05 LC 22
5789/AP
House
Bill 611 (AS PASSED HOUSE AND SENATE)
By:
Representatives Channell of the
116th
and Hudson of the
124th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
create the Eatonton-Putnam Water and Sewer Authority and to provide for the
appointment of members of the authority; to confer powers upon the authority; to
authorize the issuance of revenue bonds of the authority payable from the
revenues, tolls, fees, fines, charges and earnings of the authority, contract
payments to the authority and from other moneys pledged therefor and authorize
the collection and pledging of the revenues, tolls, fees, fines, charges and
earnings of the authority for the payment of such revenue bonds; to authorize
the execution of resolutions and trust indentures to secure the payment of the
revenue bonds of the authority and to define the rights of the holders of such
obligations; to make the revenue bonds of the authority exempt from taxation; to
fix and provide the venue and jurisdiction of actions relating to any provisions
of this Act; to provide for the validation of bonds; to repeal conflicting laws;
and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Short Title.
Short Title.
This
Act shall be known and may be cited as the "Eatonton-Putnam Water and Sewer
Authority Act."
SECTION
2.
Eatonton-Putnam Water and Sewer Authority.
Eatonton-Putnam Water and Sewer Authority.
(a)
There is hereby created a public body corporate and politic to be known as the
"Eatonton-Putnam Water and Sewer Authority," which shall be deemed to be a
political subdivision of the state and a public corporation, and by that name,
style and title said body may contract and be contracted with, sue and be sued,
implead and be impleaded and complain and defend in all courts of law and
equity. The authority shall have perpetual
existence.
(b) The authority shall consist of five members. One member shall be the Chairman of the Board of Commissioners of Putnam County, Georgia or such officeŕs designee, said designee being a member of the Board of Commissioners of Putnam County; one member shall be the Mayor of the City of Eatonton, Georgia or such officeŕs designee, said designee being a member of the Council of the City of Eatonton; one member shall be appointed by the Board of Commissioners of Putnam County (the "county member"); one member shall be appointed by the Mayor and Council of Eatonton (the "city member"); and one member shall be appointed by the foregoing four members (the "at-large member"). With respect to the initial appointments of the county member, the city member and the at-large member, the county member shall be appointed for a term of four years or until a successor is appointed, the city member shall be appointed for a term of three years or until a successor is appointed, and the at-large member shall be appointed for a term of two years or until a successor is appointed. Thereafter, all appointments of the county member, the city member and the at-large member shall be made for terms of four years or until successors are appointed. Immediately after such appointments the members of the authority shall enter upon their duties. To be eligible for appointment as a member of the authority a person shall be at least 21 years of age and a resident of Putnam County for at least two years prior to the date of his or her appointment. No person shall be eligible for appointment to the authority who has been convicted of a felony. With the exception of the designees of the Chairman of the Board of Commissioners and the Mayor of the City of Eatonton, members of the Board of Commissioners of Putnam County and/or the Council of the City of Eatonton shall not be eligible for appointment. A member of the authority may be selected and appointed to succeed himself or herself for a maximum of one four-year term.
(c) The members of the authority may be entitled to compensation for their services. Such members shall be reimbursed for their actual expenses necessarily incurred in the performance of their duties.
(d) The Chairman of the Board of Commissioners of Putnam County and the Mayor of the City of Eatonton or their designees shall alternate as chairperson and vice-chairperson on an annual basis. The initial chairperson shall be the Mayor of the City of Eatonton or such officiaĺs designee and the initial vice-chairperson shall be the Chairman of the Putnam County Board of Commissioners or such officiaĺs designee. The members of the authority shall elect a secretary, who need not be a member of the authority, and may also elect a treasurer, who need not be a member of the authority. The secretary may also serve as treasurer. If the secretary or the treasurer are not members of the authority, such officer shall have no voting rights. Each of such officers shall serve for a period of one year and until their successors are duly elected and qualified.
