It is found, determined, and declared that the creation of the authority and the carrying out of its corporate purpose are in all respects for the benefit of the people of this state and constitute a public purpose and that the authority will be performing an essential governmental function in the exercise of the power conferred upon it by this part. This state covenants with the holders of the bonds that the authority shall be required to pay no taxes or assessments upon any of the property acquired or leased by it, or under its jurisdiction, control, possession, or supervision, or upon its activities in the operation or maintenance of the buildings erected or acquired by it, or upon any fees, rentals, or other charges received by the authority for the use of such buildings, or upon other income received by the authority and that the authority shall be exempt from all sales and use taxes. Further, this state covenants that the bonds of the authority, their transfer, and the income therefrom shall at all times be exempt from all taxation within the state.
(Ga. L. 1950, p. 152, § 16; Ga. L. 1960, p. 89, § 1; Ga. L. 2007, p. 309, § 14/HB 219; Ga. L. 2007, p. 711, § 10/HB 214.)
Code Commission notes.- The amendment of this Code section by Ga. L. 2007, p. 309, § 14, irreconcilably conflicted with and was treated as superseded by Ga. L. 2007, p. 711, § 10. See County of Butts v. Strahan, 151 Ga. 417 (1921).
JUDICIAL DECISIONSCited in Fouche v. Jekyll Island-State Park Auth., 713 F.2d 1518 (11th Cir. 1983).
OPINIONS OF THE ATTORNEY GENERAL
Sales of tangible personal property subject to limited exemption.
- Since the purchase of tangible personal property is an activity necessary to the operation and maintenance of the authority's buildings, sales of such property to the authority are exempt to the extent that the sales are made for the purposes of carrying on the operation and maintenance of the authority's buildings. 1963-65 Op. Att'y Gen. p. 287.
RESEARCH REFERENCES
Am. Jur. 2d.
- 71 Am. Jur. 2d, State and Local Taxation, §§ 272, 278 et seq.
C.J.S.- 84 C.J.S., Taxation, §§ 234, 250, 251.
ALR.
- Bond or warrant of governmental subdivision as subject of taxation or exemption, 44 A.L.R. 510.