-14 and personal. Either the resolution providing for the
10-15 issuance of revenue bonds or such trust indenture may
10-16 contain such provisions for protecting and enforcing the
10-17 rights and remedies of the bondholders as may be reasonable
10-18 and proper and not in violation of law, including covenants
10-19 setting forth the duties of the commission in relation to
10-20 the acquisition of property, the construction of projects,
10-21 the maintenance, operation, repair, and insuring of
10-22 projects, and the custody, safeguarding, and application of
10-23 all moneys, including the proceeds derived from the sale of
10-24 property of the commission, both real and personal; and may
10-25 also provide that any project shall be constructed and paid
10-26 for under the supervision and approval of consulting
10-27 engineers or architects employed or designated by the
10-28 commission; and may also contain provisions concerning the
10-29 conditions, if any, upon which additional revenue bonds may
10-30 be issued. It shall be lawful for any bank or trust company
10-31 incorporated under the laws of this state to act as such
10-32 depository and to furnish such indemnifying bonds or pledge
10-33 such securities as may be required by the commission. Such
10-34 indenture may set forth the rights and remedies of the
10-35 bondholders and of the trustee and may restrict the
10-36 individual right of action of bondholders as is customary in
10-37 trust indentures securing bonds and debentures of
10-38 corporations. In addition to the foregoing, such trust
10-39 indenture may contain such other provisions as the
10-40 commission may deem reasonable and proper for the security
10-41 of the bondholders. All expenses incurred in carrying out
10-42 such trust indenture may be treated as a part of the cost of
10-43 maintenance, operation, and repair of the project affected
10-44 by such indenture.
-10-
11- 1 SECTION 15.
11- 2 To whom proceeds of bonds shall be paid.
11- 3 The commission shall, in the resolution providing for the
11- 4 issuance of revenue bonds or in the trust indenture, provide
11- 5 for the payment of the proceeds of the sale of the bonds to
11- 6 any officer or person who or any agency, bank, or trust
11- 7 company which shall act as trustee of such funds and shall
11- 8 hold and apply the same to the purposes of this Act, subject
11- 9 to such regulations as this Act and such resolution or trust
11-10 indentures may provide.
11-11 SECTION 16.
11-12 Sinking fund.
11-13 The revenues, fees, tolls, and earnings derived from any
11-14 particular project or projects, regardless of whether or not
11-15 such fees, earnings, and revenues were produced by a
11-16 particular project for which bonds have been issued and any
11-17 moneys derived from the sale of any properties, both real
11-18 and personal of the commission, and the proceeds of any
11-19 grants, unless otherwise pledged and allocated, may be
11-20 pledged and allocated by the commission to the payment of
11-21 the principal and interest on revenue bonds of the
11-22 commission as the resolution authorizing the issuance of the
11-23 bonds or the trust instrument may provide. Such funds so
11-24 pledged from whatever source received, which pledge may
11-25 include funds received from one or more or all sources,
11-26 shall be set aside at regular intervals as may be provided
11-27 in the resolution or trust indenture into a sinking fund
11-28 which shall be pledged to and charged with the payment of
11-29 (1) the interest upon such revenue bonds as such interest
11-30 shall fall due, (2) the principal of the bonds as the same
11-31 shall fall due, (3) any premium upon bonds acquired by
11-32 redemption, payment, or otherwise, (4) the necessary charges
11-33 of the paying agent or agents for paying principal and
11-34 interest, and (5) any investment fees or charges. The use
11-35 and disposition of such sinking fund shall be subject to
11-36 such regulations as may be provided in the resolution
11-37 authorizing the issuance of the revenue bonds or in the
11-38 trust indenture; but, except as may otherwise be provided in
11-39 such resolution or trust indenture, such sinking fund shall
11-40 be maintained as a trust account for the benefit of all
11-41 revenue bonds without distinction or priority of one over
11-42 another. Subject to the provisions of the resolution
11-43 authorizing the issuance of the bonds or the trust
11-44 indenture, any surplus moneys in the sinking fund may be
-11-
12- 1 applied to the purchase or redemption of bonds and any such
12- 2 bonds so purchased or redeemed shall forthwith be cancelled
12- 3 and shall not be reissued, printed, and delivered.
12- 4 SECTION 17.
12- 5 Remedies of bondholders.