(e) Three members of the authority shall constitute a quorum. Any action may be taken by the authority upon the affirmative vote of a majority of the members. No vacancy on the authority shall affect the requirement that three members of the authority constitute a quorum, with the result that in the absence of three appointed members there shall be no quorum.
(b) The authority shall consist of five members. One member shall be the Chairman of the Board of Commissioners of Putnam County, Georgia or such officeŕs designee, said designee being a member of the Board of Commissioners of Putnam County; one member shall be the Mayor of the City of Eatonton, Georgia or such officeŕs designee, said designee being a member of the Council of the City of Eatonton; one member shall be appointed by the Board of Commissioners of Putnam County (the "county member"); one member shall be appointed by the Mayor and Council of Eatonton (the "city member"); and one member shall be appointed by the foregoing four members (the "at-large member"). With respect to the initial appointments of the county member, the city member and the at-large member, the county member shall be appointed for a term of four years or until a successor is appointed, the city member shall be appointed for a term of three years or until a successor is appointed, and the at-large member shall be appointed for a term of two years or until a successor is appointed. Thereafter, all appointments of the county member, the city member and the at-large member shall be made for terms of four years or until successors are appointed. Immediately after such appointments the members of the authority shall enter upon their duties. To be eligible for appointment as a member of the authority a person shall be at least 21 years of age and a resident of Putnam County for at least two years prior to the date of his or her appointment. No person shall be eligible for appointment to the authority who has been convicted of a felony. With the exception of the designees of the Chairman of the Board of Commissioners and the Mayor of the City of Eatonton, members of the Board of Commissioners of Putnam County and/or the Council of the City of Eatonton shall not be eligible for appointment. A member of the authority may be selected and appointed to succeed himself or herself for a maximum of one four-year term.
(c) The members of the authority may be entitled to compensation for their services. Such members shall be reimbursed for their actual expenses necessarily incurred in the performance of their duties.
(d) The Chairman of the Board of Commissioners of Putnam County and the Mayor of the City of Eatonton or their designees shall alternate as chairperson and vice-chairperson on an annual basis. The initial chairperson shall be the Mayor of the City of Eatonton or such officiaĺs designee and the initial vice-chairperson shall be the Chairman of the Putnam County Board of Commissioners or such officiaĺs designee. The members of the authority shall elect a secretary, who need not be a member of the authority, and may also elect a treasurer, who need not be a member of the authority. The secretary may also serve as treasurer. If the secretary or the treasurer are not members of the authority, such officer shall have no voting rights. Each of such officers shall serve for a period of one year and until their successors are duly elected and qualified.
(e) Three members of the authority shall constitute a quorum. Any action may be taken by the authority upon the affirmative vote of a majority of the members. No vacancy on the authority shall affect the requirement that three members of the authority constitute a quorum, with the result that in the absence of three appointed members there shall be no quorum.
SECTION
3.
Definitions.
Definitions.
As
used in this Act, the term:
(a) "Authority" means the Eatonton-Putnam Water and Sewer Authority created by this Act.
(b) "Cost of the project" means and embraces the cost of construction; the cost of all lands, real and personal properties, rights, easements and franchises acquired; the cost of all machinery and equipment; financing charges; capitalized interest prior to and during construction and for six months after completion of construction; the cost of engineering, architectural, fiscal agentś and legal expenses, plans and specifications, and other expenses necessary or incidental to determining the feasibility or practicability of the project; administrative expenses, and such other expenses as may be necessary or incident to the financing herein authorized; working capital; and all other costs necessary to acquire, construct, add to, extend, improve, equip, operate and maintain the project.
(c) "Project" means (i) systems, plants, works, instrumentalities, and properties used or useful in connection with the obtaining of a water supply and the conservation, treatment, distribution, disposal and sale of water for public and private uses and used or useful in connection with the collection, transmission, treatment, and disposal of sewage, waste, and storm water, together with all parts of any such system, plant, work, instrumentality, and property and appurtenances thereto, including lands, easements, rights in land, water rights, contract rights, franchises, approaches, dams, reservoirs, recreational facilities adjacent to such reservoirs, generating stations, sewage disposal plants, interceptor sewers, trunk lines and other sewer and water mains, filtration works, pumping stations and equipment and (ii) any "undertaking" permitted by the Revenue Bond Law.
