reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 1 - GENERAL PROVISIONS (§§ 10-9-1 — 10-9-19) › Section 10-9-19 - Accounts and audits

The accounts of the authority created in this chapter shall be kept as separate and distinct accounts and shall be audited by the Department of Audits and Accounts of the state.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 2 - OVERVIEW COMMITTEE (§§ 10-9-20 — 10-9-30) › Section 10-9-20 - Geo. L. Smith II Georgia World Congress Center Authority Overview Committee created; composition; officers; duties

There is created as a joint committee of the General Assembly the Geo. L. Smith II Georgia World Congress Center Authority Overview Committee to be composed of five members of the House of Representatives appointed by the Speaker of the House, one of whom shall be a member of the minority party, five members of the Senate appointed by the Senate Committee on Assignments, one of whom shall be a member of the minority party, the chairperson of the House Committee on Economic Development and Tourism or his or her designee, and the chairperson of the Senate Committee on Economic Development and Tourism or his or her designee. The members of the committee shall serve two-year terms concurrent with their terms as members of the General Assembly. The chairperson of the committee shall be appointed by the Senate Committee on Assignments from the membership of the committee, and the vice chairperson of the committee shall be appointed by the Speaker of the House from the membership of the committee. The chairperson and vice chairperson shall serve terms of two years concurrent with their terms as members of the General Assembly. Vacancies in an appointed member's position or in the offices of chairperson or vice chairperson of the committee shall be filled for the unexpired term in the same manner as the original appointment. The committee shall periodically inquire into and review the operations of the Geo. L. Smith II Georgia World Congress Center Authority, as well as periodically review and evaluate the success with which the authority is accomplishing its statutory duties and functions as provided in this chapter.
Amended by 2024 Ga. Laws 609,§ 2-1, eff. 5/6/2024.
Amended by 2009 Ga. Laws 74,§ 5, eff. 4/30/2009.
Amended by 2003 Ga. Laws 96, § 1, eff. 5/30/2003.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 2 - OVERVIEW COMMITTEE (§§ 10-9-20 — 10-9-30) › Section 10-9-21 - Cooperation of other state agencies; staff members and independent consultants

The state auditor, the Attorney General, and all other agencies of state government, upon request by the committee, shall assist the committee in the discharge of its duties set forth in this article. The committee may employ not more than two staff members and may secure the services of independent accountants, engineers, and consultants.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 2 - OVERVIEW COMMITTEE (§§ 10-9-20 — 10-9-30) › Section 10-9-22 - Authority to cooperate with committee; enforcement actions; annual committee reports

The Geo. L. Smith II Georgia World Congress Center Authority shall cooperate with the committee, its authorized personnel, the Attorney General, the state auditor, the state accounting officer, and other state agencies in order that the charges of the committee, set forth in this article, may be timely and efficiently discharged. The authority shall submit to the committee such reports and data as the committee shall reasonably require of the authority in order that the committee may adequately perform its functions. The Attorney General is authorized to bring appropriate legal actions to enforce any laws specifically or generally relating to the Geo. L. Smith II Georgia World Congress Center Authority. The committee shall, on or before the first day of January of each year, and at such other times as it deems necessary, submit to the General Assembly a report of its findings and recommendations based upon the review of the Geo. L. Smith II Georgia World Congress Center Authority, as set forth in this chapter.
Amended by 2005 Ga. Laws 140,§ 20, eff. 7/1/2005.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 2 - OVERVIEW COMMITTEE (§§ 10-9-20 — 10-9-30) › Section 10-9-23 - Criteria for evaluating authority

In the discharge of its duties, the committee shall evaluate the performance of the Geo. L. Smith II Georgia World Congress Center Authority consistent with the following criteria:
(1)
Prudent, legal, and accountable expenditure of public funds;
(2)
Efficient operation; and
(3)
Performance of its statutory responsibilities.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 2 - OVERVIEW COMMITTEE (§§ 10-9-20 — 10-9-30) › Section 10-9-24 - Expenditure of funds; expenses of committee members

