Bonds and income therefrom exempt from taxation

The creation of the authority and the carrying out of its corporate purpose is in all respects for the benefit of the people of this state and is a public purpose, and the authority will be performing an essential governmental function in the exercise of the power conferred upon it by this chapter; and 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 any fees, rentals, or other charges for the use of such buildings or other income received by the authority, and that the bonds of the authority, their transfer, and the income therefrom shall at all times be exempt from taxation within the state. (Code 1981, § 20-16-12, enacted by Ga. L. 2006, p. 783, § 1/SB 562.) 20-16-13. Attorney General to provide legal services for the authority; accountability. (a) The Attorney General shall provide legal services for the authority and in connection therewith the provisions of Code Sections 45-15-13 through 45-15-16 shall be fully applicable. (b) The members of the authority shall be accountable in all respects as trustees. The authority shall keep suitable books and records of all actions and transactions and shall submit such books together with a statement of the authority’s financial position to an independent auditing firm selected by the authority on or about the close of the state’s fiscal year for the purpose of obtaining an audit of the authority’s finances. (Code 1981, § 20-16-13, enacted by Ga. L. 2006, p. 783, § 1/SB 562.) 20-16-14. Jurisdiction.