(d) "Revenue Bond Law" means the Revenue Bond Law of the State of Georgia (codified at O.C.G.A. Title 36, Chapter 82, Article 3), or any other similar law hereinafter enacted.
(e) "Revenue bonds" means revenue bonds authorized to be issued pursuant to this Act.
(f) "Self-liquidating" means any project which the revenues and earnings to be derived by the authority therefrom, including but not limited to any contractual payments with governmental or private entities, and all properties used, leased, and sold in connection therewith, together with any grants, will be sufficient to pay the costs of operating, maintaining and repairing the project and to pay the principal and interest on the revenue bonds or other obligations which may be issued for the purpose of paying the costs of the project.
(g) "State" means the State of Georgia.
(h) "System" means all components utilized by the authority for the purpose of providing services including but not limited to real property, real property improvements, equipment, materials, structures and facilities.
(a) "Authority" means the Eatonton-Putnam Water and Sewer Authority created by this Act.
(b) "Cost of the project" means and embraces the cost of construction; the cost of all lands, real and personal properties, rights, easements and franchises acquired; the cost of all machinery and equipment; financing charges; capitalized interest prior to and during construction and for six months after completion of construction; the cost of engineering, architectural, fiscal agentś and legal expenses, plans and specifications, and other expenses necessary or incidental to determining the feasibility or practicability of the project; administrative expenses, and such other expenses as may be necessary or incident to the financing herein authorized; working capital; and all other costs necessary to acquire, construct, add to, extend, improve, equip, operate and maintain the project.
(c) "Project" means (i) systems, plants, works, instrumentalities, and properties used or useful in connection with the obtaining of a water supply and the conservation, treatment, distribution, disposal and sale of water for public and private uses and used or useful in connection with the collection, transmission, treatment, and disposal of sewage, waste, and storm water, together with all parts of any such system, plant, work, instrumentality, and property and appurtenances thereto, including lands, easements, rights in land, water rights, contract rights, franchises, approaches, dams, reservoirs, recreational facilities adjacent to such reservoirs, generating stations, sewage disposal plants, interceptor sewers, trunk lines and other sewer and water mains, filtration works, pumping stations and equipment and (ii) any "undertaking" permitted by the Revenue Bond Law.
(d) "Revenue Bond Law" means the Revenue Bond Law of the State of Georgia (codified at O.C.G.A. Title 36, Chapter 82, Article 3), or any other similar law hereinafter enacted.
(e) "Revenue bonds" means revenue bonds authorized to be issued pursuant to this Act.
(f) "Self-liquidating" means any project which the revenues and earnings to be derived by the authority therefrom, including but not limited to any contractual payments with governmental or private entities, and all properties used, leased, and sold in connection therewith, together with any grants, will be sufficient to pay the costs of operating, maintaining and repairing the project and to pay the principal and interest on the revenue bonds or other obligations which may be issued for the purpose of paying the costs of the project.
(g) "State" means the State of Georgia.
(h) "System" means all components utilized by the authority for the purpose of providing services including but not limited to real property, real property improvements, equipment, materials, structures and facilities.
SECTION
4.
Powers.
Powers.
