While any of the bonds issued by the authority remain outstanding, the power, duties, or existence of the authority or of its officers, employees, or agents or of the board of regents or of any other state agency or department shall not be diminished or impaired in any manner that will affect adversely the interests and rights of the holders of such bonds; and no other entity, department, agency, or authority will be created which will compete with the authority to such an extent as to affect adversely the interests and rights of the holders of such bonds; nor will the state itself so compete with the authority. This article shall be for the benefit of the state, the authority, and the holders of any such bonds and, upon the issuance of bonds under this article, shall constitute a contract with the holders of such bonds.
History. Ga. L. 1949, p. 1009, § 24.
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