Confirmation and validation of bonds

Bonds of the authority shall be confirmed and validated in accordance with the procedure of Article 3 of Chapter 82 of Title 36, the ‘‘Revenue Bond Law.’’ History. — Ga. L. 1955, p. 124, § 33; Ga. L. 1961, p. 3, § 14; Ga. L. 1967, p. 385, § 32; Code 1933, § 95A-1232, enacted by Ga. L. 1973, p. 947, § 1. 32-10-48. Adjudication regarding lease contracts and rental income. In and as an integral but independent part of the bond validation proceedings under this article, or separately, the authority is given the right to and privilege of a simultaneous or separate right of action or equitable bill against the state, the board, and the department for a declaratory adjudication of the validity and binding effect of all lease contracts whose rental income may be pledged or partially pledged to the benefit of any bonds being validated. In each instance of the exercise of this right the actual controversy shall be whether or not the purported contracts contested are in all respects good and sufficient, valid, and binding obligations of the board and department. Any citizens of the state may intervene in such actions and assert any ground of objection. It shall be incumbent upon the board and department to defend against an adjudication of such validity or be forever bound unto the authority and all succeeding to the rights of the authority thereafter. Such adjudications may be rendered as an integral but independent part of the judgment upon the validation issue with which they are contested or may be rendered separately. History. — Ga. L. 1953, Jan.-Feb. Sess., p. 626, § 33; Ga. L. 1955, p. 124, § 34; Ga. L. 1967, p. 385, § 33; Code 1933, § 95A-1233, enacted by Ga. L. 1973, p. 947, § 1. 32-10-49. Covenant with holders of bonds as to tax-exempt status of authority property and bonds. It is found, determined, and declared that the creation of the authority and the carrying out of its corporate purposes are in all respects for the benefit of the people of this state and that the authority is an institution of purely public charity and will be performing an essential governmental function in the exercise of the power conferred upon it by this article; 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 under its jurisdiction, control, possession, or supervision or upon its activities in the operation or maintenance of the projects erected by it or upon any fees, rental, or other charges for the use of such projects or upon other 436 32-10-60 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 from within the state. History. — Ga. L. 1953, Jan.-Feb. Sess., p. 626, § 30; Ga. L. 1955, p. 124, § 31; Ga. L. 1967, p. 385, § 30; Code 1933, § 95A-1230, enacted by Ga. L. 1973, p. 947, § 1.