§ 6. Definitions  

Latest version.
  • As used in this Act, the following words and terms have the following meanings:

    (1) The word "Authority" shall mean the "Rabun County Airport Authority" as created by the provisions of this Act.

    (2) The word "project" shall be deemed to mean and include the acquisition, construction, equipping, maintenance, improvement and operation of public airports and landing fields for the use of aircraft, and related buildings and the usual and convenient facilities appertaining to such undertakings and extensions and improvements of such facilities, acquisition of the necessary property, both real and personal, and the lease and sale of any part or all of such facilities, including real and personal property, so as to assure the efficient and proper development, maintenance and operation of such airports and landing fields for the use of aircraft, deemed by the Authority to be necessary, convenient or desirable.

    (3) The term "cost of project" shall embrace the cost of construction, the cost of all lands, properties, rights, easements and franchises acquired, including the payment or reimbursement of reasonable actual costs incurred as a result of utility relocations when such relocations are made necessary by the project, the cost of all machinery, equipment, financing charges, interest prior to and during construction, the cost of engineering, architectural, fiscal and legal expenses, and the cost of plans and specifications, and such other expenses as may be necessary or incident to the financing herein authorized, the construction of any project and improving the same, and the placing of the same in operation. Any obligation or expense incurred for any of the foregoing purposes shall be regarded as a part of the cost of the project and may be paid or reimbursed as such out of any funds of the Authority including the proceeds from any revenue bonds issued under the provisions of this Act for any such project or projects.

    (4) The terms "revenue bonds", "bonds", and "obligations" as used in this Act, shall mean revenue bonds as defined and provided for in [O.C.G.A. § 36-82-61] the Revenue Bond Law, approved February 14, 1957 (Ga. L. 1957, p. 36), as amended, amending the law formerly known as the Revenue Certificate Law of 1937, approved March 31, 1937 (Ga. L. 1937, p. 761), as amended [O.C.G.A. § 36-82-1 et seq.]; and such type of obligations may be issued by the Authority as authorized under said Revenue Bond Law [O.C.G.A. § 36-82-1 et seq.] and any amendments thereto, and in addition shall also mean obligations of the Authority the issuance of which are hereinafter authorized in this Act.

    (5) Any project shall be deemed "self-liquidating", if, in the judgment of the Authority, the revenues and earnings to be derived by the Authority therefrom and all properties used, leased and sold in connection therewith will be sufficient to pay the cost of operating, maintaining and repairing, improving and extending the project and to pay the principal and interest of the revenue bonds which may be issued to finance, in whole or in part, the cost of such project or projects.