(a)
The committee is authorized to expend state funds available to the committee for the discharge of its duties. Said funds may be used for the purposes of compensating staff personnel, paying for services of independent accountants, engineers, and consultants, and paying all other necessary expenses incurred by the committee in performing its duties.
(b)
The members of the committee shall receive the same compensation, per diem, expenses, and allowances for their service on the committee as is authorized by law for members of interim legislative study committees.
(c)
The funds necessary for the purposes of the committee shall come from the funds appropriated to and available to the legislative branch of government.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-40 - Issuance of bonds authorized; purpose

The authority shall have the power and is authorized at one time or from time to time to provide by one or more authorizing resolutions for the issuance of revenue bonds, but the authority shall not have the power to incur indebtedness under this article in excess of the principal sum of $500 million but excluding from such limit bonds issued for the purpose of refunding bonds which have been previously issued. The authority shall have the power to issue such revenue bonds and to use the proceeds thereof for the purpose of paying all or part of the costs of the project to the extent but only to the extent the costs are incurred for the following facilities: multipurpose stadiums or coliseums and related athletic fields, courts, or surfaces, and clubhouses and gymnasiums; facilities for the purveying of goods and services within such stadiums or coliseums; parking facilities and parking areas in connection therewith; facilities deemed necessary or convenient within the structure of such stadiums or coliseums; and related lands, buildings, structures, fixtures, equipment, and personalty appurtenant or convenient to such facilities and the extension, addition, or improvement of such facilities, which facilities are to be operated as part of the project, as such facilities shall be designated in the resolution of the board of governors of the authority authorizing the issuance of such bonds.
Amended by 2019 Ga. Laws 141,§ 1, eff. 5/2/2019.
Amended by 2017 Ga. Laws 18,§ 1, eff. 7/1/2017.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-41 - Terms and conditions of bonds; form

(a)
The revenue bonds of each issue shall be dated, shall bear interest, shall be payable in such medium of payment as to both principal and interest as may be determined by the authority, and may be made redeemable before maturity, at the option of the authority, at such price or prices and under such terms and conditions as may be fixed by the authority in the resolution providing for the issuance of revenue bonds.
(b)
The authority shall determine the form of the revenue bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the revenue bonds and the place or places of payment of principal and interest thereof, which may be at any bank or trust company within or outside the state.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-42 - Signatures; seal

In case any officer whose signature or facsimile signature appears on any revenue bonds ceases to be an officer before the delivery of the revenue bonds, the signature or facsimile signature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until the delivery. All such revenue bonds shall be signed by or bear the facsimile signature of the chairman or vice chairman of the board of governors of the authority, and the official seal of the authority shall be affixed thereto and attested by or bear the facsimile signature of the secretary or assistant secretary of the authority; and any bond may be signed, sealed, and attested on behalf of the authority by any such persons as at the actual time of the execution of the revenue bonds shall be duly authorized or hold the proper office, although at the date of the issuance of the revenue bonds such person may not have been so authorized or shall not have held such office. The facsimile signature of any officer of the authority may be imprinted in lieu of manual signature if the authority so directs.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-43 - Tax exemption

The revenue bonds and the interest payable thereon shall be exempt from all taxation within the state imposed by the state or any county, municipal corporation, or other political subdivision of the state.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-44 - Sale of bonds; interest rate

The authority may sell the revenue bonds in such manner at public or private sale and for such price, rate of interest, and other terms as it may determine to be in the best interest of the authority. The rate of interest may be a fixed or variable rate, but if the rate is a variable rate, a maximum per annum rate of interest shall be specified in the authorizing resolution and in the validation proceeding.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-45 - Use of proceeds; issuance of additional bonds in case of deficit; use of surplus

