Tenn. Code Ann. § 64-6-106 — TN Code / Title 64 / Chapter 6 / Section 64-6-106
Powers of the authority
Status: in_force

(a) In addition to powers and authority granted to a corporation under title 7, chapter 53, the authority is authorized and empowered to: (1) Accept any gifts, or grants, loans of funds or financial or other aid in any form from the federal government or any agency or instrumentality of the federal government or from the state or a municipality, including a participating municipality, or from any other source and to comply, subject to this chapter, with the terms and conditions thereof; and (2) Provide technical assistance to participating municipalities in planning for the development of the megasite. (b) The authority is authorized and empowered to issue bonds from time to time. All provisions of title 7, chapter 53, regarding bonds shall apply to the authority and any bonds issued by the authority. Any resolution of the authority authorizing the sale of bonds shall be submitted to the state funding board established by § 9-9-101 , and the resolution shall only become effective upon receiving the approval of the state funding board. The state funding board, upon rejecting any resolution of the board authorizing any bond issue, shall state in writing the reasons for this action. Acts 2007 , ch. 426, § 1.
(a) In addition to powers and authority granted to a corporation under title 7, chapter 53, the authority is authorized and empowered to: (1) Accept any gifts, or grants, loans of funds or financial or other aid in any form from the federal government or any agency or instrumentality of the federal government or from the state or a municipality, including a participating municipality, or from any other source and to comply, subject to this chapter, with the terms and conditions thereof; and (2) Provide technical assistance to participating municipalities in planning for the development of the megasite.
(1) Accept any gifts, or grants, loans of funds or financial or other aid in any form from the federal government or any agency or instrumentality of the federal government or from the state or a municipality, including a participating municipality, or from any other source and to comply, subject to this chapter, with the terms and conditions thereof; and
(2) Provide technical assistance to participating municipalities in planning for the development of the megasite.
(b) The authority is authorized and empowered to issue bonds from time to time. All provisions of title 7, chapter 53, regarding bonds shall apply to the authority and any bonds issued by the authority. Any resolution of the authority authorizing the sale of bonds shall be submitted to the state funding board established by § 9-9-101 , and the resolution shall only become effective upon receiving the approval of the state funding board. The state funding board, upon rejecting any resolution of the board authorizing any bond issue, shall state in writing the reasons for this action.
Acts 2007 , ch. 426, § 1.
Tenn. Code Ann. § 64-1-208 — TN Code / Title 64 / Chapter 1 / Section 64-1-208
Local improvements
Status: in_force

Any one (1) county, individually, or in combination with one (1) or more counties, may undertake works of improvements as provided for in this part with the authority and the state, if such works are not in conflict with the basin-wide plans for control of water. A majority of the members of the board of directors representing such county wanting to act individually, together with the member at large, as provided for in § 64-1-203(a)(2)(A)(iii) , are sufficient to make all decisions and take action for the board with regard to works of improvements for such county. Acts 1973, ch. 409, § 8; T.C.A., § 66-1-208 .
Any one (1) county, individually, or in combination with one (1) or more counties, may undertake works of improvements as provided for in this part with the authority and the state, if such works are not in conflict with the basin-wide plans for control of water. A majority of the members of the board of directors representing such county wanting to act individually, together with the member at large, as provided for in § 64-1-203(a)(2)(A)(iii) , are sufficient to make all decisions and take action for the board with regard to works of improvements for such county.
Acts 1973, ch. 409, § 8; T.C.A., § 66-1-208 .
Tenn. Code Ann. § 64-1-703 — TN Code / Title 64 / Chapter 1 / Section 64-1-703
Powers and duties
Status: in_force

The powers, duties and functions of the agency are to: (1) General: (A) Have perpetual succession in the corporate name; (B) Sue and be sued in the corporate name; (C) Adopt, use and alter a corporate seal, which shall be judicially noticed; (D) Enter into such contracts and cooperative agreements with the United States and the Tennessee Valley authority for the development, management and sale of the development lands containing such terms and conditions as the board of directors may deem necessary or convenient, respecting the exercise of any and all rights, powers and authorities granted to the agency under this part; (E) Enter into such contracts and cooperative agreements with other federal, state and local governments, with agencies of such governments, with private individuals, corporations, associations and other organizations as the board of directors may deem necessary or convenient to enable it to carry out the purposes of this part; (F) Adopt, amend and repeal bylaws; (G) Appoint such managers, officers, employees, attorneys and agents as the board deems necessary for the transaction of its business, fix their compensation, define their duties and require bonds of such of them as the board may determine. This authority includes, without limitation, the appointment of an executive director of the agency who shall be in charge of the day-to-day operations of the agency and a treasurer who shall be charged with responsibility for maintaining the books of account of the agency and control of the deposit and disbursement of the funds of the agency. The salary of any such employees may be paid out of such funds as may be available to the agency from any source; (H) Apply for or accept grants, loans or other financial assistance from any federal, state, county or municipal agency, in aid of the acquisition, planning, development, management or operation of the lands, improvements to lands or facilities provided for in this part; (I) Accept donations to the agency of cash, lands or other property to be used in furtherance of the purposes of the agency; (J) Purchase, rent, lease or otherwise acquire any and all kinds of property, real, personal or mixed, tangible or intangible, or interests therein, and whether or not subject to encumbrances of any kind, that the agency deems necessary or convenient to carry out its purposes; (K) Establish and charge such fees for the use of lands, interests in lands, or facilities the agency may acquire or construct as the agency deems appropriate; (L) Promulgate and enforce such rules and regulations with respect to the use of lands, interests in lands or facilities the agency may acquire or construct that the agency deems necessary to protect such lands and facilities, to provide for the convenient and safe use thereof, or to provide for the orderly administration and efficient operation thereof; (M) Sell, transfer, lease or otherwise dispose of any personal property, tangible or intangible, of the agency, including sales, leases and transfers to industrial, commercial and residential developers, for such consideration and upon such terms as the agency deems appropriate; (N) Acquire such property of any kind, real, personal or mixed, or any interest therein, including leaseholds or easements, that is located within the boundary of the Tellico Reservoir project area as shown on the official tract maps of the Tennessee Valley authority and that the agency determines is necessary to carry out its purposes. The amount and character of lands or interests therein to be acquired by the agency shall be determined by the board; (O) The agency has any further or additional powers as are necessary to carry out the purposes of this part, and the powers set forth in this section are supplemental to and not in derogation of the powers afforded such agencies under the laws of the state; (P) Provide for the comprehensive development of the development lands through construction of facilities, including, without limitation, roads, water treatment and distribution systems, waste water treatment and collection systems, gas systems, electric utilities and such other public works projects as are set forth in [former] § 5-11-102(9) [repealed]; (2) Financing: (A) The agency has the authority to borrow funds from time to time in such amounts as may be determined by the board of directors for the purpose of paying in whole or in part the cost of the acquisition of land or interests in land, for the improvement of the land or for constructing facilities within or in conjunction with the development of such land, and the necessary expenses incidental thereto or for any other purpose in furtherance of the purposes of this part; (B) The agency may secure such borrowings by the issuance of bonds, notes or instruments of indebtedness and may secure such bonds, notes or instruments of indebtedness by a pledge of all or any of the revenues which may now or hereafter come to the agency from any source, by a mortgage or deed of trust of the agency's land or any part of the land or interest in the land, or by a combination of the two; (C) The agency may make such contracts in the issuance of such bonds, notes or instruments of indebtedness as may be necessary to assure the marketability thereof; (D) The agency is hereby declared to be performing a public function on behalf of the state and the municipalities that constitute and are represented on its board of directors. Accordingly, the agency and all properties at any time owned by it and the income and revenues therefrom and all bonds issued by it and the income therefrom are exempt from all taxation in this state. For purposes of the Securities Act of 1980, compiled in title 48, chapter 1, part 1, and any amendment to the act or substitution for the act, bonds issued by the agency are deemed to be securities issued by a public instrumentality or a political subdivision of the state; (E) So long as title to land or rights or interests acquired in land or ownership of facilities or improvements acquired or constructed by the agency under the authority of this part shall remain in the agency, such property and the income therefrom shall be exempt from all state, county and municipal taxation. Such exemption shall not extend to the leasehold or other interest in such property that may be held by any private person or private firm or corporation; and (3) Nothing contained within this part shall be construed to grant the power of eminent domain to the agency. Acts 1982, ch. 679, § 4; 1984, ch. 913, §§ 4-6.
The powers, duties and functions of the agency are to:
(1) General: (A) Have perpetual succession in the corporate name; (B) Sue and be sued in the corporate name; (C) Adopt, use and alter a corporate seal, which shall be judicially noticed; (D) Enter into such contracts and cooperative agreements with the United States and the Tennessee Valley authority for the development, management and sale of the development lands containing such terms and conditions as the board of directors may deem necessary or convenient, respecting the exercise of any and all rights, powers and authorities granted to the agency under this part; (E) Enter into such contracts and cooperative agreements with other federal, state and local governments, with agencies of such governments, with private individuals, corporations, associations and other organizations as the board of directors may deem necessary or convenient to enable it to carry out the purposes of this part; (F) Adopt, amend and repeal bylaws; (G) Appoint such managers, officers, employees, attorneys and agents as the board deems necessary for the transaction of its business, fix their compensation, define their duties and require bonds of such of them as the board may determine. This authority includes, without limitation, the appointment of an executive director of the agency who shall be in charge of the day-to-day operations of the agency and a treasurer who shall be charged with responsibility for maintaining the books of account of the agency and control of the deposit and disbursement of the funds of the agency. The salary of any such employees may be paid out of such funds as may be available to the agency from any source; (H) Apply for or accept grants, loans or other financial assistance from any federal, state, county or municipal agency, in aid of the acquisition, planning, development, management or operation of the lands, improvements to lands or facilities provided for in this part; (I) Accept donations to the agency of cash, lands or other property to be used in furtherance of the purposes of the agency; (J) Purchase, rent, lease or otherwise acquire any and all kinds of property, real, personal or mixed, tangible or intangible, or interests therein, and whether or not subject to encumbrances of any kind, that the agency deems necessary or convenient to carry out its purposes; (K) Establish and charge such fees for the use of lands, interests in lands, or facilities the agency may acquire or construct as the agency deems appropriate; (L) Promulgate and enforce such rules and regulations with respect to the use of lands, interests in lands or facilities the agency may acquire or construct that the agency deems necessary to protect such lands and facilities, to provide for the convenient and safe use thereof, or to provide for the orderly administration and efficient operation thereof; (M) Sell, transfer, lease or otherwise dispose of any personal property, tangible or intangible, of the agency, including sales, leases and transfers to industrial, commercial and residential developers, for such consideration and upon such terms as the agency deems appropriate; (N) Acquire such property of any kind, real, personal or mixed, or any interest therein, including leaseholds or easements, that is located within the boundary of the Tellico Reservoir project area as shown on the official tract maps of the Tennessee Valley authority and that the agency determines is necessary to carry out its purposes. The amount and character of lands or interests therein to be acquired by the agency shall be determined by the board; (O) The agency has any further or additional powers as are necessary to carry out the purposes of this part, and the powers set forth in this section are supplemental to and not in derogation of the powers afforded such agencies under the laws of the state; (P) Provide for the comprehensive development of the development lands through construction of facilities, including, without limitation, roads, water treatment and distribution systems, waste water treatment and collection systems, gas systems, electric utilities and such other public works projects as are set forth in [former] § 5-11-102(9) [repealed];
(A) Have perpetual succession in the corporate name;
(B) Sue and be sued in the corporate name;
(C) Adopt, use and alter a corporate seal, which shall be judicially noticed;
(D) Enter into such contracts and cooperative agreements with the United States and the Tennessee Valley authority for the development, management and sale of the development lands containing such terms and conditions as the board of directors may deem necessary or convenient, respecting the exercise of any and all rights, powers and authorities granted to the agency under this part;
(E) Enter into such contracts and cooperative agreements with other federal, state and local governments, with agencies of such governments, with private individuals, corporations, associations and other organizations as the board of directors may deem necessary or convenient to enable it to carry out the purposes of this part;
(F) Adopt, amend and repeal bylaws;
(G) Appoint such managers, officers, employees, attorneys and agents as the board deems necessary for the transaction of its business, fix their compensation, define their duties and require bonds of such of them as the board may determine. This authority includes, without limitation, the appointment of an executive director of the agency who shall be in charge of the day-to-day operations of the agency and a treasurer who shall be charged with responsibility for maintaining the books of account of the agency and control of the deposit and disbursement of the funds of the agency. The salary of any such employees may be paid out of such funds as may be available to the agency from any source;
(H) Apply for or accept grants, loans or other financial assistance from any federal, state, county or municipal agency, in aid of the acquisition, planning, development, management or operation of the lands, improvements to lands or facilities provided for in this part;
(I) Accept donations to the agency of cash, lands or other property to be used in furtherance of the purposes of the agency;
(J) Purchase, rent, lease or otherwise acquire any and all kinds of property, real, personal or mixed, tangible or intangible, or interests therein, and whether or not subject to encumbrances of any kind, that the agency deems necessary or convenient to carry out its purposes;
(K) Establish and charge such fees for the use of lands, interests in lands, or facilities the agency may acquire or construct as the agency deems appropriate;
(L) Promulgate and enforce such rules and regulations with respect to the use of lands, interests in lands or facilities the agency may acquire or construct that the agency deems necessary to protect such lands and facilities, to provide for the convenient and safe use thereof, or to provide for the orderly administration and efficient operation thereof;
(M) Sell, transfer, lease or otherwise dispose of any personal property, tangible or intangible, of the agency, including sales, leases and transfers to industrial, commercial and residential developers, for such consideration and upon such terms as the agency deems appropriate;
(N) Acquire such property of any kind, real, personal or mixed, or any interest therein, including leaseholds or easements, that is located within the boundary of the Tellico Reservoir project area as shown on the official tract maps of the Tennessee Valley authority and that the agency determines is necessary to carry out its purposes. The amount and character of lands or interests therein to be acquired by the agency shall be determined by the board;
(O) The agency has any further or additional powers as are necessary to carry out the purposes of this part, and the powers set forth in this section are supplemental to and not in derogation of the powers afforded such agencies under the laws of the state;
(P) Provide for the comprehensive development of the development lands through construction of facilities, including, without limitation, roads, water treatment and distribution systems, waste water treatment and collection systems, gas systems, electric utilities and such other public works projects as are set forth in [former] § 5-11-102(9) [repealed];
(2) Financing: (A) The agency has the authority to borrow funds from time to time in such amounts as may be determined by the board of directors for the purpose of paying in whole or in part the cost of the acquisition of land or interests in land, for the improvement of the land or for constructing facilities within or in conjunction with the development of such land, and the necessary expenses incidental thereto or for any other purpose in furtherance of the purposes of this part; (B) The agency may secure such borrowings by the issuance of bonds, notes or instruments of indebtedness and may secure such bonds, notes or instruments of indebtedness by a pledge of all or any of the revenues which may now or hereafter come to the agency from any source, by a mortgage or deed of trust of the agency's land or any part of the land or interest in the land, or by a combination of the two; (C) The agency may make such contracts in the issuance of such bonds, notes or instruments of indebtedness as may be necessary to assure the marketability thereof; (D) The agency is hereby declared to be performing a public function on behalf of the state and the municipalities that constitute and are represented on its board of directors. Accordingly, the agency and all properties at any time owned by it and the income and revenues therefrom and all bonds issued by it and the income therefrom are exempt from all taxation in this state. For purposes of the Securities Act of 1980, compiled in title 48, chapter 1, part 1, and any amendment to the act or substitution for the act, bonds issued by the agency are deemed to be securities issued by a public instrumentality or a political subdivision of the state; (E) So long as title to land or rights or interests acquired in land or ownership of facilities or improvements acquired or constructed by the agency under the authority of this part shall remain in the agency, such property and the income therefrom shall be exempt from all state, county and municipal taxation. Such exemption shall not extend to the leasehold or other interest in such property that may be held by any private person or private firm or corporation; and
(A) The agency has the authority to borrow funds from time to time in such amounts as may be determined by the board of directors for the purpose of paying in whole or in part the cost of the acquisition of land or interests in land, for the improvement of the land or for constructing facilities within or in conjunction with the development of such land, and the necessary expenses incidental thereto or for any other purpose in furtherance of the purposes of this part;
(B) The agency may secure such borrowings by the issuance of bonds, notes or instruments of indebtedness and may secure such bonds, notes or instruments of indebtedness by a pledge of all or any of the revenues which may now or hereafter come to the agency from any source, by a mortgage or deed of trust of the agency's land or any part of the land or interest in the land, or by a combination of the two;
(C) The agency may make such contracts in the issuance of such bonds, notes or instruments of indebtedness as may be necessary to assure the marketability thereof;
(D) The agency is hereby declared to be performing a public function on behalf of the state and the municipalities that constitute and are represented on its board of directors. Accordingly, the agency and all properties at any time owned by it and the income and revenues therefrom and all bonds issued by it and the income therefrom are exempt from all taxation in this state. For purposes of the Securities Act of 1980, compiled in title 48, chapter 1, part 1, and any amendment to the act or substitution for the act, bonds issued by the agency are deemed to be securities issued by a public instrumentality or a political subdivision of the state;
(E) So long as title to land or rights or interests acquired in land or ownership of facilities or improvements acquired or constructed by the agency under the authority of this part shall remain in the agency, such property and the income therefrom shall be exempt from all state, county and municipal taxation. Such exemption shall not extend to the leasehold or other interest in such property that may be held by any private person or private firm or corporation; and
(3) Nothing contained within this part shall be construed to grant the power of eminent domain to the agency.
