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of
the Georgia Code
2006 Georgia Code - 2-10-7
2-10-7. It is found, determined, and declared that the
creation of the authority and the carrying out of its corporate
purposes is in all respects for the benefit of the people of this
state and that the authority is an institution of purely public
charity and will be performing an essential governmental function
in the exercise of the power conferred upon it by this article.
This state covenants with the holders of the bonds that the
authority shall be required to pay no taxes or assessments upon any
of the property acquired or leased by it under its jurisdiction,
control, possession, or supervision or upon its activities in the
operation or maintenance of the projects erected by it nor any
fees, rentals, or other charges for the use of such projects or
other income received by the authority and that the bonds of the
authority, their transfer, and the income therefrom shall at all
times be exempt from taxation from within the state.
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