The proceeds of the revenue bonds shall be used solely for the payment of the costs of the project incurred with respect to the facilities designated by the resolution authorizing the issuance of such revenue bonds. The resolution authorizing the issuance of revenue bonds may provide that the proceeds thereof shall be disbursed upon requisition or order of the chairman of the authority or other designated officer of the authority or by the Georgia State Financing and Investment Commission acting on behalf of the authority under contract with the authority under such restrictions, if any, as the resolution authorizing the issuance of the revenue bonds or the trust indenture may provide. If the proceeds of the revenue bonds, by error of calculation or otherwise, shall be less than the cost of the facility or combined facilities, unless otherwise provided in the resolution authorizing the issuance of the revenue bonds or in the trust indenture, additional revenue bonds may in like manner be issued to provide the amount of the deficit which, unless otherwise provided in the resolution authorizing the issuance of the revenue bonds or in the trust indenture, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the revenue bonds first issued for the same purpose. If the proceeds of the revenue bonds of any issue shall exceed the amount required for the purpose for which such revenue bonds are issued, the surplus shall be used for one or more of the following purposes:
(1)
Payment into the fund provided in Code Section
10-9-51
for the payment of principal and interest of such revenue bonds; or
(2)
For the purchase of such revenue bonds in the open market.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-46 - Interim revenue receipts, certificates, or bonds

Prior to the preparation of definitive revenue bonds, the authority may, under like restrictions, issue interim revenue receipts, interim revenue certificates, or temporary revenue bonds exchangeable for definitive revenue bonds upon the issuance of the latter.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-47 - Replacement of mutilated, destroyed, or lost bonds

The authority may also provide for the replacement of any revenue bond which becomes mutilated or is destroyed or lost upon receipt of such indemnification as it may deem appropriate.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-48 - Proceedings and conditions for issuance; resolution

The revenue bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions, and things which are specified or required by this article and Article 1 of this chapter. In the discretion of the authority, revenue bonds of a single issue may be issued for the purpose of paying the cost of any one or more, including a combination of, facilities described in Code Section
10-9-40
and in the resolution authorizing the issuance of such bonds. Any resolution providing for the issuance of revenue bonds under this article shall become effective immediately upon its passage and need not be published or posted, and any such resolution may be passed at any regular, special, or adjourned meeting of the board of governors of the authority.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-52 - Enforcement of rights by bondholder, receiver, or indenture trustee

Any holder of revenue bonds or interest coupons thereon issued under this article, any receiver for such holders, or any indenture trustee, if there is any, except to the extent the rights given in this article may be restricted by resolution passed before the issuance of the revenue bonds or by the trust indenture, may either at law or in equity, by action, mandamus, or other proceedings, protect and enforce any and all rights under the laws of the state or granted under this article or under such resolution or trust indenture and may enforce and compel performance of all duties required by this article or by such resolution or trust indenture to be performed by the authority or any officer thereof. In the event of default upon the principal and interest or other obligations of any revenue bond issue, any such holder, receiver, or indenture trustee shall be subrogated to each and every right of collecting rentals, revenues, earnings, or funds by the authority which the authority may possess under contracts designated as security therefor, and, in the pursuit of its remedies as subrogee, may proceed either at law or in equity by action, mandamus, or other proceedings to collect any sums by such proceeding due and owing to the authority and pledged or partially pledged to the benefit of the revenue bond issue. No individual, receiver, or indenture trustee thereof shall have the right to compel any exercise of the taxing power of the state to pay any such revenue bond or the interest thereon or otherwise to enforce the payment thereof against the state or the authority or any property of the state or authority, nor shall any such bond constitute a charge, lien, or encumbrance, legal or equitable, upon the property of the state or authority except the rents, revenues, earnings, and funds designated as security for the revenue bonds. In addition to the foregoing, the resolution or trust indenture may contain such other provisions as the authority may deem reasonable and proper for the security of the bondholders subject to the limitations otherwise stated in this article. All expenses incurred in carrying out the trust indenture may be treated as a part of the cost of the project affected by the indenture.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-53 - Payment of sale proceeds to trustee

The authority may, 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 to any officer or person who shall act as trustee or any agency, bank, or trust company or to the Georgia State Financing and Investment Commission acting under contract with the authority, which officer, person, bank, trust company, or agency shall act as trustee of such funds and shall hold and apply the same to the purposes set forth in or through this article, subject to such regulations as this article and Article 1 of this chapter, or as the resolution or trust indenture, may provide.
Amended by 2017 Ga. Laws 275,§ 10, eff. 5/9/2017.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-54 - Use of services of Georgia State Financing and Investment Commission; professional services for projects