Acts 1982, ch. 679, § 4; 1984, ch. 913, §§ 4-6.
Tenn. Code Ann. § 64-1-805 — TN Code / Title 64 / Chapter 1 / Section 64-1-805
Eminent domain
Status: in_force

(a) The authority's power of eminent domain may be exercised under title 29, chapter 16 or pursuant to any other applicable statutory provisions, now in force or hereafter enacted, for the exercise of the power of eminent domain. (b) (1) At any time on or after the filing of a petition for condemnation of property and before the entry of final judgment, the authority may file with the clerk of the court in which the petition is filed a declaration of taking signed by the duly authorized officer or agent of the authority declaring that all or part of the property described in the petition is being taken for the use of the authority. The declaration of taking shall be sufficient if it sets forth: (A) A description of the property, sufficient for the identification thereof, to which there may be attached a plat or map thereof; (B) A statement of the estate or interest in property being taken; and (C) A statement of the sum of money estimated by the authority to be just compensation for the property taken. (2) At any time prior to the vesting of title to property in the authority, the authority may withdraw or dismiss its petition with respect to any and all of the property described in the petition. (c) From the filing of the declaration of taking and the deposit in court to the use of the persons entitled thereto of the amount of the estimated compensation stated in the declaration, title to the property described as being taken by the declaration shall vest in the authority, free from the right, title, interest or lien of all parties to the cause. The property shall be deemed to be condemned and taken for the use of the authority, and the right to just compensation for the same shall vest in the persons entitled thereto. Upon the filing of the declaration of taking, the court shall designate a day, not exceeding twenty (20) days after such filing except upon good cause shown, on which the persons in possession shall be required to surrender possession to the authority. (d) The ultimate amount of compensation shall be determined pursuant to title 29, chapter 16. If the amount so fixed exceeds the amount so deposited in the court by the authority or otherwise paid to the persons entitled to compensation, the court shall enter judgment against the authority in the amount of such deficiency, together with interest at the legal rate on such deficiency from the date of the vesting of title to the date of entry of the final judgment, subject, however, to abatement for use, income, rents or profits derived from such property by the owner thereof subsequent to the vesting of title in the authority; and the court shall order the authority to deposit the amount of such deficiency in court. Upon the application of the parties in interest, the court may order that the money deposited in the court, or any part thereof, be paid forthwith for or on account of just compensation to be awarded in the proceedings. Interest shall not be allowed on so much of the just compensation as has been paid into court with the declaration of taking. In case the amount deposited in court by the authority as the estimated compensation for the property exceeds the amount of the final award or judgment, such excess shall be returned to the authority. (e) As an alternative to the procedure provided in subsections (a)-(d), the authority may file in the court where condemnation proceedings of the authority are pending, an application for a writ of possession, which the court shall, upon the authority's posting a bond with the clerk of the court in such amount as the court may deem commensurate with the value of the property condemned, order that a writ of possession issue immediately or as soon and upon such terms as the court, in its discretion, may deem proper and just. Acts 1984, ch. 680, § 5.
(a) The authority's power of eminent domain may be exercised under title 29, chapter 16 or pursuant to any other applicable statutory provisions, now in force or hereafter enacted, for the exercise of the power of eminent domain.
(b) (1) At any time on or after the filing of a petition for condemnation of property and before the entry of final judgment, the authority may file with the clerk of the court in which the petition is filed a declaration of taking signed by the duly authorized officer or agent of the authority declaring that all or part of the property described in the petition is being taken for the use of the authority. The declaration of taking shall be sufficient if it sets forth: (A) A description of the property, sufficient for the identification thereof, to which there may be attached a plat or map thereof; (B) A statement of the estate or interest in property being taken; and (C) A statement of the sum of money estimated by the authority to be just compensation for the property taken. (2) At any time prior to the vesting of title to property in the authority, the authority may withdraw or dismiss its petition with respect to any and all of the property described in the petition.
(1) At any time on or after the filing of a petition for condemnation of property and before the entry of final judgment, the authority may file with the clerk of the court in which the petition is filed a declaration of taking signed by the duly authorized officer or agent of the authority declaring that all or part of the property described in the petition is being taken for the use of the authority. The declaration of taking shall be sufficient if it sets forth: (A) A description of the property, sufficient for the identification thereof, to which there may be attached a plat or map thereof; (B) A statement of the estate or interest in property being taken; and (C) A statement of the sum of money estimated by the authority to be just compensation for the property taken.
(A) A description of the property, sufficient for the identification thereof, to which there may be attached a plat or map thereof;
(B) A statement of the estate or interest in property being taken; and
(C) A statement of the sum of money estimated by the authority to be just compensation for the property taken.
(2) At any time prior to the vesting of title to property in the authority, the authority may withdraw or dismiss its petition with respect to any and all of the property described in the petition.
(c) From the filing of the declaration of taking and the deposit in court to the use of the persons entitled thereto of the amount of the estimated compensation stated in the declaration, title to the property described as being taken by the declaration shall vest in the authority, free from the right, title, interest or lien of all parties to the cause. The property shall be deemed to be condemned and taken for the use of the authority, and the right to just compensation for the same shall vest in the persons entitled thereto. Upon the filing of the declaration of taking, the court shall designate a day, not exceeding twenty (20) days after such filing except upon good cause shown, on which the persons in possession shall be required to surrender possession to the authority.
(d) The ultimate amount of compensation shall be determined pursuant to title 29, chapter 16. If the amount so fixed exceeds the amount so deposited in the court by the authority or otherwise paid to the persons entitled to compensation, the court shall enter judgment against the authority in the amount of such deficiency, together with interest at the legal rate on such deficiency from the date of the vesting of title to the date of entry of the final judgment, subject, however, to abatement for use, income, rents or profits derived from such property by the owner thereof subsequent to the vesting of title in the authority; and the court shall order the authority to deposit the amount of such deficiency in court. Upon the application of the parties in interest, the court may order that the money deposited in the court, or any part thereof, be paid forthwith for or on account of just compensation to be awarded in the proceedings. Interest shall not be allowed on so much of the just compensation as has been paid into court with the declaration of taking. In case the amount deposited in court by the authority as the estimated compensation for the property exceeds the amount of the final award or judgment, such excess shall be returned to the authority.
(e) As an alternative to the procedure provided in subsections (a)-(d), the authority may file in the court where condemnation proceedings of the authority are pending, an application for a writ of possession, which the court shall, upon the authority's posting a bond with the clerk of the court in such amount as the court may deem commensurate with the value of the property condemned, order that a writ of possession issue immediately or as soon and upon such terms as the court, in its discretion, may deem proper and just.
Acts 1984, ch. 680, § 5.
Tenn. Code Ann. § 64-3-103 — TN Code / Title 64 / Chapter 3 / Section 64-3-103
Board of directors - Officers and employees - Expenses - Quorum
Status: in_force

(a) The authority shall be a body politic and corporate. (b) Subject to approval of the respective local legislative body as provided in § 64-3-106 , the authority shall be governed by a board of directors consisting of the following persons to represent their respective counties, if such county legislative body has approved this chapter: (1) The county mayor of Williamson County, the county mayor of Rutherford County and the metropolitan mayor from metropolitan Nashville-Davidson County as ex officio voting members; and (2) Six (6) additional members who are residents and owners of real property in such watershed district to be appointed by the county mayor of the respective county as follows: three (3) persons from Davidson County; two (2) persons from Williamson County; and one (1) person from Rutherford County. The terms of such members shall be four (4) years, except that for the initial appointments, two (2) members shall be appointed for two (2) years, two (2) members for three (3) years, and two (2) members for four (4) years. All initial terms shall begin on July 1, 1980, and all subsequent terms shall commence on the expiration date of such previous term. Each member shall serve until the member's successor is appointed and qualified. A person appointed to fill a vacancy shall be appointed for the unexpired term by the respective county mayor when such a vacancy occurs. (c) The board of directors of the authority shall elect a chair from its members, whose term shall be for four (4) years or for so long as the chair remains a member of the board. The board may elect such other officers as it deems necessary. (d) The directors shall serve without pay except for actual traveling expenses and other necessary expenses incurred in the performance of their official duties, such expenses to be reimbursed from such funds as may be available to the authority. (e) Five (5) members of the board or a majority of members to which the board is entitled by this chapter shall constitute a quorum, and no action binding the board shall become effective unless approved by such majority. No action binding the board shall become effective unless approved by five (5) affirmative votes. (f) (1) The board may employ an executive secretary and such other persons as it deems necessary to carry out the purposes stated in this chapter, and the salary of any such employees may be paid out of such funds as may be available to the authority from any source. (2) The executive secretary shall be the custodian of funds belonging to the authority and shall keep such records and accounts as may be required by the board. The executive secretary shall also execute a corporate surety bond as prescribed by the board. Acts 1980, ch. 897, § 3; T.C.A., § 66-3-103 ; Acts 2003 , ch. 90, § 2.
(a) The authority shall be a body politic and corporate.
(b) Subject to approval of the respective local legislative body as provided in § 64-3-106 , the authority shall be governed by a board of directors consisting of the following persons to represent their respective counties, if such county legislative body has approved this chapter: (1) The county mayor of Williamson County, the county mayor of Rutherford County and the metropolitan mayor from metropolitan Nashville-Davidson County as ex officio voting members; and (2) Six (6) additional members who are residents and owners of real property in such watershed district to be appointed by the county mayor of the respective county as follows: three (3) persons from Davidson County; two (2) persons from Williamson County; and one (1) person from Rutherford County. The terms of such members shall be four (4) years, except that for the initial appointments, two (2) members shall be appointed for two (2) years, two (2) members for three (3) years, and two (2) members for four (4) years. All initial terms shall begin on July 1, 1980, and all subsequent terms shall commence on the expiration date of such previous term. Each member shall serve until the member's successor is appointed and qualified. A person appointed to fill a vacancy shall be appointed for the unexpired term by the respective county mayor when such a vacancy occurs.
(1) The county mayor of Williamson County, the county mayor of Rutherford County and the metropolitan mayor from metropolitan Nashville-Davidson County as ex officio voting members; and
(2) Six (6) additional members who are residents and owners of real property in such watershed district to be appointed by the county mayor of the respective county as follows: three (3) persons from Davidson County; two (2) persons from Williamson County; and one (1) person from Rutherford County. The terms of such members shall be four (4) years, except that for the initial appointments, two (2) members shall be appointed for two (2) years, two (2) members for three (3) years, and two (2) members for four (4) years. All initial terms shall begin on July 1, 1980, and all subsequent terms shall commence on the expiration date of such previous term. Each member shall serve until the member's successor is appointed and qualified. A person appointed to fill a vacancy shall be appointed for the unexpired term by the respective county mayor when such a vacancy occurs.
(c) The board of directors of the authority shall elect a chair from its members, whose term shall be for four (4) years or for so long as the chair remains a member of the board. The board may elect such other officers as it deems necessary.
(d) The directors shall serve without pay except for actual traveling expenses and other necessary expenses incurred in the performance of their official duties, such expenses to be reimbursed from such funds as may be available to the authority.
(e) Five (5) members of the board or a majority of members to which the board is entitled by this chapter shall constitute a quorum, and no action binding the board shall become effective unless approved by such majority. No action binding the board shall become effective unless approved by five (5) affirmative votes.
(f) (1) The board may employ an executive secretary and such other persons as it deems necessary to carry out the purposes stated in this chapter, and the salary of any such employees may be paid out of such funds as may be available to the authority from any source. (2) The executive secretary shall be the custodian of funds belonging to the authority and shall keep such records and accounts as may be required by the board. The executive secretary shall also execute a corporate surety bond as prescribed by the board.
(1) The board may employ an executive secretary and such other persons as it deems necessary to carry out the purposes stated in this chapter, and the salary of any such employees may be paid out of such funds as may be available to the authority from any source.
(2) The executive secretary shall be the custodian of funds belonging to the authority and shall keep such records and accounts as may be required by the board. The executive secretary shall also execute a corporate surety bond as prescribed by the board.
Acts 1980, ch. 897, § 3; T.C.A., § 66-3-103 ; Acts 2003 , ch. 90, § 2.
Tenn. Code Ann. § 64-9-109 — TN Code / Title 64 / Chapter 9 / Section 64-9-109
Zoning and subdivision
Status: in_force

(a) The property within the megasite is not subject to local land use regulations. The property within the megasite must only be used for one (1) or more permitted uses. The authority shall not permit within the megasite a use that the authority deems noxious; provided, that recycling batteries or other materials used or associated with the operation of a project must not be deemed inherently noxious and may be permitted by the authority. (b) Prior to constructing improvements to the property within the megasite, a site plan for the proposed improvements must be approved by the authority. The authority may impose reasonable setbacks, parking and loading requirements, height limitations, landscaping and buffering requirements, screening requirements, limitations on storage of materials, stormwater quantity and quality requirements, and other requirements consistent with the purposes set forth in this chapter. (c) Any subdivision of property within the megasite for the purpose of sale or building development must be approved by the authority prior to recording the subdivision. Approval by a regional, county, or municipal planning commission is not required. A conveyance of a portion of the property within the megasite in violation of this section is void. (d) The transfer of fee title of property or a portion thereof within the megasite by this state constitutes a change in zoning for the purposes of § 13-7-208(b)-(d) . (e) A use or improvement of property approved by the authority pursuant to this section does not constitute a nuisance to adjoining landowners for the purposes of § 13-7-208(c)-(d) . (f) (1) With respect to a person who violates a land use regulation adopted or established pursuant to this section, the authority may assess a civil penalty of not less than fifty dollars ($50.00) nor more than five thousand dollars ($5,000) per violation for each day of the continued violation. The authority shall provide each adverse party not less than ten (10) days' written notice prior to assessing a penalty under this subdivision (f)(1). (2) In assessing a civil penalty, the authority may consider the following factors: (A) The harm to public health or safety or to the environment; (B) Whether the civil penalty imposed will be a substantial economic deterrent to future violations; (C) The economic benefit gained by the violator; (D) The violator's effort to remedy the violation; (E) Unusual or extraordinary enforcement costs incurred by the authority; (F) The amount of a penalty established by a board resolution for specific categories of violations; and (G) The equities of the situation that outweigh the benefit of imposing a penalty. (3) (A) A person who is assessed a civil penalty may secure a review of such order by filing a petition with the authority not more than ten (10) business days after the levy of the civil penalty, setting forth the grounds and reasons for such person's objections and asking for a hearing in the matter involved before the board. (B) If a person files a timely petition for review of a penalty under subdivision (f)(3)(A), the board shall grant the petitioner forty-five (45) days to provide proof satisfactory to the board that the petitioner cured, remediated, mitigated, or took other corrective action to resolve the circumstances that were the basis of the penalty. After the forty-five-day period has tolled, the board shall consider the actions of the petitioner and issue a final order upholding the initial civil penalty, reducing the civil penalty, or vacating the civil penalty. (C) A party aggrieved by an order of the board under subdivision (f)(3)(B) may file an appeal of the decision with the board not later than ten (10) business days after the decision is final. (D) (i) An appeal filed under subdivision (f)(3)(C) must be conducted as a contested case and must be heard before an administrative judge sitting alone pursuant to §§ 4-5-301(a)(2) and 4-5-314(b) , unless settled by the parties. (ii) The administrative judge to whom the case has been assigned shall convene the parties for a scheduling conference within thirty (30) days of the date the appeal is filed. (iii) The scheduling order for the contested case issued by the administrative judge must establish a schedule that results in a hearing being completed within sixty (60) days of the scheduling conference, unless the parties agree to a longer time or the administrative judge allows otherwise for good cause shown. (iv) An initial order must be issued within thirty (30) days of completion of the hearing. The administrative judge's initial order, together with earlier orders, if any, issued by the administrative judge, become final pursuant to § 4-5-315 , unless appealed to the chancery court of Madison County not less than ten (10) business days after the issuance of the order in accordance with § 4-5-322 . (4) If a petition for review of a civil penalty is not filed with the authority within ten (10) days after the civil penalty is served in a manner authorized by law, then the violator is deemed to have consented to the civil penalty, which consent becomes final. (5) Whenever a civil penalty becomes final because of a person's failure to appeal the civil penalty, the authority may apply to the chancery court of Madison County for a judgment and seek execution of such judgment. The court, in such proceedings, shall treat the failure to appeal such civil penalty as a confession of judgment. Added by 2021EX2 Tenn. Acts, ch. 1, s 1, eff. 11/3/2021.
(a) The property within the megasite is not subject to local land use regulations. The property within the megasite must only be used for one (1) or more permitted uses. The authority shall not permit within the megasite a use that the authority deems noxious; provided, that recycling batteries or other materials used or associated with the operation of a project must not be deemed inherently noxious and may be permitted by the authority.
(b) Prior to constructing improvements to the property within the megasite, a site plan for the proposed improvements must be approved by the authority. The authority may impose reasonable setbacks, parking and loading requirements, height limitations, landscaping and buffering requirements, screening requirements, limitations on storage of materials, stormwater quantity and quality requirements, and other requirements consistent with the purposes set forth in this chapter.
(c) Any subdivision of property within the megasite for the purpose of sale or building development must be approved by the authority prior to recording the subdivision. Approval by a regional, county, or municipal planning commission is not required. A conveyance of a portion of the property within the megasite in violation of this section is void.
(d) The transfer of fee title of property or a portion thereof within the megasite by this state constitutes a change in zoning for the purposes of § 13-7-208(b)-(d) .
(e) A use or improvement of property approved by the authority pursuant to this section does not constitute a nuisance to adjoining landowners for the purposes of § 13-7-208(c)-(d) .
