§ 6-32. Contents of agreements and instruments of board; use of proceeds of sale of bonds; subsequent issues of bonds; assumption of duties of board on termination of district.

(a)

Subject to the limitations and procedures provided by this section and by the immediately preceding section, the agreements or instruments executed by a board may contain such provisions not inconsistent with law as shall be determined by such board.

(b)

The proceeds derived from the sale of all bonds, notes, and other obligations issued by a district shall be held and used for the ultimate purpose of paying, directly or indirectly as permitted herein, all or part of the cost of any project, or for the purpose of refunding any bonds, notes, or other obligations issued in accordance hereunder.

(c)

Issuance by a board of one or more series of bonds, notes, or other obligations for one or more purposes shall not preclude it from issuing other bonds, notes, or other obligations in connection with the same project or with any other projects; but the proceeding wherein any subsequent bonds, notes, or other obligations are issued shall recognize and protect any prior loan agreement, security agreement, or other agreement or instrument made for any prior issue of bonds, notes, or other obligations, unless in the resolution authorizing such prior issue the right is expressly reserved to the board to issue subsequent bonds, notes, or other obligations on a parity with such prior issue.

(d)

In the event that any district shall be terminated by either methods provided herein, the board shall serve until December 31 of the year in which terminations shall be approved for the purpose of concluding any ongoing matters and projects, but if such cannot be concluded by December 31, then the governing authority of the county shall assume the duties of the administrative board and shall be expressly authorized to exercise the authority of the administrative board. In the alternative, the governing authority of the county may, by resolution, assume all rights and obligations of the district, either bonds or otherwise, and the district shall cease to exist upon the adoption of such resolution.

(1985 Ga. Laws (Act No. 181), page 4009, § 12; 1988 Ga. Laws (Act No. 892), page 3887, § 7)