Notwithstanding any restrictions on investments contained in any laws of this state, the state and all public officers, municipal corporations, political subdivisions, and public bodies; all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business; all insurance companies, insurance associations, and other persons carrying on an insurance business; and all executors, administrators, guardians, trustees, and other fiduciaries may legally invest any sinking funds, moneys, or other funds belonging to them or within their control in any bonds or other obligations issued by a housing authority pursuant to this article, or issued by any public housing authority or agency in the United States, when such bonds or other obligations are secured by a pledge of annual contributions to be paid by the United States government or any agency thereof. Such bonds and other obligations shall be authorized security for all public deposits, it being the purpose of this Code section to authorize any persons, firms, corporations, associations, political subdivisions, bodies, and officers, public or private, to use any funds owned or controlled by them, including but not limited to sinking, insurance, investment, retirement, compensation, pension and trust funds, and funds held on deposit, for the purchase of any such bonds or other obligations; provided, however, that nothing contained in this Code section shall be construed as relieving any person, firm, or corporation from any duty of exercising reasonable care in selecting securities.
(Ga. L. 1939, p. 122, § 1; Ga. L. 1951, p. 127, § 3; Ga. L. 1959, p. 141, § 3; Ga. L. 1962, p. 734, § 3; Ga. L. 1971, p. 94, § 1; Ga. L. 1989, p. 14, § 8.)
RESEARCH REFERENCES
ALR.
- Rights and liabilities of municipality as to interest earned on improvement assessments or other special funds collected or held by it, 143 A.L.R. 1341.
PART 5 REGIONAL HOUSING AUTHORITIES
8-3-100. Procedure for creating an authority.
If the governing body of each of two or more contiguous counties by resolution declares that there is a need for one housing authority to be created for all of such counties to exercise in such counties powers and other functions prescribed for a regional housing authority, a public body corporate and politic to be known as a regional housing authority shall thereupon exist for all of such counties and shall exercise its powers and other functions in such counties. Thereupon, each county housing authority created for each of such counties shall cease to exist except for the purpose of winding up its affairs and executing a deed to the regional housing authority as provided in this part. Notwithstanding any other provision of this Code section to the contrary, the governing body of a county shall not adopt a resolution as aforesaid if there is a county housing authority created for such county which has any bonds or notes outstanding unless, first, all holders of such bonds and notes consent in writing to the substitution of such regional housing authority in lieu of such county housing authority on all such bonds and notes, and, second, the commissioners of such county housing authority adopt a resolution consenting to the transfer of all rights, contracts, obligations, and property, real and personal, of such county housing authority to such regional housing authority as provided in this part. When the above two conditions are complied with and such regional housing authority is created and authorized to exercise its powers and other functions, all rights, contracts, agreements, obligations, and property, real and personal, of such county housing authority shall be in the name of and vest in such regional housing authority; and all obligations of such county housing authority shall be the obligations of such regional housing authority; and all rights and remedies of any person against such county housing authority may be asserted, enforced, and prosecuted against such regional housing authority to the same extent as they might have been asserted, enforced, and prosecuted against such county housing authority.
(Ga. L. 1943, p. 146, § 6; Ga. L. 1951, p. 127, § 1; Ga. L. 1959, p. 141, § 1; Ga. L. 1962, p. 734, § 1.)
JUDICIAL DECISIONS
Cited in Culbreth v. Southwest Ga. Regional Hous. Auth., 199 Ga. 183, 33 S.E.2d 684 (1945).
OPINIONS OF THE ATTORNEY GENERAL
Operation of regional authority renders county authority obsolete.
- It is clear from the language of Ga. L. 1943, p. 146, § 6 (see now O.C.G.A. § 8-3-100) that any county authority within the area of operation of a regional authority must cease to operate upon the establishment of the regional authority. 1950-51 Op. Att'y Gen. p. 99.