Bonds made securities for investment and deposit purposes

The revenue bonds authorized by this article are made securities in which all public officers and bodies of this state and all municipalities and all political subdivisions of this state; all insurance companies and associations and other persons carrying on an insurance business; all banks, bankers, trust companies, savings banks, and savings associations, including savings and loan associations, building and loan associations, investment companies, financial institutions, and other persons carrying on a banking business; all administrators, guardians, executors, trustees, and other fiduciaries; and all other persons who are authorized to invest in bonds or other obligations of the state may properly and legally invest funds including capital in their control or belonging to them. The revenue bonds are also made securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions of this state for any purpose for which the deposit of the bonds or other obligations of this state may be authorized. History. Code 1981, § 10-9-56, enacted by Ga. L. 1988, p. 556, § 4. 10-9-57. Validation of bonds; applicability of “Revenue Bond Law.” (a) Revenue bonds of the authority shall be confirmed and validated in accordance with the procedures of Article 3 of Chapter 82 of Title 36, the “Revenue Bond Law.” The revenue bonds and any security therefor when validated and the judgment of validation shall be final and conclusive with respect to such revenue bonds and any security therefor and against the authority issuing the same and any person, firm, corporation, county, municipality, authority, subdivision, instrumental1265 10-9-58 ity, or other agency contracting with the authority and any and all other persons who were or could have become parties to the proceedings. (b) Revenue bonds issued by the authority shall not be subject to the limitations of term or interest set forth in the “Revenue Bond Law” or any other law. (c) Notwithstanding the provisions of the “Revenue Bond Law,” in its resolution authorizing the issuance of revenue bonds, the authority, in its discretion, in lieu of specifying the rate or rates of interest which the revenue bonds are to bear, may state that the bonds when issued will bear interest at a rate or rates which may be fixed or variable, not exceeding a maximum per annum rate of interest specified in the resolution. The petition, complaint, notice to the district attorney, and notice to the public required to be filed or published under the “Revenue Bond Law” shall conform to the resolution authorizing the issuance of the revenue bonds. History. Code 1981, § 10-9-57, enacted by Ga. L. 1988, p. 556, § 4. 10-9-58. Legislative findings; state covenants.