§ 2-266. 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 authorized to enter into contracts, leases, or agreements with the authority upon such terms and for such purposes as they deem advisable;

(6)

To construct, reconstruct, acquire, own, alter, repair, maintain, add to, extend, improve, operate, and manage projects, which shall be and are declared to be public buildings to be used for lake preservation purposes, 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 Act 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 Act 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; and

(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.

(1999 Ga. Laws (Act No. 283, page 4815, § 6)