TITLE 20 EDUCATION

Section 3. Postsecondary Education, 20-3-1 through 20-3-660.

ARTICLE 5 GEORGIA EDUCATION AUTHORITY (UNIVERSITY)

20-3-154. Authority to issue revenue bonds; terms.

The authority or any authority or body which has or which may in the future succeed to the powers, duties, and liabilities vested in the authority created by this article shall have power at one time or from time to time to provide by resolution for the issuance of negotiable revenue bonds of the authority for the purpose of paying all or any part of the cost, as defined in this article, of any one project or combination of projects. The principal and interest of such revenue bonds shall be payable solely from the special fund provided in this article for such payment. The bonds of each issue shall be dated; shall bear interest at such rate or rates as may be determined by the authority, payable semiannually; shall mature at such time or times not exceeding 30 years from their date or dates, except that "Georgia Education Authority (University) Student Housing Revenue Bonds" may mature at such time or times not exceeding 40 years from their date or dates; shall be payable in such medium of payment as to both principal and interest as may be determined by the authority; and may be made redeemable before maturity, at the option of the authority, at such price or prices and under such terms and conditions as may be fixed by the authority in the resolution providing for the issuance of the bonds.

(Ga. L. 1949, p. 1009, § 5; Ga. L. 1951, p. 44, § 1; Ga. L. 1952, p. 116, § 1; Ga. L. 1960, p. 887, § 1; Ga. L. 1962, p. 37, § 1; Ga. L. 1964, p. 310, § 1.)