O.C.G.A.

O.C.G.A. § 32-10-73 (2019)

Designation of moneys received pursuant to article as trust funds

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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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.

History

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.

Annotations

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).

Notes of Decisions

Cited in 1 case, 2003–2003 · leading case: Campbell v. State Road & Tollway Auth., 583 S.E.2d 32 (Ga. 2003).

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Campbell v. State Road & Tollway Auth., 583 S.E.2d 32 (Ga. 2003). · cites it 2× “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.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.