08 HB
1329/AP
House
Bill 1329 (AS PASSED HOUSE AND SENATE)
By:
Representatives Lane of the
158th
and Stephens of the
164th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
create the Bryan County Water and Sewer Authority; to provide a short title; to
provide for definitions; to provide for the appointment of members of the board;
to provide for organization and rules; to provide for powers and duties; to
provide for financing of projects; to provide for revenue bonds; to provide for
trust indentures and sinking funds; to provide for jurisdiction, venue, and
remedies; to provide for validation; to provide for certain trust funds; to
provide for audits; to provide for immunity; to provide for rules and
regulations; to provide for construction; to provide for supplemental powers; to
provide for other related matters; 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 "Bryan County Water and Sewer
Authority Act."
SECTION
2.
Creation of the authority; membership.
Creation of the authority; membership.
(a)
There is created a body corporate and politic, to be known as the Bryan County
Water and Sewer Authority, which shall be deemed to be a political subdivision
of the State of Georgia 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,
except that the authority or the trustee acting under any trust indenture shall
in no event be liable for any torts committed by its officers, agents, or
employees.
(b) The authority shall consist of six members. The board of commissioners of Bryan County shall appoint the members of the authority, each of whom shall reside in Bryan County. Two of the six members shall be incumbent members of the Board of Commissioners. The board of commissioners of Bryan County shall appoint two of the initial members for initial terms of three years, appoint two of the initial members for initial terms of two years, and appoint two of the initial members for initial terms of one year. Subsequent appointments shall be made for terms of office of three years. Vacancies shall be filled for an unexpired term by the board of commissioners of Bryan County.
(c) The authority shall elect from its members a chairperson, a vice chairperson, a secretary, and a treasurer or a secretary-treasurer. All officers shall be voting members. The members of the authority shall serve without compensation; however, they shall be reimbursed for all actual expenses incurred in the performance of their duties. The authority shall make rules and regulations for its own government. It shall have perpetual existence.
(d) Any authority member who is convicted of a felony shall be removed from the authority upon the date of conviction, regardless of the status of any appeal.
(e) A majority of the members shall constitute a quorum, and any action may be taken by the authority upon the affirmative vote of a majority of a quorum of the members. No vacancy on the authority shall impair the right of the quorum to exercise all of the rights and perform all of the duties of the authority. The authority shall be subject to all the provisions of Chapters 14 and 18 of Title 50 of the O.C.G.A., the open meetings and open records laws of the State of Georgia.
(b) The authority shall consist of six members. The board of commissioners of Bryan County shall appoint the members of the authority, each of whom shall reside in Bryan County. Two of the six members shall be incumbent members of the Board of Commissioners. The board of commissioners of Bryan County shall appoint two of the initial members for initial terms of three years, appoint two of the initial members for initial terms of two years, and appoint two of the initial members for initial terms of one year. Subsequent appointments shall be made for terms of office of three years. Vacancies shall be filled for an unexpired term by the board of commissioners of Bryan County.
(c) The authority shall elect from its members a chairperson, a vice chairperson, a secretary, and a treasurer or a secretary-treasurer. All officers shall be voting members. The members of the authority shall serve without compensation; however, they shall be reimbursed for all actual expenses incurred in the performance of their duties. The authority shall make rules and regulations for its own government. It shall have perpetual existence.
(d) Any authority member who is convicted of a felony shall be removed from the authority upon the date of conviction, regardless of the status of any appeal.
(e) A majority of the members shall constitute a quorum, and any action may be taken by the authority upon the affirmative vote of a majority of a quorum of the members. No vacancy on the authority shall impair the right of the quorum to exercise all of the rights and perform all of the duties of the authority. The authority shall be subject to all the provisions of Chapters 14 and 18 of Title 50 of the O.C.G.A., the open meetings and open records laws of the State of Georgia.
SECTION
3.
Definitions.
Definitions.
(a)
"Authority" means the Bryan County Water and Sewer Authority created by Section
2 of this Act.
(b) "Cost of the project" means the cost of construction, the cost of all lands, properties, rights, easements, and franchises acquired; the cost of all machinery and equipment, financing charges, interest prior to and during construction and for one year after completion of construction; cost of engineering, architectural, fiscal, and legal expenses and of plans and specifications and of any 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 authorized by this Act; the cost of the construction of any project, the placing of the same in operation, and the condemnation of property necessary for each construction and operation. Any obligation or expense incurred for any of the foregoing purposes shall be regarded as a part of the cost of the project and may be paid or reimbursed as such out of the proceeds of revenue bonds issued under the provisions of this Act for such project.
