§ 20. Validation.  


Latest version.
  • Bonds of the authority shall be confirmed and validated in accordance with the procedure of O.C.G.A. tit. 36, ch. 82, art. 3 [O.C.G.A. § 36-82-60 et seq.], known as the "Revenue Bond Law." The petition for validation shall also make party defendant to such action the State of Georgia or any municipality, county, authority, political subdivision or instrumentality of the State of Georgia which has contracted with the authority for the services and facilities of the project for which bonds are to be issued and sought to be validated. The state or such municipality, county, authority, political subdivision or instrumentality shall be required to show cause, if any, why such contract or contracts and the terms and conditions thereof should not be inquired into by the court and the validity of the terms thereof be determined and the contract or contracts adjudicated as a part of the basis of the security for the payment of any such bonds of the authority. The bonds, when validated, and the judgment of validation shall be final and conclusive with respect to such bonds and the security for the payment thereof and interest thereon and against the authority issuing the same, the state, and any municipality, county, authority, political subdivision or instrumentality, if a party to the validation proceedings, contracting with the Jackson County Water and Sewerage Authority.