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.