It is hereby found, determined and declared that the creation of the authority and
the carrying out of its corporate purposes is in all respects for the benefit of the
people of this state, and that the authority is an institution of purely public charity,
and that all property of said authority is hereby declared and shall in all respects
be considered to be public property and title to such property shall be held by the
authority only for the benefit of the public, and the use of such property pursuant
to the terms of this division shall be and is hereby declared to be for public and
governmental purposes, that is, for the promotion of the public general welfare in
matters of cultural development, education, pleasure, and recreation of the public
at large, in an effort to better the general condition of society, or that considerable
part of society residing in Cobb County and the North Georgia area, which promotion
is hereby declared to be a public beneficence for the good of humanity and for the
general improvement and happiness of society, and all the property, income, obligations,
and interest on the obligations of the authority and the transfer thereof shall be
and hereby are declared to be nontaxable for any and all purposes.
(1980 Ga. Laws (Act No. 1222), page 4091, § 4)
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