(f) (1) With respect to a person who violates a land use regulation adopted or established pursuant to this section, the authority may assess a civil penalty of not less than fifty dollars ($50.00) nor more than five thousand dollars ($5,000) per violation for each day of the continued violation. The authority shall provide each adverse party not less than ten (10) days' written notice prior to assessing a penalty under this subdivision (f)(1). (2) In assessing a civil penalty, the authority may consider the following factors: (A) The harm to public health or safety or to the environment; (B) Whether the civil penalty imposed will be a substantial economic deterrent to future violations; (C) The economic benefit gained by the violator; (D) The violator's effort to remedy the violation; (E) Unusual or extraordinary enforcement costs incurred by the authority; (F) The amount of a penalty established by a board resolution for specific categories of violations; and (G) The equities of the situation that outweigh the benefit of imposing a penalty. (3) (A) A person who is assessed a civil penalty may secure a review of such order by filing a petition with the authority not more than ten (10) business days after the levy of the civil penalty, setting forth the grounds and reasons for such person's objections and asking for a hearing in the matter involved before the board. (B) If a person files a timely petition for review of a penalty under subdivision (f)(3)(A), the board shall grant the petitioner forty-five (45) days to provide proof satisfactory to the board that the petitioner cured, remediated, mitigated, or took other corrective action to resolve the circumstances that were the basis of the penalty. After the forty-five-day period has tolled, the board shall consider the actions of the petitioner and issue a final order upholding the initial civil penalty, reducing the civil penalty, or vacating the civil penalty. (C) A party aggrieved by an order of the board under subdivision (f)(3)(B) may file an appeal of the decision with the board not later than ten (10) business days after the decision is final. (D) (i) An appeal filed under subdivision (f)(3)(C) must be conducted as a contested case and must be heard before an administrative judge sitting alone pursuant to §§ 4-5-301(a)(2) and 4-5-314(b) , unless settled by the parties. (ii) The administrative judge to whom the case has been assigned shall convene the parties for a scheduling conference within thirty (30) days of the date the appeal is filed. (iii) The scheduling order for the contested case issued by the administrative judge must establish a schedule that results in a hearing being completed within sixty (60) days of the scheduling conference, unless the parties agree to a longer time or the administrative judge allows otherwise for good cause shown. (iv) An initial order must be issued within thirty (30) days of completion of the hearing. The administrative judge's initial order, together with earlier orders, if any, issued by the administrative judge, become final pursuant to § 4-5-315 , unless appealed to the chancery court of Madison County not less than ten (10) business days after the issuance of the order in accordance with § 4-5-322 . (4) If a petition for review of a civil penalty is not filed with the authority within ten (10) days after the civil penalty is served in a manner authorized by law, then the violator is deemed to have consented to the civil penalty, which consent becomes final. (5) Whenever a civil penalty becomes final because of a person's failure to appeal the civil penalty, the authority may apply to the chancery court of Madison County for a judgment and seek execution of such judgment. The court, in such proceedings, shall treat the failure to appeal such civil penalty as a confession of judgment.
(1) With respect to a person who violates a land use regulation adopted or established pursuant to this section, the authority may assess a civil penalty of not less than fifty dollars ($50.00) nor more than five thousand dollars ($5,000) per violation for each day of the continued violation. The authority shall provide each adverse party not less than ten (10) days' written notice prior to assessing a penalty under this subdivision (f)(1).
(2) In assessing a civil penalty, the authority may consider the following factors: (A) The harm to public health or safety or to the environment; (B) Whether the civil penalty imposed will be a substantial economic deterrent to future violations; (C) The economic benefit gained by the violator; (D) The violator's effort to remedy the violation; (E) Unusual or extraordinary enforcement costs incurred by the authority; (F) The amount of a penalty established by a board resolution for specific categories of violations; and (G) The equities of the situation that outweigh the benefit of imposing a penalty.
(A) The harm to public health or safety or to the environment;
(B) Whether the civil penalty imposed will be a substantial economic deterrent to future violations;
(C) The economic benefit gained by the violator;
(D) The violator's effort to remedy the violation;
(E) Unusual or extraordinary enforcement costs incurred by the authority;
(F) The amount of a penalty established by a board resolution for specific categories of violations; and
(G) The equities of the situation that outweigh the benefit of imposing a penalty.
(3) (A) A person who is assessed a civil penalty may secure a review of such order by filing a petition with the authority not more than ten (10) business days after the levy of the civil penalty, setting forth the grounds and reasons for such person's objections and asking for a hearing in the matter involved before the board. (B) If a person files a timely petition for review of a penalty under subdivision (f)(3)(A), the board shall grant the petitioner forty-five (45) days to provide proof satisfactory to the board that the petitioner cured, remediated, mitigated, or took other corrective action to resolve the circumstances that were the basis of the penalty. After the forty-five-day period has tolled, the board shall consider the actions of the petitioner and issue a final order upholding the initial civil penalty, reducing the civil penalty, or vacating the civil penalty. (C) A party aggrieved by an order of the board under subdivision (f)(3)(B) may file an appeal of the decision with the board not later than ten (10) business days after the decision is final. (D) (i) An appeal filed under subdivision (f)(3)(C) must be conducted as a contested case and must be heard before an administrative judge sitting alone pursuant to §§ 4-5-301(a)(2) and 4-5-314(b) , unless settled by the parties. (ii) The administrative judge to whom the case has been assigned shall convene the parties for a scheduling conference within thirty (30) days of the date the appeal is filed. (iii) The scheduling order for the contested case issued by the administrative judge must establish a schedule that results in a hearing being completed within sixty (60) days of the scheduling conference, unless the parties agree to a longer time or the administrative judge allows otherwise for good cause shown. (iv) An initial order must be issued within thirty (30) days of completion of the hearing. The administrative judge's initial order, together with earlier orders, if any, issued by the administrative judge, become final pursuant to § 4-5-315 , unless appealed to the chancery court of Madison County not less than ten (10) business days after the issuance of the order in accordance with § 4-5-322 .
(A) A person who is assessed a civil penalty may secure a review of such order by filing a petition with the authority not more than ten (10) business days after the levy of the civil penalty, setting forth the grounds and reasons for such person's objections and asking for a hearing in the matter involved before the board.
(B) If a person files a timely petition for review of a penalty under subdivision (f)(3)(A), the board shall grant the petitioner forty-five (45) days to provide proof satisfactory to the board that the petitioner cured, remediated, mitigated, or took other corrective action to resolve the circumstances that were the basis of the penalty. After the forty-five-day period has tolled, the board shall consider the actions of the petitioner and issue a final order upholding the initial civil penalty, reducing the civil penalty, or vacating the civil penalty.
(C) A party aggrieved by an order of the board under subdivision (f)(3)(B) may file an appeal of the decision with the board not later than ten (10) business days after the decision is final.
(D) (i) An appeal filed under subdivision (f)(3)(C) must be conducted as a contested case and must be heard before an administrative judge sitting alone pursuant to §§ 4-5-301(a)(2) and 4-5-314(b) , unless settled by the parties. (ii) The administrative judge to whom the case has been assigned shall convene the parties for a scheduling conference within thirty (30) days of the date the appeal is filed. (iii) The scheduling order for the contested case issued by the administrative judge must establish a schedule that results in a hearing being completed within sixty (60) days of the scheduling conference, unless the parties agree to a longer time or the administrative judge allows otherwise for good cause shown. (iv) An initial order must be issued within thirty (30) days of completion of the hearing. The administrative judge's initial order, together with earlier orders, if any, issued by the administrative judge, become final pursuant to § 4-5-315 , unless appealed to the chancery court of Madison County not less than ten (10) business days after the issuance of the order in accordance with § 4-5-322 .
(i) An appeal filed under subdivision (f)(3)(C) must be conducted as a contested case and must be heard before an administrative judge sitting alone pursuant to §§ 4-5-301(a)(2) and 4-5-314(b) , unless settled by the parties.
(ii) The administrative judge to whom the case has been assigned shall convene the parties for a scheduling conference within thirty (30) days of the date the appeal is filed.
(iii) The scheduling order for the contested case issued by the administrative judge must establish a schedule that results in a hearing being completed within sixty (60) days of the scheduling conference, unless the parties agree to a longer time or the administrative judge allows otherwise for good cause shown.
(iv) An initial order must be issued within thirty (30) days of completion of the hearing. The administrative judge's initial order, together with earlier orders, if any, issued by the administrative judge, become final pursuant to § 4-5-315 , unless appealed to the chancery court of Madison County not less than ten (10) business days after the issuance of the order in accordance with § 4-5-322 .
(4) If a petition for review of a civil penalty is not filed with the authority within ten (10) days after the civil penalty is served in a manner authorized by law, then the violator is deemed to have consented to the civil penalty, which consent becomes final.
(5) Whenever a civil penalty becomes final because of a person's failure to appeal the civil penalty, the authority may apply to the chancery court of Madison County for a judgment and seek execution of such judgment. The court, in such proceedings, shall treat the failure to appeal such civil penalty as a confession of judgment.
Added by 2021EX2 Tenn. Acts, ch. 1, s 1, eff. 11/3/2021.
Tenn. Code Ann. § 64-10-207 — TN Code / Title 64 / Chapter 10 / Section 64-10-207
Issuance of bonds, notes or other obligations
Status: in_force

(a) (1) The authority is authorized and empowered to issue its bonds, notes or other obligations from time to time for the purpose of paying in whole or in part the cost of acquiring necessary lands and interests therein, and of constructing and acquiring constructed facilities and improvements necessary to further the economy and growth of the agriculture industry of the region, and the expenses incidental thereto. Prior to the adoption of any resolution of the board authorizing the sale of bonds, notes or other obligations, or entering into any contract or other arrangement in the planning or preparation for the sale of bonds, notes or other obligations, the authority shall review such plans with the comptroller of the treasury or the comptroller's designee. The state funding board established by § 9-9-101 is authorized to contract or to make other arrangements as it may deem necessary to provide for the issuance of such bonds, notes or other obligations of the authority or, in the state funding board's discretion, the authority may enter into such contracts or other arrangements. Any contract or arrangement entered into for the purpose of the issuance of any bonds, notes or other obligations shall be subject to the approval of the state funding board. (2) Any resolution of the board authorizing the sale of bonds, notes or other obligations shall be submitted to the state funding board, and such resolution shall only become effective upon receiving the approval of the state funding board. The state funding board, upon rejecting any resolution of the board authorizing the issuance of bonds, notes or other obligations, shall state in writing the reasons for its action. (b) (1) Except as otherwise expressly provided in this subsection (b), all bonds, including notes or other obligations of the authority, issued by the authority, are payable solely out of the revenues and receipts derived from the authority's projects or of any revenues of the authority as may be designated in the proceedings of the board under which the bonds are authorized to be issued; provided, that notes issued in anticipation of the issuance of bonds may be retired out of the proceeds of such bonds. Such bonds may be executed and delivered by the authority at any time and from time to time, may be in such form and denominations and of such terms and maturities, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding forty (40) years from the date thereof, may be payable at such place or places whether within or without Tennessee, may bear interest at such rate or rates payable at such time or times and at such place or places and evidenced in such manner, may be executed by such officers of the authority and may contain such provisions not inconsistent herewith, all as shall be provided in the proceedings of the board whereunder the bonds shall be authorized to be issued. (2) If deemed advisable by the board, there may be retained in the proceedings under which any bonds of the authority are authorized to be issued an option to redeem all or any part thereof as may be specified in such proceedings, at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings and as may be briefly recited on the face of the bonds, however nothing contained in this subsection (b) shall be construed to confer on the authority any right or option to redeem any bonds except as may be provided in the proceedings under which they shall be issued. (3) Any bonds of the authority may be sold at public or private sale in such manner, at such price and from time to time as may be determined by the board to be most advantageous, and the authority may pay all expenses, premiums and commissions that its board may deem necessary or advantageous in connection with the issuance thereof. Issuance by the board of one (1) or more series of bonds for one (1) or more purposes shall not preclude it from issuing other bonds in connection with the same project or any other project, but the proceedings whereunder any subsequent bonds may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue of bonds. (4) Proceeds of bonds issued by the authority may be used for the purpose of constructing, acquiring, reconstructing, improving, equipping, furnishing, bettering or extending any project or projects, including the payment of interest on the bonds during construction of any such project and for two (2) years after the estimated date of completion, for payment of engineering, fiscal, architectural and legal expenses incurred in connection with such project and the issuance of the bonds, and for the establishment of a reasonable reserve fund for the payment of principal of and interest on such bonds in the event of a deficiency in the revenues and receipts available for such payment. (c) Subject to the approvals required in subsection (a), any bonds or notes of the authority at any time outstanding may, at any time and from time to time, be refunded by the authority by the issuance of its refunding bonds in such amount as the board may deem necessary, but not exceeding the sum of the following: (1) The principal amount of the obligations being refinanced; (2) Applicable redemption premiums thereon; (3) Unpaid interest on such obligations to the date of delivery or exchange of the refunding bonds; (4) In the event the proceeds from the sale of the refunding bonds are to be deposited in trust as provided in this section, the amount of interest to accrue on such obligations from the date of delivery to the first or any subsequent available redemption date or dates selected, in its discretion, by the board or to the date or dates of maturity, whichever shall be determined by the board to be most advantageous or necessary to the authority; (5) A reasonable reserve for the payment of principal of and interest on such bonds or a renewal and replacement reserve; (6) If the project to be constructed from the proceeds of the obligations being refinanced has not been completed, an amount sufficient to meet the interest charges on the refunding bonds during the construction of such project and for two (2) years after the estimated date of completion, but only to the extent that interest charges have not been capitalized from the proceeds of the obligations being refinanced; and (7) Expenses, premiums and commissions of the authority, including bonds discount, deemed by the board to be necessary for the issuance of the refunding bonds. A determination by the board that any refinancing is advantageous or necessary to the authority, or that any of the amounts provided in this subdivision (c)(7) should be included in such refinancing or that any of the obligations to be refinanced should be called for redemption on the first or any subsequent available redemption date permitted to remain outstanding until their respective dates of maturity, shall be conclusive. (d) Any such refunding may be effected whether the obligations to be refunded have then matured or thereafter mature, either by the exchange of the refunding bonds for the obligations to be refunded thereby with the consent of the holders of the obligations so to be refunded, or by sale of the refunding bonds, and the application of the proceeds thereof to the payment of the obligations to be refunded thereby, and regardless of whether or not the obligations proposed to be refunded are payable on the same date or different dates or are due serially or otherwise. (e) Prior to the issuance of the refunding bonds, the board shall cause notice of its intention to issue the refunding bonds, identifying the obligations proposed to be refunded and setting forth the estimated date of delivery of the refunding bonds, to be given to the holders of the outstanding obligations by mail to each registered holder and, if the outstanding bonds or coupons are not registered securities, by publication of an appropriate notice one (1) time each in a newspaper having general circulation in the area of the project and in a financial newspaper published in New York, New York, having national circulation. As soon as practicable after the delivery of the refunding bonds, and whether or not any of the obligations to be refunded are to be called for redemption, the board shall cause notice of the issuance of the refunding bonds to be given in the manner provided in this subsection (e). (f) If any of the obligations to be refunded are to be called for redemption, the board shall cause notice of redemption to be given in the manner required by the proceedings authorizing such outstanding obligations. (g) The principal proceeds from the sale of any refunding bonds shall be applied only as follows: (1) To the immediate payment and retirement of the obligations being refunded; or (2) To the extent not required for the immediate payment of the obligations being refunded, then such proceeds shall be deposited in trust to provide for the payment and retirement of the obligations being refunded; but provision may be made for the pledging and disposition of any surplus, including, without limitation, provision for the pledging of any such surplus to the payment of the principal of and interest on any issue or series of refunding bonds. Money in any such trust fund may be invested in direct obligations of the United States government, or obligations the principal of and interest on which are guaranteed by the United States government, or obligations of any authority or instrumentality of the United States government or in certificates of deposit issued by a bank or trust company located in this state, if such certificates are secured by a pledge of any of such obligations having any aggregate market value, exclusive of accrued interest, equal at least to the principal amount of the certificates so secured. Nothing in this subsection (g) shall be construed as a limitation on the duration of any deposit in trust for the retirement of obligations being refunded but that have not matured and that are not presently redeemable or, if presently redeemable, have not been called for redemption. (h) All such bonds, refunding bonds and the interest coupons applicable thereto are hereby made and shall be construed to be negotiable instruments. (i) The principal of and interest on any bonds issued by the authority may be secured by a pledge of the revenues and receipts out of which the same shall be made payable and may be secured by a mortgage or deed of trust covering all or any part of the projects from which the revenues or receipts so pledged may be derived, including any enlargements of and additions to any such projects thereafter made, or by an assignment and pledge of all or any part of the authority's interest in and rights under the leases, sale contracts or loan agreements relating to such projects, or any part thereof. The resolution under which the bonds are authorized to be issued and any such mortgage or deed of trust may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents or payments with respect to any projects or portions thereof covered by such resolution, mortgage or deed of trust, the creation and maintenance of special funds from such revenues and from the proceeds of such bonds and the rights and remedies available in the event of default, all as the board deems advisable and not in conflict with the provisions hereof. Each pledge, agreement, mortgage and deed of trust made for the benefit or security of any of the bonds of the authority shall continue to be effective until the principal of and interest on the bonds for the benefit of which the same were made have been fully paid. In the event of default in such payment or in any agreements of the authority made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any mortgage and deed of trust executed as security for the bonds, such payment or agreement may be enforced by suit, mandamus, the appointment of a receiver in equity or by foreclosure of any such mortgage and deed of trust, or any one (1) or more of the remedies listed in this part. Added by 2013 Tenn. Acts, ch. 474, s 1, eff. 5/20/2013.
