While any of the bonds or notes issued by the authority remain outstanding, the powers, duties, or existence of the authority or of its officers, employees, or agents shall not be diminished, impaired, or affected in any manner which will affect adversely the interest and rights of the owners of such bonds or notes; and no other authority, instrumentality, or body will be created or empowered to compete with the authority so as to affect adversely the interests and rights of the owners of such bonds or notes; nor will the state itself so compete with the authority. This article shall be for the benefit of the state, the authority, and every owner of the authority’s bonds and notes and, upon and after the issuance of bonds or notes under this article, shall constitute an irrevocable contract by the state with the owners of such bonds and notes.
History. Code 1981, § 46-4-116 , enacted by Ga. L. 1987, p. 745, § 1.
Structure Georgia Code
Title 46 - Public Utilities and Public Transportation
Chapter 4 - Distribution, Storage, and Sale of Gas
Article 4 - Municipal Gas Authority of Georgia
§ 46-4-80. Legislative Findings; Declaration of Need
§ 46-4-82. Creation of Authority; Principal Office; Legal Situs
§ 46-4-83. Membership Election Committee; Election of Members of the Authority
§ 46-4-85. Authority Members — Terms of Office
§ 46-4-86. Election Committee Members
§ 46-4-87. Weighted Vote of Election Committee Members; Quorum for Election Committee
§ 46-4-88. Vacancies in Membership of Authority
§ 46-4-90. Quorum; Majority Vote
§ 46-4-91. Annual and Special Meetings
§ 46-4-92. Compensation; Expenses; Personnel
§ 46-4-93. Removal of Authority Members From Office
§ 46-4-97. Not for Profit Operation
§ 46-4-98. Public Purpose; Tax Exemption; Payments in Lieu of Taxes
§ 46-4-99. Contracts With Political Subdivisions
§ 46-4-100. Applicability of Article to Entities With Gas Distribution Systems
§ 46-4-103. Failure of District Attorney to File Revenue Bonds Validation Petition
§ 46-4-104. Bonds as Legal Investments
§ 46-4-105. Pledge of Revenue to Retire Bonds
§ 46-4-106. Trust Agreement or Indenture to Secure Bonds
§ 46-4-108. Lost, Stolen, or Mutilated Bond Certificates
§ 46-4-109. Interest on Bonds After Due Date
§ 46-4-110. Cancellation or Destruction of Retired Bonds
§ 46-4-111. Records of Bond and Note Transactions Required
§ 46-4-113. Bond Anticipation Notes
§ 46-4-114. Negotiability of Bonds
§ 46-4-115. Liability of Authority Members, Political Subdivisions, and State
§ 46-4-116. Impairment of Contracts
§ 46-4-117. Appointment of Receiver Upon Default
§ 46-4-118. Charges for Use of Facilities or Services
§ 46-4-119. Revenues Held in Trust for Bondholders
§ 46-4-121. Jurisdiction for Rights Protection or Enforcement Actions
§ 46-4-122. Exemption From Regulation by Public Service Commission
§ 46-4-123. Conduct of Meetings; Records