§ 2-389. Powers.

The authority shall have the powers:

(1)

To have a seal and alter the same at pleasure;

(2)

To acquire by purchase, lease or otherwise, and to hold, lease and dispose of real and personal property of every kind and character for its corporate purposes;

(3)

To acquire in its own name by gift or purchase, on such terms and conditions and in such manner as it may deem proper, real property or rights of easements therein or franchise necessary or convenient for its corporate purposes, and to use the same so long as its corporate existence shall continue and to lease or make contracts with respect to the use of or dispose of the same in any manner it deems to the best advantage of the authority, and no property shall be acquired under provisions of this division upon which any lien or other incumbrance exists, unless at the time such property is so acquired a sufficient sum of money be deposited in trust to pay and redeem the fair value of such lien or incumbrance; and, if the authority shall deem it expedient to construct any project on lands which are a part of the real estate holdings of the State of Georgia, the governor is hereby authorized to execute for and on behalf of the state a lease upon such lands to the authority for such parcel or parcels as shall be needed for a period not to exceed 50 years; and, if the authority shall deem it expedient to construct any project on any other lands the title to which shall then be in the State of Georgia, the governor is hereby authorized to convey, for and in behalf of the state, title to such lands to the authority;

(4)

To appoint and select officers, agents and employees, including engineering, architectural and construction experts, fiscal agents and attorneys, and fix their compensation;

(5)

To make and execute with public and private persons and corporations, both foreign and domestic, contracts, leases, rental agreements and other instruments relating to projects and to execute all instruments necessary or convenient, including contracts for construction of projects and leases of projects, or contracts with respect to the use of projects which it causes to be erected or acquired, and any and all political subdivisions, municipal corporations, departments, institutions or agencies of the state or any other state, and any other governmental agency, and the government of any other nation or any agency thereof, and the United States government or any agency thereof, and any private person, firm or corporation are authorized to enter into contracts, leases or agreements with the authority upon such terms and for such purposes as they deem advisable, and without limiting the generality of the above, authority is specifically granted to any such lessee to enter into contracts and lease agreements for the use of any structure, building or facility, or a combination of any two or more structures, buildings or facilities of the authority for a term not exceeding 50 years, and any such lessee may obligate itself to pay an agreed sum for the use of such property so leased, and also to obligate itself as part of the lease contract to pay the cost of maintaining, repairing, and operating the project so leased from the authority;

(6)

To construct, erect, acquire, own, repair, remodel, maintain, add to, extend, improve, equip, operate and manage projects, as hereinabove defined, to be located on property owned by or leased by the authority, the cost of any such project to be paid in whole or in part from the proceeds of revenue bonds of the authority, or from such proceeds and any grant from the United States of America, the State of Georgia, or any agency or instrumentality thereof;

(7)

To accept loans and/or grants of money or materials or property of any kind from the United States of America or any agency or instrumentality thereof, including the Reconstruction Finance Corporation, upon such terms and conditions as the United States of America or such agency or instrumentality, including the Reconstruction Finance Corporation, may impose;

(8)

To borrow money for any of its corporate purposes and to issue negotiable revenue bonds payable solely from funds pledged for that purpose, and to provide for the payment of the same and for the rights of the holders thereof;

(9)

To exercise any power usually possessed by private corporations performing similar functions which is not in conflict with the constitution and laws of this state;

(10)

Notwithstanding any other provisions of this division, effective July 1, 1996, no bonds shall be issued by the authority for any project other than the construction of a juvenile court facility. Nothing in this paragraph shall affect the validity of any bonds or obligations issued by the authority prior to July 1, 1996; and

(11)

To do all things necessary or convenient to carry out the powers expressly given in this division.

(1980 Ga. Laws (Act No. 1373), page 4488, § 4; 1982 Ga. Laws (Act No. 1379), page 5031, § 3; 1996 Ga. Laws (Act No. 790), page 625, § 2)