(c) "Project" means the acquisition, construction, and equipping of water facilities for obtaining one or more sources of water supply, small watershed projects, works of improvements for watersheds, projects for watershed protection and flood control and prevention, recreational facilities developed in connection therewith, the treatment of water, and the distribution and sale of water to users and consumers including, but not limited to, the State of Georgia and counties and municipalities for the purpose of resale inside and outside the territorial boundaries of Bryan County. The term "project" shall also include additions to, improvements to, extensions of, and the operation and maintenance of the same so as to assure an adequate water system, watershed protection and improvement, and flood control and prevention; the acquisition, construction, and equipping of sewerage facilities useful and necessary for the gathering of waste matter, and the treatment of sewage of any and every type, including, but not limited to, the acquisition and construction of treatment plants, ponds, and lagoons inside and outside the territorial boundaries of Bryan County; and additions and improvements to and extensions of such facilities and the operation and maintenance of the same so as to assure an adequate sewerage system. Said water facilities, small watershed projects, projects for watershed protection and flood control and prevention, recreational facilities developed in connection therewith, and sewerage facilities, at the discretion of the authority, may be combined at any time as one revenue-producing undertaking and operated and maintained as such.
(d) "Revenue bonds," "bonds," or "obligations" mean revenue bonds as defined and provided for in Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law." Such bonds and obligations may be issued by the authority as authorized under the "Revenue Bond Law" and any amendments thereto. Such terms shall also mean obligations of the authority the issuance of which are specifically provided for in this Act.
(e) "Self-liquidating" means that the revenues and earnings to be derived by the authority therefrom and all properties used, leased, and sold in connection therewith will be sufficient to pay the cost of operating, maintaining, repairing, improving, and extending the project and to pay the principal and interest of the revenue bonds which may be issued for the cost of such project or projects.
(b) "Cost of the project" means the cost of construction, the cost of all lands, properties, rights, easements, and franchises acquired; the cost of all machinery and equipment, financing charges, interest prior to and during construction and for one year after completion of construction; cost of engineering, architectural, fiscal, and legal expenses and of plans and specifications and of any 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 authorized by this Act; the cost of the construction of any project, the placing of the same in operation, and the condemnation of property necessary for each construction and operation. Any obligation or expense incurred for any of the foregoing purposes shall be regarded as a part of the cost of the project and may be paid or reimbursed as such out of the proceeds of revenue bonds issued under the provisions of this Act for such project.
(c) "Project" means the acquisition, construction, and equipping of water facilities for obtaining one or more sources of water supply, small watershed projects, works of improvements for watersheds, projects for watershed protection and flood control and prevention, recreational facilities developed in connection therewith, the treatment of water, and the distribution and sale of water to users and consumers including, but not limited to, the State of Georgia and counties and municipalities for the purpose of resale inside and outside the territorial boundaries of Bryan County. The term "project" shall also include additions to, improvements to, extensions of, and the operation and maintenance of the same so as to assure an adequate water system, watershed protection and improvement, and flood control and prevention; the acquisition, construction, and equipping of sewerage facilities useful and necessary for the gathering of waste matter, and the treatment of sewage of any and every type, including, but not limited to, the acquisition and construction of treatment plants, ponds, and lagoons inside and outside the territorial boundaries of Bryan County; and additions and improvements to and extensions of such facilities and the operation and maintenance of the same so as to assure an adequate sewerage system. Said water facilities, small watershed projects, projects for watershed protection and flood control and prevention, recreational facilities developed in connection therewith, and sewerage facilities, at the discretion of the authority, may be combined at any time as one revenue-producing undertaking and operated and maintained as such.
(d) "Revenue bonds," "bonds," or "obligations" mean revenue bonds as defined and provided for in Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law." Such bonds and obligations may be issued by the authority as authorized under the "Revenue Bond Law" and any amendments thereto. Such terms shall also mean obligations of the authority the issuance of which are specifically provided for in this Act.
(e) "Self-liquidating" means that the revenues and earnings to be derived by the authority therefrom and all properties used, leased, and sold in connection therewith will be sufficient to pay the cost of operating, maintaining, repairing, improving, and extending the project and to pay the principal and interest of the revenue bonds which may be issued for the cost of such project or projects.
SECTION
4.
Powers.
Powers.
