§ 8-317. Authority relative to wharves and factory sites.

The Mayor and Aldermen of the City of Savannah are hereby authorized and empowered to grant and delegate to the Savannah Port Authority the following additional rights, powers and privileges.

(1)

To acquire by purchase, deed of gift or in any other way lands for wharf and factory site purposes with the approval of the Mayor and Aldermen of the City of Savannah. To lease, with the right to sub-lease for a nominal consideration and upon such terms as to said Savannah Port Authority may seem fit and proper, for a term of years, any and all real estate, improved or unimproved, acquired by said Savannah Port Authority for wharf or factory site or other purposes incident to the development of the resources of the port of Savannah and its contiguous territory and its trade incident thereto, such lease or leases, however, to be subject to the approval of the Mayor and Aldermen of the City of Savannah.

(2)

To execute, with the said approval of the Mayor and Aldermen of the City of Savannah, valid options of purchase and of sale and to sell upon such terms as said Savannah Port Authority may deem proper, any or all of the land acquired by said Savannah Port Authority for the purposes aforesaid.

(3)

To build, construct and erect factories or plants and factory buildings on lands acquired by said Savannah Port Authority, and to equip the same for use in developing the port of Savannah, with the consent of the said Mayor and Aldermen of the City of Savannah.

(4)

With the consent and approval of the said Mayor and Aldermen of the City of Savannah, to issue notes, bonds without limit as to amount and other obligations of the said Savannah Port Authority, secured by mortgage, security deed or other indenture on all or any part of the property now held or hereafter acquired by said Savannah Port Authority, for the development of wharf, factory site or other purposes incident to the development of the resources of the harbor and port of Savannah.

(1935 Ga. Laws, page 1171, § 9)