Bonds as negotiable instruments; tax exemption

All revenue bonds issued under this article shall have and are declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the state. Such bonds, their transfer, and the income therefrom shall be exempt from all taxation in this state. History. — Ga. L. 1953, Jan.-Feb. Sess., p. 302, § 16; Code 1933, § 95A-1253, enacted by Ga. L. 1973, p. 947, § 1. 32-10-95. Utilization of bond proceeds; procedure in cases where proceeds are less than or greater than cost of project or combined projects. The proceeds of the bonds shall be used solely for the payment of the cost of the project or combined projects and shall be disbursed upon requisition or order of the chairman of the authority or its duly bonded agents under such restrictions, if any, as the resolution authorizing the issuance of the bonds or the trust indenture may provide. If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the project or combined projects, unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust indenture, additional bonds may in like manner be issued to 464 32-10-98 provide the amount of such deficit, which bonds, unless otherwise provided in the resolution authorizing the issuance of the bonds or in the 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, all surplus shall be paid into the sinking fund provided for the payment of principal and interest of such bonds. History. — Ga. L. 1953, Jan.-Feb. Sess., p. 302, § 17; Code 1933, § 95A-1254, enacted by Ga. L. 1973, p. 947, § 1. 32-10-96. Issuance of interim receipts, interim certificates, and 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 definitive bonds upon the issuance of the latter. History. — Ga. L. 1953, Jan.-Feb. Sess., p. 302, § 18; Code 1933, § 95A-1255, enacted by Ga. L. 1973, p. 947, § 1. 32-10-97. Replacement of lost or mutilated bonds.