The
authority shall have the power:
(a) To have a seal and alter the same at its pleasure;
(b) To acquire by purchase, lease, gift, condemnation, or otherwise, and to hold, operate, maintain, lease, and dispose of real and personal property of every kind and character for its corporate purposes;
(c) To acquire in its own name by purchase, on such terms and conditions and in such manner as it may deem proper, or by condemnation in accordance with the provisions of any and all existing laws applicable to the condemnation of property for public use, real property or rights or easements therein, or franchises necessary or convenient for its corporate purposes, and to use the same so long as its corporate existence shall continue, and to lease or make contracts with respect to the use of or dispose of the same in any manner it deems to the best advantage of the authority, the authority being under no obligation to accept and pay for any property condemned under this Act, except from the funds provided under the authority of this Act, and in any proceedings to condemn, such orders may be made by the court having jurisdiction of the suit, action or proceedings as may be just to the authority and to the owners of the property to be condemned, and no property shall be acquired under the provisions of this Act upon which any lien or encumbrance exists, unless at the time such property is so acquired a sufficient sum of money is to be deposited in trust to pay and redeem the fair value of such lien or encumbrance;
(d) To combine its water facilities, storm water, and sewerage facilities into one system and to operate and maintain its facilities as such;
(e) To appoint, select and employ officers, agents and employees, including engineering, architectural and construction experts, fiscal agents and attorneys, and fix their respective compensations;
(f) To execute contracts, leases, agreements and instruments necessary or convenient in connection with the acquisition, construction, addition, extension, improvement, equipping, operation or maintenance of a project or the system. Any and all persons, firms and corporations and the state, and any institution, department, or other agency thereof, and any county, municipality, school district or other political subdivision or authority of the state are hereby authorized to enter into contracts, leases, agreements or instruments with the authority upon such terms and for such purposes as they deem advisable and as they are authorized by law;
(g) To acquire, construct, add to, extend, improve, equip, operate and maintain projects;
(h) To pay the cost of the project with the proceeds of revenue bonds or other obligations issued by the authority or from any grant or contribution from the United States of America or any agency or instrumentality thereof or from the state or any agency or instrumentality or other political subdivision thereof or from any other source whatsoever;
(i) To accept loans, grants, or loans and grants of money or materials or property of any kind from the United States of America or any agency or instrumentality thereof, upon such terms and conditions as the United States of America or such agency or instrumentality may require;
(j) To accept loans, grants, or loans and grants of money or materials or property of any kind from the state or any agency or instrumentality or political subdivision thereof, upon such terms and conditions as the state or such agency or instrumentality or political subdivision may require;
(k) To borrow money for any of its corporate purposes and to issue revenue bonds, and to provide for the payment of the same and for the rights of the holders thereof;
(1) To exercise any power usually possessed by private corporations performing similar functions, including the power to incur short-term debt and to approve, execute, and deliver appropriate evidence of any such indebtedness and the power to execute interest rate swaps and similar agreements, provided that such power is not in conflict with the Constitution and laws of the state; and
(m) To do all things necessary or convenient to carry out the powers expressly given in this Act.
(a) To have a seal and alter the same at its pleasure;
(b) To acquire by purchase, lease, gift, condemnation, or otherwise, and to hold, operate, maintain, lease, and dispose of real and personal property of every kind and character for its corporate purposes;
(c) To acquire in its own name by purchase, on such terms and conditions and in such manner as it may deem proper, or by condemnation in accordance with the provisions of any and all existing laws applicable to the condemnation of property for public use, real property or rights or easements therein, or franchises necessary or convenient for its corporate purposes, and to use the same so long as its corporate existence shall continue, and to lease or make contracts with respect to the use of or dispose of the same in any manner it deems to the best advantage of the authority, the authority being under no obligation to accept and pay for any property condemned under this Act, except from the funds provided under the authority of this Act, and in any proceedings to condemn, such orders may be made by the court having jurisdiction of the suit, action or proceedings as may be just to the authority and to the owners of the property to be condemned, and no property shall be acquired under the provisions of this Act upon which any lien or encumbrance exists, unless at the time such property is so acquired a sufficient sum of money is to be deposited in trust to pay and redeem the fair value of such lien or encumbrance;
