Georgia Code, Title 46, Chapter 3, Article 3 - Municipal Electric Authority of Georgia

• § 46-3-110 - Declaration of Necessity
  Whereas certain political subdivisions of this state now own and operate electric distribution systems to serve their citizens, inhabitants, and customers by providing them...
• § 46-3-111 - Definitions
  As used in this article, the term: (1) "Authority" means the Municipal Electric Authority of Georgia and any successor thereto. Any change in name...
• § 46-3-112 - Creation of Authority; Status of Authority As Instrumentality of State; Location of Principal Office and Legal Situs or Residence of Authority
  There is created a public body corporate and politic to be known as the Municipal Electric Authority of Georgia, which shall be a public...
• § 46-3-113 - Number of Members of Authority; Creation of Municipal Electric Committee of Georgia Membership Election Committee; Designation of Members; Selection of Officers; Receiving of Nominations, Election and Terms of First Members of Authority
  (a) The authority shall consist of nine members. The first nine members shall be elected as provided in this Code section.(b) On or before...
• § 46-3-114 - Residency Requirements for Authority Members; Ineligibility of Election Committee Representatives for Membership; Eligibility of Members to Succeed Themselves
  Each member of the authority shall be a resident of one of the political subdivisions represented on the election committee, but, insofar as is...
• § 46-3-115 - Terms of Authority Members Generally; Time of Meeting of Election Committee Prior to Annual Meeting of Authority
  Upon the expiration of the terms of the first members of the authority, members shall be elected for three-year terms, provided that in the...
• § 46-3-116 - Selection of Additional Representatives to Election Committee by Political Subdivisions Subsequently Contracting With Authority
  (a) Each political subdivision contracting with the authority (other than for short-term purchases) following the election of the first nine members of the authority...
• § 46-3-117 - Manner of Distribution of Votes Among Representatives to Election Committee; Quorum of Election Committee
  (a) In elections held by the election committee to elect members to the authority, each political subdivision entitled to representation on the election committee...
• § 46-3-118 - Vacancies on Authority
  Any vacancy in the membership of the authority shall be filled by a new member who shall be elected by the remaining members of...
• § 46-3-119 - Officers of Authority
  The authority shall elect from its membership a chairman, a vice-chairman, a secretary-treasurer, and an assistant secretary-treasurer. Such officers shall serve for such terms...
• § 46-3-120 - Quorum of Authority; Action by Majority Vote; Adjournment of Meetings At Which Less Than a Majority is Present
  At all meetings of the authority, the presence in person of a majority of the members in office shall be necessary for the transaction...
• § 46-3-121 - Annual Meeting of Authority; Special Meetings; Notice of Meetings; Waiver of Notice; Regular Meetings Other Than Annual Meeting
  (a) The annual meeting of the authority shall be held on the anniversary date of the first meeting of the authority unless the date,...
• § 46-3-122 - Reimbursement of Members for Expenses; Making of Rules and Regulations by Authority; Employment of Staff and Personnel; Designation of Assistant Secretary-Treasurer
  The members of the authority shall not be entitled to compensation for their services but may be reimbursed by the authority for their actual...
• § 46-3-123 - Removal of Authority Members From Office
  The election committee shall have the power to remove from office any member of the authority for cause after written notice and public hearing.
• § 46-3-124 - Books and Records Generally
  The authority shall keep suitable books and records of all its obligations, contracts, transactions, and undertakings; of all income and receipts of every nature;...
• § 46-3-125 - Purpose of Authority
  The purpose of the authority shall be to acquire or construct, or to acquire and construct, and to operate and maintain, or to cause...
• § 46-3-126 - Powers of Authority Generally
  The authority shall have all powers necessary or convenient to carry out and effectuate the purpose and provisions of this article including, but without...
• § 46-3-127 - Policy As to Nonprofit Operation of Projects by Authority; Fixing of Rates, Fees, and Charges by Authority
  The authority shall not operate or construct any project for profit except insofar as any such profit will inure to the benefit of the...
• § 46-3-128 - Declaration of Authority Property As Public Property; Payments by Authority in Lieu of Taxes; Tax Exemption for Authority Property, Income, Obligations, and Debt Interest
  (a) It is found, determined, and declared that the creation of the authority and the carrying out of its corporate purposes are in all...
• § 46-3-129 - Contracts Between Authority and Political Subdivisions for Use of Projects and Facilities of Authority
  (a) The authority may contract with any political subdivision of this state which is authorized by Code Section 46-3-130 to make such contracts for...
• § 46-3-130 - Eligibility of Political Subdivisions to Contract With Authority
  The political subdivisions with which the authority shall be authorized to contract to provide an electric power supply pursuant to this article shall be...
• § 46-3-131 - Issuance of Revenue Bonds and Bond Anticipation Notes in General
  (a) When the authority desires to issue revenue bonds as permitted by this article, the authority shall, prior to the adoption of a resolution...
• § 46-3-132 - Validation of Contracts for Payments Pledged As Security for Bonds
  (a) When payments which are made by political subdivisions pursuant to contracts entered into under subsection (a) of Code Section 46-3-131 are pledged as...
