Bonds of the authority shall be confirmed and validated in accordance with Article 3 of Chapter 82 of Title 36, the “Revenue Bond Law.” The petition for validation for conduit bonds issued pursuant to paragraph (8) of Code Section 32-10-63 shall also make any person, firm, corporation, limited liability company, or other type of private entity a party defendant to such action, if such person, firm, corporation, limited liability company, or other type of private entity has contracted or will contract with the authority to provide funds for the repayment of revenue bonds which are to be issued and are sought to be validated. The bonds, when validated, and the judgment of validation shall be final and conclusive with respect to the validity of such bonds and against the authority and against all other persons or entities, regardless of whether such persons or entities were parties to such validation proceedings.
History. Ga. L. 1953, Jan.-Feb. Sess., p. 302, § 30; Code 1933, § 95A-1267, enacted by Ga. L. 1973, p. 947, § 1; Ga. L. 2017, p. 760, § 6/SB 183; Ga. L. 2021, p. 526, § 9/HB 577.
The 2017 amendment, effective July 1, 2017, substituted the present provisions of this Code section for the former provisions, which read: “Bonds of the authority shall be confirmed and validated in accordance with Article 3 of Chapter 82 of Title 36, the ‘Revenue Bond Law.’ The bonds, when validated, and the judgment of validation shall be final and conclusive with respect to such bonds and against the authority issuing the same.”.
The 2021 amendment, effective July 1, 2021, in the second sentence, inserted “for conduit bonds issued pursuant to paragraph (8) of Code Section 32-10-63” near the beginning, inserted “contracted” near the middle, substituted “to provide funds for the repayment of” for “with respect to the project for which” in the middle, and inserted “which” near the end.
Law reviews.
For annual survey on administrative law, see 69 Mercer L. Rev. 15 (2017).
Structure Georgia Code
Title 32 - Highways, Bridges, and Ferries
Chapter 10 - Public Authorities
Article 2 - State Road and Tollway Authority
§ 32-10-90. Form and Issuance of Bonds; Pledging of Tolls and Other Project Revenues
§ 32-10-90.1. Garvee Bond Provisions
§ 32-10-91. Obtaining of Loans and Issuance and Sale of Notes and Bonds; Sale of Obligations
§ 32-10-92. Bonds Authorized by Resolution; Specification of Terms; Public or Private Sale
§ 32-10-93. Execution, Seal, and Signing of Bonds
§ 32-10-94. Bonds as Negotiable Instruments; Tax Exemption
§ 32-10-96. Issuance of Interim Receipts, Interim Certificates, and Temporary Bonds
§ 32-10-97. Replacement of Lost or Mutilated Bonds
§ 32-10-98. Resolutions for Bond Issuance; Issuance of Bonds of a Single Issue
§ 32-10-99. Credit of State Not Pledged
§ 32-10-100. Trust Indenture as Security for Bonds
§ 32-10-101. Payment of Bond Proceeds to Trustee
§ 32-10-102. Pledges of Revenues, Tolls, and Earnings; Creation and Disposition of Sinking Funds
§ 32-10-103. Rights and Remedies of Holders of Bonds or Interest Coupons and of Indenture Trustees
§ 32-10-105. Investment of Funds in Bonds; Deposit of Bonds as Securities
§ 32-10-106. Protection of Interests and Rights of Bondholders
§ 32-10-107. Confirmation and Validation of Bonds
§ 32-10-108. Transfer of Projects to State Highway System Free From Tolls
§ 32-10-109. Covenant With Holders as to Tax-Exempt Status of Authority Property and Bonds