2010 Georgia Code
TITLE 12 - CONSERVATION AND NATURAL RESOURCES
CHAPTER 3 - PARKS, HISTORIC AREAS, MEMORIALS, AND RECREATION
ARTICLE 7 - PUBLIC AUTHORITIES
PART 1 - JEKYLL ISLAND--STATE PARK AUTHORITY
§ 12-3-264 - Revenue bonds -- Pledging and allocating funds to payment of bonds; establishment of sinking fund for payment of principal, interest, and other costs
. Revenue bonds -- Pledging and allocating funds to payment of bonds; establishment of sinking fund for payment of principal, interest, and other costs
(a) The revenues, rents, and earnings derived from any particular project or combined projects; any and all funds from any source received by any department, board, commission, or agency of the State of Georgia 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, may, unless otherwise pledged and allocated, 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.
(b) 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 sinking fund shall be pledged to and charged with the payment of:
(1) The interest upon such revenue bonds as such interest shall fall due;
(2) The principal of the bonds as the same shall fall due;
(3) The necessary charges of paying agents for paying principal and interest; and
(4) Any premium upon bonds retired by call or purchase.
(c) The use and disposition of such sinking fund 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.
(d) 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 purchasing or redemption of bonds, and any such bonds so purchased or redeemed shall forthwith be canceled and shall not again be issued.
Graham Syfert - Jacksonville Lawyer