The authority shall be authorized to utilize the financial advisory and construction related services of the Georgia State Financing and Investment Commission with respect to the issuance of revenue bonds and the investment and disposition of the proceeds thereof and the acquisition, design, planning, and construction of the facilities designated in the resolution authorizing the issuance of the revenue bonds. The reimbursement by the authority of the commission for services provided by the commission shall be considered as part of the costs of the project. Chapter 22 of Title 50 shall be applicable to the selection of persons to provide professional services for any project or any portion thereof constructed in whole or in part with any proceeds from the sale of revenue bonds authorized by this article.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-55 - Refunding bonds

The authority is authorized to provide by resolution for the issuance of revenue refunding bonds of the authority for the purpose of refunding any revenue bonds issued under this article and then outstanding, together with accrued interest thereon. The issuance of such revenue refunding bonds, and maturities and all other details thereof, the rights of the holders thereof, and the duties of the authority in respect to the same shall be governed by this article insofar as the same may be applicable.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-56 - Bonds made securities for investment and deposit purposes

The revenue bonds authorized by this article are made securities in which all public officers and bodies of this state and all municipalities and all political subdivisions of this state; all insurance companies and associations and other persons carrying on an insurance business; all banks, bankers, trust companies, savings banks, and savings associations, including savings and loan associations, building and loan associations, investment companies, financial institutions, and other persons carrying on a banking business; all administrators, guardians, executors, trustees, and other fiduciaries; and all other persons who are authorized to invest in bonds or other obligations of the state may properly and legally invest funds including capital in their control or belonging to them. The revenue bonds are also made securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions of this state for any purpose for which the deposit of the bonds or other obligations of this state may be authorized.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-57 - Validation of bonds; applicability of "Revenue Bond Law."

(a)
Revenue bonds of the authority shall be confirmed and validated in accordance with the procedures of Article 3 of Chapter 82 of Title 36, the "Revenue Bond Law." The revenue bonds and any security therefor when validated and the judgment of validation shall be final and conclusive with respect to such revenue bonds and any security therefor and against the authority issuing the same and any person, firm, corporation, county, municipality, authority, subdivision, instrumentality, or other agency contracting with the authority and any and all other persons who were or could have become parties to the proceedings.
(b)
Revenue bonds issued by the authority shall not be subject to the limitations of term or interest set forth in the "Revenue Bond Law" or any other law.
(c)
Notwithstanding the provisions of the "Revenue Bond Law," in its resolution authorizing the issuance of revenue bonds, the authority, in its discretion, in lieu of specifying the rate or rates of interest which the revenue bonds are to bear, may state that the bonds when issued will bear interest at a rate or rates which may be fixed or variable, not exceeding a maximum per annum rate of interest specified in the resolution. The petition, complaint, notice to the district attorney, and notice to the public required to be filed or published under the "Revenue Bond Law" shall conform to the resolution authorizing the issuance of the revenue bonds.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-58 - Legislative findings; state covenants

It is found, determined, and declared that the carrying out of the purposes of the authority as defined in this article is in all respects for the benefit of the people of this state and that the purposes are public purposes; that the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by this article; and that the activities authorized in this article will develop and promote trade, commerce, industry, and employment opportunities to the public good and the general welfare and promote the general welfare of the state. The state covenants with the holders of the revenue bonds that the authority shall be required to pay no taxes or assessments of the state or its municipalities or political subdivisions upon any of the property acquired or leased by it, or under its jurisdiction, control, possession, or supervision or upon its activities in the acquisition, construction, operation, or maintenance of the facilities erected or acquired by it, including the purchase of tangible personal property for such purposes, or any fees, rentals, or other charges, for the use of such facilities, or any other income received by the authority. Further, the state covenants that the revenue bonds of the authority, their transfer, and the income therefrom shall at all times be exempt from taxation within this state by the state or its municipalities or political subdivisions. Any exemption from taxation provided by this Code section shall not include exemption from sales and use taxes on sales made by the authority in transactions or to persons not otherwise exempt therefrom.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-59 - Inapplicability of "Georgia Uniform Securities Act of 2008."