(a) (1) The authority is authorized and empowered to issue its bonds, notes or other obligations from time to time for the purpose of paying in whole or in part the cost of acquiring necessary lands and interests therein, and of constructing and acquiring constructed facilities and improvements necessary to further the economy and growth of the agriculture industry of the region, and the expenses incidental thereto. Prior to the adoption of any resolution of the board authorizing the sale of bonds, notes or other obligations, or entering into any contract or other arrangement in the planning or preparation for the sale of bonds, notes or other obligations, the authority shall review such plans with the comptroller of the treasury or the comptroller's designee. The state funding board established by § 9-9-101 is authorized to contract or to make other arrangements as it may deem necessary to provide for the issuance of such bonds, notes or other obligations of the authority or, in the state funding board's discretion, the authority may enter into such contracts or other arrangements. Any contract or arrangement entered into for the purpose of the issuance of any bonds, notes or other obligations shall be subject to the approval of the state funding board. (2) Any resolution of the board authorizing the sale of bonds, notes or other obligations shall be submitted to the state funding board, and such resolution shall only become effective upon receiving the approval of the state funding board. The state funding board, upon rejecting any resolution of the board authorizing the issuance of bonds, notes or other obligations, shall state in writing the reasons for its action.
(1) The authority is authorized and empowered to issue its bonds, notes or other obligations from time to time for the purpose of paying in whole or in part the cost of acquiring necessary lands and interests therein, and of constructing and acquiring constructed facilities and improvements necessary to further the economy and growth of the agriculture industry of the region, and the expenses incidental thereto. Prior to the adoption of any resolution of the board authorizing the sale of bonds, notes or other obligations, or entering into any contract or other arrangement in the planning or preparation for the sale of bonds, notes or other obligations, the authority shall review such plans with the comptroller of the treasury or the comptroller's designee. The state funding board established by § 9-9-101 is authorized to contract or to make other arrangements as it may deem necessary to provide for the issuance of such bonds, notes or other obligations of the authority or, in the state funding board's discretion, the authority may enter into such contracts or other arrangements. Any contract or arrangement entered into for the purpose of the issuance of any bonds, notes or other obligations shall be subject to the approval of the state funding board.
(2) Any resolution of the board authorizing the sale of bonds, notes or other obligations shall be submitted to the state funding board, and such resolution shall only become effective upon receiving the approval of the state funding board. The state funding board, upon rejecting any resolution of the board authorizing the issuance of bonds, notes or other obligations, shall state in writing the reasons for its action.
(b) (1) Except as otherwise expressly provided in this subsection (b), all bonds, including notes or other obligations of the authority, issued by the authority, are payable solely out of the revenues and receipts derived from the authority's projects or of any revenues of the authority as may be designated in the proceedings of the board under which the bonds are authorized to be issued; provided, that notes issued in anticipation of the issuance of bonds may be retired out of the proceeds of such bonds. Such bonds may be executed and delivered by the authority at any time and from time to time, may be in such form and denominations and of such terms and maturities, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding forty (40) years from the date thereof, may be payable at such place or places whether within or without Tennessee, may bear interest at such rate or rates payable at such time or times and at such place or places and evidenced in such manner, may be executed by such officers of the authority and may contain such provisions not inconsistent herewith, all as shall be provided in the proceedings of the board whereunder the bonds shall be authorized to be issued. (2) If deemed advisable by the board, there may be retained in the proceedings under which any bonds of the authority are authorized to be issued an option to redeem all or any part thereof as may be specified in such proceedings, at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings and as may be briefly recited on the face of the bonds, however nothing contained in this subsection (b) shall be construed to confer on the authority any right or option to redeem any bonds except as may be provided in the proceedings under which they shall be issued. (3) Any bonds of the authority may be sold at public or private sale in such manner, at such price and from time to time as may be determined by the board to be most advantageous, and the authority may pay all expenses, premiums and commissions that its board may deem necessary or advantageous in connection with the issuance thereof. Issuance by the board of one (1) or more series of bonds for one (1) or more purposes shall not preclude it from issuing other bonds in connection with the same project or any other project, but the proceedings whereunder any subsequent bonds may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue of bonds. (4) Proceeds of bonds issued by the authority may be used for the purpose of constructing, acquiring, reconstructing, improving, equipping, furnishing, bettering or extending any project or projects, including the payment of interest on the bonds during construction of any such project and for two (2) years after the estimated date of completion, for payment of engineering, fiscal, architectural and legal expenses incurred in connection with such project and the issuance of the bonds, and for the establishment of a reasonable reserve fund for the payment of principal of and interest on such bonds in the event of a deficiency in the revenues and receipts available for such payment.
(1) Except as otherwise expressly provided in this subsection (b), all bonds, including notes or other obligations of the authority, issued by the authority, are payable solely out of the revenues and receipts derived from the authority's projects or of any revenues of the authority as may be designated in the proceedings of the board under which the bonds are authorized to be issued; provided, that notes issued in anticipation of the issuance of bonds may be retired out of the proceeds of such bonds. Such bonds may be executed and delivered by the authority at any time and from time to time, may be in such form and denominations and of such terms and maturities, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding forty (40) years from the date thereof, may be payable at such place or places whether within or without Tennessee, may bear interest at such rate or rates payable at such time or times and at such place or places and evidenced in such manner, may be executed by such officers of the authority and may contain such provisions not inconsistent herewith, all as shall be provided in the proceedings of the board whereunder the bonds shall be authorized to be issued.
(2) If deemed advisable by the board, there may be retained in the proceedings under which any bonds of the authority are authorized to be issued an option to redeem all or any part thereof as may be specified in such proceedings, at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings and as may be briefly recited on the face of the bonds, however nothing contained in this subsection (b) shall be construed to confer on the authority any right or option to redeem any bonds except as may be provided in the proceedings under which they shall be issued.
(3) Any bonds of the authority may be sold at public or private sale in such manner, at such price and from time to time as may be determined by the board to be most advantageous, and the authority may pay all expenses, premiums and commissions that its board may deem necessary or advantageous in connection with the issuance thereof. Issuance by the board of one (1) or more series of bonds for one (1) or more purposes shall not preclude it from issuing other bonds in connection with the same project or any other project, but the proceedings whereunder any subsequent bonds may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue of bonds.
(4) Proceeds of bonds issued by the authority may be used for the purpose of constructing, acquiring, reconstructing, improving, equipping, furnishing, bettering or extending any project or projects, including the payment of interest on the bonds during construction of any such project and for two (2) years after the estimated date of completion, for payment of engineering, fiscal, architectural and legal expenses incurred in connection with such project and the issuance of the bonds, and for the establishment of a reasonable reserve fund for the payment of principal of and interest on such bonds in the event of a deficiency in the revenues and receipts available for such payment.
(c) Subject to the approvals required in subsection (a), any bonds or notes of the authority at any time outstanding may, at any time and from time to time, be refunded by the authority by the issuance of its refunding bonds in such amount as the board may deem necessary, but not exceeding the sum of the following: (1) The principal amount of the obligations being refinanced; (2) Applicable redemption premiums thereon; (3) Unpaid interest on such obligations to the date of delivery or exchange of the refunding bonds; (4) In the event the proceeds from the sale of the refunding bonds are to be deposited in trust as provided in this section, the amount of interest to accrue on such obligations from the date of delivery to the first or any subsequent available redemption date or dates selected, in its discretion, by the board or to the date or dates of maturity, whichever shall be determined by the board to be most advantageous or necessary to the authority; (5) A reasonable reserve for the payment of principal of and interest on such bonds or a renewal and replacement reserve; (6) If the project to be constructed from the proceeds of the obligations being refinanced has not been completed, an amount sufficient to meet the interest charges on the refunding bonds during the construction of such project and for two (2) years after the estimated date of completion, but only to the extent that interest charges have not been capitalized from the proceeds of the obligations being refinanced; and (7) Expenses, premiums and commissions of the authority, including bonds discount, deemed by the board to be necessary for the issuance of the refunding bonds. A determination by the board that any refinancing is advantageous or necessary to the authority, or that any of the amounts provided in this subdivision (c)(7) should be included in such refinancing or that any of the obligations to be refinanced should be called for redemption on the first or any subsequent available redemption date permitted to remain outstanding until their respective dates of maturity, shall be conclusive.
(1) The principal amount of the obligations being refinanced;
(2) Applicable redemption premiums thereon;
(3) Unpaid interest on such obligations to the date of delivery or exchange of the refunding bonds;
(4) In the event the proceeds from the sale of the refunding bonds are to be deposited in trust as provided in this section, the amount of interest to accrue on such obligations from the date of delivery to the first or any subsequent available redemption date or dates selected, in its discretion, by the board or to the date or dates of maturity, whichever shall be determined by the board to be most advantageous or necessary to the authority;
(5) A reasonable reserve for the payment of principal of and interest on such bonds or a renewal and replacement reserve;
(6) If the project to be constructed from the proceeds of the obligations being refinanced has not been completed, an amount sufficient to meet the interest charges on the refunding bonds during the construction of such project and for two (2) years after the estimated date of completion, but only to the extent that interest charges have not been capitalized from the proceeds of the obligations being refinanced; and
(7) Expenses, premiums and commissions of the authority, including bonds discount, deemed by the board to be necessary for the issuance of the refunding bonds. A determination by the board that any refinancing is advantageous or necessary to the authority, or that any of the amounts provided in this subdivision (c)(7) should be included in such refinancing or that any of the obligations to be refinanced should be called for redemption on the first or any subsequent available redemption date permitted to remain outstanding until their respective dates of maturity, shall be conclusive.
(d) Any such refunding may be effected whether the obligations to be refunded have then matured or thereafter mature, either by the exchange of the refunding bonds for the obligations to be refunded thereby with the consent of the holders of the obligations so to be refunded, or by sale of the refunding bonds, and the application of the proceeds thereof to the payment of the obligations to be refunded thereby, and regardless of whether or not the obligations proposed to be refunded are payable on the same date or different dates or are due serially or otherwise.
(e) Prior to the issuance of the refunding bonds, the board shall cause notice of its intention to issue the refunding bonds, identifying the obligations proposed to be refunded and setting forth the estimated date of delivery of the refunding bonds, to be given to the holders of the outstanding obligations by mail to each registered holder and, if the outstanding bonds or coupons are not registered securities, by publication of an appropriate notice one (1) time each in a newspaper having general circulation in the area of the project and in a financial newspaper published in New York, New York, having national circulation. As soon as practicable after the delivery of the refunding bonds, and whether or not any of the obligations to be refunded are to be called for redemption, the board shall cause notice of the issuance of the refunding bonds to be given in the manner provided in this subsection (e).
(f) If any of the obligations to be refunded are to be called for redemption, the board shall cause notice of redemption to be given in the manner required by the proceedings authorizing such outstanding obligations.
(g) The principal proceeds from the sale of any refunding bonds shall be applied only as follows: (1) To the immediate payment and retirement of the obligations being refunded; or (2) To the extent not required for the immediate payment of the obligations being refunded, then such proceeds shall be deposited in trust to provide for the payment and retirement of the obligations being refunded; but provision may be made for the pledging and disposition of any surplus, including, without limitation, provision for the pledging of any such surplus to the payment of the principal of and interest on any issue or series of refunding bonds. Money in any such trust fund may be invested in direct obligations of the United States government, or obligations the principal of and interest on which are guaranteed by the United States government, or obligations of any authority or instrumentality of the United States government or in certificates of deposit issued by a bank or trust company located in this state, if such certificates are secured by a pledge of any of such obligations having any aggregate market value, exclusive of accrued interest, equal at least to the principal amount of the certificates so secured. Nothing in this subsection (g) shall be construed as a limitation on the duration of any deposit in trust for the retirement of obligations being refunded but that have not matured and that are not presently redeemable or, if presently redeemable, have not been called for redemption.
(1) To the immediate payment and retirement of the obligations being refunded; or
(2) To the extent not required for the immediate payment of the obligations being refunded, then such proceeds shall be deposited in trust to provide for the payment and retirement of the obligations being refunded; but provision may be made for the pledging and disposition of any surplus, including, without limitation, provision for the pledging of any such surplus to the payment of the principal of and interest on any issue or series of refunding bonds. Money in any such trust fund may be invested in direct obligations of the United States government, or obligations the principal of and interest on which are guaranteed by the United States government, or obligations of any authority or instrumentality of the United States government or in certificates of deposit issued by a bank or trust company located in this state, if such certificates are secured by a pledge of any of such obligations having any aggregate market value, exclusive of accrued interest, equal at least to the principal amount of the certificates so secured. Nothing in this subsection (g) shall be construed as a limitation on the duration of any deposit in trust for the retirement of obligations being refunded but that have not matured and that are not presently redeemable or, if presently redeemable, have not been called for redemption.
(h) All such bonds, refunding bonds and the interest coupons applicable thereto are hereby made and shall be construed to be negotiable instruments.
(i) The principal of and interest on any bonds issued by the authority may be secured by a pledge of the revenues and receipts out of which the same shall be made payable and may be secured by a mortgage or deed of trust covering all or any part of the projects from which the revenues or receipts so pledged may be derived, including any enlargements of and additions to any such projects thereafter made, or by an assignment and pledge of all or any part of the authority's interest in and rights under the leases, sale contracts or loan agreements relating to such projects, or any part thereof. The resolution under which the bonds are authorized to be issued and any such mortgage or deed of trust may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents or payments with respect to any projects or portions thereof covered by such resolution, mortgage or deed of trust, the creation and maintenance of special funds from such revenues and from the proceeds of such bonds and the rights and remedies available in the event of default, all as the board deems advisable and not in conflict with the provisions hereof. Each pledge, agreement, mortgage and deed of trust made for the benefit or security of any of the bonds of the authority shall continue to be effective until the principal of and interest on the bonds for the benefit of which the same were made have been fully paid. In the event of default in such payment or in any agreements of the authority made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any mortgage and deed of trust executed as security for the bonds, such payment or agreement may be enforced by suit, mandamus, the appointment of a receiver in equity or by foreclosure of any such mortgage and deed of trust, or any one (1) or more of the remedies listed in this part.
Added by 2013 Tenn. Acts, ch. 474, s 1, eff. 5/20/2013.
Tenn. Code Ann. § 64-5-107 — TN Code / Title 64 / Chapter 5 / Section 64-5-107
[Repealed] Reserved
Status: repealed

Acts 1986, ch. 789, § 7; repealed by Acts 2012, ch. 1033, § 5, effective 7/1/2012.
Tenn. Code Ann. § 64-1-205 — TN Code / Title 64 / Chapter 1 / Section 64-1-205
Financing
Status: in_force

The authority has the powers with respect to finance as follows: (1) The authority is an entity for purposes of general state obligation bond financing. The authority has the power to issue its bonds from time to time in consultation with the state. Any bond issue wherein the general obligation of the state is attached must first be approved by the general assembly and provision made for amortization of both principal and interest for a period not to exceed forty (40) years. The authority shall present to the general assembly its needs with regard to specific bond issues, together with evidence that the legislative bodies of the counties and municipalities have appropriated or issued bonds sufficient for matching purposes and its estimate of annual revenues to be received therefrom. Specific bond issues shall describe the purpose, land, works or improvements to be accomplished and their location; (2) (A) The state is hereby authorized to match funds raised by such local governments for the purposes authorized under this part. The state is authorized to match funds raised by such local governments for authority purposes either through issuance of bonds or on pay-as-you-go basis, or a combination of the two (2), with the local governments providing their share of the costs through local appropriations of such funds by their respective legislative bodies. Bonds shall be issued in the usual manner that state bonds are authorized and sold after the approval of such bond issue by the general assembly; (B) In scheduling improvements, the authority shall make maximum use of federal grant funds from any federal program for which it is eligible; (3) The state is hereby authorized to match funds raised locally to provide for the operations of the authority, including costs of administration, planning, engineering, program development and administration, land acquisition, equipment and other capital improvements and bond financing and amortization; (4) Each city, town or county within the area is hereby authorized and empowered to contribute to the work of the authority any amount that each respective governing body, acting in its sole discretion, shall approve to be paid from the general fund of the respective city or county or shall issue its general obligation bonds for and on behalf of the authority; (5) By October 1 of each year, the authority shall transmit to the commissioner of environment and conservation an estimated budget with a request for an amount to be included in the governor's budget recommendations for the next fiscal year. Such budget shall include the estimated administrative, operation and maintenance expenses and shall include appropriate justification for such requested appropriation. Such amount, or other amount as deemed appropriate by the commissioner and approved by the governor, shall be included in the budget request transmitted to the general assembly; and (6) It is the intent of this part that the authority be operated as a state agency subject to all fiscal requirements and procedures that apply to other state departments and agencies and subject to joint local funding as stipulated in this part. Acts 1973, ch. 409, § 5; T.C.A., § 66-1-205 .