The
authority shall have the following
powers:
(a) To have a seal and alter the same at its pleasure;
(b) To acquire by purchase, lease, gift, or otherwise, and to hold, operate, lease, maintain, 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, real property or rights of easements therein or franchises necessary or convenient for its corporate purposes; 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. 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 deposited in trust to pay and redeem the fair value of such lien or encumbrance. If the authority shall deem it expedient to construct any project on any lands the title to which shall then be in Bryan County or in any municipality incorporated in said county, the governing authority or body of said county or of any of said municipalities, if such governing authority consents thereto, is authorized to convey title to such lands to the authority upon payment for the credit of the general funds of said county or municipalities the reasonable value of such lands;
(d) To enter into an agreement with the governing authority of Bryan County and any municipalities therein, with respect to acquiring a source of water supply; providing sewerage service; preparing engineering data, plans, and specifications for a water and sewerage system; extending water mains; apportioning the costs of constructing, extending, and maintaining a water or sewerage system, or both; providing for the testing and inspection of facilities constructed; providing for rates to be charged for water and sewerage services and keeping of permanent records; apportioning or designating the responsibility for any functions normally maintained by a water and sewerage system; providing for the ownership of the various facilities constructed or acquired; and providing for such other matters or contingencies as might be necessary or desirable in order to secure for Bryan County a satisfactory and reliable water and sewerage system at the most reasonable cost possible;
(e) To appoint, select, and employ such officers, agents, and employees as necessary in the judgment of the authority to accomplish the purposes of the authority. Such officers, agents, and employees may include engineering, architectural, and construction experts, fiscal agents, and attorneys, and the authority has the power to fix their respective compensation. The authority may require bond of any person handling funds of the authority;
(f) To make and execute contracts, leases, and instruments, which shall be necessary or convenient, including contracts for acquisition and construction of projects and leases of projects or contracts with respect to the use of projects which it causes to be constructed or acquired. Any and all persons, firms, and corporations and any and all consolidated governments, political subdivisions, departments, institutions, or agencies of the state are authorized to enter into contracts, leases, or agreements with the authority upon such terms and for such purposes as they deem advisable. Without limiting the generality of the foregoing provisions of this subsection, authorization is specifically granted to consolidated governments, municipal corporations, and counties and to the authority to enter into contracts, lease agreements, or other undertakings relative to the furnishing of water or sewerage service and facilities, or both, by the authority to such consolidated governments, municipal corporations, and counties for a term not exceeding 50 years. As to any consolidated government, political subdivision, department, institution, or agency of this state which shall enter into an agreement under the provisions of this subsection or in subsection (d) of this section, the obligation to perform and fulfill such agreement shall constitute a general obligation of such entity for which its full faith and credit shall be pledged;
(g) To construct, erect, acquire, own, repair, remodel, maintain, add to, extend, improve, equip, operate, and manage its water and sewerage systems; with the cost of such systems to be paid in whole or in part from the proceeds of revenue bonds of the authority or from such proceeds and any grant from the United States of America or any agency or instrumentality thereof or from the State of Georgia or any agency or instrumentality thereof;
(h) To accept 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 impose;
(i) To accept loans and grants of money or materials or property of any kind from the State of Georgia or any agency or instrumentality or political subdivision thereof, upon such terms and conditions as the States of Georgia or such agency or instrumentality or political subdivision may impose;
(j) To borrow money for any of its corporate purposes and to execute notes or other evidences of such indebtedness and to secure the same;
(k) To issue negotiable revenue bonds, payable solely from funds pledged for the purpose, and to provide for the payment of the same and for rights of the holders thereof;
(l) The authority and any trustee acting under any trust indenture are specifically authorized to sell, lease, grant, exchange, or otherwise dispose of any such surplus property, both real and personal, or interest therein not required in the normal operation of and usable in the furtherance of the purpose for which the authority was created, except as such right and power might be limited as provided elsewhere in this Act;
(m) Except as otherwise provided in this Act, the authority may exercise any of its powers or provide any of its services inside the service delivery boundaries of any local government within Bryan County only when authorized by contract with the governing authority thereof;
(n) To make and enforce rules and regulations for the management and operation of its publicly owned water and sewerage systems which now exist and as hereafter added to, extended, or improved by any project or projects constructed after the provisions of this Act;
(o) To prescribe, fix, and collect rates, fees, tolls, or charges of the authority and to revise from time to time and collect such rates, fees, tolls or charges for the services, facilities, or commodities furnished; and in anticipation of the collection of the revenues and income of such undertakings or projects, to issue revenue bonds as provided in this Act to finance in whole or in part the acquisition, construction, reconstruction, improvement, betterment, or extension of its water and sewerage systems, a small watershed project, a project for watershed protection or flood control and prevention, or recreational facilities developed in connection therewith; and to pledge to the punctual payment of the bonds and interest thereon all or any part of the revenues of such undertaking or project, including the revenues of improvements, betterments, or extensions thereto; and to classify and differentiate such rates, fees, tolls, or charges in any reasonable manner, including, but not limited to, small, intermediate, and large consumers and industrial, commercial, and residential consumers and, with respect to sewer rates, according to the amount of suspended solids and the biological oxygen demand of sewerage users. Additionally, and not in limitation of any of the foregoing, the authority, in fixing water or sewerage rates, or both, shall be fully authorized and empowered to comply with any state or federal Acts and any lawful regulations adopted pursuant to any such Act. As a limitation of the power of the authority, however, if at any time there are issued and outstanding revenue bonds for the payment of which the revenues of the authority are pledged, the authority shall make no decrease in rates for water and sewer service which will in any way impair the obligations contained in the revenue bonds;