• § 46-3-133 - Failure of District Attorney to Pursue Judicial Validation of Bonds
  In all cases where the authority has adopted a resolution for the issuance of revenue bonds, and where notice has been duly served upon...
• § 46-3-134 - Bonds As Legal Investments; Depositing Bonds With Public Officers and Bodies of State
  The bonds authorized by this article shall be securities in which: (1) All public officers and bodies of this state; (2) All political subdivisions...
• § 46-3-135 - Pledge of Authority's Revenues and Earnings to Payment of Principal of and Interest on Bonds; Setting Aside of Pledged Revenues and Earnings Into Sinking Funds
  (a) All or any part of the gross or net revenues and earnings derived from any particular project and any and all revenues and...
• § 46-3-136 - Securing of Bonds by Trust Agreement or Indenture
  (a) In the discretion of the authority, any issue of revenue bonds may be secured by a trust agreement or indenture made by the...
• § 46-3-137 - Application of Bond Proceeds to Cost of Projects; Issuance of Additional Bonds to Remedy Deficit in Proceeds From Bond Issue; Application of Surplus Proceeds
  (a) Proceeds of the bonds issued under authority of this article shall be used solely for the payment of the cost of projects and...
• § 46-3-138 - Mutilated, Lost, Stolen, or Destroyed Bonds and Coupons
  (a) If any bond becomes mutilated or is lost, stolen, or destroyed, the authority may execute and deliver a new bond of like date...
• § 46-3-139 - Interest on Bonds
  Interest shall cease to accrue on any bond on the date that such bond becomes due for payment if said payment is made or...
• § 46-3-140 - Cancellation of Evidences of Indebtedness and Interest Coupons
  Unless otherwise directed by the authority, every evidence of indebtedness and interest coupon paid or otherwise retired shall forthwith be marked "canceled" and shall...
• § 46-3-141 - Records of Evidences of Indebtedness Issued
  The fiscal officer of the authority or his agent shall maintain records containing a full and correct description of each evidence of indebtedness issued,...
• § 46-3-142 - Paying Agents for Bonds
  The authority may appoint one or more paying agents for each issue or series or installment of bonds. Every such paying agent shall be...
• § 46-3-143 - Bond Anticipation Notes
  (a) The authority shall have the power and is authorized, whenever revenue bonds of the authority have been validated as provided in Code Section...
• § 46-3-144 - Negotiability of Bonds, Notes, and Other Evidences of Debt
  Notwithstanding any other law to the contrary, every evidence of indebtedness issued under this article shall have all the rights and incidences of negotiable...
• § 46-3-145 - Liability of Members of Authority on Bonds and Notes; Obligations of State and Political Subdivisions in Regard to Issued Bonds or Notes; Requirement As to Recital on Face of Bonds and Notes
  (a) Neither the members of the authority nor any person executing bonds or notes on behalf of the authority shall be personally liable thereon...
• § 46-3-146 - Preservation of Interests and Rights of Owners of Bonds and Notes
  While any of the bonds or notes issued by the authority remain outstanding, the powers, duties, or existence of the authority or of its...
• § 46-3-147 - Appointment of Receiver for Authority for Default on Bonds; Duties of Receiver; Termination of Receivership; Jurisdiction of Court Over Receiver
  (a) If the authority defaults on the payment of the principal or interest on any of the revenue bonds after the same become due,...
• § 46-3-148 - Fixing, Revising, and Collecting Fees, Tolls, and Charges for Use of Projects; Application of Revenues; Time of Payment; Indemnity by Political Subdivisions; Enforcement; Assignment of Payments; Issuing Resolutions Governing Disposition of Revenues
  (a) For the purpose of earning sufficient revenue to make possible the financing of the construction of the projects of the authority with revenue...
• § 46-3-149 - Status of Authority's Funds Received From Revenue Bonds, Fees, Tolls, Charges, Gifts, Grants, or Other Contributions As Trust Funds; Lien of Bond Owners on Funds
  All funds received pursuant to authority of this article, whether as proceeds from the sale of revenue bonds or as revenues, fees, tolls, charges,...
• § 46-3-150 - Audits of Authority and of Funds Established in Connection With Its Debt
  The authority, together with all funds established in connection with its debt, shall be audited no less frequently than annually by an independent certified...
• § 46-3-151 - Venue of Actions
  Any action to protect or enforce any rights under this article brought in the courts of this state shall be brought in the Superior...
• § 46-3-152 - Jurisdiction of Commission Over Rates, Services, and Practices of Authority
  The rates, services, and practices relating to the generation, transmission, and sale by the authority of power to be generated from the projects authorized...
• § 46-3-153 - Applicability of Other Laws to Meetings and Records of Authority
  Meetings of the authority shall be subject to Chapter 14 of Title 50. All records of the authority shall be subject to Article 4...
• § 46-3-154 - Supplemental Nature of Powers Conferred by Article
  The provisions of this article shall be regarded as supplementary and additional to and cumulative of powers conferred by other laws and shall not...
• § 46-3-155 - Construction of Article
  This article, being for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes hereof.

Last modified: October 14, 2016