The authority has the powers with respect to finance as follows:
(1) The authority is an entity for purposes of general state obligation bond financing. The authority has the power to issue its bonds from time to time in consultation with the state. Any bond issue wherein the general obligation of the state is attached must first be approved by the general assembly and provision made for amortization of both principal and interest for a period not to exceed forty (40) years. The authority shall present to the general assembly its needs with regard to specific bond issues, together with evidence that the legislative bodies of the counties and municipalities have appropriated or issued bonds sufficient for matching purposes and its estimate of annual revenues to be received therefrom. Specific bond issues shall describe the purpose, land, works or improvements to be accomplished and their location;
(2) (A) The state is hereby authorized to match funds raised by such local governments for the purposes authorized under this part. The state is authorized to match funds raised by such local governments for authority purposes either through issuance of bonds or on pay-as-you-go basis, or a combination of the two (2), with the local governments providing their share of the costs through local appropriations of such funds by their respective legislative bodies. Bonds shall be issued in the usual manner that state bonds are authorized and sold after the approval of such bond issue by the general assembly; (B) In scheduling improvements, the authority shall make maximum use of federal grant funds from any federal program for which it is eligible;
(A) The state is hereby authorized to match funds raised by such local governments for the purposes authorized under this part. The state is authorized to match funds raised by such local governments for authority purposes either through issuance of bonds or on pay-as-you-go basis, or a combination of the two (2), with the local governments providing their share of the costs through local appropriations of such funds by their respective legislative bodies. Bonds shall be issued in the usual manner that state bonds are authorized and sold after the approval of such bond issue by the general assembly;
(B) In scheduling improvements, the authority shall make maximum use of federal grant funds from any federal program for which it is eligible;
(3) The state is hereby authorized to match funds raised locally to provide for the operations of the authority, including costs of administration, planning, engineering, program development and administration, land acquisition, equipment and other capital improvements and bond financing and amortization;
(4) Each city, town or county within the area is hereby authorized and empowered to contribute to the work of the authority any amount that each respective governing body, acting in its sole discretion, shall approve to be paid from the general fund of the respective city or county or shall issue its general obligation bonds for and on behalf of the authority;
(5) By October 1 of each year, the authority shall transmit to the commissioner of environment and conservation an estimated budget with a request for an amount to be included in the governor's budget recommendations for the next fiscal year. Such budget shall include the estimated administrative, operation and maintenance expenses and shall include appropriate justification for such requested appropriation. Such amount, or other amount as deemed appropriate by the commissioner and approved by the governor, shall be included in the budget request transmitted to the general assembly; and
(6) It is the intent of this part that the authority be operated as a state agency subject to all fiscal requirements and procedures that apply to other state departments and agencies and subject to joint local funding as stipulated in this part.
Acts 1973, ch. 409, § 5; T.C.A., § 66-1-205 .
Tenn. Code Ann. § 64-1-804 — TN Code / Title 64 / Chapter 1 / Section 64-1-804
Powers and duties
Status: in_force

(a) The authority is specifically authorized and empowered to do any and all things necessary in forming and executing a plan for the comprehensive development of the resources of Carroll County, including an action in cooperation, when necessary, with appropriate local, state, and federal agencies in the fields of agriculture, forestry, drainage and flood control, land reclamation, electric power utilization, irrigation, water conservation and supply, recreation, public health, manufacturing, and trade. To that end the authority: (1) Shall have succession in its corporate name; (2) May sue and be sued in its corporate name; (3) May adopt and use a corporate seal; (4) May establish, amend and repeal bylaws and make all rules and regulations deemed expedient for the management of its corporate affairs; (5) May make contracts and execute instruments containing such terms, provisions and conditions as in the judgment of the board of directors may be necessary, proper or advisable in the exercise of the powers conferred upon it in this section, including, but not limited to, contracts for grants, loans or other assistance from any federal agency and contracts with corporations, associations or individuals for construction work in the furtherance of any development project, and may carry out and perform the terms and conditions of all such contracts or instruments; (6) May acquire by purchase, lease, gift or by condemnation property of any kind, real, personal or mixed, or any interest therein, that the board deems necessary to the exercise of its powers or functions; provided, that acquisition by condemnation is limited to land, rights in land, including leaseholds and easements, and water rights in watersheds of rivers or streams in Carroll County that, if taken for channel improvement along an unimpounded portion of such rivers or streams, lie within the present floodplain of such rivers or streams and, if bordering an impoundment or detention reservoir, lie within two thousand six hundred fifty feet (2,650') of the nearest point on the maximum shoreline contour of such impoundment. The amount and character of interests in land, rights in land and water rights to be acquired within either of these boundaries shall be determined by the board of directors, which determination shall be final; (7) May: (A) Issue its bonds, including refunding bonds, from time to time in a total amount not to exceed twelve million dollars ($12,000,000) for the purpose of paying in whole or in part the cost of the acquisition of necessary land or interests in such land and the development of the resources of Carroll County, and expenses incidental to such development; (B) Issue refunding bonds which refinance or refund bonds used for any purpose described in subdivision (a)(7)(A); (C) Secure such bonds by a pledge of all or any part of the revenues that may come to the authority from any source, by a mortgage or deed of trust of the authority's land or any part of such land, or by a combination of the two (2); and (D) Make such contracts or covenants in the issuance of such bonds as may be necessary to ensure the marketability of the bonds; (8) May arrange with any city, county, municipality or supplier of utilities for the abandonment, relocation or other adjustment of roads, highways, bridges and utility lines; (9) May enter into contracts with municipalities, corporations, other public agencies, or political subdivisions of any kind, or with others for the sale of water from reservoirs in the rivers or streams of Carroll County under its control for municipal, domestic, agricultural or industrial use or any other services, facilities or commodities that the authority may be in a position to supply; (10) May develop reservoirs and shoreline lands for recreational use and provide for their operation or use for this purpose directly or by concessionaires, lessees or vendees of shoreline lands; (11) May sell or lease shoreline lands acquired in connection with development of the rivers or streams of Carroll County for uses consistent with the authority's development plans and subject to such restrictions as the authority deems necessary for reservoir protection and to such requirements as to: (A) Character of improvements and activities on the lands; and (B) Time within which such improvements or activities shall be undertaken as the authority deems appropriate to its overall development plans; and (12) May manage or operate reservoirs or shoreline lands of reservoirs owned by the United States under appropriate agreements with the federal agency or agencies having custody and control thereof. (b) It is recognized that parts of Carroll County are within the watersheds of the Obion and Forked Deer Rivers. Nothing in this section or this part should be construed as giving the Carroll County watershed authority power that conflicts with the power of the West Tennessee basin authority created by part 11 of this chapter. In the event of any disagreement between these two (2) agencies over activities in the Obion or Forked Deer River Basins, the determination of the West Tennessee River basin authority shall prevail. (c) The authority shall not exercise any broad governmental controls or police powers to regulate land use planning, zoning, subdivision regulations, building codes, or similar powers to regulate land use. Amended by 2020 Tenn. Acts, ch. 662, Secs.s4, s5 eff. 4/2/2020. Amended by 2014 Tenn. Acts, ch. 577, s 1, eff. 3/28/2014. Acts 1984, ch. 680, § 4; 2000, ch. 958, §§ 2 - 5; 2008 , ch. 970, § 1.
(a) The authority is specifically authorized and empowered to do any and all things necessary in forming and executing a plan for the comprehensive development of the resources of Carroll County, including an action in cooperation, when necessary, with appropriate local, state, and federal agencies in the fields of agriculture, forestry, drainage and flood control, land reclamation, electric power utilization, irrigation, water conservation and supply, recreation, public health, manufacturing, and trade. To that end the authority: (1) Shall have succession in its corporate name; (2) May sue and be sued in its corporate name; (3) May adopt and use a corporate seal; (4) May establish, amend and repeal bylaws and make all rules and regulations deemed expedient for the management of its corporate affairs; (5) May make contracts and execute instruments containing such terms, provisions and conditions as in the judgment of the board of directors may be necessary, proper or advisable in the exercise of the powers conferred upon it in this section, including, but not limited to, contracts for grants, loans or other assistance from any federal agency and contracts with corporations, associations or individuals for construction work in the furtherance of any development project, and may carry out and perform the terms and conditions of all such contracts or instruments; (6) May acquire by purchase, lease, gift or by condemnation property of any kind, real, personal or mixed, or any interest therein, that the board deems necessary to the exercise of its powers or functions; provided, that acquisition by condemnation is limited to land, rights in land, including leaseholds and easements, and water rights in watersheds of rivers or streams in Carroll County that, if taken for channel improvement along an unimpounded portion of such rivers or streams, lie within the present floodplain of such rivers or streams and, if bordering an impoundment or detention reservoir, lie within two thousand six hundred fifty feet (2,650') of the nearest point on the maximum shoreline contour of such impoundment. The amount and character of interests in land, rights in land and water rights to be acquired within either of these boundaries shall be determined by the board of directors, which determination shall be final; (7) May: (A) Issue its bonds, including refunding bonds, from time to time in a total amount not to exceed twelve million dollars ($12,000,000) for the purpose of paying in whole or in part the cost of the acquisition of necessary land or interests in such land and the development of the resources of Carroll County, and expenses incidental to such development; (B) Issue refunding bonds which refinance or refund bonds used for any purpose described in subdivision (a)(7)(A); (C) Secure such bonds by a pledge of all or any part of the revenues that may come to the authority from any source, by a mortgage or deed of trust of the authority's land or any part of such land, or by a combination of the two (2); and (D) Make such contracts or covenants in the issuance of such bonds as may be necessary to ensure the marketability of the bonds; (8) May arrange with any city, county, municipality or supplier of utilities for the abandonment, relocation or other adjustment of roads, highways, bridges and utility lines; (9) May enter into contracts with municipalities, corporations, other public agencies, or political subdivisions of any kind, or with others for the sale of water from reservoirs in the rivers or streams of Carroll County under its control for municipal, domestic, agricultural or industrial use or any other services, facilities or commodities that the authority may be in a position to supply; (10) May develop reservoirs and shoreline lands for recreational use and provide for their operation or use for this purpose directly or by concessionaires, lessees or vendees of shoreline lands; (11) May sell or lease shoreline lands acquired in connection with development of the rivers or streams of Carroll County for uses consistent with the authority's development plans and subject to such restrictions as the authority deems necessary for reservoir protection and to such requirements as to: (A) Character of improvements and activities on the lands; and (B) Time within which such improvements or activities shall be undertaken as the authority deems appropriate to its overall development plans; and (12) May manage or operate reservoirs or shoreline lands of reservoirs owned by the United States under appropriate agreements with the federal agency or agencies having custody and control thereof.
(1) Shall have succession in its corporate name;
(2) May sue and be sued in its corporate name;
(3) May adopt and use a corporate seal;
(4) May establish, amend and repeal bylaws and make all rules and regulations deemed expedient for the management of its corporate affairs;
(5) May make contracts and execute instruments containing such terms, provisions and conditions as in the judgment of the board of directors may be necessary, proper or advisable in the exercise of the powers conferred upon it in this section, including, but not limited to, contracts for grants, loans or other assistance from any federal agency and contracts with corporations, associations or individuals for construction work in the furtherance of any development project, and may carry out and perform the terms and conditions of all such contracts or instruments;
(6) May acquire by purchase, lease, gift or by condemnation property of any kind, real, personal or mixed, or any interest therein, that the board deems necessary to the exercise of its powers or functions; provided, that acquisition by condemnation is limited to land, rights in land, including leaseholds and easements, and water rights in watersheds of rivers or streams in Carroll County that, if taken for channel improvement along an unimpounded portion of such rivers or streams, lie within the present floodplain of such rivers or streams and, if bordering an impoundment or detention reservoir, lie within two thousand six hundred fifty feet (2,650') of the nearest point on the maximum shoreline contour of such impoundment. The amount and character of interests in land, rights in land and water rights to be acquired within either of these boundaries shall be determined by the board of directors, which determination shall be final;
(7) May: (A) Issue its bonds, including refunding bonds, from time to time in a total amount not to exceed twelve million dollars ($12,000,000) for the purpose of paying in whole or in part the cost of the acquisition of necessary land or interests in such land and the development of the resources of Carroll County, and expenses incidental to such development; (B) Issue refunding bonds which refinance or refund bonds used for any purpose described in subdivision (a)(7)(A); (C) Secure such bonds by a pledge of all or any part of the revenues that may come to the authority from any source, by a mortgage or deed of trust of the authority's land or any part of such land, or by a combination of the two (2); and (D) Make such contracts or covenants in the issuance of such bonds as may be necessary to ensure the marketability of the bonds;
(A) Issue its bonds, including refunding bonds, from time to time in a total amount not to exceed twelve million dollars ($12,000,000) for the purpose of paying in whole or in part the cost of the acquisition of necessary land or interests in such land and the development of the resources of Carroll County, and expenses incidental to such development;
(B) Issue refunding bonds which refinance or refund bonds used for any purpose described in subdivision (a)(7)(A);
(C) Secure such bonds by a pledge of all or any part of the revenues that may come to the authority from any source, by a mortgage or deed of trust of the authority's land or any part of such land, or by a combination of the two (2); and
(D) Make such contracts or covenants in the issuance of such bonds as may be necessary to ensure the marketability of the bonds;
(8) May arrange with any city, county, municipality or supplier of utilities for the abandonment, relocation or other adjustment of roads, highways, bridges and utility lines;
(9) May enter into contracts with municipalities, corporations, other public agencies, or political subdivisions of any kind, or with others for the sale of water from reservoirs in the rivers or streams of Carroll County under its control for municipal, domestic, agricultural or industrial use or any other services, facilities or commodities that the authority may be in a position to supply;
(10) May develop reservoirs and shoreline lands for recreational use and provide for their operation or use for this purpose directly or by concessionaires, lessees or vendees of shoreline lands;
(11) May sell or lease shoreline lands acquired in connection with development of the rivers or streams of Carroll County for uses consistent with the authority's development plans and subject to such restrictions as the authority deems necessary for reservoir protection and to such requirements as to: (A) Character of improvements and activities on the lands; and (B) Time within which such improvements or activities shall be undertaken as the authority deems appropriate to its overall development plans; and
(A) Character of improvements and activities on the lands; and
(B) Time within which such improvements or activities shall be undertaken as the authority deems appropriate to its overall development plans; and
(12) May manage or operate reservoirs or shoreline lands of reservoirs owned by the United States under appropriate agreements with the federal agency or agencies having custody and control thereof.
(b) It is recognized that parts of Carroll County are within the watersheds of the Obion and Forked Deer Rivers. Nothing in this section or this part should be construed as giving the Carroll County watershed authority power that conflicts with the power of the West Tennessee basin authority created by part 11 of this chapter. In the event of any disagreement between these two (2) agencies over activities in the Obion or Forked Deer River Basins, the determination of the West Tennessee River basin authority shall prevail.
(c) The authority shall not exercise any broad governmental controls or police powers to regulate land use planning, zoning, subdivision regulations, building codes, or similar powers to regulate land use.
Amended by 2020 Tenn. Acts, ch. 662, Secs.s4, s5 eff. 4/2/2020.
Amended by 2014 Tenn. Acts, ch. 577, s 1, eff. 3/28/2014.
Acts 1984, ch. 680, § 4; 2000, ch. 958, §§ 2 - 5; 2008 , ch. 970, § 1.
Tenn. Code Ann. § 64-8-106 — TN Code / Title 64 / Chapter 8 / Section 64-8-106
Public service or assistance
Status: in_force

Any department or agency of the state or any county, municipality or metropolitan government included in the authority may, upon request of the board, provide any services or assistance to the board in preparing a plan or in organizing its operations. Acts 1988, ch. 1026, § 6.
Any department or agency of the state or any county, municipality or metropolitan government included in the authority may, upon request of the board, provide any services or assistance to the board in preparing a plan or in organizing its operations.
Acts 1988, ch. 1026, § 6.