Revenue bonds issued under the authority of this article shall not be a security within the meaning of, and shall not otherwise be subject to any of the provisions of, Chapter 5 of this title, the "Georgia Uniform Securities Act of 2008."
Amended by 2008 Ga. Laws 528,§ 10, eff. 7/1/2009.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-60 - Jurisdiction over actions

Any action to protect or enforce any rights under this article shall be brought in the Superior Court of Fulton County, Georgia, and any action pertaining to validation of any revenue bonds issued under this article shall likewise be brought in such court which shall have exclusive, original jurisdiction of such actions.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 9 - GEO. L. SMITH II GEORGIA WORLD CONGRESS CENTER (§§ 10-9-1 — 10-9-61) › Article 3 - REVENUE BONDS (§§ 10-9-40 — 10-9-61) › Section 10-9-61 - Cumulative nature of authority powers; power to pledge or assign rents, revenues, earnings, and funds as security for indebtedness

(a)
The powers granted to the authority under this article are cumulative and not in derogation of the powers otherwise granted to the authority under this chapter.
(b)
Without limitation of the foregoing, the authority shall have the power to pledge or assign as security for the payment of, and to apply in the payment of, any indebtedness incurred by the authority under paragraph (9) of subsection (b) of Code Section
10-9-4
any rents, revenues, earnings, and funds derived from or in connection with the facilities undertaken under this article or any project under this chapter or otherwise available to the authority for such purposes, as the authority may determine necessary or appropriate, subject to such limitations or priorities as may be established incident to the issuance of revenue bonds under this article.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 1 - GENERAL PROVISIONS (§§ 10-10-1 — 10-10-7) › Section 10-10-2 - Creation of Seed-Capital Fund

There is created the Seed-Capital Fund to be managed by the center under the authority of the board.
Amended with no change by 2004 Ga. Laws 503, § 1, eff. 5/13/2004.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 1 - GENERAL PROVISIONS (§§ 10-10-1 — 10-10-7) › Section 10-10-3 - Moneys in the fund to be handled in accordance with policies authorized by the board

(a)
The fund is created as a separate fund maintained by the board or a body designated by the board and shall be expended only as provided in this article. Pending their use as equity contributions or as loans, the moneys in the fund may be invested and reinvested in accordance with the investment policies authorized by the board or its designee. The entire cost of administration of the fund, including expenses of the center incurred in connection with the creation, operation, management, liquidation, and investment of fund moneys in enterprises, directly or through investment entities, may be paid from the assets of the fund. All moneys appropriated to or otherwise paid into the fund shall be presumptively concluded to have been committed to the purpose for which they have been appropriated or paid and shall not lapse.
(b)
The fund shall consist of all moneys authorized by law for deposit in the fund, including, but not limited to, gifts, grants, private donations, and funds by government entities authorized to provide funding for the purposes authorized for use of the fund and any payments or returns on investments made by the center.
(c)
In return for equity contributions by the fund, at the discretion of the center, the state shall receive either direct ownership of qualified securities of an enterprise or a limited liability ownership in an investment entity either directly or indirectly through an investment entity as to which the state is the sole limited liability owner as permitted in subsection (c) of Code Section
10-10-4
with rights accruing from investments in qualified securities by the investment entity. With respect to loans made from the fund, the state shall receive repayment of the loan in accordance with its terms, with cash proceeds or other assets from such repayments being deposited in or held through the fund. Additional returns to the state shall be secured through the establishment and growth of innovative enterprises that create new, value added products, processes, and services and encourage growth and diversification in the economy of the state.
(d)
Disbursements from the fund shall be made upon the instruction of the center director in accordance with the policies of the board.
(e)
The center, subject to the approval of the board or its designee, shall be authorized to contract and have contracts and other legal documents prepared to carry out the provisions of this article.
(f)
The board shall have the authority to issue policies governing the management and operation of the fund as needed.
Amended by 2013 Ga. Laws 86,§ 3, eff. 4/29/2013.
Amended by 2006 Ga. Laws 867,§ 2, eff. 5/5/2006.
Amended by 2004 Ga. Laws 503, § 1, eff. 5/13/2004.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 1 - GENERAL PROVISIONS (§§ 10-10-1 — 10-10-7) › Section 10-10-5 - Transfer of funds for making loans