12- 6 Any holder of revenue bonds issued under the provisions of
12- 7 this Act or any of the coupons appertaining thereto, and the
12- 8 trustee under the trust indenture, if any, except to the
12- 9 extent the rights given in this Act may be restricted by
12-10 resolution passed before the issuance of the bonds or by the
12-11 trust indenture, may, either at law or in equity, by suit,
12-12 action, mandamus, or other proceedings, protect and enforce
12-13 any and all rights under the laws of the State of Georgia or
12-14 granted under this Act or under such resolution or trust
12-15 indenture and may enforce and compel performance of all
12-16 duties required by this Act or by such resolution or trust
12-17 indenture to be performed by the commission, or any officer
12-18 thereof, including the fixing, charging, and collecting of
12-19 revenues, fees, tolls, and other charges for the use of the
12-20 facilities and services furnished.
12-21 SECTION 18.
12-22 Refunding bonds.
12-23 The commission is authorized to provide by resolution for
12-24 the issuance of bonds of the commission for the purpose of
12-25 funding or refunding any revenue bonds issued under the
12-26 provisions of this Act and then outstanding, together with
12-27 accrued interest thereon and premium, if any. The issuance
12-28 of such funding or refunding bonds, the maturities and all
12-29 other details thereof, the rights of the holders thereof,
12-30 and the duties of the commission in respect to the same
12-31 shall be governed by the provisions of this Act insofar as
12-32 the same may be applicable.
12-33 SECTION 19.
12-34 Venue and jurisdiction.
12-35 Any action to protect or enforce any rights under the
12-36 provisions of this Act or any suit or action against the
12-37 commission shall be brought in the Superior Court of
12-38 Gwinnett County, Georgia; and any action pertaining to
12-39 validation of any bonds issued under the provisions of this
12-40 Act shall likewise be brought in said court which shall have
12-41 exclusive, original jurisdiction of such actions.
-12-
13- 1 SECTION 20.
13- 2 Bonds of the commission shall be confirmed and validated in
13- 3 accordance with the procedure of Article 3 of Chapter 82 of
13- 4 Title 36 of the O.C.G.A., the "Revenue Bond Law." The
13- 5 petition for validation shall also make party defendant to
13- 6 such action the State of Georgia or any municipality,
13- 7 county, authority, political subdivision, or instrumentality
13- 8 of the State of Georgia or the United States government or
13- 9 any department, agency, or instrumentality of the United
13-10 States government, if subject to being sued and if
13-11 consenting to same, which has contracted with the commission
13-12 for the services and facilities of or with respect to the
13-13 project for which bonds are to be issued and sought to be
13-14 validated; and the state or such municipality, county,
13-15 authority, political subdivision, department, agency, or
13-16 instrumentality shall be required to show cause, if any, why
13-17 such contract or contracts and the terms and conditions
13-18 thereof should not be inquired into by the court and the
13-19 validity of the terms thereof be determined and the contract
13-20 or contracts adjudicated as a part of the security for the
13-21 payment of any such bonds of the commission. The bonds when
13-22 validated and the judgment of validation shall be final and
13-23 conclusive with respect to such bonds and the security for
13-24 the payment thereof and interest thereon and against the
13-25 commission issuing the same, and the state and any
13-26 municipality, county, authority, political subdivision,
13-27 department, agency, or instrumentality, if a party to the
13-28 validation proceedings, contracting with the commission.
13-29 SECTION 21.
13-30 Interests of bondholders protected.
13-31 While any of the bonds issued by the commission remain
13-32 outstanding, the powers, duties, or existence of said
13-33 commission or of its officers, employees, or agents shall
13-34 not be diminished or impaired in any manner that will affect
13-35 adversely the interests and rights of the holders of such
13-36 bonds; and no other entity, department, agency, or authority
13-37 will be created which will compete with the commission to
13-38 such an extent as to affect adversely the interests and
13-39 rights of the holders of such bonds, nor will the state
13-40 itself so compete with the commission. The provisions of
13-41 this Act shall be for the benefit of the commission and the
13-42 holders of any such bonds and, upon the issuance of bonds
-13-
14- 1 under the provisions of this Act, shall constitute a
14- 2 contract with the holders of such bonds.
14- 3 SECTION 22.
14- 4 Moneys received considered trust funds.
14- 5 All moneys received pursuant to the authority of this Act,
14- 6 whether as proceeds from the sale of revenue bonds, as
14- 7 grants or other contributions, or as revenues, income, fees,
14- 8 and earnings, shall be deemed to be trust funds to be held
14- 9 and applied solely as provided in this Act.