(p) To adopt rules and regulations providing for the suspension of service to delinquent customers. The authority, through its executive director, or such other employees as the authority designates, shall have the right and power to issue executions for any past due charges, which executions shall be a lien upon and against the land and other properties of the assessed party which lien shall be of equal priority, rank, and dignity having the same attributes, rights, and powers as to collection and foreclosure thereof as an execution for unpaid ad valorem taxes of the State of Georgia or the County of Bryan; provided, however, that no such lien shall exist as to third parties until execution therefor shall have been issued by the Superior Court of Bryan County. In the event that sewerage service is discontinued pursuant to this section, the appropriate health authorities shall be immediately notified;
(q) To acquire insurance for its property; its authority members, and its officers and employees, including but not limited to fire, wind, storm, extended coverage insurance, and vehicular liability insurance; all other types of liability insurance; casualty insurance, fidelity insurance, comprehensive insurance, public officials´ liability insurance, general public liability insurance covering all hazards, group life insurance, group accident insurance, group health insurance, group hospitalization insurance, group medical insurance, or any combination thereof; together with any and all other types of insurance on its property, officers, authority members, and employees as the authority in its judgment and discretion deems meet and proper in the conduct of its business; and on such terms and conditions and in such amounts as the authority deems appropriate in its judgment and discretion; and with the payment of premiums and charges therefor; together with any other costs incident thereto, to be paid in whole or in part by the authority and out of the general funds of the authority as the authority may determine;
(r) To purchase, install, construct, repair, and replace fire hydrants on public property, together with all needful and necessary accessories and adjuncts thereto, in connection with existing or new water lines or mains of the authority and to defray and pay for any part or all of the cost and expense thereof, labor, material, and otherwise, utilizing any available funds of the authority therefor;
(s) 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, provided that such power is not in conflict with the Constitution and laws of this state; and
(t) 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, or otherwise, and to hold, operate, lease, maintain, 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, real property or rights of easements therein or franchises necessary or convenient for its corporate purposes; 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. 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 deposited in trust to pay and redeem the fair value of such lien or encumbrance. If the authority shall deem it expedient to construct any project on any lands the title to which shall then be in Bryan County or in any municipality incorporated in said county, the governing authority or body of said county or of any of said municipalities, if such governing authority consents thereto, is authorized to convey title to such lands to the authority upon payment for the credit of the general funds of said county or municipalities the reasonable value of such lands;
(d) To enter into an agreement with the governing authority of Bryan County and any municipalities therein, with respect to acquiring a source of water supply; providing sewerage service; preparing engineering data, plans, and specifications for a water and sewerage system; extending water mains; apportioning the costs of constructing, extending, and maintaining a water or sewerage system, or both; providing for the testing and inspection of facilities constructed; providing for rates to be charged for water and sewerage services and keeping of permanent records; apportioning or designating the responsibility for any functions normally maintained by a water and sewerage system; providing for the ownership of the various facilities constructed or acquired; and providing for such other matters or contingencies as might be necessary or desirable in order to secure for Bryan County a satisfactory and reliable water and sewerage system at the most reasonable cost possible;
(e) To appoint, select, and employ such officers, agents, and employees as necessary in the judgment of the authority to accomplish the purposes of the authority. Such officers, agents, and employees may include engineering, architectural, and construction experts, fiscal agents, and attorneys, and the authority has the power to fix their respective compensation. The authority may require bond of any person handling funds of the authority;
(f) To make and execute contracts, leases, and instruments, which shall be necessary or convenient, including contracts for acquisition and construction of projects and leases of projects or contracts with respect to the use of projects which it causes to be constructed or acquired. Any and all persons, firms, and corporations and any and all consolidated governments, political subdivisions, departments, institutions, or agencies of the state are authorized to enter into contracts, leases, or agreements with the authority upon such terms and for such purposes as they deem advisable. Without limiting the generality of the foregoing provisions of this subsection, authorization is specifically granted to consolidated governments, municipal corporations, and counties and to the authority to enter into contracts, lease agreements, or other undertakings relative to the furnishing of water or sewerage service and facilities, or both, by the authority to such consolidated governments, municipal corporations, and counties for a term not exceeding 50 years. As to any consolidated government, political subdivision, department, institution, or agency of this state which shall enter into an agreement under the provisions of this subsection or in subsection (d) of this section, the obligation to perform and fulfill such agreement shall constitute a general obligation of such entity for which its full faith and credit shall be pledged;