The center, subject to the approval of the board or its designee, may authorize transfers from the fund to make unsecured or secured loans. With respect to such loans, the center, acting on behalf of the state and the fund, shall have the authority to sell loans, mortgages, security interests, and other obligations held by the state through the fund at public or private sale; to negotiate modifications or alterations in loans, mortgages, security interests, and other obligations held by the fund; to foreclose on any security interest in default or commence any action to protect or enforce any right conferred upon it by any law, mortgage, security agreement, deed of trust, deed to secure debt, contract, or other agreement; to bid for and purchase property which was the subject of such loan, mortgage, security interest, or other obligation held by the fund at any foreclosure or at any other sale; to acquire or take possession of such property; and to exercise any and all rights as provided by law or contract for the benefit or protection of the fund.
Added by 2004 Ga. Laws 503, § 1, eff. 5/13/2004.
Former § 10-10-5 was renumbered as § 10-10-6 by 2004 Ga. Laws 503, § 1, eff. 5/13/2004
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 1 - GENERAL PROVISIONS (§§ 10-10-1 — 10-10-7) › Section 10-10-6 - Distribution to be deposited in the fund

All distributions made by an investment entity allocable to the state's limited partner interest or membership interest therein; all cash proceeds with respect to any loan, whether interest, the repayment of principal, or other amounts; or proceeds of the sale or transfer of qualified securities held directly by the fund shall be deposited in the fund for future investment in other investment entities, in other qualified securities of enterprises, for making loans as provided in this article, or to pay the cost of administration of the fund as provided in this article.
Amended by 2013 Ga. Laws 86,§ 4, eff. 4/29/2013.
Renumbered from § 10-10-5 and amended by 2004 Ga. Laws 503, § 1, eff. 5/13/2004.
Former § 10-10-6 was renumbered as § 10-10-7 by 2004 Ga. Laws 503, § 1, eff. 5/13/2004
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 1 - GENERAL PROVISIONS (§§ 10-10-1 — 10-10-7) › Section 10-10-7 - Publishing of annual report by center

The center, on behalf of the board, shall publish in print or electronically an annual report which shall be made available to the Governor, the General Assembly, the Department of Economic Development or any successor agency, the chairperson of the House Committee on Economic Development and Tourism, the chairperson of the Senate Economic Development Committee, and the board setting forth in detail the operations and transactions conducted by it pursuant to this chapter. The annual report shall specifically account for the ways in which the needs, mission, and programs of the center described in this chapter have been carried out. The center shall distribute its annual report by such means that will make it widely available to those innovative enterprises of special importance to the Georgia economy. The center shall not be required to distribute copies of the annual report to the members of the General Assembly but shall notify the members of the availability of the annual report in the manner which it deems to be most effective and efficient.
Amended by 2010 Ga. Laws 615,§ 10, eff. 6/3/2010.
Amended by 2009 Ga. Laws 74,§ 5, eff. 4/30/2009.
Amended by 2005 Ga. Laws 333,§ 3, eff. 7/1/2005.
Renumbered from § 10-10-6 and amended by 2004 Ga. Laws 503, § 1, eff. 5/13/2004.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 2 - INVEST GEORGIA FUND (§§ 10-10-10 — 10-10-20) › Section 10-10-10 - Creation; purpose

Pursuant to the authority granted in Article III, Section IX, Paragraph VI(g) of the Constitution, there is hereby created the Invest Georgia Fund as a distinct component of the Seed-Capital Fund. The General Assembly declares that its purpose in creating the Invest Georgia Fund and enacting this legislation is to increase the amount of private investment capital available in this state for Georgia based business enterprises in the seed, early, or growth stages of business development and which require funding, as well as for established Georgia based business enterprises developing new methods or technologies, including the promotion of research and development purposes, thereby increasing employment, creating additional wealth, and otherwise benefiting the economic welfare of the people of this state. Accordingly, it is the intention of the General Assembly that the Invest Georgia Fund make investments in support of Georgia based business enterprises in accordance with the investment policy authorized and required under this article and focus its investment policy principally on venture capital funds and private equity organizations that invest in Georgia based business enterprises.
Amended by 2024 Ga. Laws 701,§ 2, eff. 7/1/2024.
Added by 2013 Ga. Laws 86,§ 5, eff. 4/29/2013.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 2 - INVEST GEORGIA FUND (§§ 10-10-10 — 10-10-20) › Section 10-10-13 - Responsibilities of board

