GA SB 183 (Permanent Toll Roads)
To amend Part 1 of Article 2 of Chapter 10 of Title 32 of the Official Code of Georgia Annotated, relating to general provisions relative to the State Road and Tollway Authority, so as to provide for a definition; to provide for powers of the authority; to allow for the indefinite collection of tolls in certain instances; to provide for submission of an annual report on certain toll collections to the General Assembly; to provide for letting of contracts by competitive bids; to provide for related matters; to repeal conflicting laws; and for other purposes.
Provisions in this bill change Georgia law to allow for permanent toll roads with no expiration on collections.
It allows the State Road and Tollway Authority (SRTA) to extend credit or make loans to any person, firm, corporation, limited liability company, or other type of entity for the planning, design, construction, acquisition, financing, refinancing, operating, maintaining, or carrying out of any project. Such credit or loans may be secured by loan agreements, deeds to secure debt, security agreements, contracts, and all other instruments, tolls, 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. Any contract, loan agreement, deed to secure debt, security agreement, or other instrument, may include provisions for guaranty, insurance, construction, use, operation, maintenance, and financing of a project as the authority may deem necessary or desirable.
It also incorporates one or more nonprofit corporations as subsidiary corporations of the authority for the purpose of carrying out any of the powers of the authority and to accomplish any of the purposes of the authority, and more.
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