Title 46, Chapter 9, Section 323
( 46-9-323)
The authority shall have all of the powers necessary, proper, and
convenient to carry out and effectuate the purposes and provisions
of this article. The powers enumerated in this Code section are
cumulative of and in addition to each other and other powers granted
elsewhere in this article; and no such power limits or restricts any
other power of the authority. Without limiting the generality of
the foregoing, the powers of the authority shall include the powers: (1) To sue and be sued; (2) To adopt and amend a corporate seal; (3) To make and execute contracts, agreements, and other
instruments necessary, proper, and convenient to exercise the
powers of the authority to further the public purpose for which
the authority is created, including, but not limited to, contracts
for construction of projects, leases of projects, contracts for
operation of projects, contracts for sale of projects, agreements
for loans to finance projects, and contracts with respect to the
use of projects. Any and all persons, firms, and corporations and
any and all political subdivisions, departments, institutions, or
agencies of the state are authorized to enter into contracts,
leases, or agreements with the authority upon such terms and for
such purposes as they deem advisable; and, without limiting the
generality of the foregoing, authority is specifically granted to
municipal corporations, counties, and other political subdivisions
and to the authority to enter into contracts, lease agreements, or
other undertakings with each other relating to projects of the
authority for a term not exceeding 50 years. Likewise, without
limiting the generality of the above and foregoing, the same
authority above granted to municipal corporations, counties,
political subdivisions, and to the authority relative to entering
into contracts, lease agreements, or other undertakings is
authorized between the authority and private corporations, both
inside and outside this state, and between the authority and
public bodies, including counties and cities outside this state; (4) To acquire by purchase, lease, condemnation, or otherwise and
to hold, lease, and dispose of real and personal property of every
kind and character or any interest therein in furtherance of the
public purpose of the authority; (5) To finance, by loan, grant, lease, or otherwise, and to
construct, erect, assemble, purchase, acquire, own, repair,
remodel, renovate, rehabilitate, modify, maintain, extend,
improve, install, sell, equip, expand, add to, operate, or manage
projects and to pay the cost of any project from the proceeds of
revenue bonds, notes, or other obligations of the authority or any
other funds of the authority, or from any contributions or loans
by persons, corporations, partnerships, limited or general, or
other entities, all of which the authority is empowered to receive
and accept and use; (6) To borrow money to further or to carry out its public purpose
and to execute revenue bonds; notes; other obligations; leases;
trust indentures; trust agreements; agreements for the sale of its
revenue bonds, notes, or other obligations; loan agreements;
mortgages; deeds to secure debt; trust deeds; security agreements;
assignments; and such other agreements or instruments as may be
necessary or desirable, in the judgment of the authority, to
evidence and to provide security for such borrowing; (7) To issue revenue bonds, notes, or other obligations of the
authority and use the proceeds thereof for the purpose of paying
or loaning the proceeds thereof to pay all or any part of the
costs of any project and otherwise to further or carry out the
public purpose of the authority and to pay all costs of the
authority incident to, or necessary and appropriate to, furthering
or carrying out such purpose; (8) To make application directly or indirectly to any federal,
state, county, or municipal government or agency or to any other
source, public or private, for loans, grants, guarantees, or other
financial assistance in furtherance of the authority's public
purpose and to accept and use the same upon such terms and
conditions as are prescribed by such federal, state, county, or
municipal government or agency or other source; (9) To enter into agreements with the federal government or any
agency or corporation thereof to use the facilities of the federal
government or agency or corporation thereof in order to further or
carry out the public purposes of the authority; (10) To extend credit or make loans to any person; corporation;
partnership, limited or general; or other entity for the costs of
any project, which credit or loans may be evidenced or secured by
loan agreements, notes, mortgages, deeds to secure debt, trust
deeds, security agreements, assignments, or other instruments or
by rentals, revenues, fees, or charges, upon such terms and
conditions as the authority shall determine to be reasonable in
connection with such extension of credit or loans, including
provision for the establishment and maintenance of reserve funds,
and, in the exercise of powers granted in connection with any
project, the authority shall have the right and power to require
the inclusion in any such loan agreement, note, mortgage, deed to
secure debt, trust deed, security agreement, assignment, or other
instrument of such provisions or requirements for guarantee of any
obligations, insurance, construction, use, operation, maintenance,
and financing of a project and such other terms and conditions as
the authority may deem necessary or desirable; (11) As security for repayment of any revenue bonds, notes, or
other obligations of the authority, to pledge, mortgage, convey,
assign, hypothecate, or otherwise encumber any property of the
authority, including, but not limited to, real property, fixtures,
personal property, and revenues or other funds; and to execute any
lease; trust indenture; trust agreement; agreement for the sale of
the authority's revenue bonds, notes, or other obligations; loan
agreement; mortgage; deed to secure debt; trust deed; security
agreement; assignment; or other agreement or instrument as may be
necessary or desirable in the judgment of the authority to secure
any such revenue bonds, notes, or other obligations, which
instruments or agreements may provide for foreclosure or forced
sale of any property of the authority upon default in any
obligation of the authority, either in payment of principal,
premium, if any, or interest or in the performance of any term or
condition contained in any such agreement or instrument. The
State of Georgia on behalf of itself and each county, municipal
corporation, political subdivision, or taxing district therein
waives any right the state or such county, municipal corporation,
political subdivision, or taxing district may have to prevent the
forced sale or foreclosure of any property of the authority upon
such default and agrees that any agreement or instrument
encumbering such property may be foreclosed in accordance with law
and the terms thereof; (12) To receive and use the proceeds of any tax levied by the
State of Georgia or any county or municipality thereof to pay the
costs of any project or for any other purpose for which the
authority may use its own funds pursuant to this article; (13) To receive and administer gifts, grants, and devises of money
and property of any kind and to administer trusts; (14) To use any real property, personal property, or fixtures or
any interest therein; or to rent or lease such property to or from
others or make contracts with respect to the use thereof; or to
sell, lease, exchange, transfer, assign, pledge, or otherwise
dispose of or grant options for any such property in any manner as
it deems to be to the best advantage of the authority and the
public purpose thereof; (15) To acquire, accept, or retain equitable interests, security
interests, or other interests in any real property, personal
property, or fixtures by loan agreement, note, mortgage, deed to
secure debt, trust deed, security agreement, assignment, pledge,
conveyance, contract, lien, loan agreement, or other consensual
transfer in order to secure the repayment of any moneys loaned or
credit extended by the authority; (16) To appoint, select, and employ engineers, surveyors,
architects, planners, fiscal agents, attorneys, and others and to
fix their compensation and pay their expenses; (17) To encourage and promote by means of rail passenger excursion
projects the improvement and advancement of the service area and
the enhancement and profitability of tourism to the service area
and its citizens; (18) To make, contract for, or otherwise cause to be made
long-range plans or proposals for rail passenger excursion
projects within the service area, in cooperation with those
political subdivisions within which such projects are located; (19) To adopt bylaws governing the conduct of business by the
authority, the election and duties of officers of the authority,
and other matters which the authority determines to deal with in
its bylaws; (20) To exercise any power granted by the laws of the State of
Georgia to public or private corporations which is not in conflict
with the public purpose of the authority; and (21) To do all things necessary, proper, and convenient to carry
out the powers conferred by this article. |