The board's primary responsibilities shall include:
(1)
Establishing an investment policy for the selection of a fund administrator;
(2)
Selecting a fund administrator to administer the provisions of this article;
(3)
Giving final approval to allocations of designated capital to the venture capital funds selected by the fund administrator;
(4)
Executing and overseeing the contracts of the fund administrator in order to assure compliance with this article; and
(5)
Establishing a policy with respect to use of capital and profits returned to the state pursuant to the provisions of Code Section
10-10-19
.
Added by 2013 Ga. Laws 86,§ 5, eff. 4/29/2013.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 2 - INVEST GEORGIA FUND (§§ 10-10-10 — 10-10-20) › Section 10-10-15 - Expenditure of funds; capitalization; cost of administration

(a)
The Invest Georgia Fund is created as a separate fund maintained by the board, and moneys shall be expended only as provided in this article.
(b)
The Invest Georgia Fund shall be capitalized through grants from the Seed-Capital Fund, designated appropriations to the center, and private contributions to the board.
(c)
The capital raised shall be periodically distributed to the venture capital funds selected by the fund administrator pursuant to Code Section
10-10-14
.
(d)
All moneys appropriated to or otherwise paid into the Invest Georgia Fund shall be presumptively concluded to have been committed to the purpose for which they have been appropriated or paid and shall not lapse.
(e)
The entire cost of administration of the Invest Georgia Fund, including expenses of the center incurred in connection with the creation, operation, management, liquidation, and investment of fund moneys may be paid from the assets of the Invest Georgia Fund.
Added by 2013 Ga. Laws 86,§ 5, eff. 4/29/2013.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 2 - INVEST GEORGIA FUND (§§ 10-10-10 — 10-10-20) › Section 10-10-16 - Five-year funding period

The Invest Georgia Fund may be funded over a five-year period through guidelines developed by the board. In the first year of the Invest Georgia Fund, the state may provide $10 million to the Invest Georgia Fund; in the second year, $15 million; in the third year, $15 million; in the fourth year, $25 million; and in the fifth year, $35 million.
Added by 2013 Ga. Laws 86,§ 5, eff. 4/29/2013.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 2 - INVEST GEORGIA FUND (§§ 10-10-10 — 10-10-20) › Section 10-10-18 - Reports

(a)
Not later than December 31 of each year, each venture capital fund shall report to the board:
(1)
The amount of designated capital remaining uninvested at the end of the preceding calendar year;
(2)
All qualified investments made during the preceding calendar year, including the number of employees of each business at the time the qualified investment was made and as of December 31 of that year;
(3)
For any qualified investment in which the venture capital fund no longer has a position as of the end of the calendar year, the number of employees of the business as of the date the investment was terminated; and
(4)
Any other information the board requires to ascertain the impact of this article on the economy of Georgia.
(b)
Not later than 180 days after the end of its fiscal year, each venture capital fund shall provide to the board an audited financial statement that includes the opinion of an independent certified public accountant.
(c)
Not later than 60 days after the sale or other disposition of a qualified investment, the selling venture capital fund shall provide to the board a report on the amount of the interest sold or disposed of and the consideration received for the sale or disposition.
Added by 2013 Ga. Laws 86,§ 5, eff. 4/29/2013.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 2 - INVEST GEORGIA FUND (§§ 10-10-10 — 10-10-20) › Section 10-10-19 - Retention of designated capital and investment returns

Designated capital and investment returns resulting from the qualified investments made under this article shall be retained and used to make additional qualified investments in venture capital funds selected by the fund administrator; provided, however, that the Invest Georgia Fund shall receive any and all returns representing the principal portion of designated capital and shall receive 80 percent of investment returns in excess of designated capital from each respective venture capital fund with the remaining 20 percent of investment returns in excess of designated capital retained by each respective venture capital fund in accordance with such venture capital fund's partnership agreement.
Added by 2013 Ga. Laws 86,§ 5, eff. 4/29/2013.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 10 - SEED-CAPITAL FUND (§§ 10-10-1 — 10-10-20) › Article 2 - INVEST GEORGIA FUND (§§ 10-10-10 — 10-10-20) › Section 10-10-20 - Report on implementation of article

