§ 2-2-117. Powers.

The powers of the authority shall include, but not be limited to, the power:

(1)

To receive and administer gifts, grants and donations and to administer trusts;

(2)

To borrow or lend money, to issue notes, bonds and revenue bonds, to execute trust agreements or indentures, and to sell, convey, mortgage, pledge and assign any and all of its funds, property and income as security therefor;

(3)

To contract with political subdivisions of the State of Georgia and with private persons and corporations and to sue and be sued in its corporate name;

(4)

To have and exercise usual powers of private corporations except such as are inconsistent with the provisions of this act [article], including the power to appoint and hire agents and employees and to provide for their duties and compensation. Such agents and employees shall serve at the pleasure of the authority; however, the authority shall adopt as a guideline the personnel policies of equal employment opportunity and affirmative action presently used by the governing authority of Henry County. The authority shall also have the power to adopt and amend a corporate seal and bylaws and regulations for the conduct and management of the authority;

(5)

To encourage and promote the expansion and development of industrial and commercial facilities in Henry County so as to relieve insofar as possible unemployment within its boundaries, and to that end:

(a)

to acquire by purchase, gift or construction any real or personal property desired to be acquired as part of any project or for the purpose of improving, extending, adding to, reconstructing, renovating or remodeling any project or part thereof already acquired, or for the purpose of demolition to make room for such project or any part thereof;

(b)

to sell, lease, exchange, transfer, assign, pledge, mortgage or dispose of, or grant options for any such purposes, any real or personal property or interest therein;

(c)

to mortgage, convey, pledge or assign any properties, revenues, income, tolls, charges or fees owned or received by the authority;

(d)

to extend credit or make loans to any person, firm, corporation or other industrial entity for the planning, design, construction, acquisition or carrying out of any project, which credit or loans shall be secured by loan agreements, mortgages, security agreements, contracts and all other instruments or fees or charges, upon such terms and conditions as the authority shall determine reasonable in connection with such loans, including provision for the establishment and maintenance of reserves and insurance funds, and in the exercise of powers granted by this section in connection with a project for such person, firm, corporation or other industrial entity, to require the inclusion in any contract, loan agreement, security agreement or other instrument, such provisions for guaranty, insurance, construction, use, operation, maintenance and financing of a project as the authority may deem necessary or desirable;

(e)

to acquire, accept or retain equitable interests, security interests or other interest in any property, real or personal, by mortgage, assignment, security agreement, pledge, conveyance, contract, lien, loan agreement or other transfer in order to secure the repayment of any monies loaned or credit extended by the authority;

(f)

to construct, acquire, own, repair, remodel, maintain, extend, improve and equip projects located on land owned or leased by the authority or land owned or leased by others and to pay all or part of the cost of any such project from the proceeds of revenue bonds of the authority or from any contribution or loans by persons, firms or corporations or any other contribution, all of which the authority is hereby authorized to receive and accept and use;

(g)

to borrow money and issue its revenue bonds and bond anticipation notes from time to time and use the proceeds thereof for the purpose of paying all or part of the cost of any project, including the cost of extending, adding to or improving such project, or for the purpose of refunding any such bonds of the authority theretofore issued, and to otherwise carry out the purposes of this act [article] and to pay all other costs of the authority incident to, or necessary and appropriate to, such purposes, including the providing of funds to be paid into any fund or funds to secure such bonds and notes; provided that all such bonds and notes shall be issued in accordance with the procedures and subject to the limitations set forth in this act [article];

(h)

as security for repayment of authority obligations, to pledge, mortgage, convey, assign, hypothecate or otherwise encumber any property, real or personal, of such authority and to execute any trust agreement, indenture or security agreement containing any provisions not in conflict with law, which trust agreement, indenture or security agreement may provide for foreclosure or forced sale of any property of the authority upon default on such obligations either in payment of principal or interest or in the performance of any term or condition contained in such agreement or indenture; the State of Georgia on behalf of itself and each county, municipal corporation, political subdivision or taxing district therein hereby waives any right it or such county, municipal corporation, political subdivision or taxing district may have to prevent the forced sale or foreclosure of any property of the authority so mortgaged or encumbered, and any such mortgage or encumbrance may be foreclosed in accordance with law and the terms thereof;

(6)

To receive and administer gifts, own, improve, expand, develop, maintain, sell, donate, lease as lessor or lessee, mortgage, pledge, convey to secure debt, or otherwise encumber or dispose of land, buildings, equipment, furnishings, or property of all kinds, real or personal, within Henry County, Georgia, and to make a contract or contracts and to execute any instrument or document for the accomplishment thereof, or other purposes;

(7)

No building 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 date of transfer of possession. The lessee or purchaser shall be required to pay all costs 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 bonds, both principal and interest, and to pay all other expenses which the authority may have incurred in connection with the undertaking.

(8)

To accumulate its funds from year to year and to invest accumulated funds in any manner that public funds of the State of Georgia or any of its political subdivisions may be invested;

(9)

To designate officers to sign and act for the authority generally or in any specific matter;

(10)

To do any and all acts and things necessary or convenient to accomplish the purpose and powers of the authority as herein stated.

(Ga. Laws 1967, P. 2291, Act No. 108, § 6; Ga. Laws 1980, P. 3087, Act No. 728, § 3)