(g) To construct, erect, acquire, own, repair, remodel, maintain, add to, extend, improve, equip, operate, and manage its water and sewerage systems; with the cost of such systems to be paid in whole or in part from the proceeds of revenue bonds of the authority or from such proceeds and any grant from the United States of America or any agency or instrumentality thereof or from the State of Georgia or any agency or instrumentality thereof;
(h) To accept 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 impose;
(i) To accept loans and grants of money or materials or property of any kind from the State of Georgia or any agency or instrumentality or political subdivision thereof, upon such terms and conditions as the States of Georgia or such agency or instrumentality or political subdivision may impose;
(j) To borrow money for any of its corporate purposes and to execute notes or other evidences of such indebtedness and to secure the same;
(k) To issue negotiable revenue bonds, payable solely from funds pledged for the purpose, and to provide for the payment of the same and for rights of the holders thereof;
(l) The authority and any trustee acting under any trust indenture are specifically authorized to sell, lease, grant, exchange, or otherwise dispose of any such surplus property, both real and personal, or interest therein not required in the normal operation of and usable in the furtherance of the purpose for which the authority was created, except as such right and power might be limited as provided elsewhere in this Act;
(m) Except as otherwise provided in this Act, the authority may exercise any of its powers or provide any of its services inside the service delivery boundaries of any local government within Bryan County only when authorized by contract with the governing authority thereof;
(n) To make and enforce rules and regulations for the management and operation of its publicly owned water and sewerage systems which now exist and as hereafter added to, extended, or improved by any project or projects constructed after the provisions of this Act;
(o) To prescribe, fix, and collect rates, fees, tolls, or charges of the authority and to revise from time to time and collect such rates, fees, tolls or charges for the services, facilities, or commodities furnished; and in anticipation of the collection of the revenues and income of such undertakings or projects, to issue revenue bonds as provided in this Act to finance in whole or in part the acquisition, construction, reconstruction, improvement, betterment, or extension of its water and sewerage systems, a small watershed project, a project for watershed protection or flood control and prevention, or recreational facilities developed in connection therewith; and to pledge to the punctual payment of the bonds and interest thereon all or any part of the revenues of such undertaking or project, including the revenues of improvements, betterments, or extensions thereto; and to classify and differentiate such rates, fees, tolls, or charges in any reasonable manner, including, but not limited to, small, intermediate, and large consumers and industrial, commercial, and residential consumers and, with respect to sewer rates, according to the amount of suspended solids and the biological oxygen demand of sewerage users. Additionally, and not in limitation of any of the foregoing, the authority, in fixing water or sewerage rates, or both, shall be fully authorized and empowered to comply with any state or federal Acts and any lawful regulations adopted pursuant to any such Act. As a limitation of the power of the authority, however, if at any time there are issued and outstanding revenue bonds for the payment of which the revenues of the authority are pledged, the authority shall make no decrease in rates for water and sewer service which will in any way impair the obligations contained in the revenue bonds;
(p) To adopt rules and regulations providing for the suspension of service to delinquent customers. The authority, through its executive director, or such other employees as the authority designates, shall have the right and power to issue executions for any past due charges, which executions shall be a lien upon and against the land and other properties of the assessed party which lien shall be of equal priority, rank, and dignity having the same attributes, rights, and powers as to collection and foreclosure thereof as an execution for unpaid ad valorem taxes of the State of Georgia or the County of Bryan; provided, however, that no such lien shall exist as to third parties until execution therefor shall have been issued by the Superior Court of Bryan County. In the event that sewerage service is discontinued pursuant to this section, the appropriate health authorities shall be immediately notified;
(q) To acquire insurance for its property; its authority members, and its officers and employees, including but not limited to fire, wind, storm, extended coverage insurance, and vehicular liability insurance; all other types of liability insurance; casualty insurance, fidelity insurance, comprehensive insurance, public officials´ liability insurance, general public liability insurance covering all hazards, group life insurance, group accident insurance, group health insurance, group hospitalization insurance, group medical insurance, or any combination thereof; together with any and all other types of insurance on its property, officers, authority members, and employees as the authority in its judgment and discretion deems meet and proper in the conduct of its business; and on such terms and conditions and in such amounts as the authority deems appropriate in its judgment and discretion; and with the payment of premiums and charges therefor; together with any other costs incident thereto, to be paid in whole or in part by the authority and out of the general funds of the authority as the authority may determine;
(r) To purchase, install, construct, repair, and replace fire hydrants on public property, together with all needful and necessary accessories and adjuncts thereto, in connection with existing or new water lines or mains of the authority and to defray and pay for any part or all of the cost and expense thereof, labor, material, and otherwise, utilizing any available funds of the authority therefor;
(s) 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, provided that such power is not in conflict with the Constitution and laws of this state; and
(t) To do all things necessary or convenient to carry out the powers expressly given in this Act.
