Revenue bonds, notes, or other obligations issued by an authority shall be paid solely
from the property (including but not limited to real property, fixtures, personal
property, revenues, or other funds) pledged, mortgaged, conveyed, assigned, hypothecated,
or otherwise encumbered to secure or to pay such bonds, notes, or other obligations.
All revenue bonds, notes, and other obligations shall be authorized by resolution
of the authority, adopted by a majority vote of the directors of the authority at
a regular or special meeting. Such revenue bonds, notes, or other obligations shall
bear such date or dates; shall mature at such time or times not more than 40 years
from their respective dates; shall bear interest at such rate or rates (which may
be fixed or may fluctuate or otherwise change from time to time); shall be subject
to redemption on such terms; and shall contain such other terms, provisions, covenants,
assignments, and conditions as the resolution authorizing the issuance of such bonds,
notes, or other obligations may permit or provide. The terms, provisions, covenants,
assignments, and conditions contained in or provided or permitted by any resolution
of the authority authorizing the issuance of such revenue bonds, notes, or other obligations
shall bind the directors of the authority then in office and their successors. The
authority shall have power from time to time and whenever it deems refunding expedient
to refund any bonds by the issuance of new bonds, whether the bonds to be refunded
have or have not matured, and may issue bonds partly to refund bonds then outstanding
and partly for any other purpose permitted under this division. The refunding bonds
may be exchanged for the bonds to be refunded with such cash adjustments as may be
agreed upon or may be sold and the proceeds applied to the purchase or redemption
of the bonds to be refunded. There shall be no limitation upon the amount of revenue
bonds, notes, or other obligations which any authority may issue. Any limitations
with respect to interest rates or any maximum interest rate or rates found in the
Revenue Bond Law (1937 Ga. Laws, page 761) (O.C.G.A. § 36-82-60 et seq.), as now or
hereafter amended, the usury laws of the State of Georgia, or any other laws of the
State of Georgia shall not apply to revenue bonds, notes, or other obligations of
an authority.