Tenn. Code Ann. § 64-8-102 — TN Code / Title 64 / Chapter 8 / Section 64-8-102
Governing board
Status: in_force

(a) (1) The authority shall be governed by a board consisting of: (A) The county mayor or metropolitan mayor of each county included within the authority; (B) The mayor of each town or city included in the authority; (C) The commissioner of transportation or the commissioner's designee; and (D) Six (6) persons residing in the included counties to be appointed by the governor. In making these appointments, the governor shall strive to appoint people who will reflect the composition and interest of the population of the service area of the authority. (2) The ex officio members shall serve during their terms of office and the appointed members shall be appointed to five-year terms and may be reappointed. (3) The appointed members shall be persons representative of and knowledgeable concerning mass transit operations or service. (b) The board shall elect a chair and such other officers as it may deem necessary. (c) The board shall meet at least annually and may meet at any time on the call of the chair or upon request of a majority of the membership. (d) Any ex officio member may designate a representative who shall be entitled to vote and fully participate in the actions of the board. (e) Actions of the board shall require a majority vote of a quorum of the board, such quorum being set by the authority's bylaws. (f) The board may establish through bylaws an executive committee and such procedures and rules for its operation as it may deem necessary. The executive committee may be empowered to perform as the administrative body of the board. The executive committee may be empowered by the board to act in its stead. (g) Members of the board shall serve without compensation, but appointed or designated members may receive reimbursement for necessary travel expenses from funds available to the authority. Acts 1988, ch. 1026, § 2; 1995, ch. 430, §§ 1-4; 2003, ch. 90, § 2; 2003, ch. 306, §§ 2-5.
(a) (1) The authority shall be governed by a board consisting of: (A) The county mayor or metropolitan mayor of each county included within the authority; (B) The mayor of each town or city included in the authority; (C) The commissioner of transportation or the commissioner's designee; and (D) Six (6) persons residing in the included counties to be appointed by the governor. In making these appointments, the governor shall strive to appoint people who will reflect the composition and interest of the population of the service area of the authority. (2) The ex officio members shall serve during their terms of office and the appointed members shall be appointed to five-year terms and may be reappointed. (3) The appointed members shall be persons representative of and knowledgeable concerning mass transit operations or service.
(1) The authority shall be governed by a board consisting of: (A) The county mayor or metropolitan mayor of each county included within the authority; (B) The mayor of each town or city included in the authority; (C) The commissioner of transportation or the commissioner's designee; and (D) Six (6) persons residing in the included counties to be appointed by the governor. In making these appointments, the governor shall strive to appoint people who will reflect the composition and interest of the population of the service area of the authority.
(A) The county mayor or metropolitan mayor of each county included within the authority;
(B) The mayor of each town or city included in the authority;
(C) The commissioner of transportation or the commissioner's designee; and
(D) Six (6) persons residing in the included counties to be appointed by the governor. In making these appointments, the governor shall strive to appoint people who will reflect the composition and interest of the population of the service area of the authority.
(2) The ex officio members shall serve during their terms of office and the appointed members shall be appointed to five-year terms and may be reappointed.
(3) The appointed members shall be persons representative of and knowledgeable concerning mass transit operations or service.
(b) The board shall elect a chair and such other officers as it may deem necessary.
(c) The board shall meet at least annually and may meet at any time on the call of the chair or upon request of a majority of the membership.
(d) Any ex officio member may designate a representative who shall be entitled to vote and fully participate in the actions of the board.
(e) Actions of the board shall require a majority vote of a quorum of the board, such quorum being set by the authority's bylaws.
(f) The board may establish through bylaws an executive committee and such procedures and rules for its operation as it may deem necessary. The executive committee may be empowered to perform as the administrative body of the board. The executive committee may be empowered by the board to act in its stead.
(g) Members of the board shall serve without compensation, but appointed or designated members may receive reimbursement for necessary travel expenses from funds available to the authority.
Acts 1988, ch. 1026, § 2; 1995, ch. 430, §§ 1-4; 2003, ch. 90, § 2; 2003, ch. 306, §§ 2-5.
Tenn. Code Ann. § 64-10-102 — TN Code / Title 64 / Chapter 10 / Section 64-10-102
Part definitions
Status: in_force

Unless the context requires a different meaning, the following terms are defined as follows for purposes of this part: (1) "Agribusiness" means a business dealing with agricultural products or engaged in providing products or services to farmers; (2) "Authority" means the East Tennessee regional agribusiness marketing authority; (3) "Board" means the board of directors of the East Tennessee regional agribusiness marketing authority; (4) "Center" means the regional food distribution center established by the authority; (5) "Department" means the Tennessee department of agriculture; (6) "Region" means the area consisting of the Tennessee counties of Claiborne, Cocke, Grainger, Greene, Hamblen, Hancock, Hawkins, Jefferson, Johnson, Sullivan, Unicoi and Washington and any other county in the East Tennessee grand division that becomes a member of the authority in accordance with § 64-10-115 ; (7) "System" means a wastewater treatment and collection system that includes, but is not limited to, all devices and systems used in the storage, treatment, recycling and reclamation of sewage or residential, commercial and industrial wastes of a liquid nature to restore and maintain the chemical, physical and biological integrity of the state's waters; and (8) "Wastewater board" means a board of commissioners established by the board pursuant to § 64-10-104(b) to oversee the operations of a system. Acts 1998, ch. 998, § 3; 2011 , ch. 419, § 2.
Unless the context requires a different meaning, the following terms are defined as follows for purposes of this part:
(1) "Agribusiness" means a business dealing with agricultural products or engaged in providing products or services to farmers;
(2) "Authority" means the East Tennessee regional agribusiness marketing authority;
(3) "Board" means the board of directors of the East Tennessee regional agribusiness marketing authority;
(4) "Center" means the regional food distribution center established by the authority;
(5) "Department" means the Tennessee department of agriculture;
(6) "Region" means the area consisting of the Tennessee counties of Claiborne, Cocke, Grainger, Greene, Hamblen, Hancock, Hawkins, Jefferson, Johnson, Sullivan, Unicoi and Washington and any other county in the East Tennessee grand division that becomes a member of the authority in accordance with § 64-10-115 ;
(7) "System" means a wastewater treatment and collection system that includes, but is not limited to, all devices and systems used in the storage, treatment, recycling and reclamation of sewage or residential, commercial and industrial wastes of a liquid nature to restore and maintain the chemical, physical and biological integrity of the state's waters; and
(8) "Wastewater board" means a board of commissioners established by the board pursuant to § 64-10-104(b) to oversee the operations of a system.
Acts 1998, ch. 998, § 3; 2011 , ch. 419, § 2.
Tenn. Code Ann. § 64-2-114 — TN Code / Title 64 / Chapter 2 / Section 64-2-114
Part supplemental to other laws
Status: in_force

The powers, authority and rights conferred by this part are in addition and supplemental to, and the limitations imposed by this part do not affect the powers conferred by, any other general, special or local law. Acts 2005, ch. 396, § 15.
The powers, authority and rights conferred by this part are in addition and supplemental to, and the limitations imposed by this part do not affect the powers conferred by, any other general, special or local law.
Acts 2005, ch. 396, § 15.