(d) To combine its water facilities, storm water, and sewerage facilities into one system and to operate and maintain its facilities as such;
(e) To appoint, select and employ officers, agents and employees, including engineering, architectural and construction experts, fiscal agents and attorneys, and fix their respective compensations;
(f) To execute contracts, leases, agreements and instruments necessary or convenient in connection with the acquisition, construction, addition, extension, improvement, equipping, operation or maintenance of a project or the system. Any and all persons, firms and corporations and the state, and any institution, department, or other agency thereof, and any county, municipality, school district or other political subdivision or authority of the state are hereby authorized to enter into contracts, leases, agreements or instruments with the authority upon such terms and for such purposes as they deem advisable and as they are authorized by law;
(g) To acquire, construct, add to, extend, improve, equip, operate and maintain projects;
(h) To pay the cost of the project with the proceeds of revenue bonds or other obligations issued by the authority or from any grant or contribution from the United States of America or any agency or instrumentality thereof or from the state or any agency or instrumentality or other political subdivision thereof or from any other source whatsoever;
(i) To accept loans, grants, or loans and grants of money or materials or property of any kind from the United States of America or any agency or instrumentality thereof, upon such terms and conditions as the United States of America or such agency or instrumentality may require;
(j) To accept loans, grants, or loans and grants of money or materials or property of any kind from the state or any agency or instrumentality or political subdivision thereof, upon such terms and conditions as the state or such agency or instrumentality or political subdivision may require;
(k) To borrow money for any of its corporate purposes and to issue revenue bonds, and to provide for the payment of the same and for the rights of the holders thereof;
(1) To exercise any power usually possessed by private corporations performing similar functions, including the power to incur short-term debt and to approve, execute, and deliver appropriate evidence of any such indebtedness and the power to execute interest rate swaps and similar agreements, provided that such power is not in conflict with the Constitution and laws of the state; and
(m) To do all things necessary or convenient to carry out the powers expressly given in this Act.
SECTION
5.
Revenue Bonds.
Revenue Bonds.
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
Act, shall have power and is hereby authorized to provide by resolution for the
issuance of revenue bonds of the authority for the purpose of paying all or any
part of the cost of the project and for the purpose of refunding revenue bonds
or other obligations previously issued. The principal of and interest on such
revenue bonds shall be payable solely from the special fund hereby provided for
such payment. The revenue bonds of each issue shall be dated, shall bear
interest at such rate or rates per annum, shall be payable at such time or
times, shall mature at such time or times not exceeding 40 years from their date
or dates, shall be payable in such medium of payment as to both principal and
interest as may be determined by the authority and may be redeemable before
maturity, at the option of the authority, at such price or prices and under such
terms and conditions as may be fixed by the authority in the resolution for the
issuance of such revenue bonds.
SECTION
6.
Same; Form; Denomination; Registration; Place of Payment.
Same; Form; Denomination; Registration; Place of Payment.
The
authority shall determine the form of the revenue bonds and shall fix the
denomination or denominations of the revenue bonds. The revenue bonds may be
issued in registered form, and provision may be made for registration and
exchangeability privileges. The authority shall fix the place or places of
payment of principal and interest thereon, which may be at any bank or trust
company with a minimum capital or surplus of $10 million inside or outside the
state.
SECTION
7.
Same; Signatures; Seal.
Same; Signatures; Seal.
All
such revenue bonds may bear the manual or facsimile signature of the chairperson
or vice-chairperson of the authority and the attesting manual or facsimile
signature of the secretary, assistant secretary, or secretary-treasurer of the
authority, and the official seal of the authority shall be impressed or
imprinted thereon. Any revenue bonds may bear the manual or facsimile signature
of such persons as at the actual time of the execution of such revenue bonds
shall be duly authorized or hold the proper office, although at the date of
issuance of such revenue bonds such person may not have been so authorized or
shall not have held such office. In case any officer whose signature shall
appear on any revenue bond shall cease to be such officer before the delivery of
such revenue bond, such signature shall nevertheless be valid and sufficient for
all purposes, the same as if that person had remained in office until such
delivery.
SECTION
8.
