Failure of district attorney to pursue judicial validation of bonds

In all cases where the authority has adopted a resolution for the issuance of revenue bonds, and where notice has been duly served upon the district attorney for the purpose of securing a judicial validation of such bonds and the security therefor, and where, in such case, there has been a failure on the part of such district attorney or other officer to proceed within the time prescribed by this article, it shall be competent for the authority to represent such facts in writing to the court and to represent further that such failure has been without fault on the part of the authority. In such case, the Superior Court of Fulton County shall have power and authority to inquire into the facts; and, upon being satisfied that such failure has not arisen from any fault or neglect on the part of the authority, it shall be the 182 Page: 183 Job Path: @mfgmic/west/stcodes/ga/repl/qj04040.63 Date: 06/30/04 Time: 20:53:22 0000 42051-21 (QS) GA 04 RV34 -- 3rd RUN 46-3-135 duty of the court to pass an order directing such district attorney to proceed within ten days to file a complaint as authorized by this article. Thereafter, the proceedings shall be held in the same manner as would have been followed had such petition been duly and promptly filed in the first instance. (Ga. L. 1975, p. 107, § 10.) 46-3-134. Bonds as legal investments; depositing bonds with public officers and bodies of state. The bonds authorized by this article shall be securities in which: (1) All public officers and bodies of this state; (2) All political subdivisions of this state; (3) All insurance companies and associations, and other persons carrying on an insurance business; (4) All banks, bankers, trust companies, saving banks, and savings associations, including savings and loan associations, building and loan associations, investment companies, and other persons carrying on a banking business; (5) All administrators, guardians, executors, trustees, and other fiduciaries; and (6) All other persons whatsoever 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. Such bonds shall also be securities which may be deposited with and shall be received by all public officers and bodies of this state and its political subdivisions for any purpose for which deposit of the bonds or other obligations of this state is authorized. (Ga. L. 1975, p. 107, § 16.) 46-3-135. Pledge of authority’s revenues and earnings to payment of principal of and interest on bonds; setting aside of pledged revenues and earnings into sinking funds. (a) All or any part of the gross or net revenues and earnings derived from any particular project and any and all revenues and earnings received by the authority, regardless of whether such revenues and earnings were produced by a particular project for which bonds have been issued, may be pledged by the authority to the payment of the principal of and interest on revenue bonds of the authority as may be provided in any resolution authorizing the issuance of such bonds or in any trust instrument pertaining to such bonds. (b) Such funds so pledged, from whatever source received, may include funds received from one or more or all sources and may be set aside at 183 Page: 184 Job Path: @mfgmic/west/stcodes/ga/repl/qj04040.63 Date: 06/30/04 Time: 20:53:23 0000 42051-21 (QS) GA 04 RV34 -- 3rd RUN 46-3-135 PUBLIC UTILITIES, ETC. 46-3-136 regular intervals into sinking funds for which provision may be made in any such resolution or trust instrument, which sinking funds may be pledged to and charged with the payment of: (1) The interest upon such revenue bonds as such interest shall become due; (2) The principal of the bonds as the same shall mature; (3) The necessary charges of any trustee, paying agent, or registrar for such bonds; and (4) Any premium upon bonds retired upon call or purchase. (c) The use and disposition of any sinking fund may be subject to regulations for which provision may be made in the resolution authorizing the issuance of the bonds or in the trust instrument or indenture securing the payment of the same. (Ga. L. 1975, p. 107, § 19.)