The revenues, rents, and earnings derived from any particular project or combined project or any and all funds from any source received by the board of regents and pledged and allocated by it to the authority as security for the performance of any lease or leases or any and all revenues, rents, and earnings received by the authority, regardless of whether or not such rents, earnings, and revenues were produced by a particular project for which bonds have been issued, unless otherwise pledged and allocated, may be pledged and allocated by the authority to the payment of the principal and interest on revenue bonds of the authority as the resolution authorizing the issuance of the bonds or the trust instrument may provide; and such funds so pledged from whatever source received, which pledge may include funds received from one or more or all sources, shall be set aside at regular intervals as may be provided in the resolution or trust indenture into a sinking fund which shall be pledged to and charged with the payment of:
The use and disposition of such sinking funds 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 such resolution or trust indenture, such 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 bonds or in the trust indenture, surplus moneys in the sinking fund may be applied to the purchase or redemption of bonds; and any such bonds so purchased or redeemed shall forthwith be canceled and shall not again be issued.
History. Ga. L. 1949, p. 1009, § 17.
Structure Georgia Code
Chapter 3 - Postsecondary Education
Article 5 - Georgia Education Authority (University)
§ 20-3-153. Powers of the Authority
§ 20-3-154. Authority to Issue Revenue Bonds; Terms
§ 20-3-155. Form of Bonds; Denominations; Place of Payment; Registration
§ 20-3-156. Signing, Sealing, and Attesting Bonds
§ 20-3-157. Bonds Negotiable; Exemption of Bonds From Taxation
§ 20-3-158. Manner of Sale and Price of Bonds; Assistance by Georgia Building Authority
§ 20-3-159. Use of Bond Proceeds; Additional Bonds
§ 20-3-160. Issuance of Interim Receipts or Certificates or Temporary Bonds
§ 20-3-161. Replacement of Mutilated, Destroyed, or Lost Bonds
§ 20-3-163. Credit of State Not Pledged
§ 20-3-165. Trustee for Bond Proceeds
§ 20-3-167. Remedies of Bondholders, Receivers, or Indenture Trustees
§ 20-3-169. Bonds Legal Investments or Security Deposits
§ 20-3-170. Tax Exemption of Authority’s Property, Activities, Charges, and Bonds
§ 20-3-171. Procedure for Validating Bonds
§ 20-3-172. Venue and Jurisdiction of Actions to Enforce Rights or Validate Bonds
§ 20-3-173. Interests of Bondholders Protected
§ 20-3-174. Acceptance of Grants and Contributions From Federal and Other Sources
§ 20-3-175. Moneys Received Deemed Trust Funds
§ 20-3-176. Fixing, Collecting, and Assigning Rentals and Charges for Use of Projects
§ 20-3-177. Rules and Regulations for Operation of Projects
§ 20-3-179. Power of Regents to Issue Revenue Bonds Not Affected