Same; Negotiability; Exemption from Taxation.
Same; Negotiability; Exemption from Taxation.
All
revenue bonds shall have and are hereby declared to have all the qualities and
incidents of negotiable instruments under the laws of the state unless the same
are issued in fully registered form. All revenue bonds, their transfer and the
income therefrom shall be exempt from all taxation within the
state.
SECTION
9.
Same; Sale; Price; Proceeds.
Same; Sale; Price; Proceeds.
The
authority may sell revenue bonds in such manner and for such price as it may
determine to be in the best interest of the authority. The proceeds derived from
the sale of revenue bonds shall be used solely for the purpose or purposes
provided in the resolutions and proceedings authorizing the issuance of such
revenue bonds.
SECTION
10.
Same; Interim Receipts and Certificates or Temporary Bonds.
Same; Interim Receipts and Certificates or Temporary Bonds.
Prior
to the preparation of any definitive revenue bonds, the authority may, under
like restrictions, issue interim receipts, interim certificates or temporary
revenue bonds, exchangeable for definitive revenue bonds upon the issuance of
the latter.
SECTION
11.
Same; Replacement of Lost or Mutilated Bonds.
Same; Replacement of Lost or Mutilated Bonds.
The
authority may provide for the replacement of any revenue bonds which shall
become mutilated or be destroyed or lost.
SECTION
12.
Same; Conditions Precedent to Issuance.
Same; Conditions Precedent to Issuance.
The
authority shall adopt a resolution authorizing the issuance of the revenue
bonds. In the resolution, the authority shall determine that the project
financed with the proceeds of the revenue bonds is self-liquidating. Revenue
bonds may be issued without any other proceedings or the happening of any other
conditions or things other than those proceedings, conditions and things which
are specified or required by this Act. Any resolution providing for the issuance
of revenue bonds under the provisions of this Act shall become effective
immediately upon its passage and need not be published or posted, and any such
resolution may be passed at any regular or special or adjourned meeting of the
authority by a majority of its members.
SECTION
13.
Credit not Pledged.
Credit not Pledged.
Revenue
bonds shall not be deemed to constitute a debt of Putnam County or Eatonton nor
a pledge of the faith and credit of Putnam County or Eatonton, but such revenue
bonds shall be payable solely from the fund provided for in this Act. The
issuance of such revenue bonds shall not directly, indirectly or contingently
obligate Putnam County or Eatonton to levy or to pledge any form of taxation
whatsoever for payment of such revenue bonds or to make any appropriation for
their payment, and all such revenue bonds shall contain recitals on their face
covering substantially the foregoing provisions of this section. Notwithstanding
the foregoing provisions, this Act shall not affect the ability of the
authority, Putnam County, and Eatonton or the authority and either of such
political subdivisions to enter into an intergovernmental contract pursuant to
which Putnam County or Eatonton, or Putnam County and Eatonton agrees to pay
amounts sufficient to pay operating charges and other costs of the authority or
any project including, without limitation, the principal of and interest on
revenue bonds in consideration for services or facilities of the
authority.
SECTION
14.
Trust Indenture as Security.
Trust Indenture as Security.
In
the discretion of the authority, any issuance 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 with a minimum capital or surplus of $10
million having the powers of a trust company inside or outside the state. Either
the resolution providing for the issuance of the revenue bonds or such trust
indenture may contain such provisions for protecting and enforcing the rights
and remedies of the bondholders as may be reasonable and proper and not in
violation of law, including covenants setting forth the duties of the authority
in relation to the acquisition and construction of the project, the maintenance,
operation, repair and insuring of the project, and the custody, safeguarding and
application of all moneys.
SECTION
15.
To Whom Proceeds of Bonds Shall be Paid.
To Whom Proceeds of Bonds Shall be Paid.