SECTION
5.
Financing Powers.
Financing Powers.
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 in this
Act, shall have power and is authorized to borrow money for the purpose of
paying all or any part of the cost of the project, as defined in this Act, of
any one or more projects and to provide by resolution for the issuance of
negotiable revenue bonds for that purpose. The principal and interest of such
revenue bonds shall be payable solely from the special fund provided in this
section for such payment. The bonds of each issue shall be dated, shall bear
interest at such rate or rates not to exceed the maximum bond limit prescribed
in Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law," as now or
hereafter amended, shall be payable semiannually, and shall be payable in such
medium of payment as to both principal and interest as may be determined by the
authority and may be made 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 providing for the issuance of the
bonds.
SECTION
6.
Revenue bonds; form; denominations; registration; place of payment.
Revenue bonds; form; denominations; registration; place of payment.
The
authority shall determine the form of the bonds, including any interest coupons
to be attached thereto, and shall fix the denomination or denominations of the
bonds and the place or places of payment of principal and interest thereof,
which may be at any bank or trust company inside or outside the state. The
bonds may be issued in coupon or registered form, or both, as the authority may
determine, and provision may be made for the registration of any coupon bond as
to principal alone and also as to both the principal and interest.
SECTION
7.
Revenue bonds; signatures; seal.
Revenue bonds; signatures; seal.
All
such bonds shall bear the manual or facsimile signature of the chairperson of
the authority and the attesting manual or facsimile signature of the secretary
of the authority, and the official seal of the authority or a facsimile thereof
shall be affixed thereto and any coupons attached thereto shall bear the
facsimile signatures of the chairperson and the secretary of the authority. Any
coupon may bear the facsimile signatures of such persons and any bond may be
signed, sealed, and attested on behalf of the authority by such person as at the
actual time of the execution of such bonds shall be duly authorized or hold the
proper office, although at the date of such 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 bonds or whose signature shall appear on any
coupon shall cease to be such officer before delivery of such bonds, such
signature shall nevertheless be valid and sufficient for all purposes the same
as if such officer had remained in office until such delivery.
SECTION
8.
Revenue bonds; negotiability; exemption from taxation.
Revenue bonds; negotiability; exemption from taxation.
All
revenue bonds issued under the provisions of this Act shall have and are
declared to have all the qualities and incidents of negotiable instruments under
the laws of this state. Such bonds are declared to be issued for an essential
public and governmental purpose and said bonds and the income therefrom shall be
exempt from all taxation within the state.
SECTION
9.
Revenue bonds; sale; price.
Revenue bonds; sale; price.
The
authority may sell such bonds in such manner and for such price as it may
determine to be for the best interests of the authority.
SECTION
10.
Revenue bonds; proceeds of bonds.
Revenue bonds; proceeds of bonds.
The
proceeds of such bonds shall be used solely for the payment of the costs of the
project or projects, and unless otherwise provided in the resolution authorizing
the issuance of the bonds or in any trust indenture, additional bonds may in
like manner be issued to provide the amount of any deficit which, unless
otherwise provided for in the resolution authorizing the issuance of the bonds
or in any trust indenture, shall be deemed to be of the same issue and shall be
entitled to payment from the same fund without preference or priority of the
bonds first issued for the same purpose. If the proceeds of the bonds of any
issue shall exceed the amount required for the purpose for which such bonds are
issued, the surplus shall be paid into the fund provided for in this Act to be
used for paying the principal of and the interest on such bonds.
SECTION
11.
Revenue bonds; interim receipts and certificates or temporary bonds.
Revenue bonds; interim receipts and certificates or temporary bonds.
Prior
to the preparation of definitive bonds, the authority may, under like
restrictions, issue interim receipts, interim certificates, or temporary bonds,
with or without coupons, exchangeable for definite bonds upon the issuance of
the latter.
