Declaration of necessity

Definitions. Creation of authority; status of authority as instrumentality of state; location of principal office and legal situs or residence of authority. Number of members of authority; creation of Municipal Electric Committee of Georgia Membership Election Committee; designation of members; selection of officers; receiving of nominations, election and terms of first members of authority. Residency requirements for authority members; ineligibility of election committee representatives for membership; eligibility of members to succeed themselves. Terms of authority members generally; time of meeting of election committee prior to annual meeting of authority. Selection of additional representatives to election committee by political subdivisions sub- 46-3-124. 46-3-125. 46-3-126. 46-3-127. 46-3-130. 46-3-131. 46-3-132. 46-3-133. 46-3-134. 113 sequently contracting with authority. Manner of distribution of votes among representatives to election committee; quorum of election committee. Vacancies on authority. Officers of authority. Quorum of authority; action by majority vote; adjournment of meetings at which less than a majority is present. Annual meeting of authority; special meetings; notice of meetings; waiver of notice; regular meetings other than annual meeting. Reimbursement of members for expenses; making of rules and regulations by authority; employment of staff and personnel; designation of assistant secretary-treasurer. Removal of authority members from office. Books and records generally. Purpose of authority. Powers of authority generally. Policy as to nonprofit operation of projects by authority; fixing of rates, fees, and charges by authority. Declaration of authority property as public property; payments by authority in lieu of taxes; tax exemption for authority property, income, obligations, and debt interest. Contracts between authority and political subdivisions for use of projects and facilities of authority. Eligibility of political subdivisions to contract with authority. Issuance of revenue bonds and bond anticipation notes in general. Validation of contracts for payments pledged as security for bonds. Failure of district attorney to pursue judicial validation of bonds. Bonds as legal investments; dePage: 114 Job Path: @mfgmic/west/stcodes/ga/repl/qj04040.63 Date: 06/30/04 Time: 20:52:27 0000 42051-21 (QS) GA 04 RV34 -- 3rd RUN PUBLIC UTILITIES, ETC. Sec. Sec. 46-3-135. 46-3-136. 46-3-137. 46-3-138. 46-3-139. 46-3-140. 46-3-141. 46-3-142. 46-3-143. 46-3-144. 46-3-145. 46-3-146. 46-3-147. positing bonds with public officers and bodies of state. 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. Securing of bonds by trust agreement or indenture. Application of bond proceeds to cost of projects; issuance of additional bonds to remedy deficit in proceeds from bond issue; application of surplus proceeds. Mutilated, lost, stolen, or destroyed bonds and coupons. Interest on bonds. Cancellation of evidences of indebtedness and interest coupons. Records of evidences of indebtedness issued. Paying agents for bonds. Bond anticipation notes. Negotiability of bonds, notes, and other evidences of debt. Liability of members of authority on bonds and notes; obligations of state and political subdivisions in regard to issued bonds or notes; requirement as to recital on face of bonds and notes. Preservation of interests and rights of owners of bonds and notes. Appointment of receiver for authority for default on bonds; duties of receiver; termination of receivership; jurisdiction of court over receiver. Fixing, revising, and collecting fees, tolls, and charges for use of projects; application of revenues; time of payment; indemnity by political subdivisions; enforcement; assignment of payments; issuing resolutions governing disposition of revenues. Status of authority’s funds received from revenue bonds, 46-3-150. 46-3-151. 46-3-152. 46-3-153. 46-3-154. 46-3-155. fees, tolls, charges, gifts, grants, or other contributions as trust funds; lien of bond owners on funds. Audits of authority and of funds established in connection with its debt. Venue of actions. Jurisdiction of commission over rates, services, and practices of authority. Applicability of other laws to meetings and records of authority. Supplemental nature of powers conferred by article. Construction of article. Article 4 Electric Membership Corporations and Foreign Electric Cooperatives Part 1 General Provisions 46-3-170. 46-3-171. 46-3-172. 46-3-173. 46-3-174. 46-3-175. 46-3-177. 46-3-178. 114 Short title. Definitions. Applicability of article. Effect of affixing corporate seal; signing of documents; affixing of seal as optional; signing of deeds after dissolution of an electric membership corporation. Filing of documents with Secretary of State; filing of articles of correction. Receipt of certificates and certified copies in evidence; certification of documents by Secretary of State. Obligations issued to secure payment of federal loans as constituting securities; exemption of obligations and membership certificates from Georgia securities laws. Jurisdiction of commission. Intent of article as regards authority of electric membership corporations to own or operate cable television systems. Validity of transactions entered into before July 1, 1981; preserPage: 115 Job Path: @mfgmic/west/stcodes/ga/repl/qj04040.63 Date: 06/30/04 Time: 20:52:28 0000 42051-21 (QS) GA 04 RV34 -- 3rd RUN ELECTRICAL SERVICE Sec. Sec. 46-3-181. 46-3-182. vation of rights, duties, and interests arising from such transactions. Effect of article on cause of action, liability, penalty, or special proceeding accrued, existing, incurred, or pending as of July 1, 1981. Reservation of power by General Assembly. Construction of article as against Part 1 of Article 1 of this chapter, the ‘‘Georgia Territorial Electric Service Act.’’ Part 2 tions and foreign electric cooperatives generally. Part 5 Members 46-3-260. 46-3-261. 46-3-262. 46-3-263. 46-3-264.