GA HB548

Restates and consolidates the law governing the Albany-Dougherty Inner City Authority, originally created in 1977, as a public body corporate and state instrumentality with perpetual existence

Authority consists of the Albany mayor (non-voting ex officio) plus seven members appointed by the city commission for two-year terms, with four members constituting a quorum for ordinary business

Grants broad powers including acquiring, constructing, and operating projects; issuing revenue bonds with maturities up to 40 years; entering contracts with public and private entities; and serving as a redevelopment agency under state Redevelopment Powers Law

Revenue bonds are not obligations of the city or county and are payable solely from project revenues, with bonds and their income exempt from state taxation

Authority property is exempt from levy and sale under legal process except for pledged assets, and upon dissolution all property reverts to the City of Albany