Tenn. Code Ann. § 64-4-110 — TN Code / Title 64 / Chapter 4 / Section 64-4-110
Bonds
Status: in_force

(a) The port authority has the power to issue negotiable bonds in order to accomplish any of the purposes authorized by this chapter in any of the following manners: (1) Upon resolution of the board of commissioners, and in the manner provided by this chapter, the port authority may issue bonds of the port authority without the participation of any county; provided, that such bonds are repaid solely from the revenues of the port authority; (2) Upon resolution of the board of commissioners, requesting one (1) or more counties to participate in the issuance of bonds of the port authority or to issue bonds on behalf of the port authority, such bonds may be issued as provided in this chapter or by law; or (3) Upon resolution of the board of commissioners, acting in their capacity as an industrial development corporation, the port authority may issue bonds in compliance with title 7, chapter 53. (b) (1) Any one (1) or more of the participating counties of Decatur, Hardin, Perry and Wayne, upon recommendation of the board of commissioners of the port authority, have power and authority to issue and sell their bonds to finance the acquisition, construction, improvement or expansion of the facilities authorized in this chapter and to refund bonds previously issued or refinance indebtedness previously incurred for such purposes. The counties of Decatur, Hardin, Perry and Wayne may, in all respects, provide for the rights of the holders of all bonds, including the manner in which future bonds may be issued on a parity with such bonds. The counties of Decatur, Hardin, Perry and Wayne shall follow the procedures for the issuance of bonds established in title 9, chapter 21. Prior to the issuance of any general obligation bonds by any county under the authority of this chapter, a referendum shall be held concurrently with a general election in the county. The substance of a resolution adopted pursuant to § 9-21-205 shall be printed on the ballot. In order for the bonds to be issued, three-fourths (¾) of the votes cast shall answer the following question affirmatively: Question: Do you favor the guarantee of the bonds issued pursuant to the above resolution: For ( ) Against ( ) (2) The ballots shall be counted and returns made and canvassed as provided by law for other elections and the results certified to the secretary of state, who shall publicly proclaim the results. (3) The bonds to be issued by the port authority shall be authorized by resolution of the county legislative body or bodies of such county or counties and may be issued in one (1) or more series, may bear such date or dates, may mature at such time or times, not exceeding forty (40) years from their respective dates, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be sold or hypothecated in such blocks, may be subject to such terms of redemption with or without premium, may be declared or become due after the maturity date thereof, and may be in such amount as may be provided by resolution of the legislative body of a participating county. Such bonds may be issued for money or property, at public or private sale, for such price and at such rate of interest and may be hypothecated in such manner as the counties may determine; but the interest cost to maturity of the bonds, when issued for property, at the value determined by the counties, which determination shall be conclusive, or the money received for any issue of such bonds shall not exceed the maximum rate fixed by law, payable semiannually. Such bonds shall have all the qualities and incidents of negotiability. (4) Pending the preparation of the definitive bonds, interim receipts or certificates in such form, and with such provisions, as provided in the resolution authorizing such bonds, may be issued to the purchaser or purchasers of bonds sold pursuant to this chapter. The bonds and interim receipts or certificates shall be fully negotiable. (5) In case any of the officers whose signatures or countersignatures appear on such bonds cease to be officers before the delivery of the bonds, the signatures and countersignatures shall nevertheless be valid and sufficient for all purposes, the same as though such officers had remained in office until the bonds had been delivered. (6) The bonds may be issued, notwithstanding and without regard to any limit or restriction on the amount or percentage of indebtedness or of outstanding obligations of the participating counties of Decatur, Hardin, Perry and Wayne contained in any other statute, general or special, and notwithstanding and without regard to the requirements of any other general or special statute, including requirements as to elections for the approval of such bonds. (7) Prior to a vote by the county legislative body of counties authorizing the issuance of bonds to be financed wholly or in part through tax levies by the county legislative body, the board of commissioners shall prepare and submit to the county legislative body of each of the counties of Decatur, Hardin, Perry and Wayne a recommendation that bonds in a stated amount be issued under this part, supported by a report on the need for and projected use of the facilities for the financing of which such bond issue is proposed, including a review of alternate solutions, if any, and a justification of the solution proposed. (8) Bonds may be issued as direct and general obligations of each of the counties of Decatur, Hardin, Perry and Wayne payable out of their several and separate general income and revenue. Bonds may also be issued as obligations of the port authority payable out of the revenues of the port authority. In case the bonds are issued as general obligations of the counties, it is the duty of the county legislative body of each of the counties to levy a tax each year, over and above the taxes levied for general county purposes and other special county purposes, to pay the interest and principal of the bonds as they mature. In case the revenues derived from the operation of the facilities provided for in this chapter are sufficient to pay the principal and interest of such bonds, or a part thereof, as they may severally mature, then a special levy for the full payment of such principal and interest shall not be required; but the county legislative bodies shall each year levy an amount of tax, which, when added to the account of revenue derived from the operation of the facilities then on hand and available for that purpose, will be sufficient to pay the principal and interest maturing prior to the collection of the next succeeding tax levy. The bonds shall be sold at public or private sale and in such manner as may be determined by resolution of each of the county legislative bodies authorizing their issuance. The bonds shall contain a recital that they are issued pursuant to and in accordance with this chapter, and such recital shall be conclusive evidence of their legality. (c) Prior to the adoption by the governing body of the port authority or any one (1) or more of the participating counties of Decatur, Hardin, Perry and Wayne of the resolution authorizing the issuance of any bonds under this chapter, a plan of financing shall be submitted to the comptroller of the treasury or the comptroller's designee for review; and the comptroller of the treasury or the comptroller's designee may report thereon to the governing body of the port authority or of the appropriate county or counties within fifteen (15) days from the date the plan is received and shall immediately acknowledge receipt in writing of the proposed financing plan. After receiving the report of the comptroller of the treasury or the comptroller's designee or after the expiration of fifteen (15) days from the date the financing plan is received by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the appropriate governing body may take such action with reference to such proposed financing plan as it deems advisable. (d) In order to secure the payment of any of the bonds issued pursuant to this chapter, the interest thereon, or in connection with such bonds, the board of commissioners or the county legislative bodies of Decatur, Hardin, Perry and Wayne counties have power, as to such bonds, to the extent not inconsistent with the mandatory provisions of this chapter, to: (1) Pledge the full faith and credit of the port authority or county and unlimited taxing power of each of the counties to the punctual payment of the principal of and interest on such bonds; (2) Pledge all or any part of the revenue derived from the operation of the facilities authorized in this chapter and to pledge all or any part of the proceeds derived from the sale, transfer, lease or other disposition of any land or other facilities as provided for in this chapter; (3) Provide for the terms, form, registration, exchange, execution and authentication of such bonds; (4) Provide for the replacement of lost, destroyed or mutilated bonds; (5) Covenant as to the use and disposition of the proceeds from the sale of such bonds; (6) Covenant as to the rates and charges for the use of facilities of the port authority and for its services; (7) Redeem such bonds and covenant for their redemption and provide the terms and conditions thereof; (8) Covenant and prescribe as to what happenings or occurrences shall constitute "events of default," and the terms and conditions upon which any or all of such bonds shall become or may be declared due, before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived; (9) Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation; (10) Vest in a trustee or trustees the right to receive all or any part of the income and revenues pledged and assigned to or for the benefit of the holder or holders of bonds issued under this section and to hold, apply and dispose of the same, and the right to enforce any covenant made to secure or pay, or in relation to the bonds; and to execute and deliver a trust agreement or trust agreements, which may set forth the powers and duties and the remedies available to such trustee or trustees, and limiting the liability thereof, and describing what occurrences shall constitute "events of default," and prescribing the terms and conditions upon which such trustee or trustees, or the holder or holders of bonds or any specified amount or percentage of such bonds, may exercise such rights and enforce any and all such covenants and resort to such remedies as may be appropriate; (11) Make covenants other than and in addition to the covenants authorized in this chapter, of like or different character, necessary or advisable to effectuate the purposes of this chapter; and (12) Execute all instruments necessary or convenient in the exercise of the powers granted in this section or in the performance of its covenants or duties. (e) All public officers and bodies of the state, municipal corporations, political subdivisions, all insurance companies and associations, all savings banks and savings institutions, including savings and loan associations, all executors, administrators, guardians, trustees and all other fiduciaries in the state may legally invest funds within their control in bonds issued pursuant to this chapter. (f) Nothing in this chapter shall be construed to allow the board of commissioners of the port authority to pledge unilaterally the full faith and credit and unlimited taxing power of any county as surety to the payment of the authority's bonds or to impose unilaterally an ad valorem tax in any county. Acts 1980, ch. 900, § 10; T.C.A., § 66-4-110; Acts 1989, ch. 403, §11; 2010 , ch. 868, § 80.
(a) The port authority has the power to issue negotiable bonds in order to accomplish any of the purposes authorized by this chapter in any of the following manners: (1) Upon resolution of the board of commissioners, and in the manner provided by this chapter, the port authority may issue bonds of the port authority without the participation of any county; provided, that such bonds are repaid solely from the revenues of the port authority; (2) Upon resolution of the board of commissioners, requesting one (1) or more counties to participate in the issuance of bonds of the port authority or to issue bonds on behalf of the port authority, such bonds may be issued as provided in this chapter or by law; or (3) Upon resolution of the board of commissioners, acting in their capacity as an industrial development corporation, the port authority may issue bonds in compliance with title 7, chapter 53.
(1) Upon resolution of the board of commissioners, and in the manner provided by this chapter, the port authority may issue bonds of the port authority without the participation of any county; provided, that such bonds are repaid solely from the revenues of the port authority;
(2) Upon resolution of the board of commissioners, requesting one (1) or more counties to participate in the issuance of bonds of the port authority or to issue bonds on behalf of the port authority, such bonds may be issued as provided in this chapter or by law; or
(3) Upon resolution of the board of commissioners, acting in their capacity as an industrial development corporation, the port authority may issue bonds in compliance with title 7, chapter 53.
(b) (1) Any one (1) or more of the participating counties of Decatur, Hardin, Perry and Wayne, upon recommendation of the board of commissioners of the port authority, have power and authority to issue and sell their bonds to finance the acquisition, construction, improvement or expansion of the facilities authorized in this chapter and to refund bonds previously issued or refinance indebtedness previously incurred for such purposes. The counties of Decatur, Hardin, Perry and Wayne may, in all respects, provide for the rights of the holders of all bonds, including the manner in which future bonds may be issued on a parity with such bonds. The counties of Decatur, Hardin, Perry and Wayne shall follow the procedures for the issuance of bonds established in title 9, chapter 21. Prior to the issuance of any general obligation bonds by any county under the authority of this chapter, a referendum shall be held concurrently with a general election in the county. The substance of a resolution adopted pursuant to § 9-21-205 shall be printed on the ballot. In order for the bonds to be issued, three-fourths (¾) of the votes cast shall answer the following question affirmatively: Question: Do you favor the guarantee of the bonds issued pursuant to the above resolution: For ( ) Against ( ) (2) The ballots shall be counted and returns made and canvassed as provided by law for other elections and the results certified to the secretary of state, who shall publicly proclaim the results. (3) The bonds to be issued by the port authority shall be authorized by resolution of the county legislative body or bodies of such county or counties and may be issued in one (1) or more series, may bear such date or dates, may mature at such time or times, not exceeding forty (40) years from their respective dates, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be sold or hypothecated in such blocks, may be subject to such terms of redemption with or without premium, may be declared or become due after the maturity date thereof, and may be in such amount as may be provided by resolution of the legislative body of a participating county. Such bonds may be issued for money or property, at public or private sale, for such price and at such rate of interest and may be hypothecated in such manner as the counties may determine; but the interest cost to maturity of the bonds, when issued for property, at the value determined by the counties, which determination shall be conclusive, or the money received for any issue of such bonds shall not exceed the maximum rate fixed by law, payable semiannually. Such bonds shall have all the qualities and incidents of negotiability. (4) Pending the preparation of the definitive bonds, interim receipts or certificates in such form, and with such provisions, as provided in the resolution authorizing such bonds, may be issued to the purchaser or purchasers of bonds sold pursuant to this chapter. The bonds and interim receipts or certificates shall be fully negotiable. (5) In case any of the officers whose signatures or countersignatures appear on such bonds cease to be officers before the delivery of the bonds, the signatures and countersignatures shall nevertheless be valid and sufficient for all purposes, the same as though such officers had remained in office until the bonds had been delivered. (6) The bonds may be issued, notwithstanding and without regard to any limit or restriction on the amount or percentage of indebtedness or of outstanding obligations of the participating counties of Decatur, Hardin, Perry and Wayne contained in any other statute, general or special, and notwithstanding and without regard to the requirements of any other general or special statute, including requirements as to elections for the approval of such bonds. (7) Prior to a vote by the county legislative body of counties authorizing the issuance of bonds to be financed wholly or in part through tax levies by the county legislative body, the board of commissioners shall prepare and submit to the county legislative body of each of the counties of Decatur, Hardin, Perry and Wayne a recommendation that bonds in a stated amount be issued under this part, supported by a report on the need for and projected use of the facilities for the financing of which such bond issue is proposed, including a review of alternate solutions, if any, and a justification of the solution proposed. (8) Bonds may be issued as direct and general obligations of each of the counties of Decatur, Hardin, Perry and Wayne payable out of their several and separate general income and revenue. Bonds may also be issued as obligations of the port authority payable out of the revenues of the port authority. In case the bonds are issued as general obligations of the counties, it is the duty of the county legislative body of each of the counties to levy a tax each year, over and above the taxes levied for general county purposes and other special county purposes, to pay the interest and principal of the bonds as they mature. In case the revenues derived from the operation of the facilities provided for in this chapter are sufficient to pay the principal and interest of such bonds, or a part thereof, as they may severally mature, then a special levy for the full payment of such principal and interest shall not be required; but the county legislative bodies shall each year levy an amount of tax, which, when added to the account of revenue derived from the operation of the facilities then on hand and available for that purpose, will be sufficient to pay the principal and interest maturing prior to the collection of the next succeeding tax levy. The bonds shall be sold at public or private sale and in such manner as may be determined by resolution of each of the county legislative bodies authorizing their issuance. The bonds shall contain a recital that they are issued pursuant to and in accordance with this chapter, and such recital shall be conclusive evidence of their legality.