Tenn. Code Ann. § 64-8-207 — TN Code / Title 64 / Chapter 8 / Section 64-8-207
Powers granted for financing the mass transit and transportation plans
Status: in_force

In order to finance the construction, operation, maintenance, and management of the mass transit and transportation plans and plans for transit adjacent or transit oriented development established by the authority, the authority shall have the following powers: (1) To fix, alter, establish and collect rates, fares, fees, rentals, tolls and other charges for the services planned, financed, constructed, operated, maintained or managed by the authority associated with transit and transit oriented development, including, but not limited to, demand-response transit services, vanpool programs, rideshare programs, local bus services, regional bus services, bus rapid transit services, light rail transit services, commuter rail services, park-and-ride lots, transit oriented development nodes and all infrastructure that would be required to support or sustain such facilities or services. These rates, fares, fees, rentals, tolls, sales and other charges shall always be sufficient to comply with any covenants made with the holders of any bonds issued pursuant to this part; (2) To solicit, accept and expend grants, appropriations, contributions or other funds from any source, public or private, and maintain an accounting of such receipts and expenditures, subject to audit by the comptroller of the treasury; (3) To sell, convey, exchange, lease as a lessor, transfer or otherwise dispose of any real or personal property, or interest in real or personal property, acquired by the authority, including air rights, or to purchase, lease or otherwise acquire real property as needed for the construction or operation of mass transit or transportation services and to implement transit adjacent or transit oriented development plans; (4) (A) The authority shall have power and is authorized to issue its bonds in order to finance: (i) The costs of any project authorized by this part; (ii) The payment of the costs of issuance of such bonds, including underwriter's discount, financial advisory fees, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement, and legal, accounting, fiscal and other similar expenses; (iii) Reimbursement of the authority for moneys previously spent by the authority for any of the purposes set forth in subdivision (4)(A)(ii); (iv) The establishment of reasonable reserves for the payment of debt service on such bonds, for repair and replacement of any project, or for such other purposes as the board deems necessary and proper in connection with the issuance of any bonds and operation of any project for the benefit of which the financing is being undertaken; and (v) The contribution of the authority's share of the funding for any joint undertaking for the purposes set forth in this subdivision (4); (B) (i) The authority shall have the power and is authorized to issue its bonds to refund and refinance outstanding bonds of the authority heretofore or hereafter issued or lawfully assumed by the authority. The proceeds of the sale of the bonds may be applied to: (a) The payment of the principal amount of the bonds being refunded and refinanced; (b) The payment of the redemption or tender premium thereon, if any; (c) The payment of unpaid interest on the bonds being refunded, including interest in arrears, for the payment of which sufficient funds are not available, to the date of delivery or exchange of the refunding bonds; (d) The payment of fees or other charges incident to the termination of any interest rate hedging agreements, liquidity or credit facilities or other agreements related to the bonds being refunded and refinanced; (e) The payment of interest on the bonds being refunded and refinanced from the date of delivery of the refunding bonds to maturity or to, and including, the first or any subsequent available redemption date or dates on which the bonds being refunded may be called for redemption; (f) The payment of the costs of issuance of the refunding bonds, including underwriter's discount, financial advisory fees, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement, and legal, accounting, fiscal and other similar expenses, and the costs of refunding the outstanding bonds, including the costs of establishing an escrow for the retirement of the outstanding bonds, trustee and escrow agent fees in connection with any escrow, and accounting, legal and other professional fees in connection therewith; and (g) The establishment of reserves for the purposes set forth in subdivision (4)(A)(iv); (ii) Refunding bonds may be issued to refinance and refund more than one issue of outstanding bonds, notwithstanding that the outstanding bonds may have been issued at different times. Refunding bonds may be issued jointly with other refunding bonds or other bonds of the authority. The principal proceeds from the sale of refunding bonds may be applied either to the immediate payment and retirement of the bonds being refunded or, to the extent not required for the immediate payment of the bonds being refunded, to the deposit in escrow with a bank or trust company to provide for the payment and retirement at a later date of the bonds being refunded; (C) No bonds shall be issued under this subdivision (4) unless authorized to be issued or assumed by resolution of the governing board of the authority. Bonds authorized to be issued under this subdivision (4) may be issued in one (1) or more series, may bear such date or dates, mature at such time or times, not exceeding forty (40) years from their respective dates, bear interest at such rate or rates, payable at such time or times, be in such denominations, be in such form, either coupon or registered, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, as such resolution or resolutions may provide. Bonds may be issued for money or property at competitive or negotiated sale for such price or prices as the governing board, or its designee, shall determine. The authority may enter into such agreements in connection with the issuance of any bonds as its governing board may approve, including, without limitation, agreements related to municipal bond insurance, credit or liquidity facility agreements, remarketing agreements and bond purchase agreements; (D) Bonds may be repurchased by the authority out of any available funds at such price as the governing board shall determine, and all bonds so repurchased shall be cancelled or held as an investment of the authority as the governing board may determine; (E) Pending the preparation or execution of definitive bonds, interim receipts or certificates or temporary bonds may be delivered to the purchasers of bonds; (F) (i) With respect to all or any portion of any issue of bonds issued under this subdivision (4), at any time during the term of the bonds, and upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the contracts and agreements authorized in this subdivision (4) are in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board, as set forth in § 9-21-130 , the authority, by resolution of the governing board, may authorize and enter into interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings, or both, and other interest rate hedging agreements under such terms and conditions as the governing board may determine, including, without limitation, provisions permitting the authority to pay to, or receive from, any person or entity any loss of benefits under such agreement upon early termination of the agreement or default under the agreement; (ii) The authority may enter into an agreement to sell bonds, other than its refunding bonds, under this part providing for delivery of its bonds on a date greater than ninety (90) days and not greater than five (5) years or such greater period of time if approved by the comptroller of the treasury or the comptroller's designee, from the date of execution of the agreement or to sell its refunding bonds providing for delivery of the refunding bonds on a date greater than ninety (90) days from the date of execution of the agreement and not greater than the first optional redemption date on which the bonds being refunded can be optionally redeemed resulting in cost savings or at par, whichever is earlier, only upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the agreement or contract of the authority to sell its bonds as authorized in this subdivision (4) is in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board in accordance with § 9-21-130 . Agreements to sell bonds and refunding bonds for delivery ninety (90) days or less from the date of execution of the agreement do not require a report of the comptroller of the treasury or the comptroller's designee; (iii) Prior to the adoption by the governing board of a resolution authorizing a contract or agreement described in subdivision (4)(F)(i) or (4)(F)(ii), a request shall be submitted to the comptroller of the treasury or the comptroller's designee for a report finding that the contract or agreement is in compliance with the guidelines, rules or regulations of the state funding board. Within fifteen (15) days of receipt of the request, the comptroller of the treasury or the comptroller's designee shall determine whether the contract or agreement substantially complies with the guidelines, rules or regulations and shall report on compliance to the authority. If the report of the comptroller of the treasury or the comptroller's designee finds that the contract or agreement complies with the guidelines, rules or regulations of the state funding board or the comptroller of the treasury shall fail to report within the fifteen-day period, then the authority may take such action with respect to the proposed contract or agreement as it deems advisable in accordance with this section and the guidelines, rules or regulations of the state funding board. If the report of the comptroller of the treasury or the comptroller's designee finds that the contract or agreement is not in compliance with the guidelines, rules or regulations, then the authority is not authorized to enter into the contract or agreement. The guidelines, rules or regulations shall provide for an appeal process upon a determination of noncompliance; (iv) When entering into any contracts or agreements facilitating the issuance and sale of bonds, including contracts or agreements providing for liquidity and credit enhancement and reimbursement agreements relating thereto, interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings, or both, other interest rate hedging agreements, and agreements with the purchaser of the bonds, evidencing a transaction bearing a reasonable relationship to this state and also to another state or nation, the authority may agree in the written contract or agreement that the rights and remedies of the parties to the contract or agreement shall be governed by the laws of this state or the laws of such other state or nation; provided, that jurisdiction over the authority shall lie solely in the courts of any participating metropolitan government, county, city or town; (G) (i) All bonds issued by the authority shall be payable out of the revenue and receipts derived from any projects, or of any portion of projects owned, operated or leased to or from the authority, as may be designated by the board of directors of the authority, or from any revenues to be derived directly or indirectly by the authority from such projects, or from any revenues derived directly or indirectly by the authority from the allocation, transfer, contribution or pledge of tax revenues or other moneys of any nature by the state or any county, municipality or other public instrumentality thereof; (ii) The principal of and interest on any bonds issued by the authority shall be secured, as may be designated by the governing board, by a pledge of revenues and receipts of the authority described in subdivision (4)(G)(i), by a pledge of the authority's rights under agreements, leases and other contracts, or by a mortgage or deed of trust covering all or any part of the projects from which the revenues or receipts so pledged may be derived. The proceedings under which the bonds are authorized to be issued and any such pledge agreement or mortgage or deed of trust may contain any agreements and provisions respecting the maintenance of the projects covered by the bonds, the fixing and collection of rents for any portions of projects leased by the authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, all as the governing board deems advisable and not in conflict with this part. Each pledge, agreement, or mortgage or deed of trust made for the benefit or security of any of the bonds of the authority shall continue effective until the principal of and interest on the bonds for the benefit of which the pledge, agreement, or mortgage or deed of trust were made shall have been fully paid. In the event of default in the payment or in any agreement of the authority made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any mortgage or deed of trust executed as security for the bonds, the payment or agreement may be enforced by suit, mandamus, the appointment of a receiver in equity or by foreclosure of any such mortgage or deed of trust, or any one (1) or more of these remedies; (H) The authority may issue interim certificates, bond anticipation notes or other temporary obligations pending the issuance of its revenue bonds, which temporary obligations shall be payable out of revenues and receipts of the authority in like manner as the revenue bonds and shall be retired from the proceeds of such bonds upon the issuance of the revenue bonds, and shall be in such form and contain such terms, conditions and provisions consistent with this part as the governing board may determine; (I) Bonds and notes of the authority shall be executed in the name of the authority by such officers of the authority and in such manner as the governing board may direct and shall be sealed with the corporate seal of the authority. If so provided in the proceedings authorizing the bonds, the facsimile signature of any of the officers executing the bonds and a facsimile of the corporate seal of the authority may appear on the bonds in lieu of the manual signature of the officer and the manual impress of the seal; (J) Any bonds and notes of the authority may be sold at public or private sale, for such price and in such manner and from time to time as may be determined by the governing board of directors of the authority to be most advantageous; and the authority may pay all expenses, premiums and commissions that its board of directors may deem necessary or advantageous in connection with the issuance of the bonds; (K) Any participating metropolitan government, county, city or town is authorized to aid or otherwise provide assistance to an authority created pursuant to this part, including entering into leases of projects, or parts of projects with an authority, for such term or terms and upon such conditions as may be determined by resolution of the governing body of the metropolitan government, county, city or town, notwithstanding and without regard to the restrictions, prohibitions or requirements of any other law, whether public or private, or granting, contributing or pledging revenues of the metropolitan government, county, city or town to or for the benefit of the authority derived from any source; (L) Any participating metropolitan government, county, city or town is authorized, upon recommendation of the governing board of the authority, to issue and sell its bonds to finance the acquisition, construction, improvement or expansion of the facilities authorized in this part, and to refund bonds previously issued by the metropolitan government, county, city or town or by the authority, or refinance indebtedness previously incurred for such purposes. The facilities authorized by this part shall be deemed to be public works projects for purposes of § 9-21-105 of the Local Government Public Obligations Act of 1986 (LGPOA), compiled in title 9, chapter 21, and any such bonds issued by a participating metropolitan government, county, city or town under this part shall be issued, and the proceeds of the bonds applied, in accordance with the applicable provisions of the LGPOA. Notwithstanding this subdivision (4)(L), prior to the issuance of any general obligation bonds by a metropolitan government, county, city or town under the authority of this part, a referendum shall be held concurrently with a general election in the metropolitan government, county, city or town. The referendum shall in all other respects be conducted in compliance with the requirements of the LGPOA, specifically with those contained in §§ 9-21-205 - 9-21-209; (M) Each participating metropolitan government, county, city or town, upon approval by resolution of its governing body, is authorized to enter into such agreements with the authority and the other participating metropolitan governments, counties, cities or towns as may be determined by the governing body of the metropolitan government, county, city or town to be convenient or necessary to accomplish the purposes set forth in subdivisions (4)(K) and (L); (N) Except to the extent of any revenues that may be specifically allocated, transferred, contributed or pledged by a participating metropolitan government, county, city or town in accordance with this part and laws, rules and regulations applicable to this part, no metropolitan government, county, city or town shall in any event be liable for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever that may be undertaken by the authority, and none of the bonds of the authority or any of its agreements or obligations shall be construed to constitute an indebtedness of a participating metropolitan government, county, city or town within the meaning of any constitutional or statutory provision whatsoever; (O) Nothing in this part shall be construed to allow the governing board of the authority to pledge unilaterally the full faith and credit and unlimited taxing power of any metropolitan government, county, city or town as surety to the payment of the authority's bonds or to impose unilaterally an ad valorem tax in any metropolitan government, county, city or town; (5) To delineate and create a special district in all or portions of the areas of the regional transportation authority for the purposes of facilitating the raising of revenues to be dedicated to the authority for the implementation of the authority's plan within the special district. A special district may be created only in those areas of the authority that have or are planned to have a benefit from services being provided by the authority and shall be permitted to include multiple metropolitan governments, counties, cities and towns. An authority may create more than one (1) special district and special districts may overlap. Local governments, by majority vote of their governing bodies, shall have the right to opt out of a special district created by the board of an authority prior to the levy of any tax or assessment within the special district; (6) To accept funds from taxes or assessments levied by local governments served by the authority or act of the general assembly in order to provide funding for the plan adopted by the authority pursuant to § 64-8-206(a) . The act of the general assembly may be initiated upon either: (A) A formal request made by local governing bodies within the authority in the form of a local resolution; or (B) The receipt of the certified results of a nonbinding advisory election. For such an election to be held, the governing body is authorized to direct the county election commission in the affected local governments to place the question on the ballot to be submitted to the voters in the affected local governments on the matter of general and vital concern of whether a particular tax or assessment with a certain rate should be levied within a special district of the authority by means of the general assembly in order to obtain the advice and direction of the voters as to such matters. The expense of any special election held within the territory of the special district of the authority shall be borne by the authority. The results of the election shall be advisory and nonbinding; and (7) To petition its participating local governments to levy any tax or assessment authorized by law for state, county or municipal purposes and not prohibited by the Tennessee constitution and dedicate the proceeds of such tax or assessment to the authority. Any city or county government levying a tax pursuant to this subdivision (7) may limit the levy of the tax to the area included within the special district created by the regional transportation authority. Any local government levying a tax pursuant to this subdivision (7) may make the levy subject to approval by the qualified voters in the area subject to the tax in accordance with § 2-3-204 in the following manner: (A) (i) Any ordinance or resolution of a participating local government levying the tax under authority of this part shall not become operative until approved in an election provided under this subdivision (7) in such local government; (ii) The county election commission shall hold an election on the question pursuant to § 2-3-204 , providing options to vote "FOR" or "AGAINST" the ordinance or resolution, after the receipt of a certified copy of such ordinance or resolution, and a majority vote of those voting in the election shall determine whether the ordinance or resolution is to be operative; and (iii) If the majority vote is for the ordinance or resolution, it shall be deemed to be operative on the date that the county election commission makes its official canvass of the election returns; provided, however, that no tax shall be collected under any such ordinance or resolution until the first day of a month occurring at least thirty (30) days after the operative date; (B) (i) If a county legislative body adopts a resolution to levy the tax at the same rate that is operative in a city or town in the county, the election under this section to determine whether the county tax is to be operative shall be open only to the voters residing outside of the city or town. If the county tax is at a higher rate than the rate of the city or town tax, the election shall also be open to the voters of the city or town; and (ii) Should any county or city or town hold an election under this subdivision (7), and the ordinance or resolution is rejected, no other election on the tax or assessment shall be held by the county, city or town for a period of six (6) months from the date of the holding of the prior election. Acts 2009 , ch. 362, § 1; 2012 , ch. 835, § 2.
