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2006 Georgia Code - 2-10-35

2-10-35. (a)(1) The following funds may be pledged by the authority to the payment of the principal and interest on bonds of the authority, as any resolution authorizing the issuance of the bonds or trust instrument may provide: (A) The revenues, rents, and earnings derived from any particular project or combined projects; (B) Any and all funds from any source received by the Department of Agriculture and pledged and allocated by it to the authority as security for the performance of any lease or leases; or (C) Any and all revenues, rents, and earnings received by the authority, regardless of whether or not such rents, earnings, and revenues were produced by a particular project for which bonds have been issued unless otherwise pledged and allocated. (2) Such funds so pledged, from whatever source received, may include funds received from one or more or all sources and may be set aside into sinking funds at regular intervals, which may be provided in any resolution or trust indenture. (b) All such sinking funds shall be pledged to and charged with the payment of: (1) The interest upon such bonds as such interest falls due; (2) The principal of the bonds as the same falls due; (3) The necessary charges of paying agents for paying principal and interest; and (4) Any premium upon bonds retired by call or purchase. (c) The use and disposition of such sinking funds shall be subject to such regulations as may be provided for in the resolution authorizing the issuance of the bonds or in the trust indenture; but, except as may otherwise be provided in such resolutions or trust indentures, such sinking funds, individually, shall be funds for the benefit of all revenue bonds without distinction or priority of one over another. (d) Subject to the provisions of the resolution authorizing the issuance of the bonds or the provisions of the trust indenture of any given bond issue, any moneys in all sinking funds, after all bonds and the interest thereof for which such sinking funds were pledged have been paid, may be paid into the authority fund provided for in Code Section 2-10-16.

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