(1) Any one (1) or more of the participating counties of Decatur, Hardin, Perry and Wayne, upon recommendation of the board of commissioners of the port authority, have power and authority to issue and sell their bonds to finance the acquisition, construction, improvement or expansion of the facilities authorized in this chapter and to refund bonds previously issued or refinance indebtedness previously incurred for such purposes. The counties of Decatur, Hardin, Perry and Wayne may, in all respects, provide for the rights of the holders of all bonds, including the manner in which future bonds may be issued on a parity with such bonds. The counties of Decatur, Hardin, Perry and Wayne shall follow the procedures for the issuance of bonds established in title 9, chapter 21. Prior to the issuance of any general obligation bonds by any county under the authority of this chapter, a referendum shall be held concurrently with a general election in the county. The substance of a resolution adopted pursuant to § 9-21-205 shall be printed on the ballot. In order for the bonds to be issued, three-fourths (¾) of the votes cast shall answer the following question affirmatively: Question: Do you favor the guarantee of the bonds issued pursuant to the above resolution: For ( ) Against ( )
Question: Do you favor the guarantee of the bonds issued pursuant to the above resolution:
For ( )
Against ( )
(2) The ballots shall be counted and returns made and canvassed as provided by law for other elections and the results certified to the secretary of state, who shall publicly proclaim the results.
(3) The bonds to be issued by the port authority shall be authorized by resolution of the county legislative body or bodies of such county or counties and may be issued in one (1) or more series, may bear such date or dates, may mature at such time or times, not exceeding forty (40) years from their respective dates, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be sold or hypothecated in such blocks, may be subject to such terms of redemption with or without premium, may be declared or become due after the maturity date thereof, and may be in such amount as may be provided by resolution of the legislative body of a participating county. Such bonds may be issued for money or property, at public or private sale, for such price and at such rate of interest and may be hypothecated in such manner as the counties may determine; but the interest cost to maturity of the bonds, when issued for property, at the value determined by the counties, which determination shall be conclusive, or the money received for any issue of such bonds shall not exceed the maximum rate fixed by law, payable semiannually. Such bonds shall have all the qualities and incidents of negotiability.
(4) Pending the preparation of the definitive bonds, interim receipts or certificates in such form, and with such provisions, as provided in the resolution authorizing such bonds, may be issued to the purchaser or purchasers of bonds sold pursuant to this chapter. The bonds and interim receipts or certificates shall be fully negotiable.
(5) In case any of the officers whose signatures or countersignatures appear on such bonds cease to be officers before the delivery of the bonds, the signatures and countersignatures shall nevertheless be valid and sufficient for all purposes, the same as though such officers had remained in office until the bonds had been delivered.
(6) The bonds may be issued, notwithstanding and without regard to any limit or restriction on the amount or percentage of indebtedness or of outstanding obligations of the participating counties of Decatur, Hardin, Perry and Wayne contained in any other statute, general or special, and notwithstanding and without regard to the requirements of any other general or special statute, including requirements as to elections for the approval of such bonds.
(7) Prior to a vote by the county legislative body of counties authorizing the issuance of bonds to be financed wholly or in part through tax levies by the county legislative body, the board of commissioners shall prepare and submit to the county legislative body of each of the counties of Decatur, Hardin, Perry and Wayne a recommendation that bonds in a stated amount be issued under this part, supported by a report on the need for and projected use of the facilities for the financing of which such bond issue is proposed, including a review of alternate solutions, if any, and a justification of the solution proposed.
(8) Bonds may be issued as direct and general obligations of each of the counties of Decatur, Hardin, Perry and Wayne payable out of their several and separate general income and revenue. Bonds may also be issued as obligations of the port authority payable out of the revenues of the port authority. In case the bonds are issued as general obligations of the counties, it is the duty of the county legislative body of each of the counties to levy a tax each year, over and above the taxes levied for general county purposes and other special county purposes, to pay the interest and principal of the bonds as they mature. In case the revenues derived from the operation of the facilities provided for in this chapter are sufficient to pay the principal and interest of such bonds, or a part thereof, as they may severally mature, then a special levy for the full payment of such principal and interest shall not be required; but the county legislative bodies shall each year levy an amount of tax, which, when added to the account of revenue derived from the operation of the facilities then on hand and available for that purpose, will be sufficient to pay the principal and interest maturing prior to the collection of the next succeeding tax levy. The bonds shall be sold at public or private sale and in such manner as may be determined by resolution of each of the county legislative bodies authorizing their issuance. The bonds shall contain a recital that they are issued pursuant to and in accordance with this chapter, and such recital shall be conclusive evidence of their legality.
(c) Prior to the adoption by the governing body of the port authority or any one (1) or more of the participating counties of Decatur, Hardin, Perry and Wayne of the resolution authorizing the issuance of any bonds under this chapter, a plan of financing shall be submitted to the comptroller of the treasury or the comptroller's designee for review; and the comptroller of the treasury or the comptroller's designee may report thereon to the governing body of the port authority or of the appropriate county or counties within fifteen (15) days from the date the plan is received and shall immediately acknowledge receipt in writing of the proposed financing plan. After receiving the report of the comptroller of the treasury or the comptroller's designee or after the expiration of fifteen (15) days from the date the financing plan is received by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the appropriate governing body may take such action with reference to such proposed financing plan as it deems advisable.
(d) In order to secure the payment of any of the bonds issued pursuant to this chapter, the interest thereon, or in connection with such bonds, the board of commissioners or the county legislative bodies of Decatur, Hardin, Perry and Wayne counties have power, as to such bonds, to the extent not inconsistent with the mandatory provisions of this chapter, to: (1) Pledge the full faith and credit of the port authority or county and unlimited taxing power of each of the counties to the punctual payment of the principal of and interest on such bonds; (2) Pledge all or any part of the revenue derived from the operation of the facilities authorized in this chapter and to pledge all or any part of the proceeds derived from the sale, transfer, lease or other disposition of any land or other facilities as provided for in this chapter; (3) Provide for the terms, form, registration, exchange, execution and authentication of such bonds; (4) Provide for the replacement of lost, destroyed or mutilated bonds; (5) Covenant as to the use and disposition of the proceeds from the sale of such bonds; (6) Covenant as to the rates and charges for the use of facilities of the port authority and for its services; (7) Redeem such bonds and covenant for their redemption and provide the terms and conditions thereof; (8) Covenant and prescribe as to what happenings or occurrences shall constitute "events of default," and the terms and conditions upon which any or all of such bonds shall become or may be declared due, before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived; (9) Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation; (10) Vest in a trustee or trustees the right to receive all or any part of the income and revenues pledged and assigned to or for the benefit of the holder or holders of bonds issued under this section and to hold, apply and dispose of the same, and the right to enforce any covenant made to secure or pay, or in relation to the bonds; and to execute and deliver a trust agreement or trust agreements, which may set forth the powers and duties and the remedies available to such trustee or trustees, and limiting the liability thereof, and describing what occurrences shall constitute "events of default," and prescribing the terms and conditions upon which such trustee or trustees, or the holder or holders of bonds or any specified amount or percentage of such bonds, may exercise such rights and enforce any and all such covenants and resort to such remedies as may be appropriate; (11) Make covenants other than and in addition to the covenants authorized in this chapter, of like or different character, necessary or advisable to effectuate the purposes of this chapter; and (12) Execute all instruments necessary or convenient in the exercise of the powers granted in this section or in the performance of its covenants or duties.
(1) Pledge the full faith and credit of the port authority or county and unlimited taxing power of each of the counties to the punctual payment of the principal of and interest on such bonds;
(2) Pledge all or any part of the revenue derived from the operation of the facilities authorized in this chapter and to pledge all or any part of the proceeds derived from the sale, transfer, lease or other disposition of any land or other facilities as provided for in this chapter;
(3) Provide for the terms, form, registration, exchange, execution and authentication of such bonds;
(4) Provide for the replacement of lost, destroyed or mutilated bonds;
(5) Covenant as to the use and disposition of the proceeds from the sale of such bonds;
(6) Covenant as to the rates and charges for the use of facilities of the port authority and for its services;
(7) Redeem such bonds and covenant for their redemption and provide the terms and conditions thereof;
(8) Covenant and prescribe as to what happenings or occurrences shall constitute "events of default," and the terms and conditions upon which any or all of such bonds shall become or may be declared due, before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived;
(9) Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation;
(10) Vest in a trustee or trustees the right to receive all or any part of the income and revenues pledged and assigned to or for the benefit of the holder or holders of bonds issued under this section and to hold, apply and dispose of the same, and the right to enforce any covenant made to secure or pay, or in relation to the bonds; and to execute and deliver a trust agreement or trust agreements, which may set forth the powers and duties and the remedies available to such trustee or trustees, and limiting the liability thereof, and describing what occurrences shall constitute "events of default," and prescribing the terms and conditions upon which such trustee or trustees, or the holder or holders of bonds or any specified amount or percentage of such bonds, may exercise such rights and enforce any and all such covenants and resort to such remedies as may be appropriate;
(11) Make covenants other than and in addition to the covenants authorized in this chapter, of like or different character, necessary or advisable to effectuate the purposes of this chapter; and
(12) Execute all instruments necessary or convenient in the exercise of the powers granted in this section or in the performance of its covenants or duties.