In order to finance the construction, operation, maintenance, and management of the mass transit and transportation plans and plans for transit adjacent or transit oriented development established by the authority, the authority shall have the following powers:
(1) To fix, alter, establish and collect rates, fares, fees, rentals, tolls and other charges for the services planned, financed, constructed, operated, maintained or managed by the authority associated with transit and transit oriented development, including, but not limited to, demand-response transit services, vanpool programs, rideshare programs, local bus services, regional bus services, bus rapid transit services, light rail transit services, commuter rail services, park-and-ride lots, transit oriented development nodes and all infrastructure that would be required to support or sustain such facilities or services. These rates, fares, fees, rentals, tolls, sales and other charges shall always be sufficient to comply with any covenants made with the holders of any bonds issued pursuant to this part;
(2) To solicit, accept and expend grants, appropriations, contributions or other funds from any source, public or private, and maintain an accounting of such receipts and expenditures, subject to audit by the comptroller of the treasury;
(3) To sell, convey, exchange, lease as a lessor, transfer or otherwise dispose of any real or personal property, or interest in real or personal property, acquired by the authority, including air rights, or to purchase, lease or otherwise acquire real property as needed for the construction or operation of mass transit or transportation services and to implement transit adjacent or transit oriented development plans;
(4) (A) The authority shall have power and is authorized to issue its bonds in order to finance: (i) The costs of any project authorized by this part; (ii) The payment of the costs of issuance of such bonds, including underwriter's discount, financial advisory fees, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement, and legal, accounting, fiscal and other similar expenses; (iii) Reimbursement of the authority for moneys previously spent by the authority for any of the purposes set forth in subdivision (4)(A)(ii); (iv) The establishment of reasonable reserves for the payment of debt service on such bonds, for repair and replacement of any project, or for such other purposes as the board deems necessary and proper in connection with the issuance of any bonds and operation of any project for the benefit of which the financing is being undertaken; and (v) The contribution of the authority's share of the funding for any joint undertaking for the purposes set forth in this subdivision (4); (B) (i) The authority shall have the power and is authorized to issue its bonds to refund and refinance outstanding bonds of the authority heretofore or hereafter issued or lawfully assumed by the authority. The proceeds of the sale of the bonds may be applied to: (a) The payment of the principal amount of the bonds being refunded and refinanced; (b) The payment of the redemption or tender premium thereon, if any; (c) The payment of unpaid interest on the bonds being refunded, including interest in arrears, for the payment of which sufficient funds are not available, to the date of delivery or exchange of the refunding bonds; (d) The payment of fees or other charges incident to the termination of any interest rate hedging agreements, liquidity or credit facilities or other agreements related to the bonds being refunded and refinanced; (e) The payment of interest on the bonds being refunded and refinanced from the date of delivery of the refunding bonds to maturity or to, and including, the first or any subsequent available redemption date or dates on which the bonds being refunded may be called for redemption; (f) The payment of the costs of issuance of the refunding bonds, including underwriter's discount, financial advisory fees, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement, and legal, accounting, fiscal and other similar expenses, and the costs of refunding the outstanding bonds, including the costs of establishing an escrow for the retirement of the outstanding bonds, trustee and escrow agent fees in connection with any escrow, and accounting, legal and other professional fees in connection therewith; and (g) The establishment of reserves for the purposes set forth in subdivision (4)(A)(iv); (ii) Refunding bonds may be issued to refinance and refund more than one issue of outstanding bonds, notwithstanding that the outstanding bonds may have been issued at different times. Refunding bonds may be issued jointly with other refunding bonds or other bonds of the authority. The principal proceeds from the sale of refunding bonds may be applied either to the immediate payment and retirement of the bonds being refunded or, to the extent not required for the immediate payment of the bonds being refunded, to the deposit in escrow with a bank or trust company to provide for the payment and retirement at a later date of the bonds being refunded; (C) No bonds shall be issued under this subdivision (4) unless authorized to be issued or assumed by resolution of the governing board of the authority. Bonds authorized to be issued under this subdivision (4) may be issued in one (1) or more series, may bear such date or dates, mature at such time or times, not exceeding forty (40) years from their respective dates, bear interest at such rate or rates, payable at such time or times, be in such denominations, be in such form, either coupon or registered, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, as such resolution or resolutions may provide. Bonds may be issued for money or property at competitive or negotiated sale for such price or prices as the governing board, or its designee, shall determine. The authority may enter into such agreements in connection with the issuance of any bonds as its governing board may approve, including, without limitation, agreements related to municipal bond insurance, credit or liquidity facility agreements, remarketing agreements and bond purchase agreements; (D) Bonds may be repurchased by the authority out of any available funds at such price as the governing board shall determine, and all bonds so repurchased shall be cancelled or held as an investment of the authority as the governing board may determine; (E) Pending the preparation or execution of definitive bonds, interim receipts or certificates or temporary bonds may be delivered to the purchasers of bonds; (F) (i) With respect to all or any portion of any issue of bonds issued under this subdivision (4), at any time during the term of the bonds, and upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the contracts and agreements authorized in this subdivision (4) are in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board, as set forth in § 9-21-130 , the authority, by resolution of the governing board, may authorize and enter into interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings, or both, and other interest rate hedging agreements under such terms and conditions as the governing board may determine, including, without limitation, provisions permitting the authority to pay to, or receive from, any person or entity any loss of benefits under such agreement upon early termination of the agreement or default under the agreement; (ii) The authority may enter into an agreement to sell bonds, other than its refunding bonds, under this part providing for delivery of its bonds on a date greater than ninety (90) days and not greater than five (5) years or such greater period of time if approved by the comptroller of the treasury or the comptroller's designee, from the date of execution of the agreement or to sell its refunding bonds providing for delivery of the refunding bonds on a date greater than ninety (90) days from the date of execution of the agreement and not greater than the first optional redemption date on which the bonds being refunded can be optionally redeemed resulting in cost savings or at par, whichever is earlier, only upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the agreement or contract of the authority to sell its bonds as authorized in this subdivision (4) is in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board in accordance with § 9-21-130 . Agreements to sell bonds and refunding bonds for delivery ninety (90) days or less from the date of execution of the agreement do not require a report of the comptroller of the treasury or the comptroller's designee; (iii) Prior to the adoption by the governing board of a resolution authorizing a contract or agreement described in subdivision (4)(F)(i) or (4)(F)(ii), a request shall be submitted to the comptroller of the treasury or the comptroller's designee for a report finding that the contract or agreement is in compliance with the guidelines, rules or regulations of the state funding board. Within fifteen (15) days of receipt of the request, the comptroller of the treasury or the comptroller's designee shall determine whether the contract or agreement substantially complies with the guidelines, rules or regulations and shall report on compliance to the authority. If the report of the comptroller of the treasury or the comptroller's designee finds that the contract or agreement complies with the guidelines, rules or regulations of the state funding board or the comptroller of the treasury shall fail to report within the fifteen-day period, then the authority may take such action with respect to the proposed contract or agreement as it deems advisable in accordance with this section and the guidelines, rules or regulations of the state funding board. If the report of the comptroller of the treasury or the comptroller's designee finds that the contract or agreement is not in compliance with the guidelines, rules or regulations, then the authority is not authorized to enter into the contract or agreement. The guidelines, rules or regulations shall provide for an appeal process upon a determination of noncompliance; (iv) When entering into any contracts or agreements facilitating the issuance and sale of bonds, including contracts or agreements providing for liquidity and credit enhancement and reimbursement agreements relating thereto, interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings, or both, other interest rate hedging agreements, and agreements with the purchaser of the bonds, evidencing a transaction bearing a reasonable relationship to this state and also to another state or nation, the authority may agree in the written contract or agreement that the rights and remedies of the parties to the contract or agreement shall be governed by the laws of this state or the laws of such other state or nation; provided, that jurisdiction over the authority shall lie solely in the courts of any participating metropolitan government, county, city or town; (G) (i) All bonds issued by the authority shall be payable out of the revenue and receipts derived from any projects, or of any portion of projects owned, operated or leased to or from the authority, as may be designated by the board of directors of the authority, or from any revenues to be derived directly or indirectly by the authority from such projects, or from any revenues derived directly or indirectly by the authority from the allocation, transfer, contribution or pledge of tax revenues or other moneys of any nature by the state or any county, municipality or other public instrumentality thereof; (ii) The principal of and interest on any bonds issued by the authority shall be secured, as may be designated by the governing board, by a pledge of revenues and receipts of the authority described in subdivision (4)(G)(i), by a pledge of the authority's rights under agreements, leases and other contracts, or by a mortgage or deed of trust covering all or any part of the projects from which the revenues or receipts so pledged may be derived. The proceedings under which the bonds are authorized to be issued and any such pledge agreement or mortgage or deed of trust may contain any agreements and provisions respecting the maintenance of the projects covered by the bonds, the fixing and collection of rents for any portions of projects leased by the authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, all as the governing board deems advisable and not in conflict with this part. Each pledge, agreement, or mortgage or deed of trust made for the benefit or security of any of the bonds of the authority shall continue effective until the principal of and interest on the bonds for the benefit of which the pledge, agreement, or mortgage or deed of trust were made shall have been fully paid. In the event of default in the payment or in any agreement of the authority made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any mortgage or deed of trust executed as security for the bonds, the payment or agreement may be enforced by suit, mandamus, the appointment of a receiver in equity or by foreclosure of any such mortgage or deed of trust, or any one (1) or more of these remedies; (H) The authority may issue interim certificates, bond anticipation notes or other temporary obligations pending the issuance of its revenue bonds, which temporary obligations shall be payable out of revenues and receipts of the authority in like manner as the revenue bonds and shall be retired from the proceeds of such bonds upon the issuance of the revenue bonds, and shall be in such form and contain such terms, conditions and provisions consistent with this part as the governing board may determine; (I) Bonds and notes of the authority shall be executed in the name of the authority by such officers of the authority and in such manner as the governing board may direct and shall be sealed with the corporate seal of the authority. If so provided in the proceedings authorizing the bonds, the facsimile signature of any of the officers executing the bonds and a facsimile of the corporate seal of the authority may appear on the bonds in lieu of the manual signature of the officer and the manual impress of the seal; (J) Any bonds and notes of the authority may be sold at public or private sale, for such price and in such manner and from time to time as may be determined by the governing board of directors of the authority to be most advantageous; and the authority may pay all expenses, premiums and commissions that its board of directors may deem necessary or advantageous in connection with the issuance of the bonds; (K) Any participating metropolitan government, county, city or town is authorized to aid or otherwise provide assistance to an authority created pursuant to this part, including entering into leases of projects, or parts of projects with an authority, for such term or terms and upon such conditions as may be determined by resolution of the governing body of the metropolitan government, county, city or town, notwithstanding and without regard to the restrictions, prohibitions or requirements of any other law, whether public or private, or granting, contributing or pledging revenues of the metropolitan government, county, city or town to or for the benefit of the authority derived from any source; (L) Any participating metropolitan government, county, city or town is authorized, upon recommendation of the governing board of the authority, to issue and sell its bonds to finance the acquisition, construction, improvement or expansion of the facilities authorized in this part, and to refund bonds previously issued by the metropolitan government, county, city or town or by the authority, or refinance indebtedness previously incurred for such purposes. The facilities authorized by this part shall be deemed to be public works projects for purposes of § 9-21-105 of the Local Government Public Obligations Act of 1986 (LGPOA), compiled in title 9, chapter 21, and any such bonds issued by a participating metropolitan government, county, city or town under this part shall be issued, and the proceeds of the bonds applied, in accordance with the applicable provisions of the LGPOA. Notwithstanding this subdivision (4)(L), prior to the issuance of any general obligation bonds by a metropolitan government, county, city or town under the authority of this part, a referendum shall be held concurrently with a general election in the metropolitan government, county, city or town. The referendum shall in all other respects be conducted in compliance with the requirements of the LGPOA, specifically with those contained in §§ 9-21-205 - 9-21-209; (M) Each participating metropolitan government, county, city or town, upon approval by resolution of its governing body, is authorized to enter into such agreements with the authority and the other participating metropolitan governments, counties, cities or towns as may be determined by the governing body of the metropolitan government, county, city or town to be convenient or necessary to accomplish the purposes set forth in subdivisions (4)(K) and (L); (N) Except to the extent of any revenues that may be specifically allocated, transferred, contributed or pledged by a participating metropolitan government, county, city or town in accordance with this part and laws, rules and regulations applicable to this part, no metropolitan government, county, city or town shall in any event be liable for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever that may be undertaken by the authority, and none of the bonds of the authority or any of its agreements or obligations shall be construed to constitute an indebtedness of a participating metropolitan government, county, city or town within the meaning of any constitutional or statutory provision whatsoever; (O) Nothing in this part shall be construed to allow the governing board of the authority to pledge unilaterally the full faith and credit and unlimited taxing power of any metropolitan government, county, city or town as surety to the payment of the authority's bonds or to impose unilaterally an ad valorem tax in any metropolitan government, county, city or town;
(A) The authority shall have power and is authorized to issue its bonds in order to finance: (i) The costs of any project authorized by this part; (ii) The payment of the costs of issuance of such bonds, including underwriter's discount, financial advisory fees, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement, and legal, accounting, fiscal and other similar expenses; (iii) Reimbursement of the authority for moneys previously spent by the authority for any of the purposes set forth in subdivision (4)(A)(ii); (iv) The establishment of reasonable reserves for the payment of debt service on such bonds, for repair and replacement of any project, or for such other purposes as the board deems necessary and proper in connection with the issuance of any bonds and operation of any project for the benefit of which the financing is being undertaken; and (v) The contribution of the authority's share of the funding for any joint undertaking for the purposes set forth in this subdivision (4);
(i) The costs of any project authorized by this part;
(ii) The payment of the costs of issuance of such bonds, including underwriter's discount, financial advisory fees, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement, and legal, accounting, fiscal and other similar expenses;
(iii) Reimbursement of the authority for moneys previously spent by the authority for any of the purposes set forth in subdivision (4)(A)(ii);
(iv) The establishment of reasonable reserves for the payment of debt service on such bonds, for repair and replacement of any project, or for such other purposes as the board deems necessary and proper in connection with the issuance of any bonds and operation of any project for the benefit of which the financing is being undertaken; and
(v) The contribution of the authority's share of the funding for any joint undertaking for the purposes set forth in this subdivision (4);
(B) (i) The authority shall have the power and is authorized to issue its bonds to refund and refinance outstanding bonds of the authority heretofore or hereafter issued or lawfully assumed by the authority. The proceeds of the sale of the bonds may be applied to: (a) The payment of the principal amount of the bonds being refunded and refinanced; (b) The payment of the redemption or tender premium thereon, if any; (c) The payment of unpaid interest on the bonds being refunded, including interest in arrears, for the payment of which sufficient funds are not available, to the date of delivery or exchange of the refunding bonds; (d) The payment of fees or other charges incident to the termination of any interest rate hedging agreements, liquidity or credit facilities or other agreements related to the bonds being refunded and refinanced; (e) The payment of interest on the bonds being refunded and refinanced from the date of delivery of the refunding bonds to maturity or to, and including, the first or any subsequent available redemption date or dates on which the bonds being refunded may be called for redemption; (f) The payment of the costs of issuance of the refunding bonds, including underwriter's discount, financial advisory fees, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement, and legal, accounting, fiscal and other similar expenses, and the costs of refunding the outstanding bonds, including the costs of establishing an escrow for the retirement of the outstanding bonds, trustee and escrow agent fees in connection with any escrow, and accounting, legal and other professional fees in connection therewith; and (g) The establishment of reserves for the purposes set forth in subdivision (4)(A)(iv); (ii) Refunding bonds may be issued to refinance and refund more than one issue of outstanding bonds, notwithstanding that the outstanding bonds may have been issued at different times. Refunding bonds may be issued jointly with other refunding bonds or other bonds of the authority. The principal proceeds from the sale of refunding bonds may be applied either to the immediate payment and retirement of the bonds being refunded or, to the extent not required for the immediate payment of the bonds being refunded, to the deposit in escrow with a bank or trust company to provide for the payment and retirement at a later date of the bonds being refunded;
(i) The authority shall have the power and is authorized to issue its bonds to refund and refinance outstanding bonds of the authority heretofore or hereafter issued or lawfully assumed by the authority. The proceeds of the sale of the bonds may be applied to: (a) The payment of the principal amount of the bonds being refunded and refinanced; (b) The payment of the redemption or tender premium thereon, if any; (c) The payment of unpaid interest on the bonds being refunded, including interest in arrears, for the payment of which sufficient funds are not available, to the date of delivery or exchange of the refunding bonds; (d) The payment of fees or other charges incident to the termination of any interest rate hedging agreements, liquidity or credit facilities or other agreements related to the bonds being refunded and refinanced; (e) The payment of interest on the bonds being refunded and refinanced from the date of delivery of the refunding bonds to maturity or to, and including, the first or any subsequent available redemption date or dates on which the bonds being refunded may be called for redemption; (f) The payment of the costs of issuance of the refunding bonds, including underwriter's discount, financial advisory fees, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement, and legal, accounting, fiscal and other similar expenses, and the costs of refunding the outstanding bonds, including the costs of establishing an escrow for the retirement of the outstanding bonds, trustee and escrow agent fees in connection with any escrow, and accounting, legal and other professional fees in connection therewith; and (g) The establishment of reserves for the purposes set forth in subdivision (4)(A)(iv);
(a) The payment of the principal amount of the bonds being refunded and refinanced;
(b) The payment of the redemption or tender premium thereon, if any;
(c) The payment of unpaid interest on the bonds being refunded, including interest in arrears, for the payment of which sufficient funds are not available, to the date of delivery or exchange of the refunding bonds;
(d) The payment of fees or other charges incident to the termination of any interest rate hedging agreements, liquidity or credit facilities or other agreements related to the bonds being refunded and refinanced;
(e) The payment of interest on the bonds being refunded and refinanced from the date of delivery of the refunding bonds to maturity or to, and including, the first or any subsequent available redemption date or dates on which the bonds being refunded may be called for redemption;
(f) The payment of the costs of issuance of the refunding bonds, including underwriter's discount, financial advisory fees, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement, and legal, accounting, fiscal and other similar expenses, and the costs of refunding the outstanding bonds, including the costs of establishing an escrow for the retirement of the outstanding bonds, trustee and escrow agent fees in connection with any escrow, and accounting, legal and other professional fees in connection therewith; and
(g) The establishment of reserves for the purposes set forth in subdivision (4)(A)(iv);
(ii) Refunding bonds may be issued to refinance and refund more than one issue of outstanding bonds, notwithstanding that the outstanding bonds may have been issued at different times. Refunding bonds may be issued jointly with other refunding bonds or other bonds of the authority. The principal proceeds from the sale of refunding bonds may be applied either to the immediate payment and retirement of the bonds being refunded or, to the extent not required for the immediate payment of the bonds being refunded, to the deposit in escrow with a bank or trust company to provide for the payment and retirement at a later date of the bonds being refunded;
(C) No bonds shall be issued under this subdivision (4) unless authorized to be issued or assumed by resolution of the governing board of the authority. Bonds authorized to be issued under this subdivision (4) may be issued in one (1) or more series, may bear such date or dates, mature at such time or times, not exceeding forty (40) years from their respective dates, bear interest at such rate or rates, payable at such time or times, be in such denominations, be in such form, either coupon or registered, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, as such resolution or resolutions may provide. Bonds may be issued for money or property at competitive or negotiated sale for such price or prices as the governing board, or its designee, shall determine. The authority may enter into such agreements in connection with the issuance of any bonds as its governing board may approve, including, without limitation, agreements related to municipal bond insurance, credit or liquidity facility agreements, remarketing agreements and bond purchase agreements;
