Status of Contracted-for Rentals as Obligations of State; Payment of Rentals; Power of Authority to Enforce Lessees' Duty to Perform Covenants and Obligations; Assignment of Rentals Due

  1. Law
  2. Georgia Code
  3. Waters of the State, Ports, and Watercraft
  4. Georgia Ports Authority
  5. Status of Contracted-for Rentals as Obligations of State; Payment of Rentals; Power of Authority to Enforce Lessees' Duty to Perform Covenants and Obligations; Assignment of Rentals Due

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

  1. The rentals contracted to be paid by the state or any department, agency, or institution of the state to the authority under leases entered upon pursuant to this chapter shall constitute obligations of the state for the payment of which the good faith of the state is pledged. Such rentals shall be paid as provided in the lease contracts from funds appropriated for such purposes by the terms of the Constitution of Georgia. It shall be the duty of the state or any department, agency, or institution thereof to see to the punctual payment of all such rentals.
  2. In the event of any failure or refusal on the part of lessees punctually to perform any covenant or obligation contained in any lease entered upon pursuant to this chapter, the authority may enforce performance by any legal or equitable process against lessees; and consent is given for the institution of any such action.
  3. The authority shall be permitted to assign any rental due it by the lessees to a trustee or paying agent as may be required by the terms of any trust indenture entered into by the authority.

(Ga. L. 1964, p. 88, § 2.)


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