Georgia § 32-10-13 - Composition of authority's fund; purposes for which fund may be pledged or utilized.
Full text of Georgia Official Code of Georgia Annotated § 32-10-13 — Composition of authority's fund; purposes for which fund may be pledged or utilized., with citation guidance and answers to common questions.
§ 32-10-13. Composition of authority's fund; purposes for which fund may be pledged or utilized.
All revenues in excess of all obligations of the authority, of every nature, which are not otherwise pledged or restricted as to disposition and use by the terms of any trust indenture entered into by the authority for the security of bonds issued under this article, together with all receipts and gifts of every kind and nature whatsoever, shall be and become the authority fund. The authority, in its discretion, shall pledge or utilize the authority fund for any one or more of the following purposes: Pledges to the payment of any bond issue requirements, sinking or reserve funds, as may be provided for under the terms of this article; Payment of any outstanding unpaid bond obligations or administrative expenses; The construction of any project requested by the board, the cost of which may amount to a sum less than the accumulated balance of such fund; The most advantageous obtainable purchase redemption and retirement of the authority's bonds pursuant to privileges accorded to the authority in the various issues of bonds outstanding; The most advantageous open market purchase of the authority's bonds that it may accomplish; or Investment in obligations of the United States government or obligations of agencies of the United States government, the payment of which is guaranteed by the United States government, of guaranteed convertibility or maturity not in excess of two years, provided that funds so invested and income from such investments shall always be available to and ultimately expended for other purposes set forth in this Code section. (Ga. L. 1953, Jan.-Feb. Sess., p. 626, § 12; Ga. L. 1955, p. 124, § 14; Ga. L. 1961, p. 3, § 10; Ga. L. 1967, p. 385, § 12; Code 1933, § 95A-1213, enacted by Ga. L. 1973, p. 947, § 1; Ga. L. 1991, p. 94, § 32.)
Frequently Asked Questions About Georgia § 32-10-13
What does Official Code of Georgia Annotated § 32-10-13 cover?
Section 32-10-13 ("Composition of authority's fund; purposes for which fund may be pledged or utilized.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 32-10-13?
A common citation format is "Official Code of Georgia Annotated § 32-10-13" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 32-10-13 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.