(a)
(1)
On or before January 1, 2015, and January 1 of each subsequent year, the fund administrator, through the board, shall submit a report on the implementation of this article to the Governor, the Lieutenant Governor, the Speaker of the House of Representatives, and the chairpersons of the Senate Finance Committee and the House Committee on Ways and Means.
(2)
The center shall also publish the report on the center's website in a publicly available format.
(3)
The report published on the website shall not include any proprietary or confidential information.
(b)
The report shall include:
(1)
With respect to each venture capital fund or private equity organization that has received an allocation of designated capital:
(A)
The name and address of the venture capital fund or private equity organization;
(B)
The names of the individuals making qualified investments under this article;
(C)
The amount of designated capital received during the previous year;
(D)
The cumulative amount of designated capital received;
(E)
The amount of designated capital remaining uninvested at the end of the preceding calendar year;
(F)
The names and locations of qualified businesses receiving designated capital and the amount of each qualified investment;
(G)
The annual performance of each qualified investment, including the qualified investment's fair market value as calculated according to generally accepted accounting principles; and
(H)
The amount of any qualified distribution or nonqualified distribution taken during the prior year, including any management fee;
(2)
With respect to the Invest Georgia Fund:
(A)
The amount of designated capital received during the previous year;
(B)
The cumulative amount of designated capital received;
(C)
The amount of designated capital remaining uninvested at the end of the preceding calendar year;
(D)
The names and locations of qualified businesses receiving designated capital and the amount of each qualified investment; and
(E)
The annual performance of each qualified investment, including the qualified investment's fair market value as calculated according to generally accepted accounting principles; and
(3)
With respect to the qualified businesses in which venture capital funds have invested:
(A)
The classification of the qualified businesses according to the industrial sector and the size of the business;
(B)
The total number of jobs created in Georgia by the investment and the average wages paid for the jobs; and
(C)
The total number of jobs retained in Georgia as a result of the investment and the average wages paid for the jobs.
Added by 2013 Ga. Laws 86,§ 5, eff. 4/29/2013.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 11 - BUSINESS RECORDS (§§ 10-11-1 — 10-11-3) › Section 10-11-1 - Definitions

As used in this chapter, the term:
(1)
"Business record" means letters, words, sounds, or numbers, or the equivalent of letters, words, sounds, or numbers, recorded in the operation of a business by handwriting, typewriting, printing, photostat, photograph, magnetic impulse, mechanical or electronic recording, or another form of data compilation.
(2)
"Reproduction" means a counterpart of an original business record created by production from the same impression on the same matrix as the original; photograph, including an enlargement or miniature; mechanical or electronic rerecording; chemical reproduction; or another technique that accurately reproduces the original.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 11 - BUSINESS RECORDS (§§ 10-11-1 — 10-11-3) › Section 10-11-2 - Time period for retention of business records

Unless a specific period is designated by law for their preservation, business records which persons pursuant to the laws of this state are required to keep or preserve may be destroyed after the expiration of three years from the making of such records without constituting an offense under such laws. This Code section does not apply to minute books of corporations or to records of sales or other transactions involving weapons or poisons capable of use in the commission of crimes.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 11 - BUSINESS RECORDS (§§ 10-11-1 — 10-11-3) › Section 10-11-3 - Retention of reproductions of original business records

If, in the regular course of business, a person makes reproductions of original business records, the preservation of such reproductions constitutes compliance with any laws of this state requiring that business records be kept or preserved.
2023 CODE OF GEORGIA › Title 10 - COMMERCE AND TRADE (§§ 10-1-1 — 10-15-7) › Chapter 12 - UNIFORM ELECTRONIC TRANSACTIONS ACT (§§ 10-12-1 — 10-12-20) › Section 10-12-1 - Short title

This chapter shall be known and may be cited as the "Uniform Electronic Transactions Act."
Amended by 2009 Ga. Laws 141,§ 1, eff. 7/1/2009.