(e) All public officers and bodies of the state, municipal corporations, political subdivisions, all insurance companies and associations, all savings banks and savings institutions, including savings and loan associations, all executors, administrators, guardians, trustees and all other fiduciaries in the state may legally invest funds within their control in bonds issued pursuant to this chapter.
(f) Nothing in this chapter shall be construed to allow the board of commissioners of the port authority to pledge unilaterally the full faith and credit and unlimited taxing power of any county as surety to the payment of the authority's bonds or to impose unilaterally an ad valorem tax in any county.
Acts 1980, ch. 900, § 10; T.C.A., § 66-4-110; Acts 1989, ch. 403, §11; 2010 , ch. 868, § 80.
Tenn. Code Ann. § 64-10-107 — TN Code / Title 64 / Chapter 10 / Section 64-10-107
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 this 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, but 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, and payment of engineering, fiscal, architectural and legal expenses incurred in connection with such project and the issuance of the bonds, and 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, 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 and/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 or 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, and/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 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 above remedies. (j) (1) (A) Without limiting the foregoing, the authority is authorized 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 constructing, acquiring, extending, improving or equipping a system, which shall be considered a project for purposes of this section. (B) No bond or note authorized by subdivision (j)(1)(A) shall be issued until the resolution authorizing the issuance of bonds or notes, together with a statement as of the beginning of the then current fiscal year is submitted to the comptroller of the treasury or the comptroller's designee for review and approval. The statement submitted shall show in detail the total outstanding bonds, notes, warrants, refunding bonds, and other evidences of indebtedness of the authority, together with the maturity dates of the bonds, notes, warrants, refunding bonds, and other evidences of indebtedness, interest rates, special provisions for payment, the project to be funded by the bonds or notes, the current operating financial statement of the authority and any other pertinent financial information. The comptroller of the treasury or the comptroller's designee shall immediately acknowledge receipt in writing of the proposed bond or note issue statement and information. The comptroller of the treasury, or the comptroller's designee, shall report to the authority within fifteen (15) days from the date the plan is received by the comptroller of the treasury or the comptroller's designee. (C) Upon receipt of the report as provided in subdivision (j)(1)(B), the authority shall cause the report to be published once in a newspaper of general circulation in the county of the principal office of the authority, and any other county, city, or utility district that it serves and in any city or utility district that have entered into an agreement with the authority pursuant to § 64-10-104(b)(1) , during the week following the report's receipt. After receiving the report of the comptroller of the treasury or the comptroller's designee, and after publication of such report, or after the expiration of fifteen (15) days from the date the statement and information are received by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the authority may take such action with reference to the proposed bond or note issue as the authority deems advisable. The report of the comptroller of the treasury or the comptroller's designee shall also be made a part of the bond transcript. (2) The principal and premium, if any, and interest on any bonds, refunding bonds, notes or other obligations issued pursuant to subdivision (j)(1) may be secured by a pledge of revenues and receipts of all or part of the system. The proceedings under which the bonds, notes, or other obligations are authorized to be issued may contain any agreements, provisions and covenants respecting the maintenance of such system or other facilities covered thereby, the fixing and collection of rents, fees or payments with respect to any system or portions thereof covered by such proceedings, the creation and maintenance of special funds from such revenues and from the proceeds of such bonds, notes or other obligations and the rights and remedies available in the event of default, all as the board deems advisable and not in conflict with the provision of this part. To the extent provided in the proceedings authorizing any bonds, notes or other obligations, each pledge and agreement made for the benefit of security of any of the bonds, notes or other obligations shall continue in effect until the principal of and interest on the bonds, notes or other obligations for the benefit of which the same were made shall have been fully paid or adequate provision for the payment thereof shall have been made by the authority. In the event of a default in such payment or in any agreements of the authority made as part of the proceedings under which the bonds, notes or other obligations were issued, such payment or agreement may be enforced by suit, mandamus or the appointment of a receiver in equity, or the proceedings under which the bonds, notes or other obligations are issued. (3) The board may designate the appropriate officials to execute all documents necessary to provide for the issuance of, or secure the payment of, the bonds, notes or other obligations issued pursuant to subdivision (j)(1). (4) Bonds, notes or other obligations issued pursuant to subdivision (j)(1) may constitute a joint obligation of the authority, any county that is a member of the authority, and any city or utility district that have entered into an agreement with the authority as provided in § 64-10-104(b)(1) . Any such bonds, notes or other obligations upon which a county or city is jointly obligated with the authority may be secured by the full faith and credit and unlimited ad valorem taxing power of such county or city. Bonds, notes, or other obligations issued as a joint obligation of the authority and a county or city shall be issued in the form and manner of title 9, chapter 21, parts 1, 2, and 9, where applicable, and in the event of a conflict between this part and title 9, chapter 21, parts 1, 2, and 9, then title 9, chapter 21, parts 1, 2, and 9 shall prevail. Notes issued as a joint obligation of the authority and a county or city shall be issued in the form and manner of title 9, chapter 21, parts 1, 4, and 5, where applicable, and in the event of a conflict between this part and title 9, chapter 21, parts 1, 4, and 5, then title 9, chapter 21, parts 1, 4, and 5 shall prevail. Bonds, notes, or other obligations issued as a joint obligation of the authority and a utility district shall be issued in the form and manner of title 7, chapter 82, part 5, where applicable, and in the event of a conflict between this part and title 7, chapter 82, part 5, then title 7, chapter 82, part 5 shall prevail. (5) Any bond, note or other obligation issued pursuant to subdivision (j)(1) may be secured by a mortgage or deed of trust covering any or all parts of the property, real or personal, of the system. Any pledge or lien on revenues, fees, rents, toll or other charges received or receivable by the authority to secure the payment of any bonds, notes or other obligations issued pursuant to subdivision (j)(1) and the interest thereon shall be valid and binding from the time that the pledge or lien is created and granted and shall inure to the benefit of the holder or holders of any such bonds, notes or other obligations of the authority until payment in full of the principal, premium and interest thereon. Neither the resolution nor any other instrument granting, creating or giving notice of the pledge or a lien or other such security interest need be filed or recorded to preserve or protect the validity or priority of such pledge or lien. Acts 1998, ch. 998, § 8; 2010 , ch. 868, § 84; 2011 , ch. 419, § 5.
(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 this 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 this 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, but 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, and payment of engineering, fiscal, architectural and legal expenses incurred in connection with such project and the issuance of the bonds, and 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, but 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, and payment of engineering, fiscal, architectural and legal expenses incurred in connection with such project and the issuance of the bonds, and 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, 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 and/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, 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 and/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 or 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, and/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 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 above remedies.
(j) (1) (A) Without limiting the foregoing, the authority is authorized 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 constructing, acquiring, extending, improving or equipping a system, which shall be considered a project for purposes of this section. (B) No bond or note authorized by subdivision (j)(1)(A) shall be issued until the resolution authorizing the issuance of bonds or notes, together with a statement as of the beginning of the then current fiscal year is submitted to the comptroller of the treasury or the comptroller's designee for review and approval. The statement submitted shall show in detail the total outstanding bonds, notes, warrants, refunding bonds, and other evidences of indebtedness of the authority, together with the maturity dates of the bonds, notes, warrants, refunding bonds, and other evidences of indebtedness, interest rates, special provisions for payment, the project to be funded by the bonds or notes, the current operating financial statement of the authority and any other pertinent financial information. The comptroller of the treasury or the comptroller's designee shall immediately acknowledge receipt in writing of the proposed bond or note issue statement and information. The comptroller of the treasury, or the comptroller's designee, shall report to the authority within fifteen (15) days from the date the plan is received by the comptroller of the treasury or the comptroller's designee. (C) Upon receipt of the report as provided in subdivision (j)(1)(B), the authority shall cause the report to be published once in a newspaper of general circulation in the county of the principal office of the authority, and any other county, city, or utility district that it serves and in any city or utility district that have entered into an agreement with the authority pursuant to § 64-10-104(b)(1) , during the week following the report's receipt. After receiving the report of the comptroller of the treasury or the comptroller's designee, and after publication of such report, or after the expiration of fifteen (15) days from the date the statement and information are received by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the authority may take such action with reference to the proposed bond or note issue as the authority deems advisable. The report of the comptroller of the treasury or the comptroller's designee shall also be made a part of the bond transcript. (2) The principal and premium, if any, and interest on any bonds, refunding bonds, notes or other obligations issued pursuant to subdivision (j)(1) may be secured by a pledge of revenues and receipts of all or part of the system. The proceedings under which the bonds, notes, or other obligations are authorized to be issued may contain any agreements, provisions and covenants respecting the maintenance of such system or other facilities covered thereby, the fixing and collection of rents, fees or payments with respect to any system or portions thereof covered by such proceedings, the creation and maintenance of special funds from such revenues and from the proceeds of such bonds, notes or other obligations and the rights and remedies available in the event of default, all as the board deems advisable and not in conflict with the provision of this part. To the extent provided in the proceedings authorizing any bonds, notes or other obligations, each pledge and agreement made for the benefit of security of any of the bonds, notes or other obligations shall continue in effect until the principal of and interest on the bonds, notes or other obligations for the benefit of which the same were made shall have been fully paid or adequate provision for the payment thereof shall have been made by the authority. In the event of a default in such payment or in any agreements of the authority made as part of the proceedings under which the bonds, notes or other obligations were issued, such payment or agreement may be enforced by suit, mandamus or the appointment of a receiver in equity, or the proceedings under which the bonds, notes or other obligations are issued. (3) The board may designate the appropriate officials to execute all documents necessary to provide for the issuance of, or secure the payment of, the bonds, notes or other obligations issued pursuant to subdivision (j)(1). (4) Bonds, notes or other obligations issued pursuant to subdivision (j)(1) may constitute a joint obligation of the authority, any county that is a member of the authority, and any city or utility district that have entered into an agreement with the authority as provided in § 64-10-104(b)(1) . Any such bonds, notes or other obligations upon which a county or city is jointly obligated with the authority may be secured by the full faith and credit and unlimited ad valorem taxing power of such county or city. Bonds, notes, or other obligations issued as a joint obligation of the authority and a county or city shall be issued in the form and manner of title 9, chapter 21, parts 1, 2, and 9, where applicable, and in the event of a conflict between this part and title 9, chapter 21, parts 1, 2, and 9, then title 9, chapter 21, parts 1, 2, and 9 shall prevail. Notes issued as a joint obligation of the authority and a county or city shall be issued in the form and manner of title 9, chapter 21, parts 1, 4, and 5, where applicable, and in the event of a conflict between this part and title 9, chapter 21, parts 1, 4, and 5, then title 9, chapter 21, parts 1, 4, and 5 shall prevail. Bonds, notes, or other obligations issued as a joint obligation of the authority and a utility district shall be issued in the form and manner of title 7, chapter 82, part 5, where applicable, and in the event of a conflict between this part and title 7, chapter 82, part 5, then title 7, chapter 82, part 5 shall prevail. (5) Any bond, note or other obligation issued pursuant to subdivision (j)(1) may be secured by a mortgage or deed of trust covering any or all parts of the property, real or personal, of the system. Any pledge or lien on revenues, fees, rents, toll or other charges received or receivable by the authority to secure the payment of any bonds, notes or other obligations issued pursuant to subdivision (j)(1) and the interest thereon shall be valid and binding from the time that the pledge or lien is created and granted and shall inure to the benefit of the holder or holders of any such bonds, notes or other obligations of the authority until payment in full of the principal, premium and interest thereon. Neither the resolution nor any other instrument granting, creating or giving notice of the pledge or a lien or other such security interest need be filed or recorded to preserve or protect the validity or priority of such pledge or lien.
