Status of Moneys Received Under Chapter as Trust Funds; Provision by Authority for Payment of Moneys to Designated Trustee; Investment of Moneys; Sale of Investments and Reinvestment

1. Law
2. Georgia Code
3. Waters of the State, Ports, and Watercraft
4. Georgia Ports Authority
5. Status of Moneys Received Under Chapter as Trust Funds; Provision by Authority for Payment of Moneys to Designated Trustee; Investment of Moneys; Sale of Investments and Reinvestment

1. All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of revenue bonds, as grants or other contributions, or as revenues and earnings, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The authority shall, in the resolution providing for the issuance of revenue bonds or in the trust indenture, provide for the payment of the proceeds of the sale of the bonds and the earnings and revenues to be received to any officer who or any agency, bank, or trust company which shall act as trustee of such funds and shall hold and apply the funds to the purposes of this chapter, subject to such regulations as this chapter and the resolution or trust indenture may provide.
2. Subject to such restriction as provided by resolution passed before the issuance of its bonds or by the trust indenture securing the bonds, the authority may invest any moneys received by it pursuant to authority of this chapter in obligations which are eligible as security for the investment of trust funds; and the authority may, by resolution, provide for the sale of any such investment and for the reinvestment of the proceeds thereof.

(Ga. L. 1945, p. 464, § 7; Ga. L. 1946, p. 60, § 3; Ga. L. 2010, p. 897, § 9/HB 1060.)

The 2010 amendment, effective June 3, 2010, deleted "under the rules and regulations of the Federal Reserve Board" following "funds" near the middle of subsection (b).

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