§ 1-3-1. Created, organization, etc.

Article V, Section IX, Paragraph I of the Constitution is hereby amended by adding at the end thereof the following:

"There is hereby created a body corporate and politic to be known as the 'Henry County Development Authority' which shall be deemed to be an instrumentality of the State of Georgia and a public corporation, its scope and jurisdiction to be limited to the territory embraced within the limits of Henry County. The County and any municipality located therein may contract with the Authority as a public corporation as provided by the Constitution of Georgia.

"The members of the authority, their qualifications, terms and method of election or appointment, shall be prescribed by law by the General Assembly. The authority shall have such duties, powers, and authority as shall be prescribed by law and the General Assembly may pass all other necessary legislation for the implementation of this amendment.

"The property, obligations and the interest on the obligations of the authority shall have the same immunity from taxation as the property, obligations and the interest of the obligations of Henry County. The exemptions from taxation herein provided shall not include exemptions from sales and use taxes on property purchased by the authority or for use by the authority.

"All lands and improvements thereon, the title to which is vested in the authority, and all debentures and revenue bonds issued by the authority, shall be exempt from state and local taxation. The exemption from taxation herein provided shall not extend to tenants nor lessees of the authority.

"Said authority is created for the purpose of developing, promoting and expanding for the public good and general welfare, industry, agriculture, commerce, natural resources, and vocational training and for the making of long range plans for the coordination of such development, promotion and expansion within its territorial limits. The authority shall not be empowered or authorized in any manner to create a debt as against the State of Georgia or Henry County. The authority is created for nonprofit purposes and all property acquired by the authority and any funds realized by the authority shall be used continually and exclusively for the purposes for which the authority is created.

"No building or facility acquired hereunder shall be operated by the authority but shall be leased or sold to one or more persons, firms or corporations. If sold, the purchase price may be paid at one time or in installments falling due in not more than thirty (30) years from the day of transfer of possession. The lessee or purchaser shall be required to pay all cost of operating and maintaining the building or buildings and to pay rentals or installments sufficient, together with other revenues which may be pledged for the purpose, to retire all indebtedness, both principal and interest, and to pay all other expenses which the authority may have incurred in connection with the undertaking."

(Ga. Laws 1966, P. 853, Act No. 58, § 1)

Editor's note

The above amendment was ratified by the electors at the November 8, 1960 election as required by section 2 of the act proposing the amendment.