In
the resolution providing for the issuance of revenue bonds or in the trust
indenture, the authority shall provide for the payment of the proceeds of the
sale of the revenue bonds to any bank or trust company which shall act as
trustee of such funds and shall hold and apply the same to the purposes thereof,
subject to such regulations as this Act and such resolution or trust indenture
may provide.
SECTION
16.
Sinking Fund.
Sinking Fund.
The
moneys received pursuant to an intergovernmental contract and the revenues,
fees, tolls, fines, charges and earnings derived from any particular project or
projects, regardless of whether or not such revenues, fees, tolls, fines,
charges and earnings were produced by a particular project for which revenue
bonds have been issued, unless otherwise pledged and allocated, may be pledged
and allocated by the authority to the payment of the principal and interest on
revenue bonds of the authority as the resolution authorizing the issuance of the
revenue bonds or in the trust indenture may provide, and such funds so pledged
from whatever source received shall be set aside at regular intervals as may be
provided in the resolution or trust indenture, into a sinking fund, which said
sinking fund shall be pledged to and charged with the payment of (1) the
interest upon such revenue bonds as such interest shall fall due, (2) the
principal or purchase price of such revenue bonds as the same shall fall due,
(3) any premium upon such revenue bonds as the same shall fall due, (4) the
purchase of such revenue bonds in the open market, and (5) the necessary charges
of the paying of the agent and trustee for paying principal and interest. The
use and disposition of such sinking fund shall be subject to such regulations as
may be provided in the resolution authorizing the issuance of the revenue bonds
or in the trust indenture, but, except as may otherwise be provided in such
resolution or trust indenture, such sinking fund shall be maintained as a trust
account for the benefit of all revenue bondholders without distinction or
priority of one over another.
SECTION
17.
Remedies of Bondholders.
Remedies of Bondholders.
Any
holder of revenue bonds and the trustee under the trust indenture, if any,
except to the extent the rights herein given may be restricted by resolution
passed before the issuance of the revenue bonds or by the trust indenture, may,
either at law or in equity, by suit, action, mandamus or other proceedings,
protect and enforce any and all rights under the laws of the state, including
specifically but without limitation, the Revenue Bond Law, or granted hereunder
or under such resolution or trust indenture, and may enforce and compel
performance of all duties required by this Act or by such resolution or trust
indenture to be performed by the authority or any officer thereof, including the
fixing, charging and collecting of revenues, fees, tolls, fines and other
charges for the use of the facilities and services furnished.
SECTION
18.
Validation.
Validation.
Revenue
bonds and the security therefor shall be confirmed and validated in accordance
with the procedure of the Revenue Bond Law. The petition for validation shall
also make party defendant to such action the state, and any institution,
department or other agency thereof, and any county, municipality, school
district or other political subdivision or authority of the state which has
contracted with the authority for services or facilities relating to the project
for which revenue bonds are to be issued and sought to be validated, and such
defendant shall be required to show cause, if any exists, why such contract or
contracts shall not be adjudicated as a part of the basis for the security for
the payment of any such revenue bonds. The revenue bonds when validated, and the
judgment of validation shall be final and conclusive with respect to such
revenue bonds and the security for the payment thereof and interest thereon and
against the authority and all other defendants.
SECTION
19.
Venue and Jurisdiction.
Venue and Jurisdiction.
Any
action to protect or enforce any rights under the provisions of this Act or any
suit or action against such authority shall be brought in the Superior Court of
Putnam County, Georgia, and any action pertaining to validation of any revenue
bonds issued under the provisions of this Act shall likewise be brought in said
Court which shall have exclusive, original jurisdiction of such
actions.
SECTION
20.
Interest of Bondholders Protected.
Interest of Bondholders Protected.
While
any of the revenue bonds issued by the authority remain outstanding, the powers,
duties or existence of said authority or its officers, employees or agents,
shall not be diminished or impaired in any manner that will affect adversely the
interests and rights of the holders of such revenue bonds, and no other entity,
department, agency, or authority will be created which will compete with the
authority to such an extent as to affect adversely the interest and rights of
the holders of such revenue bonds, nor will the state itself so compete with the
authority. The provisions of this Act shall be for the benefit of the authority
and the holders of any such revenue bonds, and upon the issuance of such revenue
bonds under the provisions hereof, shall constitute a contract with the holders
of such revenue bonds.