SECTION
12.
Revenue bonds; replacement of lost or mutilated bonds.
Revenue bonds; replacement of lost or mutilated bonds.
The
authority may also provide for the replacement of any bond which shall become
mutilated or be destroyed or lost.
SECTION
13.
Revenue bonds; conditions precedent to issue; object of issue.
Revenue bonds; conditions precedent to issue; object of issue.
Such
revenue bonds may be issued without any other proceedings or the happening of
any other conditions or things than those proceedings, conditions, and things
which are specified or required by this Act. In the discretion of the
authority, revenue bonds of a single issue may be issued for the purpose of any
particular project. 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 resolutions may be
passed at any regular, special, or adjourned meeting of the authority by a
majority of the quorum as provided in this Act.
SECTION
14.
Revenue bonds; credit not pledged; special power of contract.
Revenue bonds; credit not pledged; special power of contract.
Revenue
bonds issued under the provisions of this Act shall not be deemed to constitute
a debt of Bryan County or a pledge of the faith and credit of the county, but
the bonds shall be payable solely from the fund provided for in this Act, and
the issuance of such revenue bonds shall not directly, indirectly, or
contingently obligate the county to levy or to pledge any form of taxation
whatever therefor or to make any appropriation for their payment, and all such
bonds shall contain recitals on their face covering substantially the foregoing
provisions of this section; provided, however, that the governing authority of
Bryan County is authorized to contract with the authority for any of the
undertakings authorized in this Act. Such county may in connection therewith,
jointly or severally, use any funds from any lawful source or from the proceeds
of the issue and sale of bonds for such purpose.
SECTION
15.
Revenue bonds; trust indenture as security.
Revenue bonds; trust indenture as security.
In
the discretion of the authority, any issue of such revenue bonds may be secured
by a trust indenture by and between the authority and a corporate trustee, which
may be any trust company or bank having the powers of a trust company inside or
outside this state. Such trust indenture may pledge or assign fees, tolls,
revenues, and earnings to be received by the authority. 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 of property; the construction of the project; the maintenance,
operation, repair, and insurance of the project; and the custody, safeguarding,
and application of all moneys, and may also provide that any project shall be
constructed and paid for under the supervision and approval of consulting
engineers or architects employed or designated by the authority and may also
contain provisions concerning the conditions, if any, upon which additional
revenue bonds may be issued. It shall be lawful for any bank or trust company
incorporated under the laws of this state to act as such depository and to
furnish such indemnifying bonds or pledge such securities as may be required by
the authority. Such indenture may set forth the rights and remedies of the
bondholders and of the trustee and may restrict the individual right of action
of bondholders as is customary in trust indentures securing bonds and debentures
of corporations. In addition to the foregoing, such trust indenture may contain
such other provisions as the authority may deem reasonable and proper for the
security of bondholders. All expenses incurred in carrying out such trust
indenture may be treated as a part of the cost of maintenance, operation, and
repair of the project affected by such indenture.
SECTION
16.
Revenue bonds; to whom proceeds of bonds shall be paid.
Revenue bonds; to whom proceeds of bonds shall be paid.
The
authority shall, in the resolution providing for the issuance of revenue bonds
or in any trust indenture, provide for the payment of the proceeds of the sale
of the bonds to any officer or person or any agency, bank, or trust company
acting as trustee of such funds and shall hold and apply the same to the
purposes provided for in this Act, subject to such regulations as this Act and
such resolution or trust indenture may provide.
SECTION
17.
Revenue bonds; sinking fund.
Revenue bonds; sinking fund.
The
revenues, fees, tolls, charges, and earnings derived from any particular project
or projects, regardless of whether or not such fees, tolls, charges, earnings,
and revenues were produced by a particular project for which 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 bonds or in the
trust instrument may provide. Such funds so pledged from whatever source
received, which pledge may include funds received from one or more or all
sources, shall be set aside at regular intervals as may be provided in the
resolution or trust indenture into a sinking fund, which sinking fund shall be
pledged to and charged with the payment of:
(1)
The interest upon the revenue bond as such interest shall fall due;
(2)
The principal of the revenue bonds as the same shall fall due;
(3)
Any premium upon the revenue bonds acquired by redemption, payment, or
otherwise;
(4)
The necessary charges of the paying agent or agents for paying principal and
interest; and
(5)
Any investment fees or charges.
