O.C.G.A.
O.C.G.A.

O.C.G.A. § 52-2-36 (2019)

Status of moneys received under chapter as trust funds; provision by authority for payment of moneys to designated trustee; investment of moneys; sale of investments and reinvestment

✓ 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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(a) All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of revenue bonds, as grants or other contributions, or as revenues and earnings, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The authority shall, in the resolution providing for the issuance of revenue bonds or in the trust indenture, provide for the payment of the proceeds of the sale of the bonds and the earnings and revenues to be received to any officer who or any agency, bank, or trust company which shall act as trustee of such funds and shall hold and apply the funds to the purposes of this chapter, subject to such regulations as this chapter and the resolution or trust indenture may provide.

(b) Subject to such restriction as provided by resolution passed before the issuance of its bonds or by the trust indenture securing the bonds, the authority may invest any moneys received by it pursuant to authority of this chapter in obligations which are eligible as security for the investment of trust funds; and the authority may, by resolution, provide for the sale of any such investment and for the reinvestment of the proceeds thereof.

History

Ga. L. 1945, p. 464, § 7; Ga. L. 1946, p. 60, § 3; Ga. L. 2010, p. 897, § 9/HB 1060.

Notes of Decisions
Cited in 1 case, 2004–2004 · leading case: Hines v. Georgia Ports Auth., 604 S.E.2d 189 (Ga. 2004).
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Hines v. Georgia Ports Auth., 604 S.E.2d 189 (Ga. 2004). · cites it 2× “25 OCGA§ 52-2-36; but see Hess, 513 U. S. at 51 (“the proper focus is not on the use of profits or surplus, but rather on losses and debts”).”
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.