(1) (A) Without limiting the foregoing, the authority is authorized 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 constructing, acquiring, extending, improving or equipping a system, which shall be considered a project for purposes of this section. (B) No bond or note authorized by subdivision (j)(1)(A) shall be issued until the resolution authorizing the issuance of bonds or notes, together with a statement as of the beginning of the then current fiscal year is submitted to the comptroller of the treasury or the comptroller's designee for review and approval. The statement submitted shall show in detail the total outstanding bonds, notes, warrants, refunding bonds, and other evidences of indebtedness of the authority, together with the maturity dates of the bonds, notes, warrants, refunding bonds, and other evidences of indebtedness, interest rates, special provisions for payment, the project to be funded by the bonds or notes, the current operating financial statement of the authority and any other pertinent financial information. The comptroller of the treasury or the comptroller's designee shall immediately acknowledge receipt in writing of the proposed bond or note issue statement and information. The comptroller of the treasury, or the comptroller's designee, shall report to the authority within fifteen (15) days from the date the plan is received by the comptroller of the treasury or the comptroller's designee. (C) Upon receipt of the report as provided in subdivision (j)(1)(B), the authority shall cause the report to be published once in a newspaper of general circulation in the county of the principal office of the authority, and any other county, city, or utility district that it serves and in any city or utility district that have entered into an agreement with the authority pursuant to § 64-10-104(b)(1) , during the week following the report's receipt. After receiving the report of the comptroller of the treasury or the comptroller's designee, and after publication of such report, or after the expiration of fifteen (15) days from the date the statement and information are received by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the authority may take such action with reference to the proposed bond or note issue as the authority deems advisable. The report of the comptroller of the treasury or the comptroller's designee shall also be made a part of the bond transcript.
(A) Without limiting the foregoing, the authority is authorized 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 constructing, acquiring, extending, improving or equipping a system, which shall be considered a project for purposes of this section.
(B) No bond or note authorized by subdivision (j)(1)(A) shall be issued until the resolution authorizing the issuance of bonds or notes, together with a statement as of the beginning of the then current fiscal year is submitted to the comptroller of the treasury or the comptroller's designee for review and approval. The statement submitted shall show in detail the total outstanding bonds, notes, warrants, refunding bonds, and other evidences of indebtedness of the authority, together with the maturity dates of the bonds, notes, warrants, refunding bonds, and other evidences of indebtedness, interest rates, special provisions for payment, the project to be funded by the bonds or notes, the current operating financial statement of the authority and any other pertinent financial information. The comptroller of the treasury or the comptroller's designee shall immediately acknowledge receipt in writing of the proposed bond or note issue statement and information. The comptroller of the treasury, or the comptroller's designee, shall report to the authority within fifteen (15) days from the date the plan is received by the comptroller of the treasury or the comptroller's designee.
(C) Upon receipt of the report as provided in subdivision (j)(1)(B), the authority shall cause the report to be published once in a newspaper of general circulation in the county of the principal office of the authority, and any other county, city, or utility district that it serves and in any city or utility district that have entered into an agreement with the authority pursuant to § 64-10-104(b)(1) , during the week following the report's receipt. After receiving the report of the comptroller of the treasury or the comptroller's designee, and after publication of such report, or after the expiration of fifteen (15) days from the date the statement and information are received by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the authority may take such action with reference to the proposed bond or note issue as the authority deems advisable. The report of the comptroller of the treasury or the comptroller's designee shall also be made a part of the bond transcript.
(2) The principal and premium, if any, and interest on any bonds, refunding bonds, notes or other obligations issued pursuant to subdivision (j)(1) may be secured by a pledge of revenues and receipts of all or part of the system. The proceedings under which the bonds, notes, or other obligations are authorized to be issued may contain any agreements, provisions and covenants respecting the maintenance of such system or other facilities covered thereby, the fixing and collection of rents, fees or payments with respect to any system or portions thereof covered by such proceedings, the creation and maintenance of special funds from such revenues and from the proceeds of such bonds, notes or other obligations and the rights and remedies available in the event of default, all as the board deems advisable and not in conflict with the provision of this part. To the extent provided in the proceedings authorizing any bonds, notes or other obligations, each pledge and agreement made for the benefit of security of any of the bonds, notes or other obligations shall continue in effect until the principal of and interest on the bonds, notes or other obligations for the benefit of which the same were made shall have been fully paid or adequate provision for the payment thereof shall have been made by the authority. In the event of a default in such payment or in any agreements of the authority made as part of the proceedings under which the bonds, notes or other obligations were issued, such payment or agreement may be enforced by suit, mandamus or the appointment of a receiver in equity, or the proceedings under which the bonds, notes or other obligations are issued.
(3) The board may designate the appropriate officials to execute all documents necessary to provide for the issuance of, or secure the payment of, the bonds, notes or other obligations issued pursuant to subdivision (j)(1).
(4) Bonds, notes or other obligations issued pursuant to subdivision (j)(1) may constitute a joint obligation of the authority, any county that is a member of the authority, and any city or utility district that have entered into an agreement with the authority as provided in § 64-10-104(b)(1) . Any such bonds, notes or other obligations upon which a county or city is jointly obligated with the authority may be secured by the full faith and credit and unlimited ad valorem taxing power of such county or city. Bonds, notes, or other obligations issued as a joint obligation of the authority and a county or city shall be issued in the form and manner of title 9, chapter 21, parts 1, 2, and 9, where applicable, and in the event of a conflict between this part and title 9, chapter 21, parts 1, 2, and 9, then title 9, chapter 21, parts 1, 2, and 9 shall prevail. Notes issued as a joint obligation of the authority and a county or city shall be issued in the form and manner of title 9, chapter 21, parts 1, 4, and 5, where applicable, and in the event of a conflict between this part and title 9, chapter 21, parts 1, 4, and 5, then title 9, chapter 21, parts 1, 4, and 5 shall prevail. Bonds, notes, or other obligations issued as a joint obligation of the authority and a utility district shall be issued in the form and manner of title 7, chapter 82, part 5, where applicable, and in the event of a conflict between this part and title 7, chapter 82, part 5, then title 7, chapter 82, part 5 shall prevail.
(5) Any bond, note or other obligation issued pursuant to subdivision (j)(1) may be secured by a mortgage or deed of trust covering any or all parts of the property, real or personal, of the system. Any pledge or lien on revenues, fees, rents, toll or other charges received or receivable by the authority to secure the payment of any bonds, notes or other obligations issued pursuant to subdivision (j)(1) and the interest thereon shall be valid and binding from the time that the pledge or lien is created and granted and shall inure to the benefit of the holder or holders of any such bonds, notes or other obligations of the authority until payment in full of the principal, premium and interest thereon. Neither the resolution nor any other instrument granting, creating or giving notice of the pledge or a lien or other such security interest need be filed or recorded to preserve or protect the validity or priority of such pledge or lien.
Acts 1998, ch. 998, § 8; 2010 , ch. 868, § 84; 2011 , ch. 419, § 5.
Tenn. Code Ann. § 64-2-414 — TN Code / Title 64 / Chapter 2 / Section 64-2-414
Part supplemental to other laws
Status: in_force

The powers, authority and rights conferred by this part shall be in addition and supplemental to, and the limitations imposed by this part shall not affect, the powers conferred by any other general, special or local law. Acts 1983, ch. 302, § 13.
The powers, authority and rights conferred by this part shall be in addition and supplemental to, and the limitations imposed by this part shall not affect, the powers conferred by any other general, special or local law.
Acts 1983, ch. 302, § 13.
Tenn. Code Ann. § 64-2-409 — TN Code / Title 64 / Chapter 2 / Section 64-2-409
Operating revenues
Status: in_force

(a) The revenues derived from the operation of the properties and facilities authorized and the proceeds derived from the sale, transfer, lease or other disposition of any land or other facilities shall be applied and used as follows: (1) The payment of all operating expenses of the authority, except that the proceeds derived from the sale, transfer or other disposition of any land or other facilities shall not be used for this purpose; (2) The establishment of necessary reserves for contingencies, depreciation, maintenance, replacement of properties and facilities, storage transfer facilities and any other facilities or other purposes as may be required under any bond indenture or as the authority directors may deem necessary or desirable. This subdivision (a)(2) shall not be construed to authorize the authority to exercise these provisions in a manner inconsistent with statutes, regulations or procedures governing such matters in county government; and (3) Any revenue or proceeds remaining after all the above items have been provided for shall be held and used for the further development of and for additions to the authority facilities and for the acquisition or construction of new facilities that may become necessary or desirable to further the purposes of this part. None of such revenue shall go into the general funds of the participating counties, except as may be directed by the authority directors. (b) Nothing in this section shall be construed to authorize the authority to administer these provisions in a manner inconsistent with statutes, regulations or procedures governing such transactions and activities carried out by county governments, and the authority shall assure that procedures and practices covered by this section conform with statutes, regulations and procedures to which county governments must adhere. All revenues shall be received, deposited and accounted for and all financial transactions shall be handled consistent with the requirements of statutes, regulations and procedures affecting county government. Acts 1983, ch. 302, § 10.
