§ 2-451. Powers.

The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this division, including, but without limiting the generality of the foregoing, the power:

(1)

To adopt and alter a corporate seal.

(2)

To acquire in its own name by purchase on such terms and conditions and in such manner as it may deem proper or by exercise of the power of eminent domain in accordance with the provisions of any and all existing laws applicable to the condemnation of property for public use, or by gift, grant, lease, or otherwise, real property or rights and easements therein and franchises and personal property necessary or convenient for its corporate purposes and to use, rent, or lease the same as landlord or as tenant or as lessor or as lessee, or make contracts with respect to the use thereof, or to dispose of the same in any manner it deems to the best advantage of the authority and the purposes thereof. Title to such property, however, shall be held by the authority only for the benefit of the public.

(3)

To accept, receive, and administer gifts, grants, loans, appropriations, and donations of money, materials, and property of any kind, including loans and grants from the United States of America or the State of Georgia or any agency, department, authority, or instrumentality of either upon such terms and conditions as the United States of America, the State of Georgia, or such agency, department, authority, or instrumentality shall impose, and to administer trusts, and to sell, lease, transfer, convey, appropriate, pledge, mortgage, or encumber all of its property and assets.

(4)

To borrow money for any of its corporate purposes and to issue revenue bonds payable from the earnings of the projects of the authority, execute trust agreements or indentures, and sell, convey, mortgage, pledge, encumber and assign any and all of its funds, assets, property and income as security for the payment of such revenue bonds and to provide for the payment of the same and for the rights of the owners thereof, and to provide for foreclosure or forced sale of any property of the authority upon default either in payment of principal of or interest on such obligations or under any term of or condition pursuant to which such obligations were issued.

(5)

To contract with the State of Georgia and agencies, instrumentalities, departments, and political subdivisions thereof and with private persons and corporations in such manner as the legitimate and necessary purposes of this division shall authorize or require including contracts for construction and leasing, as lessor or as lessee, of its projects.

(6)

To construct, reconstruct, acquire, equip, own, alter, repair, maintain, add to, extend, improve, operate and manage public projects including the erection, in metropolitan Georgia, of a building or buildings which shall be and hereby are declared to be public buildings to be used for amusement, recreational, civic, cultural, or educational purposes or a combination thereof, including fairs, expositions, exhibitions, conventions, public meetings or gatherings, concerts, theatre, and athletic events, and the purchase of lands, easements, rights in lands, and franchises for the construction of such facility or facilities and for use in connection therewith, the cost of any such project to be paid in whole or in part from the proceeds of the sale of revenue bonds of the authority, and the title to such property to be held by the authority only for the benefit of the public.

(7)

To issue revenue bonds as authorized, defined, and provided for in this division and in the Revenue Bond Law of Georgia, 1937 Ga. Laws, page 761, as now or hereafter amended, codified in O.C.G.A. tit. 36, ch. 82, art. 3 (O.C.G.A. § 36-82-60 et seq.), to finance in whole or in part the cost of the acquisition, construction, reconstruction, improvement, equipment, addition to, or extension of any such project. Such revenue bonds may be issued as fully negotiable coupon bonds payable to bearer and registrable as to principal or as to both principal and interest, or they may be issued in whole or in part in nonnegotiable fully registered form without coupons, payable to a named payee or to the registered assigns of such payee with such conversion privileges as the authority may provide. Such bonds shall not be subject to any interest limitation prescribed in said Revenue Bond Law.

(8)

To issue revenue bonds to call, refund or refinance, in whole or in part all outstanding revenue bonds secured by the anticipated revenue of such project and to include in the amount of such refunding bonds all interest and any call premium that may be required for the redemption and refunding of such outstanding bonds.

(9)

To do any and all things necessary or proper for the accomplishment of the objectives of this division and any amendments hereto and 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)

To invest any accumulation of its funds and any sinking fund or reserves in any manner that public funds of the State of Georgia or its political subdivisions may be invested and to purchase its own bonds at a price of not more than the call price thereof and accrued interest. All bonds so purchased shall be cancelled and shall not be reissued.

(1970 Ga. Laws (Act No. 786), page 2126, § 6)