(D) Bonds may be repurchased by the authority out of any available funds at such price as the governing board shall determine, and all bonds so repurchased shall be cancelled or held as an investment of the authority as the governing board may determine;
(E) Pending the preparation or execution of definitive bonds, interim receipts or certificates or temporary bonds may be delivered to the purchasers of bonds;
(F) (i) With respect to all or any portion of any issue of bonds issued under this subdivision (4), at any time during the term of the bonds, and upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the contracts and agreements authorized in this subdivision (4) are in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board, as set forth in § 9-21-130 , the authority, by resolution of the governing board, may authorize and enter into interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings, or both, and other interest rate hedging agreements under such terms and conditions as the governing board may determine, including, without limitation, provisions permitting the authority to pay to, or receive from, any person or entity any loss of benefits under such agreement upon early termination of the agreement or default under the agreement; (ii) The authority may enter into an agreement to sell bonds, other than its refunding bonds, under this part providing for delivery of its bonds on a date greater than ninety (90) days and not greater than five (5) years or such greater period of time if approved by the comptroller of the treasury or the comptroller's designee, from the date of execution of the agreement or to sell its refunding bonds providing for delivery of the refunding bonds on a date greater than ninety (90) days from the date of execution of the agreement and not greater than the first optional redemption date on which the bonds being refunded can be optionally redeemed resulting in cost savings or at par, whichever is earlier, only upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the agreement or contract of the authority to sell its bonds as authorized in this subdivision (4) is in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board in accordance with § 9-21-130 . Agreements to sell bonds and refunding bonds for delivery ninety (90) days or less from the date of execution of the agreement do not require a report of the comptroller of the treasury or the comptroller's designee; (iii) Prior to the adoption by the governing board of a resolution authorizing a contract or agreement described in subdivision (4)(F)(i) or (4)(F)(ii), a request shall be submitted to the comptroller of the treasury or the comptroller's designee for a report finding that the contract or agreement is in compliance with the guidelines, rules or regulations of the state funding board. Within fifteen (15) days of receipt of the request, the comptroller of the treasury or the comptroller's designee shall determine whether the contract or agreement substantially complies with the guidelines, rules or regulations and shall report on compliance to the authority. If the report of the comptroller of the treasury or the comptroller's designee finds that the contract or agreement complies with the guidelines, rules or regulations of the state funding board or the comptroller of the treasury shall fail to report within the fifteen-day period, then the authority may take such action with respect to the proposed contract or agreement as it deems advisable in accordance with this section and the guidelines, rules or regulations of the state funding board. If the report of the comptroller of the treasury or the comptroller's designee finds that the contract or agreement is not in compliance with the guidelines, rules or regulations, then the authority is not authorized to enter into the contract or agreement. The guidelines, rules or regulations shall provide for an appeal process upon a determination of noncompliance; (iv) When entering into any contracts or agreements facilitating the issuance and sale of bonds, including contracts or agreements providing for liquidity and credit enhancement and reimbursement agreements relating thereto, interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings, or both, other interest rate hedging agreements, and agreements with the purchaser of the bonds, evidencing a transaction bearing a reasonable relationship to this state and also to another state or nation, the authority may agree in the written contract or agreement that the rights and remedies of the parties to the contract or agreement shall be governed by the laws of this state or the laws of such other state or nation; provided, that jurisdiction over the authority shall lie solely in the courts of any participating metropolitan government, county, city or town;
(i) With respect to all or any portion of any issue of bonds issued under this subdivision (4), at any time during the term of the bonds, and upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the contracts and agreements authorized in this subdivision (4) are in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board, as set forth in § 9-21-130 , the authority, by resolution of the governing board, may authorize and enter into interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings, or both, and other interest rate hedging agreements under such terms and conditions as the governing board may determine, including, without limitation, provisions permitting the authority to pay to, or receive from, any person or entity any loss of benefits under such agreement upon early termination of the agreement or default under the agreement;
(ii) The authority may enter into an agreement to sell bonds, other than its refunding bonds, under this part providing for delivery of its bonds on a date greater than ninety (90) days and not greater than five (5) years or such greater period of time if approved by the comptroller of the treasury or the comptroller's designee, from the date of execution of the agreement or to sell its refunding bonds providing for delivery of the refunding bonds on a date greater than ninety (90) days from the date of execution of the agreement and not greater than the first optional redemption date on which the bonds being refunded can be optionally redeemed resulting in cost savings or at par, whichever is earlier, only upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the agreement or contract of the authority to sell its bonds as authorized in this subdivision (4) is in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board in accordance with § 9-21-130 . Agreements to sell bonds and refunding bonds for delivery ninety (90) days or less from the date of execution of the agreement do not require a report of the comptroller of the treasury or the comptroller's designee;
(iii) Prior to the adoption by the governing board of a resolution authorizing a contract or agreement described in subdivision (4)(F)(i) or (4)(F)(ii), a request shall be submitted to the comptroller of the treasury or the comptroller's designee for a report finding that the contract or agreement is in compliance with the guidelines, rules or regulations of the state funding board. Within fifteen (15) days of receipt of the request, the comptroller of the treasury or the comptroller's designee shall determine whether the contract or agreement substantially complies with the guidelines, rules or regulations and shall report on compliance to the authority. If the report of the comptroller of the treasury or the comptroller's designee finds that the contract or agreement complies with the guidelines, rules or regulations of the state funding board or the comptroller of the treasury shall fail to report within the fifteen-day period, then the authority may take such action with respect to the proposed contract or agreement as it deems advisable in accordance with this section and the guidelines, rules or regulations of the state funding board. If the report of the comptroller of the treasury or the comptroller's designee finds that the contract or agreement is not in compliance with the guidelines, rules or regulations, then the authority is not authorized to enter into the contract or agreement. The guidelines, rules or regulations shall provide for an appeal process upon a determination of noncompliance;
(iv) When entering into any contracts or agreements facilitating the issuance and sale of bonds, including contracts or agreements providing for liquidity and credit enhancement and reimbursement agreements relating thereto, interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings, or both, other interest rate hedging agreements, and agreements with the purchaser of the bonds, evidencing a transaction bearing a reasonable relationship to this state and also to another state or nation, the authority may agree in the written contract or agreement that the rights and remedies of the parties to the contract or agreement shall be governed by the laws of this state or the laws of such other state or nation; provided, that jurisdiction over the authority shall lie solely in the courts of any participating metropolitan government, county, city or town;
(G) (i) All bonds issued by the authority shall be payable out of the revenue and receipts derived from any projects, or of any portion of projects owned, operated or leased to or from the authority, as may be designated by the board of directors of the authority, or from any revenues to be derived directly or indirectly by the authority from such projects, or from any revenues derived directly or indirectly by the authority from the allocation, transfer, contribution or pledge of tax revenues or other moneys of any nature by the state or any county, municipality or other public instrumentality thereof; (ii) The principal of and interest on any bonds issued by the authority shall be secured, as may be designated by the governing board, by a pledge of revenues and receipts of the authority described in subdivision (4)(G)(i), by a pledge of the authority's rights under agreements, leases and other contracts, or by a mortgage or deed of trust covering all or any part of the projects from which the revenues or receipts so pledged may be derived. The proceedings under which the bonds are authorized to be issued and any such pledge agreement or mortgage or deed of trust may contain any agreements and provisions respecting the maintenance of the projects covered by the bonds, the fixing and collection of rents for any portions of projects leased by the authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, all as the governing board deems advisable and not in conflict with this part. Each pledge, agreement, or mortgage or deed of trust made for the benefit or security of any of the bonds of the authority shall continue effective until the principal of and interest on the bonds for the benefit of which the pledge, agreement, or mortgage or deed of trust were made shall have been fully paid. In the event of default in the payment or in any agreement of the authority made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any mortgage or deed of trust executed as security for the bonds, the payment or agreement may be enforced by suit, mandamus, the appointment of a receiver in equity or by foreclosure of any such mortgage or deed of trust, or any one (1) or more of these remedies;
(i) All bonds issued by the authority shall be payable out of the revenue and receipts derived from any projects, or of any portion of projects owned, operated or leased to or from the authority, as may be designated by the board of directors of the authority, or from any revenues to be derived directly or indirectly by the authority from such projects, or from any revenues derived directly or indirectly by the authority from the allocation, transfer, contribution or pledge of tax revenues or other moneys of any nature by the state or any county, municipality or other public instrumentality thereof;
(ii) The principal of and interest on any bonds issued by the authority shall be secured, as may be designated by the governing board, by a pledge of revenues and receipts of the authority described in subdivision (4)(G)(i), by a pledge of the authority's rights under agreements, leases and other contracts, or by a mortgage or deed of trust covering all or any part of the projects from which the revenues or receipts so pledged may be derived. The proceedings under which the bonds are authorized to be issued and any such pledge agreement or mortgage or deed of trust may contain any agreements and provisions respecting the maintenance of the projects covered by the bonds, the fixing and collection of rents for any portions of projects leased by the authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, all as the governing board deems advisable and not in conflict with this part. Each pledge, agreement, or mortgage or deed of trust made for the benefit or security of any of the bonds of the authority shall continue effective until the principal of and interest on the bonds for the benefit of which the pledge, agreement, or mortgage or deed of trust were made shall have been fully paid. In the event of default in the payment or in any agreement of the authority made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any mortgage or deed of trust executed as security for the bonds, the payment or agreement may be enforced by suit, mandamus, the appointment of a receiver in equity or by foreclosure of any such mortgage or deed of trust, or any one (1) or more of these remedies;
(H) The authority may issue interim certificates, bond anticipation notes or other temporary obligations pending the issuance of its revenue bonds, which temporary obligations shall be payable out of revenues and receipts of the authority in like manner as the revenue bonds and shall be retired from the proceeds of such bonds upon the issuance of the revenue bonds, and shall be in such form and contain such terms, conditions and provisions consistent with this part as the governing board may determine;
(I) Bonds and notes of the authority shall be executed in the name of the authority by such officers of the authority and in such manner as the governing board may direct and shall be sealed with the corporate seal of the authority. If so provided in the proceedings authorizing the bonds, the facsimile signature of any of the officers executing the bonds and a facsimile of the corporate seal of the authority may appear on the bonds in lieu of the manual signature of the officer and the manual impress of the seal;
(J) Any bonds and notes of the authority may be sold at public or private sale, for such price and in such manner and from time to time as may be determined by the governing board of directors of the authority to be most advantageous; and the authority may pay all expenses, premiums and commissions that its board of directors may deem necessary or advantageous in connection with the issuance of the bonds;
(K) Any participating metropolitan government, county, city or town is authorized to aid or otherwise provide assistance to an authority created pursuant to this part, including entering into leases of projects, or parts of projects with an authority, for such term or terms and upon such conditions as may be determined by resolution of the governing body of the metropolitan government, county, city or town, notwithstanding and without regard to the restrictions, prohibitions or requirements of any other law, whether public or private, or granting, contributing or pledging revenues of the metropolitan government, county, city or town to or for the benefit of the authority derived from any source;
(L) Any participating metropolitan government, county, city or town is authorized, upon recommendation of the governing board of the authority, to issue and sell its bonds to finance the acquisition, construction, improvement or expansion of the facilities authorized in this part, and to refund bonds previously issued by the metropolitan government, county, city or town or by the authority, or refinance indebtedness previously incurred for such purposes. The facilities authorized by this part shall be deemed to be public works projects for purposes of § 9-21-105 of the Local Government Public Obligations Act of 1986 (LGPOA), compiled in title 9, chapter 21, and any such bonds issued by a participating metropolitan government, county, city or town under this part shall be issued, and the proceeds of the bonds applied, in accordance with the applicable provisions of the LGPOA. Notwithstanding this subdivision (4)(L), prior to the issuance of any general obligation bonds by a metropolitan government, county, city or town under the authority of this part, a referendum shall be held concurrently with a general election in the metropolitan government, county, city or town. The referendum shall in all other respects be conducted in compliance with the requirements of the LGPOA, specifically with those contained in §§ 9-21-205 - 9-21-209;
(M) Each participating metropolitan government, county, city or town, upon approval by resolution of its governing body, is authorized to enter into such agreements with the authority and the other participating metropolitan governments, counties, cities or towns as may be determined by the governing body of the metropolitan government, county, city or town to be convenient or necessary to accomplish the purposes set forth in subdivisions (4)(K) and (L);
(N) Except to the extent of any revenues that may be specifically allocated, transferred, contributed or pledged by a participating metropolitan government, county, city or town in accordance with this part and laws, rules and regulations applicable to this part, no metropolitan government, county, city or town shall in any event be liable for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever that may be undertaken by the authority, and none of the bonds of the authority or any of its agreements or obligations shall be construed to constitute an indebtedness of a participating metropolitan government, county, city or town within the meaning of any constitutional or statutory provision whatsoever;
(O) Nothing in this part shall be construed to allow the governing board of the authority to pledge unilaterally the full faith and credit and unlimited taxing power of any metropolitan government, county, city or town as surety to the payment of the authority's bonds or to impose unilaterally an ad valorem tax in any metropolitan government, county, city or town;
(5) To delineate and create a special district in all or portions of the areas of the regional transportation authority for the purposes of facilitating the raising of revenues to be dedicated to the authority for the implementation of the authority's plan within the special district. A special district may be created only in those areas of the authority that have or are planned to have a benefit from services being provided by the authority and shall be permitted to include multiple metropolitan governments, counties, cities and towns. An authority may create more than one (1) special district and special districts may overlap. Local governments, by majority vote of their governing bodies, shall have the right to opt out of a special district created by the board of an authority prior to the levy of any tax or assessment within the special district;
(6) To accept funds from taxes or assessments levied by local governments served by the authority or act of the general assembly in order to provide funding for the plan adopted by the authority pursuant to § 64-8-206(a) . The act of the general assembly may be initiated upon either: (A) A formal request made by local governing bodies within the authority in the form of a local resolution; or (B) The receipt of the certified results of a nonbinding advisory election. For such an election to be held, the governing body is authorized to direct the county election commission in the affected local governments to place the question on the ballot to be submitted to the voters in the affected local governments on the matter of general and vital concern of whether a particular tax or assessment with a certain rate should be levied within a special district of the authority by means of the general assembly in order to obtain the advice and direction of the voters as to such matters. The expense of any special election held within the territory of the special district of the authority shall be borne by the authority. The results of the election shall be advisory and nonbinding; and
(A) A formal request made by local governing bodies within the authority in the form of a local resolution; or
(B) The receipt of the certified results of a nonbinding advisory election. For such an election to be held, the governing body is authorized to direct the county election commission in the affected local governments to place the question on the ballot to be submitted to the voters in the affected local governments on the matter of general and vital concern of whether a particular tax or assessment with a certain rate should be levied within a special district of the authority by means of the general assembly in order to obtain the advice and direction of the voters as to such matters. The expense of any special election held within the territory of the special district of the authority shall be borne by the authority. The results of the election shall be advisory and nonbinding; and
(7) To petition its participating local governments to levy any tax or assessment authorized by law for state, county or municipal purposes and not prohibited by the Tennessee constitution and dedicate the proceeds of such tax or assessment to the authority. Any city or county government levying a tax pursuant to this subdivision (7) may limit the levy of the tax to the area included within the special district created by the regional transportation authority. Any local government levying a tax pursuant to this subdivision (7) may make the levy subject to approval by the qualified voters in the area subject to the tax in accordance with § 2-3-204 in the following manner: (A) (i) Any ordinance or resolution of a participating local government levying the tax under authority of this part shall not become operative until approved in an election provided under this subdivision (7) in such local government; (ii) The county election commission shall hold an election on the question pursuant to § 2-3-204 , providing options to vote "FOR" or "AGAINST" the ordinance or resolution, after the receipt of a certified copy of such ordinance or resolution, and a majority vote of those voting in the election shall determine whether the ordinance or resolution is to be operative; and (iii) If the majority vote is for the ordinance or resolution, it shall be deemed to be operative on the date that the county election commission makes its official canvass of the election returns; provided, however, that no tax shall be collected under any such ordinance or resolution until the first day of a month occurring at least thirty (30) days after the operative date; (B) (i) If a county legislative body adopts a resolution to levy the tax at the same rate that is operative in a city or town in the county, the election under this section to determine whether the county tax is to be operative shall be open only to the voters residing outside of the city or town. If the county tax is at a higher rate than the rate of the city or town tax, the election shall also be open to the voters of the city or town; and (ii) Should any county or city or town hold an election under this subdivision (7), and the ordinance or resolution is rejected, no other election on the tax or assessment shall be held by the county, city or town for a period of six (6) months from the date of the holding of the prior election.
(A) (i) Any ordinance or resolution of a participating local government levying the tax under authority of this part shall not become operative until approved in an election provided under this subdivision (7) in such local government; (ii) The county election commission shall hold an election on the question pursuant to § 2-3-204 , providing options to vote "FOR" or "AGAINST" the ordinance or resolution, after the receipt of a certified copy of such ordinance or resolution, and a majority vote of those voting in the election shall determine whether the ordinance or resolution is to be operative; and (iii) If the majority vote is for the ordinance or resolution, it shall be deemed to be operative on the date that the county election commission makes its official canvass of the election returns; provided, however, that no tax shall be collected under any such ordinance or resolution until the first day of a month occurring at least thirty (30) days after the operative date;
(i) Any ordinance or resolution of a participating local government levying the tax under authority of this part shall not become operative until approved in an election provided under this subdivision (7) in such local government;
(ii) The county election commission shall hold an election on the question pursuant to § 2-3-204 , providing options to vote "FOR" or "AGAINST" the ordinance or resolution, after the receipt of a certified copy of such ordinance or resolution, and a majority vote of those voting in the election shall determine whether the ordinance or resolution is to be operative; and
(iii) If the majority vote is for the ordinance or resolution, it shall be deemed to be operative on the date that the county election commission makes its official canvass of the election returns; provided, however, that no tax shall be collected under any such ordinance or resolution until the first day of a month occurring at least thirty (30) days after the operative date;
(B) (i) If a county legislative body adopts a resolution to levy the tax at the same rate that is operative in a city or town in the county, the election under this section to determine whether the county tax is to be operative shall be open only to the voters residing outside of the city or town. If the county tax is at a higher rate than the rate of the city or town tax, the election shall also be open to the voters of the city or town; and (ii) Should any county or city or town hold an election under this subdivision (7), and the ordinance or resolution is rejected, no other election on the tax or assessment shall be held by the county, city or town for a period of six (6) months from the date of the holding of the prior election.
(i) If a county legislative body adopts a resolution to levy the tax at the same rate that is operative in a city or town in the county, the election under this section to determine whether the county tax is to be operative shall be open only to the voters residing outside of the city or town. If the county tax is at a higher rate than the rate of the city or town tax, the election shall also be open to the voters of the city or town; and
(ii) Should any county or city or town hold an election under this subdivision (7), and the ordinance or resolution is rejected, no other election on the tax or assessment shall be held by the county, city or town for a period of six (6) months from the date of the holding of the prior election.
Acts 2009 , ch. 362, § 1; 2012 , ch. 835, § 2.