(a) The revenues derived from the operation of the properties and facilities authorized and the proceeds derived from the sale, transfer, lease or other disposition of any land or other facilities shall be applied and used as follows: (1) The payment of all operating expenses of the authority, except that the proceeds derived from the sale, transfer or other disposition of any land or other facilities shall not be used for this purpose; (2) The establishment of necessary reserves for contingencies, depreciation, maintenance, replacement of properties and facilities, storage transfer facilities and any other facilities or other purposes as may be required under any bond indenture or as the authority directors may deem necessary or desirable. This subdivision (a)(2) shall not be construed to authorize the authority to exercise these provisions in a manner inconsistent with statutes, regulations or procedures governing such matters in county government; and (3) Any revenue or proceeds remaining after all the above items have been provided for shall be held and used for the further development of and for additions to the authority facilities and for the acquisition or construction of new facilities that may become necessary or desirable to further the purposes of this part. None of such revenue shall go into the general funds of the participating counties, except as may be directed by the authority directors.
(1) The payment of all operating expenses of the authority, except that the proceeds derived from the sale, transfer or other disposition of any land or other facilities shall not be used for this purpose;
(2) The establishment of necessary reserves for contingencies, depreciation, maintenance, replacement of properties and facilities, storage transfer facilities and any other facilities or other purposes as may be required under any bond indenture or as the authority directors may deem necessary or desirable. This subdivision (a)(2) shall not be construed to authorize the authority to exercise these provisions in a manner inconsistent with statutes, regulations or procedures governing such matters in county government; and
(3) Any revenue or proceeds remaining after all the above items have been provided for shall be held and used for the further development of and for additions to the authority facilities and for the acquisition or construction of new facilities that may become necessary or desirable to further the purposes of this part. None of such revenue shall go into the general funds of the participating counties, except as may be directed by the authority directors.
(b) Nothing in this section shall be construed to authorize the authority to administer these provisions in a manner inconsistent with statutes, regulations or procedures governing such transactions and activities carried out by county governments, and the authority shall assure that procedures and practices covered by this section conform with statutes, regulations and procedures to which county governments must adhere. All revenues shall be received, deposited and accounted for and all financial transactions shall be handled consistent with the requirements of statutes, regulations and procedures affecting county government.
Acts 1983, ch. 302, § 10.
Tenn. Code Ann. § 64-1-1104 — TN Code / Title 64 / Chapter 1 / Section 64-1-1104
Financing
Status: in_force

(a) (1) The counties are hereby authorized to levy a tax or by general appropriation to raise funds to provide for the operation of the authority, including, but not limited to, costs of administration, engineering, program development, land acquisition, capital costs and bond financing and amortization. For that purpose, participating counties are hereby authorized to levy on property within the area an ad valorem tax not to exceed three cents (3¢) per each one hundred dollars ($100) of assessed valuation for the purpose of funding such project. (2) It is the duty of the trustee or collector of property tax revenues of each participating county to collect such funds due on an annual basis resulting from such tax and deposit the same in an account of the authority. The funds shall be available for expenditures by the authority for the purposes provided for by this part. (3) It is the duty of the assessor of property of each participating county to determine the properties that lie within the Hatchie, Obion and Forked Deer River basins for purposes of taxation, such determination of property and ownership to be a matter of public record, from which the trustee or collector shall perform such person's duty as outlined in this section. (4) All of the procedures and penalties as apply to local property taxation by counties and municipalities in Tennessee, except as otherwise stated in this part, apply, including the collection and use of funds as described in this section. The tax levy on properties as provided in this section shall become operative and effective immediately upon the first annual assessment date for the counties after the adoption of the resolution of the county governing body levying such tax as now provided for by general statutes of Tennessee. (b) The state is hereby authorized to issue bonds, if required, in and above direct financing, for the cost of operations of the authority, including, but not limited to, costs of administration, engineering, program development, land acquisition and capital costs and to enter into agreements with counties to participate in bond financing to complete the program and project in its entirety as projected and planned for the Hatchie, Obion, and Forked Deer River basins by the authority. Any bond issue for the cost of operations, 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. (c) Each municipality within the area is hereby authorized and empowered to contribute to the work of the authority any amount or amounts that its respective governing bodies, acting in its sole discretion, shall approve to be paid from the general fund of the respective municipality. Municipalities are empowered to levy and collect ad valorem taxes for such purposes, which are hereby declared to be for municipal public purposes, not to exceed three cents (3¢) per each one hundred dollars ($100) of assessed valuation of the property taxed. Acts 1976, ch. 448, § 4; 1980, ch. 604, § 5; T.C.A., § 64-1-404; Acts 1996, ch. 890, §§ 21-24.
(a) (1) The counties are hereby authorized to levy a tax or by general appropriation to raise funds to provide for the operation of the authority, including, but not limited to, costs of administration, engineering, program development, land acquisition, capital costs and bond financing and amortization. For that purpose, participating counties are hereby authorized to levy on property within the area an ad valorem tax not to exceed three cents (3¢) per each one hundred dollars ($100) of assessed valuation for the purpose of funding such project. (2) It is the duty of the trustee or collector of property tax revenues of each participating county to collect such funds due on an annual basis resulting from such tax and deposit the same in an account of the authority. The funds shall be available for expenditures by the authority for the purposes provided for by this part. (3) It is the duty of the assessor of property of each participating county to determine the properties that lie within the Hatchie, Obion and Forked Deer River basins for purposes of taxation, such determination of property and ownership to be a matter of public record, from which the trustee or collector shall perform such person's duty as outlined in this section. (4) All of the procedures and penalties as apply to local property taxation by counties and municipalities in Tennessee, except as otherwise stated in this part, apply, including the collection and use of funds as described in this section. The tax levy on properties as provided in this section shall become operative and effective immediately upon the first annual assessment date for the counties after the adoption of the resolution of the county governing body levying such tax as now provided for by general statutes of Tennessee.
(1) The counties are hereby authorized to levy a tax or by general appropriation to raise funds to provide for the operation of the authority, including, but not limited to, costs of administration, engineering, program development, land acquisition, capital costs and bond financing and amortization. For that purpose, participating counties are hereby authorized to levy on property within the area an ad valorem tax not to exceed three cents (3¢) per each one hundred dollars ($100) of assessed valuation for the purpose of funding such project.
(2) It is the duty of the trustee or collector of property tax revenues of each participating county to collect such funds due on an annual basis resulting from such tax and deposit the same in an account of the authority. The funds shall be available for expenditures by the authority for the purposes provided for by this part.
(3) It is the duty of the assessor of property of each participating county to determine the properties that lie within the Hatchie, Obion and Forked Deer River basins for purposes of taxation, such determination of property and ownership to be a matter of public record, from which the trustee or collector shall perform such person's duty as outlined in this section.
(4) All of the procedures and penalties as apply to local property taxation by counties and municipalities in Tennessee, except as otherwise stated in this part, apply, including the collection and use of funds as described in this section. The tax levy on properties as provided in this section shall become operative and effective immediately upon the first annual assessment date for the counties after the adoption of the resolution of the county governing body levying such tax as now provided for by general statutes of Tennessee.
(b) The state is hereby authorized to issue bonds, if required, in and above direct financing, for the cost of operations of the authority, including, but not limited to, costs of administration, engineering, program development, land acquisition and capital costs and to enter into agreements with counties to participate in bond financing to complete the program and project in its entirety as projected and planned for the Hatchie, Obion, and Forked Deer River basins by the authority. Any bond issue for the cost of operations, 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.
(c) Each municipality within the area is hereby authorized and empowered to contribute to the work of the authority any amount or amounts that its respective governing bodies, acting in its sole discretion, shall approve to be paid from the general fund of the respective municipality. Municipalities are empowered to levy and collect ad valorem taxes for such purposes, which are hereby declared to be for municipal public purposes, not to exceed three cents (3¢) per each one hundred dollars ($100) of assessed valuation of the property taxed.
Acts 1976, ch. 448, § 4; 1980, ch. 604, § 5; T.C.A., § 64-1-404; Acts 1996, ch. 890, §§ 21-24.
