Rentals contracted to be paid to the authority by any lessee which is any department,
board, commission or agency of the county or any municipal corporation organized under
the laws of the State of Georgia or any governmental agency created under the laws
of the State of Georgia or the State of Georgia itself under any lease to the authority
entered upon pursuant to this division shall constitute obligations of such lessees
for the payment of which the good faith of any such lessee is hereby pledged. Such
rentals shall be paid as provided in the lease contract from funds appropriated for
such purposes by the terms of the Constitution of the State of Georgia. It shall be
the duty of any such lessee to see to the punctual payment of all such rentals.
In the event of any failure or refusal on the part of any lessee punctually to perform
any covenant or obligation contained in any lease entered upon pursuant to this division,
the authority may enforce performance by any legal or equitable process against any
such lessee, and consent is hereby given for the institution of any such action against
any such lessee which is described in the immediately preceding paragraphs of this
section.
The authority shall be permitted to assign any rental due it by any lessee to a trustee,
paying agent, or other person designated to serve as the holder of a security interest
on behalf of the holders of any authority revenue bonds, all as may be required by
the terms of any trust indenture entered into by the authority or resolution adopted
by the authority pertaining to such matters.
