Statutes Summary

The Georgia Medical Center Authority (GMCA) was established by the Georgia General Assembly on July 1, 2000 for the provision of biomedical and biotechnical research centers, facilities, and programs based in Augusta, Georgia, and the promotion of continuing investment in the intellectual capacity of the Medical College of Georgia.

In subsequent years, the “Georgia Medical Center Authority Act” (Title 20, Chapter 15 of the Georgia Code) was revised giving the GMCA additional responsibilities as well as a statewide mission. The GMCA’s current responsibilities include:

PURPOSE
The corporate purpose and the general nature of the business of the authority shall be:

1. The provision of life sciences industry research and development and manufacturing facilities and programs based in the State of Georgia
2. The commercialization of biomedical and biotechnical research results
3. The promotion of closer ties between academic institutions* of the state and the biomedical industry so as to capitalize on present and future state intellectual resources
4. The facilitation of the development of a life sciences industrial cluster in the State of Georgia
5. The advancement of local and state economic growth.

POWERS**
The authority is authorized:

1. To construct, acquire, equip, operate and manage life sciences research and development and manufacturing facilities and programs
2. To issue negotiable revenue bonds for life sciences research and development and
   manufacturing facilities, not to exceed $300 Million at any one time
3. To take partial and joint ownership interests in real property
4. To create nonprofit subsidiaries
5. To create investment or revolving loan funds using bond money as seed funds; and
6. To invest in equity investments managed by third party managers

* The powers and authority of the Georgia Medical Center Authority shall not conflict with the powers and authority of the Board of Regents over its institutions.

** For this Statute Summary, only 6 key powers of the 25 powers granted have been listed.