14-10 SECTION 23.
14-11 Rates, charges, and revenues; use.
14-12 The commission is authorized to prescribe, and revise from
14-13 time to time, rates, fees, and charges and to collect such
14-14 rates, fees, tolls, and charges for the services,
14-15 facilities, and commodities furnished, including leases,
14-16 concessions, or subleases of its lands or facilities or
14-17 contracts for the use of its land and facilities.
14-18 SECTION 24.
14-19 Rules and regulations for operation of projects.
14-20 It shall be the duty of the commission to prescribe rules
14-21 and regulations for the operation of the project or projects
14-22 constructed under the provisions of this Act, including the
14-23 basis on which recreational facilities shall be furnished.
14-24 SECTION 25.
14-25 Properties Exempt from taxation.
14-26 The properties of the commission, both real and personal,
14-27 are declared to be public properties used for the benefit
14-28 and welfare of the people of the State of Georgia and not
14-29 for purposes of private or corporate benefit and income; and
14-30 such properties and the commission shall be exempt from all
14-31 taxes and special assessments of any city, any county, the
14-32 state, or any political subdivision thereof; provided,
14-33 however, that the provisions of this section shall not
14-34 prohibit or inhibit the lease or use of commission
14-35 properties for private purposes which in the sole judgment
14-36 of the commission support the general purposes of the
14-37 commission.
14-38 SECTION 26.
14-39 Fiscal year; budget; audit;
14-40 payments to Gwinnett County.
-14-
15- 1 The commission shall adopt a fiscal year ending on December
15- 2 31 of the calendar year or on another date as may be
15- 3 necessary and convenient for administering the financial
15- 4 books and accounts of the commission. The commission shall
15- 5 install and operate a system of accounts and financial
15- 6 controls consistent with sound business practices and
15- 7 generally accepted accounting principles. The commission
15- 8 shall annually adopt a budget and spending plan for
15- 9 operations and capital improvements. At the conclusion of
15-10 each fiscal year, a certified public accounting firm shall
15-11 audit the affairs and financial records of the commission.
15-12 A complete copy of the audit, including all findings and
15-13 management reports, shall be provided to the governing
15-14 authority of Gwinnett County. A synopsis of the audit shall
15-15 be published in the official organ of Gwinnett County as
15-16 soon as the report of the auditors is submitted to the
15-17 commission. Within 30 days of the date of first publication
15-18 of the audit, the commission shall determine the amount of
15-19 funds on hand which are subject to distribution to the
15-20 governing authority of Gwinnett County. To determine such
15-21 distribution, the commission shall determine the following
15-22 amounts for the preceding three calendar years:
15-23 (1) The amount which has come due and been paid for the
15-24 retirement of the debt on all capital assets owned or
15-25 leased by the commission;
15-26 (2) The amount paid for the necessary day-to-day
15-27 expenses of the commission; and
15-28 (3) A cash reserve in an amount equal to not less than
15-29 10 percent of the total operating expenses for the
15-30 Springbrook Golf Course for the preceding fiscal year.
15-31 The sum determined pursuant to this section shall be
15-32 deducted from the commission's revenues from all sources
15-33 during the preceding three calendar years, and 50 percent of
15-34 the difference shall be paid to the governing authority of
15-35 Gwinnett County within ten days of its determination. Funds
15-36 shall be subject to distribution pursuant to this section
15-37 only if the sum determined pursuant to this section is
15-38 greater than the commission's revenues during the preceding
15-39 three calendar years. The sum to be paid to the governing
15-40 authority shall, if not paid within ten days of its
15-41 determination, be subject to a 10 percent penalty, and the
15-42 principal amount determined to be owing to the county
15-43 governing authority shall bear interest at the rate of 12
15-44 percent from the date ten days after the determination of
-15-
16- 1 the sum due the county was or should have been made. The
16- 2 county governing authority may, in its sole discretion,
16- 3 reinvest the amount determined to be due pursuant to this
16- 4 section, or any part thereof, in the Springbrook Golf
16- 5 Course.
16- 6 SECTION 27.
16- 7 Operating reserve account.
