§ 8. Revenue bonds  

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  • The Authority, or any authority or body which has succeeded, or which may in the future succeed, to the powers, duties and liabilities vested in the Authority created hereby, shall have the power, and is hereby authorized, to provide by resolution for the issuance of negotiable revenue bonds, for the purpose of paying all or any part of the cost as herein defined of any one or more projects. The principal and interest of such revenue bonds shall be payable solely from the special fund herein provided for such payment. The bonds of each issue shall be dated, shall bear interest at such rate or rates as may be authorized by the Authority, shall be payable semiannually, shall mature at such time or times not exceeding forty years from their date or dates, shall be payable in such medium of payment as to both principal and interest as may be determined by the Authority, and may be made redeemable before maturity at the option of the Authority, at such price or prices and under such terms and conditions as may be fixed by the Authority in the resolution providing for the issuance of the bonds. Such revenue bonds or obligations shall be issued pursuant to, and in conformity with, the Revenue Bond Law, approved February 14, 1957 (Ga. L. 1957, p. 36), 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.]. All procedures pertaining to such issuance and the conditions thereof shall be the same as those contained in said Revenue Bond Law [O.C.G.A. § 36-82-1 et seq.] and any amendments thereto.