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2018 Georgia Code 32-10-73 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 32-10-73 Case Law from Google Scholar Amendments to OCGA 32-10-73

TITLE 32 HIGHWAYS, BRIDGES, AND FERRIES

Section 10. Public Authorities, 32-10-1 through 32-10-133.

ARTICLE 2 STATE ROAD AND TOLLWAY AUTHORITY

32-10-73. Designation of moneys received pursuant to article as trust funds.

All moneys received pursuant to the authority of this article, whether as proceeds from the sale of revenue bonds or as revenues, tolls, and earnings, shall be deemed to be trust funds to be held and applied solely as provided in this article. The bondholders paying or entitled to receive the benefits of such bonds shall have a lien on all such funds until applied as provided for in any resolution or trust indenture of the authority, provided that revenue bonds issued for the use and benefit of a person, firm, corporation, limited liability company, or other type of private entity shall be a limited obligation of the authority and in the event of default, the remedies of the bondholders shall be limited to the funds identified in the resolution or trust indenture and not the funds held by the authority as trust funds or otherwise.

(Ga. L. 1953, Jan.-Feb. Sess., p. 302, § 32; Code 1933, § 95A-1269, enacted by Ga. L. 1973, p. 947, § 1; Ga. L. 2017, p. 760, § 5/SB 183.)

The 2017 amendment, effective July 1, 2017, added the proviso at the end of the second sentence.

Law reviews.

- For annual survey on administrative law, see 69 Mercer L. Rev. 15 (2017).

JUDICIAL DECISIONS

Cited in Campbell v. State Rd. & Tollway Auth., 276 Ga. 714, 583 S.E.2d 32 (2003).

Cases Citing O.C.G.A. § 32-10-73

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Campbell v. State Road & Tollway Auth., 276 Ga. 714 (Ga. 2003).

Cited 1 times | Published | Supreme Court of Georgia | Jun 30, 2003 | 583 S.E.2d 32, 2003 Fulton County D. Rep. 2013

...public road and transportation purposes. OCGA § 32-10-63 sets out the powers conferred generally on the authority, including the power to construct transportation projects, accept and administer federal highway funds, and issue revenue bonds. OCGA § 32-10-73 provides that all monies received by the authority are designated as trust funds to be used solely as provided in the article creating and governing SRTA.19 OCGA § 32-10-72 specifies the ways the authority may expend any revenue in excess of its obligations....