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the Georgia Code
2006 Georgia Code - 46-9-331
46-9-331. The authority is created for nonprofit and
public purposes; and it is found, determined, and declared that the
creation of the authority and the carrying out of its corporate
purpose is in all respects for the benefit of the people of the
state, that the authority is an institution of purely public
charity and will be performing an essential governmental function
in the exercise of the powers conferred upon it by this article,
and for such reasons the state covenants with the holders from time
to time of the bonds, notes, and other obligations issued hereunder
that the authority shall not be required to pay any taxes or
assessments imposed by the state or any of its counties, municipal
corporations, political subdivisions, or taxing districts upon any
property acquired by the authority or under its jurisdiction,
control, possession, or supervision or leased by it to others or
upon its activities in the operation or maintenance of any such
property or on any income derived by the authority in the form of
fees, recording fees, rentals, charges, purchase price,
installments, or otherwise, and that the bonds, notes, and other
obligations of the authority, their transfer, and the income
therefrom shall at all times be exempt from taxation within the
state.
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