§ 2-187. Powers.

The authority shall have powers:

(1)

To adopt and alter a corporate seal.

(2)

To acquire by gift or by purchase on such terms and conditions and in such manner as it may deem proper or by exercise of the right of eminent domain in accordance with the provisions of any and all existing laws applicable to the condemnation of property for public use, lands, easements or rights in lands, or franchises necessary or convenient for its corporate purposes and to use, rent or lease the same or make contracts with respect to the use thereof, or to dispose of the same in any manner it deems to the best advantage of the authority and the purposes thereof. Title to such property, however, shall be held by the authority only for the benefit of the public.

(3)

To receive and administer gifts, grants, loans, appropriations, and donations of money or materials or property of any kind, including loans and grants from the United States of America or any agency or instrumentality thereof upon such terms and conditions as the United States of America or such agency or instrumentality thereof shall impose, and to administer trusts, and to sell, lease, transfer, convey, appropriate, pledge, mortgage or encumber all of its property and assets.

(4)

To borrow money and issue notes or revenue bonds payable from the earnings of the projects of the authority, execute trust agreements or indentures, and sell, convey, mortgage, pledge, encumber and assign any and all of its funds, assets, property and income as security for such notes or revenue bonds, and to provide for the payment of the same and for the rights of the holders thereof, and provide for foreclosure or forced sale of any property of the authority upon default either in payment of principal of or interest on such obligations or under any term of or condition pursuant to which such obligations were issued.

(5)

To make contracts and leases and to execute all instruments necessary or convenient, with any and all persons, firms and corporations and any city, town, municipality, consolidated government, county or other political subdivision, or departments, institutions or agencies of this state, including contracts for construction of any project and leasing of any project and contracts with respect to the use and management of any project; and any and all persons, firms and corporations and any city, town, municipality, consolidated government, county or other political subdivision, department, institution or agency of this state is hereby authorized to enter into contracts, leases or agreements with the authority upon such terms and for such purposes as they deem advisable; and any such project shall be for the development and promotion in this state of the cultural growth, public welfare, education and recreation of the people of this state and accordingly all such projects shall, and hereby are declared to be, public buildings to be used for public purposes; and without limiting the generality of the foregoing, authority, right and power are hereby specifically granted to any such city, town, municipality, county or consolidated government to enter into and make contracts, lease agreements and other undertakings with the authority with respect to the furnishing of services and facilities by the authority and for the payments of rents, fees and charges for the use by such cities, towns, municipalities or consolidated governments or the residents thereof of any project; and the rentals contracted to be paid by the lessees or tenants to the authority under any such contracts or leases entered into pursuant to the provisions of this division shall constitute general obligations of any such city, town, municipality, county or consolidated government for the payment of which the full faith and credit of such city, town, municipality, county or consolidated government shall be and the same hereby is pledged to provide the funds required to fulfill all obligations arising under any such contract or lease; and any such city, town, municipality, county or consolidated government which shall have entered into such a contract or lease pursuant to the provisions of this division shall annually in each and every fiscal year during the term of such contract or lease include in a general revenue or appropriation measure, within any millage limitations of its power of taxation and whether or not any other items are included, sums sufficient to satisfy the payments required to be made in each year by such contract or lease until all payments required under such contract or lease have been paid in full, and such contract or lease payments shall constitute a first charge on all such sums so appropriated, and such sums shall be and hereby are unconditionally obligated to the payment of such contracts or leases; provided, however, that such payments shall not impair existing obligations of such city, town, municipality, county or consolidated government. In the event for any reason any such provision or appropriation is not made, then the fiscal officers of such city, town, municipality, county or consolidated government are hereby authorized and directed to set up as an appropriation on their accounts in each fiscal year the amounts required to pay the obligations called for under any such contract or lease. The amount of the appropriation in each fiscal year to meet the obligations of such contract or lease as authorized and required hereby shall be due and payable and shall be expended for the purpose of paying and meeting the obligations provided under the terms and conditions of such contract or lease, and such appropriation shall have the same legal status as if the contracting city, town, municipality, county, or consolidated government had included the amount of the appropriation in its general revenue or appropriation measure, and such fiscal officers shall make such payment to the authority if for any reason such appropriation is not otherwise made; and any such city, town, municipality, county or consolidated government may obligate itself and its successors under any such contract or lease to use only such structures, buildings, or facilities constituting such project and none other.

(6)

To construct, reconstruct, acquire, own, alter, repair, maintain, add to, extend, improve, operate and manage projects, including the erection of a building or buildings, which shall and hereby are declared to be public buildings to be used for amusement purposes or educational purposes, or a combination of the two, and for fairs, expositions or exhibitions in connection therewith, and the purchase of lands, easements, rights in lands, and franchises for the construction of such facility or facilities and for use in connection therewith; the cost of any such project to be paid in whole or in part from the proceeds of the sale of revenue bonds of the authority, and the title to such property to be held by the authority only for the benefit of the public.

(7)

To issue revenue bonds in such amounts and denominations during the life of the authority so as to finance in whole or in part the cost of the acquisition, construction, reconstruction, improvement, addition to, or extension of such project as the authority in its judgment may deem just, proper, and necessary. All revenue bonds issued pursuant to the provisions of this division shall be fully negotiable instruments and shall have all the qualities and incidents of negotiable instruments under the negotiable instruments law of Georgia.

(8)

To issue revenue bonds to call, refund or refinance, in whole or in part, all outstanding revenue bonds secured by the anticipated revenue of such project and to include in the cost of the issuance of such bonds any call premium that may be required for the redemption and refunding of such outstanding bonds.

(9)

To do any and all things necessary or proper for the accomplishment of the objectives of this division and any amendments hereof and to exercise any power usually possessed by private corporations performing similar functions which is not in conflict with the constitution and laws of this state.

(10)

To invest any accumulation of its funds and any sinking funds or reserves in any manner that public funds of the State of Georgia or any of its political subdivisions may be invested and to purchase its own bonds at a price of not more than the principal thereof and accrued interest. All bonds so purchased shall be canceled.

(1980 Ga. Laws (Act No. 1222), page 4091, § 6)