Georgia § 31-7-119 - Holding moneys as trust funds; pledges for payment of bonds.
Full text of Georgia Official Code of Georgia Annotated § 31-7-119 — Holding moneys as trust funds; pledges for payment of bonds., with citation guidance and answers to common questions.
§ 31-7-119. Holding moneys as trust funds; pledges for payment of bonds.
All moneys received pursuant to the authority of this article, whether as proceeds from the sale of revenue bonds or other obligations, as grants or other contributions, or as revenues and earnings, shall be deemed to be trust funds to be held and applied solely as provided in this Code section. In the resolution providing for the issuance of revenue bonds or in the trust indenture, the authority shall provide for the payment of the proceeds of the sale of the bonds, earnings, and revenues to be received to any officer who, or any agency, bank, or trust company which, shall act as trustee of such funds and shall hold and apply the same to the purposes of this article, subject to the provisions of this article and the provisions of any such resolution or any trust indenture. The authority may pledge for the payment of its bonds such assets, funds, and properties as the resolution providing for the issuance of its bonds may provide. Any such pledge made by the authority shall be valid and binding from the time when the pledge is made; the moneys or properties so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act; and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind against the authority, irrespective of whether such parties have notice thereof. No resolution or any other instrument by which a pledge is created need be recorded. (Ga. L. 1980, p. 1466, § 13.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 31-7-119
What does Official Code of Georgia Annotated § 31-7-119 cover?
Section 31-7-119 ("Holding moneys as trust funds; pledges for payment of bonds.") 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 § 31-7-119?
A common citation format is "Official Code of Georgia Annotated § 31-7-119" (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 § 31-7-119 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.