Acceptance by authority of grants and contributions

The authority, in addition to the moneys which may be received from the sale of revenue bonds and from the collection of revenues, rents, and earnings derived under this part, is authorized to accept from any federal agency grants for or in aid of the construction of any project or 181 12-3-272 CONSERVATION & NATURAL RES. 12-3-274 for the payment of bonds and to receive and accept contributions from any source of either money or property or other things of value to be held, used, and applied only for the purposes for which such grants or contributions may be made. History. — Ga. L. 1950, p. 152, § 15; Ga. L. 1960, p. 89, § 1. 12-3-273. Moneys received by authority as constituting trust funds. All moneys received pursuant to the authority of this part, whether as proceeds from the sale of revenue bonds, as grants or other contributions, or as revenues, rents, and earnings, shall be deemed to be trust funds to be held and applied solely as provided in this part. History. — Ga. L. 1960, p. 89, § 1. 12-3-274. Authority property, activities, income, and bonds exempt from taxation and assessment. It is found, determined, and declared that the creation of the authority and the carrying out of its corporate purpose are in all respects for the benefit of the people of this state and constitute a public purpose and that the authority will be performing an essential governmental function in the exercise of the power conferred upon it by this part. This state covenants with the holders of the bonds that the authority shall be required to pay no taxes or assessments upon any of the property acquired or leased by it, or under its jurisdiction, control, possession, or supervision, or upon its activities in the operation or maintenance of the buildings erected or acquired by it, or upon any fees, rentals, or other charges received by the authority for the use of such buildings, or upon other income received by the authority and that the authority shall be exempt from all sales and use taxes. Further, this state covenants that the bonds of the authority, their transfer, and the income therefrom shall at all times be exempt from all taxation within the state. History. — Ga. L. 1950, p. 152, § 16; Ga. L. 1960, p. 89, § 1; Ga. L. 2007, p. 309, § 14/HB 219; Ga. L. 2007, p. 711, § 10/HB 214.