Tenn. Code Ann. § 64-5-111 — TN Code / Title 64 / Chapter 5 / Section 64-5-111
Bond issues - Refunding bonds - Appropriation requests
Status: in_force

(a) The authority is authorized and empowered to issue its bonds from time to time for the purpose of paying in whole or in part the cost of acquiring lands and interests therein and of constructing facilities and improvements subject to the limitations and conditions provided in this chapter. Any resolution of the board authorizing the sale of bonds shall be submitted to the state funding board established by § 9-9-101 , 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 any bond issue, shall state in writing the reasons for this action. (b) (1) Except as otherwise expressly provided in this section, all bonds issued by the authority are payable solely out of the revenues and receipts derived from the agency's projects or of any of the bonds as may be designated in the proceedings of the board under which the bonds are authorized to be issued, including debt obligations of the lessee or contracting party obtained from or in connection with the financing of a project; 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 the state, 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, but nothing contained in this section 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 are 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. (4) 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. (5) 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 and payment of engineering, fiscal, architectural and legal expenses incurred in connection with such project and the issuance of the bonds and 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) 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 of directors 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, 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 is 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 and/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 bond discounts, 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 or 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 shall have then matured or shall 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 publication of an appropriate notice one (1) time each in a newspaper having general circulation in the area and in a financial newspaper published in New York, New York, and 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 and to pay any expenses incurred in connection with such refunding, 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, or obligations the principal of and interest on which are guaranteed by the United States government, or obligations of any agency 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 these obligations having an 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 shall not have matured and that shall not be presently redeemable or, if presently redeemable, shall not have 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) (1) 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, and/or by an assignment and pledge of all or any part of the authority's interest in and rights under the leases, sales contracts or loan agreements relating to such projects, or any 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 shall deem advisable not in conflict with this subdivision (i)(1). Each pledge, agreement, mortgage and deed of trust made for the benefit or security of any of the bonds of the agency shall continue effective until the principal of and interest on the bonds for the benefit of which the same were made shall have been fully paid. (2) In the event of default in such payment or in any agreements of the agency 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 these remedies. (j) In addition to the foregoing, the authority is authorized to issue general obligation bonds in conjunction with the state of Tennessee. Any bond issue wherein the general obligation of the state is attached must first be approved by the state funding board and by the general assembly and provisions made for amortization of both principal and interest for a period not to exceed forty (40) years. The levying of an ad valorem tax for a bond issue by a county or municipal government under this subsection (j) shall be binding and collectible by the state in case of default. Bonds issued under this subsection (j) shall be issued in the usual manner as state bonds and sold under such conditions as the general assembly may specify. (k) No later than October of each year, the authority shall transmit to the governor a request and an amount of appropriation needed during the next fiscal year for authority purposes, including administration, operations and capital improvements, and appropriate justification for use of such appropriation, such amount or other amount as deemed appropriate by the governor to be included in the budget transmitted to the general assembly. Amended by 2016 Tenn. Acts, ch. 797, s 17, eff. 4/14/2016. Acts 1986, ch. 789, § 11.
(a) The authority is authorized and empowered to issue its bonds from time to time for the purpose of paying in whole or in part the cost of acquiring lands and interests therein and of constructing facilities and improvements subject to the limitations and conditions provided in this chapter. Any resolution of the board authorizing the sale of bonds shall be submitted to the state funding board established by § 9-9-101 , 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 any bond issue, shall state in writing the reasons for this action.
(b) (1) Except as otherwise expressly provided in this section, all bonds issued by the authority are payable solely out of the revenues and receipts derived from the agency's projects or of any of the bonds as may be designated in the proceedings of the board under which the bonds are authorized to be issued, including debt obligations of the lessee or contracting party obtained from or in connection with the financing of a project; 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 the state, 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, but nothing contained in this section 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 are 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. (4) 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. (5) 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 and payment of engineering, fiscal, architectural and legal expenses incurred in connection with such project and the issuance of the bonds and 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 section, all bonds issued by the authority are payable solely out of the revenues and receipts derived from the agency's projects or of any of the bonds as may be designated in the proceedings of the board under which the bonds are authorized to be issued, including debt obligations of the lessee or contracting party obtained from or in connection with the financing of a project; 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 the state, 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, but nothing contained in this section 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 are 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.
(4) 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.
(5) 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 and payment of engineering, fiscal, architectural and legal expenses incurred in connection with such project and the issuance of the bonds and 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) 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 of directors 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, 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 is 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 and/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 bond discounts, 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 or 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, 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 is 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 and/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 bond discounts, 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 or 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 shall have then matured or shall 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 publication of an appropriate notice one (1) time each in a newspaper having general circulation in the area and in a financial newspaper published in New York, New York, and 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 and to pay any expenses incurred in connection with such refunding, 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, or obligations the principal of and interest on which are guaranteed by the United States government, or obligations of any agency 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 these obligations having an 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 shall not have matured and that shall not be presently redeemable or, if presently redeemable, shall not have 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 and to pay any expenses incurred in connection with such refunding, 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, or obligations the principal of and interest on which are guaranteed by the United States government, or obligations of any agency 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 these obligations having an 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 shall not have matured and that shall not be presently redeemable or, if presently redeemable, shall not have 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) (1) 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, and/or by an assignment and pledge of all or any part of the authority's interest in and rights under the leases, sales contracts or loan agreements relating to such projects, or any 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 shall deem advisable not in conflict with this subdivision (i)(1). Each pledge, agreement, mortgage and deed of trust made for the benefit or security of any of the bonds of the agency shall continue effective until the principal of and interest on the bonds for the benefit of which the same were made shall have been fully paid. (2) In the event of default in such payment or in any agreements of the agency 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 these remedies.
(1) 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, and/or by an assignment and pledge of all or any part of the authority's interest in and rights under the leases, sales contracts or loan agreements relating to such projects, or any 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 shall deem advisable not in conflict with this subdivision (i)(1). Each pledge, agreement, mortgage and deed of trust made for the benefit or security of any of the bonds of the agency shall continue effective until the principal of and interest on the bonds for the benefit of which the same were made shall have been fully paid.
(2) In the event of default in such payment or in any agreements of the agency 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 these remedies.
(j) In addition to the foregoing, the authority is authorized to issue general obligation bonds in conjunction with the state of Tennessee. Any bond issue wherein the general obligation of the state is attached must first be approved by the state funding board and by the general assembly and provisions made for amortization of both principal and interest for a period not to exceed forty (40) years. The levying of an ad valorem tax for a bond issue by a county or municipal government under this subsection (j) shall be binding and collectible by the state in case of default. Bonds issued under this subsection (j) shall be issued in the usual manner as state bonds and sold under such conditions as the general assembly may specify.
(k) No later than October of each year, the authority shall transmit to the governor a request and an amount of appropriation needed during the next fiscal year for authority purposes, including administration, operations and capital improvements, and appropriate justification for use of such appropriation, such amount or other amount as deemed appropriate by the governor to be included in the budget transmitted to the general assembly.
Amended by 2016 Tenn. Acts, ch. 797, s 17, eff. 4/14/2016.
Acts 1986, ch. 789, § 11.
Tenn. Code Ann. § 64-9-111 — TN Code / Title 64 / Chapter 9 / Section 64-9-111
Relation to existing laws - Construction
Status: in_force

(a) The powers conferred on the authority by this chapter are in addition and supplementary to the powers conferred on the authority by other law. Projects undertaken by an entity other than this state are not deemed to be an undertaking of a Tennessee governmental entity. (b) This chapter must be liberally construed to effectuate its purposes. Added by 2021EX2 Tenn. Acts, ch. 1, s 1, eff. 11/3/2021.
(a) The powers conferred on the authority by this chapter are in addition and supplementary to the powers conferred on the authority by other law. Projects undertaken by an entity other than this state are not deemed to be an undertaking of a Tennessee governmental entity.
(b) This chapter must be liberally construed to effectuate its purposes.
Added by 2021EX2 Tenn. Acts, ch. 1, s 1, eff. 11/3/2021.
Tenn. Code Ann. § 64-1-210 — TN Code / Title 64 / Chapter 1 / Section 64-1-210
Cooperation with county soil and water conservation districts and conservation boards
Status: in_force

The authority shall develop its programs and plans for implementation in close cooperation with the existing county soil and water conservation districts as established under title 43, chapter 14, part 2 and county conservation boards as established by §§ 11-21-101 - 11-21-109, so that such districts and boards are joint sponsors of individual projects or works of improvements as related to small watersheds in individual counties. Amended by 2021 Tenn. Acts, ch. 203, s 17, eff. 4/22/2021. Acts 1973, ch. 409, § 10; T.C.A., § 66-1-210.
The authority shall develop its programs and plans for implementation in close cooperation with the existing county soil and water conservation districts as established under title 43, chapter 14, part 2 and county conservation boards as established by §§ 11-21-101 - 11-21-109, so that such districts and boards are joint sponsors of individual projects or works of improvements as related to small watersheds in individual counties.
Amended by 2021 Tenn. Acts, ch. 203, s 17, eff. 4/22/2021.
Acts 1973, ch. 409, § 10; T.C.A., § 66-1-210.
Tenn. Code Ann. § 64-8-204 — TN Code / Title 64 / Chapter 8 / Section 64-8-204
Governing board - Executive committee - Adoption of ethical standards
Status: in_force

(a) (1) An authority shall be governed by a board consisting of the following representation: (A) The county mayor, county executive or metropolitan mayor or executive of each county included within the authority; (B) The mayor of each incorporated town or city included in the authority; (C) The commissioner of transportation or the commissioner's designee; and (D) One (1) person residing in each county of the authority to be appointed by the governor. In making such appointments, the governor shall appoint persons who are knowledgeable concerning mass transit and who reflect the composition and interest of the population of the county from which they are appointed. (2) The ex officio members of the board shall serve during their terms of office, and the appointed members of the board shall be appointed to five-year terms and may be reappointed. (b) The board shall elect a chair from its membership and such other officers as it may deem necessary. (c) The board shall meet at least annually, and special meetings may be called at any time by the chair or upon request of a majority of the membership, following the service of reasonable notice on all board members. (d) The commissioner of transportation or any ex officio member may have a designated alternate who shall be entitled to vote and fully participate in the actions of the board in the stead of the ex officio member. The authority in the bylaws shall establish the process, scope, tenure and procedure of designation of an alternate. (e) Actions of the board shall require a majority vote of a quorum of the board, such quorum being set by the authority's bylaws. (f) The board may establish through bylaws an executive committee and procedures and rules for its operation as it may deem necessary. The executive committee may be empowered to perform as the administrative body of the board. The executive committee may be empowered by the board to act in its stead. (g) Members of the board shall serve without compensation, but appointed members may receive reimbursement for necessary travel expenses from funds available to the authority. (h) The board may adopt ethical standards for all board members, officials and employees of the authority. If an ethical standard established by the board is more stringent than an ethical standard established by or pursuant to a law of general application, public law of local application, local option law or private act applicable to an individual board member, official or employee of the authority, then the more stringent standard adopted by the board shall control. Any violation of ethical standards pursuant to this subsection (h) may be enforced by the board in accordance with existing law in the same manner as is applicable to officials or employees of entities pursuant to title 8, chapter 17. Acts 2009, ch. 362, § 1.
(a) (1) An authority shall be governed by a board consisting of the following representation: (A) The county mayor, county executive or metropolitan mayor or executive of each county included within the authority; (B) The mayor of each incorporated town or city included in the authority; (C) The commissioner of transportation or the commissioner's designee; and (D) One (1) person residing in each county of the authority to be appointed by the governor. In making such appointments, the governor shall appoint persons who are knowledgeable concerning mass transit and who reflect the composition and interest of the population of the county from which they are appointed. (2) The ex officio members of the board shall serve during their terms of office, and the appointed members of the board shall be appointed to five-year terms and may be reappointed.
