Power of Authority to Fix, Revise, and Collect Charges; Factors Governing Determination of Amount of Rentals and Other Charges; Creation, Use, and Disposition of Sinking Fund; Cancellation of Purchased or Redeemed Bonds

  1. Law
  2. Georgia Code
  3. Waters of the State, Ports, and Watercraft
  4. Georgia Ports Authority
  5. Power of Authority to Fix, Revise, and Collect Charges; Factors Governing Determination of Amount of Rentals and Other Charges; Creation, Use, and Disposition of Sinking Fund; Cancellation of Purchased or Redeemed Bonds

Checkout our iOS App for a better way to browser and research.

  1. The authority is authorized to fix and to revise from time to time fees, rentals, and other charges for the use of each project and for the services and facilities furnished by the same and to charge and collect the same and to lease and to make contracts with any person, firm, or corporation with respect to the use of any project or part thereof. Such rentals and other charges shall be so fixed and adjusted in respect of the aggregate thereof from the project or projects for which a single issue of revenue bonds is issued or from the authority or the terminal or facilities of which the project or projects are a part, so as to provide a fund sufficient with other revenues of the project or projects, if any, to pay:
    1. The cost of new construction of projects;
    2. The cost of maintaining, repairing, and operating the project or projects, including reserves for extraordinary repairs and insurance and other reserves required by the resolution or trust indenture, unless such cost shall be otherwise provided for; and
    3. The principal of the revenue bonds and the interest thereon as the same shall become due.
  2. The revenues and earnings derived from the projects for which a single issue of bonds is issued or from the authority or the terminal or facilities of which the project or projects are a part, except the part of such revenues and earnings as may be required to pay the cost of maintaining, repairing, and operating the project or projects or the terminal or facilities of which the project or projects are a part, and to provide such reserves therefor as may be provided for in the resolution authorizing the issuance of the revenue bonds or in the trust indenture, shall be set aside at such regular intervals as may be provided in the resolution or the trust indenture in a sinking fund which is pledged to, and charged with the payment of:
    1. The interest upon the revenue bonds as the interest falls due;
    2. The principal of the bonds as the same falls due;
    3. The necessary charges of paying agents for paying principal and interest; and
    4. Any premium upon bonds retired by call or purchase as hereinabove provided.

      The use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing the issuance of the revenue bonds or in the trust indenture, but, except as may otherwise be provided in the resolution or trust indenture, the sinking fund shall be a fund for the benefit of all revenue bonds without distinction or priority of one over another. Subject to the provisions of the resolution authorizing the issuance of the revenue bonds or the trust indenture, any moneys in such sinking fund in excess of an amount equal to one year's interest on all revenue bonds then outstanding may be applied to the purchase or redemption of bonds. All revenue bonds so purchased or redeemed shall forthwith be canceled and shall not again be issued.

(Ga. L. 1945, p. 464, § 10; Ga. L. 2010, p. 897, § 7/HB 1060.)

The 2010 amendment, effective June 3, 2010, substituted "issued or from the authority or the terminal or facilities of which the project or projects are a part, so" for "issued," near the end of the introductory paragraph of subsection (a); and, in the introductory paragraph of subsection (b), substituted "or from the authority or the terminal or facilities of which the project or projects are a part, except the part of such revenues and earnings" for ", except such part thereof" and inserted "or the terminal or facilities of which the project or projects are a part" in the middle.


Download our app to see the most-to-date content.