TITLE 52 WATERS OF THE STATE, PORTS, AND WATERCRAFT

Section 2. Georgia Ports Authority, 52-2-1 through 52-2-39.

ARTICLE 2 RIGHT OF PASSAGE

52-2-37. Creation of authority and carrying out of authority's corporate purpose as constituting a public purpose; covenant with bondholders as to tax-exempt status of authority's property.

It is found, determined, and declared that the creation of the authority and the carrying out of its corporate purpose is in all respects for the benefit of the people of this state and is a public purpose and that the authority will be performing an essential governmental function in the exercise of the power conferred upon it by this chapter; and this state covenants with the holders of the bonds that the authority shall be required to pay no taxes or assessments upon any of the property acquired by it or under its jurisdiction, control, possession, or supervision or upon its activities in the operation or maintenance of the facilities erected, maintained, or acquired by it or any fees, rentals, or other charges for the use of such facilities or other income received by the authority and that the bonds of the authority, their transfer, and the income therefrom shall at all times be exempt from taxation within the state. The exemption from taxation provided for in this Code section shall include an exemption from sales and use tax on tangible personal property purchased by the authority for use exclusively by the authority.

(Ga. L. 1945, p. 464, § 15; Ga. L. 1970, p. 629, § 1; Ga. L. 2007, p. 309, § 15/HB 219.)