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 bonds without distinction or priority of
one over another. Subject to the provisions of the resolution authorizing the
issuance of the bonds or in the trust indenture, any surplus moneys in the
sinking fund may be applied to the purchase or redemption of bonds and any such
bonds so purchased or redeemed shall forthwith be canceled and shall not be
reissued, printed, and delivered.
SECTION
18.
Revenue bonds; remedies of bondholders.
Revenue bonds; remedies of bondholders.
Any
holder of revenue bonds issued under the provisions of this Act or of any of the
coupons appertaining thereto, and the trustee under the trust indenture, if any,
except to the extent the rights given by this Act, may be restricted by
resolution passed before the issuance of the 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
of Georgia or granted by this Act 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
19.
Revenue bonds; refunding bonds.
Revenue bonds; refunding bonds.
The
authority is authorized to provide by resolution for the issuance of bonds of
the authority for the purpose of funding or refunding any revenue bonds issued
under the provisions of this Act and then outstanding, together with the accrued
interest thereon and the premium, if any. The issuance of such funding or
refunding bonds, the maturities and all other details thereof, the rights of the
holders thereof, and the duties of the authority in respect to the same shall be
governed by the foregoing provisions of this Act insofar as the same may be
applicable.
SECTION
20.
Revenue bonds; jurisdiction and venue.
Revenue bonds; jurisdiction and venue.
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
Bryan County, Georgia, and any action pertaining to validation of 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
21.
Revenue bonds, validation.
Revenue bonds, validation.
Bonds
of the authority shall be confirmed and validated in accordance with the
procedure of Article 3 of Chapter 82 of Title 36 of the O.C.G.A., the "Revenue
Bond Law." The petition for validation shall also make party defendant to such
action the State of Georgia or any municipality, county, authority, political
subdivision, or instrumentality of the State of Georgia which has contracted
with the authority for the services and facilities of the project for which
bonds are to be issued and sought to be validated. The state or such
municipality, county, authority, political subdivision, or instrumentality shall
be required to show cause, if any, why such contract or contracts and the terms
and conditions thereof shall not be inquired into the court, and validity of the
terms thereof shall be determined and the contract or contracts shall be
adjudicated as a part of the basis for the security for the payment of any such
bonds of the authority. The bonds, when validated, and the judgment of
validation shall be final and conclusive with respect to such bonds and the
security for the payment thereof and the interest thereon and against the
authority issuing the same, the state, and any municipality, county, authority,
political subdivision, or instrumentality thereof, if a party to the validation
proceedings, contracting with the authority.
SECTION
22.
Revenue bonds; interest of bondholders protected.
Revenue bonds; interest of bondholders protected.
(a)
While any of the 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 bonds. 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 bonds, nor will the state itself so compete with the
authority.
(b) The provisions of this Act shall be for the benefit of the authority and the holders of any such bonds and, upon the issuance of bonds under the provisions of this Act, shall constitute a contract with the holders of such bonds.
(b) The provisions of this Act shall be for the benefit of the authority and the holders of any such bonds and, upon the issuance of bonds under the provisions of this Act, shall constitute a contract with the holders of such bonds.
SECTION
23.
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
24.
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 Bryan 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, agent, and employees of Bryan County
when in performance of their public duties or work of the county.
SECTION
25.
Rules and regulations for operation of projects.
Rules and regulations for operation of projects.
It
shall be the duty of the authority to prescribe rules and regulations for the
operation of the project or projects acquired or constructed under the
provisions of this Act, including the basis on which water service and
facilities, sewerage service and facilities, or both, shall be
furnished.
SECTION
26.
Powers declared supplemental and additional.
Powers declared supplemental and additional.
The
foregoing sections of this Act shall be deemed to provide an additional and
alternative method for the doing of the things authorized by this Act and shall
be regarded as supplemental and additional to powers conferred by other laws and
shall not be regarded as in derogation of any powers now existing. This Act
does not in any way take from Bryan County, any municipality located therein,
any other adjoining county, or any private individual or corporation the
authority to own, operate, add to, extend, improve, or maintain any water
system, small watershed project, project for watershed protection and flood
control and prevention, recreational facilities developed in connection
therewith, sewerage system, or its service area combined water and sewerage
system; nor does it in any way take from any of said political subdivisions of
the state the authority to issue revenue bonds as provided by Article 3 of
Chapter 82 of Title 36 of the O.C.G.A., the "Revenue Bond Law."
SECTION
27.
Liberal construction of Act.
Liberal construction of Act.
This
Act being for the welfare of various political subdivisions of the State of
Georgia and its inhabitants, shall be liberally construed to effect the purposes
thereof.
SECTION
28.
Repealer.
Repealer.
All
laws and parts of laws in conflict with this Act are repealed.