SECTION
21.
Moneys Received Considered Trust Funds.
Moneys Received Considered Trust Funds.
All
moneys received pursuant to the authority of this Act, whether as proceeds from
the sale of revenue bonds, as grants or other contributions, or as revenue,
income, fees and earnings, shall be deemed to be trust funds to be held and
applied solely as provided in this Act.
SECTION
22.
Purpose of the Authority.
Purpose of the Authority.
(a)
Without limiting the generality of any provision of this Act, the general
purpose of the authority is declared to be that of acquiring an adequate source
or sources of water supply, treatment of such water, and thereafter the
maintenance and distribution of the same to the various municipalities and
citizens in Putnam County and environs, including other counties, municipalities
and authorities located therein, and further for the general purpose of
gathering and treatment of sewerage, storm water and waste, both individual and
industrial.
(b) The authority shall also have the authority, where it deems it feasible, to sell its products and services to customers, governmental agencies, or governmental instrumentalities of adjoining states, providing the laws of the adjoining states do not prohibit or tax said activity.
(b) The authority shall also have the authority, where it deems it feasible, to sell its products and services to customers, governmental agencies, or governmental instrumentalities of adjoining states, providing the laws of the adjoining states do not prohibit or tax said activity.
SECTION
23.
Rates, Charges and Revenues; Use.
Rates, Charges and Revenues; Use.
The
authority is hereby authorized to prescribe and fix rates and to revise same
from time to time and to collect revenues, tolls, fees, fines and charges for
the services, facilities and commodities furnished, and in anticipation of the
collection of the revenues, to issue revenue bonds as herein provided to
finance, in whole or in part, the cost of the project, and to pledge to the
punctual payment of said revenue bonds and interest thereon, all or any part of
the revenues.
SECTION
24.
Rules, Regulations, Service Policies and Procedures for Operation of Projects.
Rules, Regulations, Service Policies and Procedures for Operation of Projects.
It
shall be the duty of the authority to prescribe rules, regulations, service
policies and procedures for the operation of any project or projects
constructed, acquired under the provisions of this Act and intended to be
operated by the authority, including the basis upon which water service and
facilities, sewerage service and facilities, or both, shall be furnished. The
authority may adopt bylaws in connection with the operation of any project or
projects.
SECTION
25.
Tort Immunity.
Tort Immunity.
To
the extent permitted by law, the authority shall have the same immunity and
exemption from liability for torts and negligence as Putnam County; and the
officers, agents, and employees of the authority when in the performance of the
work of the authority shall have the same immunity and exemption from liability
for torts and negligence as the officers, agents, and employees of Putnam County
when in the performance of their public duties or work of the
county.
SECTION
26.
Tax-exempt Status of Authority.
Tax-exempt Status of Authority.
The
properties of the authority, both real and personal, are declared to be public
properties used for the benefit and welfare of the people of the state and not
for purposes of private or corporate benefit and income, and such properties and
the authority shall be exempt from all taxes and special assessments of any
city, county, or the state or any political subdivision thereof.
SECTION
27.
Effect on other Governments.
Effect on other Governments.
This
Act shall not and does not in any way take from Putnam County, or any
municipality located therein or any other county or municipality the authority
to own, operate and maintain a water system, a sewerage system, or a combined
water and sewerage system, or to issue revenue bonds as provided by the Revenue
Bond Law.
SECTION
28.
Liberal Construction of Act.
Liberal Construction of Act.
This
Act, being for the welfare of various political subdivisions of the state and
its inhabitants, shall be liberally construed to effect the purposes
hereof.
SECTION
29.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
30.
Repealer.
Repealer.
All
laws and parts of laws in conflict with this Act are repealed.