§ 11. Revenues, earnings, rents, and charges; use.

(a)

For the purpose of earning sufficient revenue to make possible the financing of the construction of the project or projects of the authority with revenue bonds, the authority is authorized and empowered to fix, revise, and collect rents, fees, and charges on each project which it shall cause to be acquired or constructed. Such rents, fees, or charges to be paid for the use of such project or projects shall be so fixed and adjusted as to provide a fund sufficient with other revenue, if any, of such project or projects or of the authority:

(1)

To pay the cost of operating, maintaining, and repairing the project or projects, including reserves for insurance and extraordinary repairs and other reserves required by the resolution or trust agreement or indenture pertaining to such bonds and the issuance thereof, unless such cost shall be otherwise provided for;

(2)

To pay the principal of and interest on such revenue bonds as the same shall become due, including call premium, if any, the proceeds of which shall have been or will be used to pay the cost of such project or projects;

(3)

To comply with any sinking fund requirements contained in the resolution or trust agreement or indenture pertaining to the issuance of and security for such bonds;

(4)

To perform fully all provisions of such resolution and trust agreement or indenture relating to the issuance of or security for such bonds to the payment of which such rent is pledged;

(5)

To accumulate any excess income which may be required by the purchasers of such bonds or may be dictated by the requirements of such resolution, trust agreement, or indenture, or of achieving ready marketability of and low interest rates on such bonds; and

(6)

To pay any expenses in connection with such bond issue or of such project or projects, including but not limited to trustees', attorneys', and fiscal agents' fees.

(b)

Such rent shall be payable at such intervals as may be agreed upon and set forth in the rental contract or lease providing therefor, and any such contract or lease may provide for the commencement of rent payments to the authority prior to the completion of the undertaking by the authority of any such project and may provide for the payment of rent during such times as such project or projects may be partially or wholly untenantable.

(c)

Such rental contract or lease may obligate the tenants or lessees to operate, maintain, and keep in good repair, including complete reconstruction, if necessary, the rented or leased premises and projects, regardless of the cause of the necessity of such maintenance, repair, or reconstruction.

(d)

Such rental contract or lease may obligate the tenants or lessees to indemnify and save harmless the authority from any and all damage to persons and property occurring on or by reason of the leased property or improvements thereon and to undertake, at the expense of the tenants or lessees, the defense of any action brought against the authority by reason of injury or damages to persons or property occurring on or by reason of the leased premises.

(e)

In the event of any failure or refusal on the part of the tenants or lessees to perform punctually any covenant or obligation contained in any such rental contract or lease, the authority may enforce performance by any legal or equitable process against the tenants or lessees.

(f)

The authority shall be permitted to assign any rent payable to it, pursuant to such rental contract or lease, to a trustee or paying agent as may be required by the terms of the resolution or trust agreement or indenture relating to the issuance of and security for such bonds.

(g)

The use and disposition of the authority's revenue shall be subject to the provisions of the resolution authorizing the issuance of such bonds or of the trust agreement or indenture, if any, securing the same.

(2005 Ga. Laws (Act No. 215), page 3738, § 11)