16- 8 Beginning not later than the start of its third fiscal year,
16- 9 the commission shall establish procedures and an
16-10 implementation plan to create and maintain an operating
16-11 reserve account which shall be funded in an amount equal to
16-12 not less than 10 percent of the total operating expenses for
16-13 the Springbrook Golf Course for the preceding fiscal year.
16-14 The account shall be invested in liquid assets of the
16-15 highest credit quality and whose longest maturity shall not
16-16 exceed 270 days. The commission may, at its sole
16-17 discretion, increase the funding of the account beyond the
16-18 minimum specified in this section, except that in no case
16-19 may the reserve exceed 30 percent of the total operating
16-20 expenses as defined in this Act. Funding and maintenance of
16-21 the operating reserve account shall have priority and
16-22 precedence over payment for all capital improvements. The
16-23 operating reserve account shall be used solely as an
16-24 emergency fund to defray unforeseen or unanticipated
16-25 operating costs or for payment of debt service. The
16-26 commission shall establish reasonable rules and policies
16-27 governing the disbursement of funds from the operating
16-28 reserve account. Any other uses of the operating reserve
16-29 account are in violation of this Act.
16-30 SECTION 28.
16-31 Annual surplus amount; payments.
16-32 The commission shall establish procedures to compute and
16-33 account for the annual surplus amount. The annual surplus
16-34 amount shall be derived from net profits resulting from the
16-35 operations of the Springbrook Golf Course. Determination of
16-36 the annual surplus amount shall not occur until all debt
16-37 service requirements are met, the operating reserve account
16-38 is fully funded as specified in this Act, and provision has
16-39 been made for payment of all obligations and bills resulting
16-40 from operations of the Springbrook Golf Course. The
16-41 commission shall pay to the county governing authority an
16-42 amount equal to 50 percent of the computed balance in the
16-43 annual surplus for the most recent fiscal period, subject to
16-44 the following conditions:
-16-
17- 1 (1) No debt service payments shall be in arrears and
17- 2 provision has been made for all claims or judgments;
17- 3 (2) No amount shall be due the governing authority if
17- 4 the amount computed to be paid is less than $25,000.00;
17- 5 (3) The commission's independent audit service provider
17- 6 shall annually authenticate the payment computation; and
17- 7 (4) The county governing authority may, at its sole
17- 8 discretion, waive receipt of any single annual payment
17- 9 or may direct that any single payment or any group of
17-10 annual payments be appropriated for any lawful purpose
17-11 authorized by this Act. The commission shall be
17-12 obligated to comply with the instructions of the
17-13 governing authority for appropriation or programming of
17-14 such funds.
17-15 SECTION 29.
17-16 Powers declared supplemental
17-17 and additional.
17-18 The foregoing sections of this Act shall be deemed to
17-19 provide an additional and alternative method for the doing
17-20 of the things authorized thereby, shall be regarded as
17-21 supplemental and additional to powers conferred by other
17-22 laws, and shall not be regarded as in derogation of any
17-23 powers now existing.
17-24 SECTION 30.
17-25 Liberal construction of Act.
17-26 This Act, being for the purpose of promoting the health,
17-27 morals, and general welfare of the citizens of the United
17-28 States, of the State of Georgia, and of Gwinnett County,
17-29 shall be liberally construed to effect the purposes hereof.
17-30 SECTION 31.
17-31 Effect of partial invalidity of Act.
17-32 Should any sentence, clause, phrase, or part of this Act be
17-33 declared for any reason to be unconstitutional or invalid,
17-34 the same shall not affect such remainder of this Act or any
17-35 part hereof, other than the part so held to be invalid; but
17-36 the remaining provisions of this Act shall remain in full
17-37 force and effect and it is the express intention of this Act
17-38 to enact each provision of this Act independently of any
17-39 other provision hereof.
17-40 SECTION 32.
17-41 Powers of Gwinnett County.
-17-
18- 1 This Act does not in any way take from Gwinnett County the
18- 2 authority to own, develop, operate, and maintain public
18- 3 parks and recreational facilities or to issue revenue bonds
18- 4 as is provided by Article 3 of Chapter 82 of Title 36 of the
18- 5 O.C.G.A., the "Revenue Bond Law."
18- 6 SECTION 33.
18- 7 Effective date.
18- 8 This Act shall become effective upon its approval by the
18- 9 Governor or upon its becoming law without such approval.
18-10 SECTION 34.
18-11 All laws and parts of laws in conflict with this Act are
18-12 repealed.
-18-
Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 04/19/99
