There is a newer version of the Georgia Code
2006 Georgia Code - 20-15-620-15-6. It is found, determined, and declared that the creation of the authority and the carrying out of its corporate purposes are in all respects for the benefit of the people of this state and constitute a public purpose and that the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by this chapter. The State of Georgia 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 or under its jurisdiction, control, possession, or supervision or upon its activities in the operation or maintenance of the facilities erected, maintained, or acquired by it or any fees, rentals, or other charges for the use of such facilities 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 within the state; provided, however, in no event shall the exemptions granted in this Code section extend to any lessee or other private person or entity. The exemption from taxation provided for in this Code section shall include exemptions from sales and use taxes on property purchased by the authority.
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