§ 20-3-208 — Pledge of and lien on revenues to secure bonds

The revenues, rents, purchase payments, financing charges, or other earnings derived from any particular project may be pledged and allocated by the authority pursuant to appropriate resolution as security for any issue of revenue bonds; and such resolution may fully provide for such remedies of bondholders as may be deemed necessary or appropriate by the authority in connection with the issuance of the revenue bonds. A statutory lien on revenues received by the authority in connection with the financing of any project is created for the benefit of the holders of the revenue bonds of the authority issued for such project.

Legislative History

Reenacted by 2024 Ga. Laws 399,§ 3-1, eff. 6/30/2024. Repealed and reserved by 2019 Ga. Laws 296,§ 7-1, eff. 7/1/2019. Part 7 of 2019 Ga. Laws 296, which repealed Article 6, relating to the Private Colleges and Universities Authority, was declared unconstitutional and its implementation was permanently enjoined by Private Colleges and Universities Authorities v. Kemp, No. 2019CV322341 (Superor Court of Fulton County, July 8, 2019)