2023 CODE OF GEORGIA › Title 36 - LOCAL GOVERNMENT (§§ 36-1-1 — 36-93-1) › PROVISIONS APPLICABLE TO COUNTIES AND MUNICIPAL CORPORATIONS (§§ 36-60-1 — 36-76-11) › Chapter 62 - DEVELOPMENT AUTHORITIES (§§ 36-62-1 — 36-62-19) › Article 1 - [GENERAL PROVISIONS] (§§ 36-62-1 — 36-62-14) › Section 36-62-6.2 - [Additional powers]

(a)
In addition to the powers otherwise granted in this article, each authority shall have the following powers:
(1)
To make and execute intergovernmental assessment agreements, assessment agreements, and agreements for grants or loans to finance or refinance qualifying improvements;
(2)
To finance by loan, grant, or otherwise, including through assessment agreements, and refinance qualifying improvements and to pay the cost of any qualifying improvement from the proceeds of revenue bonds, notes, or other obligations of the authority or any other funds of the authority, or from any contributions or loans by persons, corporations, partnerships, whether limited or general, or other entities, all of which the authority is authorized to receive, accept, and use;
(3)
To issue revenue bonds, notes, or other obligations of the authority and use the proceeds thereof for the purpose of paying, or loaning or granting the proceeds thereof to pay, all or any part of the cost of any qualifying improvement and otherwise to further or carry out the public purpose of the authority and to pay all costs of the authority incidental to, or necessary and appropriate to, furthering or carrying out such purpose;
(4)
To extend credit or make loans or grants to any person, corporation, partnership, whether limited or general, or other entity for the costs of any qualifying improvement or any part of the costs of any qualifying improvement, which credit, loans, or grants may be evidenced or secured by loan agreements, grant agreements, assessment agreements, notes, mortgages, deeds to secure debt, trust deeds, security agreements, assignments, or such other instruments, or by assessments, revenues, fees, or charges, upon such terms and conditions as the authority shall determine to be reasonable in connection with such extension of credit, loans, or grants, including provision for the establishment and maintenance of reserve funds; and, in the exercise of powers granted by this article in connection with any qualifying improvement, the authority shall have the right and power to require the inclusion in any such loan agreement, grant agreement, assessment agreement, note, mortgage, deed to secure debt, trust deed, security agreement, assignment, or other instrument of such provisions or requirements for guaranty of any obligations, insurance, construction, use, operation, maintenance, and financing of a qualifying improvement, and such other terms and conditions as the authority may deem necessary or desirable;
(5)
As security for repayment of any revenue bonds, notes, or other obligations of the authority, to pledge, convey, assign, hypothecate, or otherwise encumber any property of the authority, including, but not limited to, contract rights under intergovernmental assessment agreements and revenues or other funds, and to execute any trust indenture; trust agreement; agreement for the sale of the authority's revenue bonds, notes, or other obligations; loan agreement; security agreement; assignment; or other agreement or instrument as may be necessary or desirable, in the judgment of the authority, to secure any such revenue bonds, notes, or the obligations, which instruments or agreements may provide for foreclosure or forced sale of any property of the authority upon default in any obligation of the authority, either in payment of principal, premium, if any, or interest or in the performance of any term or condition contained in any such agreement or instrument. The State of Georgia, on behalf of itself and each county, municipal corporation, political subdivision, or taxing district therein, waives any right it or such county, municipal corporation, political subdivision, or taxing district may have to prevent the forced sale or foreclosure of any property of the authority upon such default and agrees that any agreement or instrument encumbering such property may be foreclosed in accordance with law and the terms thereof;
(6)
To receive and use the proceeds of any assessment imposed by a municipal corporation or a county to pay the costs of any qualifying improvement or for any other purpose for which the authority may use its own funds pursuant to this article, including the payment of principal or premium, if any, and interest on revenue bonds, notes, or other obligations of the authority; and
(7)
To establish and administer programs and to appoint, select, and employ program administrators and to fix their compensation and pay their expenses.
(b)
When an authority exercises its grant powers given by subsection (a) of this Code section, in determining compliance with Article III, Section VI, Paragraph VI(a) of the Constitution of Georgia, the authority may take into consideration the assessments to be paid by the grant recipient, as well as the substantiality of the public purpose to be achieved by the grant.
Added by 2024 Ga. Laws 494,§ 4, eff. 4/25/2024.