(1) An authority shall be governed by a board consisting of the following representation: (A) The county mayor, county executive or metropolitan mayor or executive of each county included within the authority; (B) The mayor of each incorporated town or city included in the authority; (C) The commissioner of transportation or the commissioner's designee; and (D) One (1) person residing in each county of the authority to be appointed by the governor. In making such appointments, the governor shall appoint persons who are knowledgeable concerning mass transit and who reflect the composition and interest of the population of the county from which they are appointed.
(A) The county mayor, county executive or metropolitan mayor or executive of each county included within the authority;
(B) The mayor of each incorporated town or city included in the authority;
(C) The commissioner of transportation or the commissioner's designee; and
(D) One (1) person residing in each county of the authority to be appointed by the governor. In making such appointments, the governor shall appoint persons who are knowledgeable concerning mass transit and who reflect the composition and interest of the population of the county from which they are appointed.
(2) The ex officio members of the board shall serve during their terms of office, and the appointed members of the board shall be appointed to five-year terms and may be reappointed.
(b) The board shall elect a chair from its membership and such other officers as it may deem necessary.
(c) The board shall meet at least annually, and special meetings may be called at any time by the chair or upon request of a majority of the membership, following the service of reasonable notice on all board members.
(d) The commissioner of transportation or any ex officio member may have a designated alternate who shall be entitled to vote and fully participate in the actions of the board in the stead of the ex officio member. The authority in the bylaws shall establish the process, scope, tenure and procedure of designation of an alternate.
(e) Actions of the board shall require a majority vote of a quorum of the board, such quorum being set by the authority's bylaws.
(f) The board may establish through bylaws an executive committee and procedures and rules for its operation as it may deem necessary. The executive committee may be empowered to perform as the administrative body of the board. The executive committee may be empowered by the board to act in its stead.
(g) Members of the board shall serve without compensation, but appointed members may receive reimbursement for necessary travel expenses from funds available to the authority.
(h) The board may adopt ethical standards for all board members, officials and employees of the authority. If an ethical standard established by the board is more stringent than an ethical standard established by or pursuant to a law of general application, public law of local application, local option law or private act applicable to an individual board member, official or employee of the authority, then the more stringent standard adopted by the board shall control. Any violation of ethical standards pursuant to this subsection (h) may be enforced by the board in accordance with existing law in the same manner as is applicable to officials or employees of entities pursuant to title 8, chapter 17.
Acts 2009, ch. 362, § 1.
Tenn. Code Ann. § 64-5-114 — TN Code / Title 64 / Chapter 5 / Section 64-5-114
Cooperation of state agencies
Status: in_force

All state agencies are hereby authorized and directed to extend their cooperation and lend assistance to the authority in the formulation and implementation of its planning and development program. Acts 1986, ch. 789, § 14.
All state agencies are hereby authorized and directed to extend their cooperation and lend assistance to the authority in the formulation and implementation of its planning and development program.
Acts 1986, ch. 789, § 14.
Tenn. Code Ann. § 64-2-104 — TN Code / Title 64 / Chapter 2 / Section 64-2-104
Organization and operation - Board of directors - Officers and employees
Status: in_force

The organization of the authority shall be as follows: (1) The authority shall be governed by a board of directors; (2) Membership of the board of directors shall consist of: (A) The county mayor of each county becoming a member of the authority, in accordance with § 64-2-102 ; and (B) One (1) member to be selected by the governing body of each county becoming a member of the authority. The term of each selected member shall be prescribed by the governing body making the selection; (3) (A) In the event of failure to elect a successor to any member of the board, the member whose term has expired shall continue to serve until the member's successor has been duly elected, as provided in this section; (B) In the event of the death or resignation of a member, or the member's inability to serve prior to the expiration of the member's term, the member's successor shall be elected for the unexpired term by the remaining members of the board, within thirty (30) days of the event; and (C) Any person at least twenty-five (25) years of age, who has resided within the boundaries of the authority for a period of at least one (1) year immediately preceding such person's election, shall be eligible to serve as a member. Any director who ceases to regularly reside within the boundaries of the authority shall automatically become ineligible to serve in such office; (4) Before entering upon their duties, all directors shall take and subscribe to the oath of office, as provided by the constitution and law for county and city officers. Copies of the oath of each director shall be filed with the county clerk of the applicable county; (5) (A) A majority of the directors shall constitute a quorum and the directors shall act by vote of a majority present at any meeting attended by a quorum. Vacancies among the directors shall not affect their power and authority, so long as a quorum remains. Within thirty (30) days after their election, as provided in this section, the directors shall hold a meeting to elect a chair. The directors shall hold meetings at such times and places as the directors may determine; (B) Special meetings may be called and held, upon such notice and in such manner as the board may, by resolution, determine. Except as otherwise expressly provided, the board shall establish its own rules of procedure; (6) The directors shall designate a secretary and a treasurer, or one (1) person as secretary-treasurer, and such person need not be a director. The secretary shall attend all regular and special meetings and keep minutes of the meetings. The minutes of meetings shall be available for inspection by the public at the office of the authority, at all reasonable times; (7) (A) The board, by resolution, shall require the treasurer or the secretary-treasurer, to execute a bond with an approved corporate surety, in such amount as the board may specify, for the faithful performance of the treasurer's or the secretary-treasurer's duties and the accounting of all moneys and revenues that may come into the treasurer's or the secretary-treasurer's hands. Such bond shall be filed with the secretary of state; (B) The board, by resolution, may require all other subordinate officers or employees to execute such fidelity bonds for the faithful performance of their duties and the accounting of funds that may come to their hands, in such an amount, with such conditions and such sureties, as the board may determine; (8) All directors shall serve without compensation, but may receive any per diem allowance that may be appropriated by the governing body of the county electing a director, for such director. Reasonable expenses incurred by members of the board while engaged in the business of the authority are subject to reimbursement by the authority; (9) The directors shall be indemnified by the authority for any liability the directors might incur while acting in such capacity, other than for culpable negligence; and (10) Except as otherwise provided in this section, the directors shall be removable only for good cause, and after preferment of charges, as provided by law for county officers. Acts 2005, ch. 396, § 5.
The organization of the authority shall be as follows:
(1) The authority shall be governed by a board of directors;
(2) Membership of the board of directors shall consist of: (A) The county mayor of each county becoming a member of the authority, in accordance with § 64-2-102 ; and (B) One (1) member to be selected by the governing body of each county becoming a member of the authority. The term of each selected member shall be prescribed by the governing body making the selection;
(A) The county mayor of each county becoming a member of the authority, in accordance with § 64-2-102 ; and
(B) One (1) member to be selected by the governing body of each county becoming a member of the authority. The term of each selected member shall be prescribed by the governing body making the selection;
(3) (A) In the event of failure to elect a successor to any member of the board, the member whose term has expired shall continue to serve until the member's successor has been duly elected, as provided in this section; (B) In the event of the death or resignation of a member, or the member's inability to serve prior to the expiration of the member's term, the member's successor shall be elected for the unexpired term by the remaining members of the board, within thirty (30) days of the event; and (C) Any person at least twenty-five (25) years of age, who has resided within the boundaries of the authority for a period of at least one (1) year immediately preceding such person's election, shall be eligible to serve as a member. Any director who ceases to regularly reside within the boundaries of the authority shall automatically become ineligible to serve in such office;
(A) In the event of failure to elect a successor to any member of the board, the member whose term has expired shall continue to serve until the member's successor has been duly elected, as provided in this section;
(B) In the event of the death or resignation of a member, or the member's inability to serve prior to the expiration of the member's term, the member's successor shall be elected for the unexpired term by the remaining members of the board, within thirty (30) days of the event; and
(C) Any person at least twenty-five (25) years of age, who has resided within the boundaries of the authority for a period of at least one (1) year immediately preceding such person's election, shall be eligible to serve as a member. Any director who ceases to regularly reside within the boundaries of the authority shall automatically become ineligible to serve in such office;
(4) Before entering upon their duties, all directors shall take and subscribe to the oath of office, as provided by the constitution and law for county and city officers. Copies of the oath of each director shall be filed with the county clerk of the applicable county;
(5) (A) A majority of the directors shall constitute a quorum and the directors shall act by vote of a majority present at any meeting attended by a quorum. Vacancies among the directors shall not affect their power and authority, so long as a quorum remains. Within thirty (30) days after their election, as provided in this section, the directors shall hold a meeting to elect a chair. The directors shall hold meetings at such times and places as the directors may determine; (B) Special meetings may be called and held, upon such notice and in such manner as the board may, by resolution, determine. Except as otherwise expressly provided, the board shall establish its own rules of procedure;
(A) A majority of the directors shall constitute a quorum and the directors shall act by vote of a majority present at any meeting attended by a quorum. Vacancies among the directors shall not affect their power and authority, so long as a quorum remains. Within thirty (30) days after their election, as provided in this section, the directors shall hold a meeting to elect a chair. The directors shall hold meetings at such times and places as the directors may determine;
(B) Special meetings may be called and held, upon such notice and in such manner as the board may, by resolution, determine. Except as otherwise expressly provided, the board shall establish its own rules of procedure;
(6) The directors shall designate a secretary and a treasurer, or one (1) person as secretary-treasurer, and such person need not be a director. The secretary shall attend all regular and special meetings and keep minutes of the meetings. The minutes of meetings shall be available for inspection by the public at the office of the authority, at all reasonable times;
(7) (A) The board, by resolution, shall require the treasurer or the secretary-treasurer, to execute a bond with an approved corporate surety, in such amount as the board may specify, for the faithful performance of the treasurer's or the secretary-treasurer's duties and the accounting of all moneys and revenues that may come into the treasurer's or the secretary-treasurer's hands. Such bond shall be filed with the secretary of state; (B) The board, by resolution, may require all other subordinate officers or employees to execute such fidelity bonds for the faithful performance of their duties and the accounting of funds that may come to their hands, in such an amount, with such conditions and such sureties, as the board may determine;
(A) The board, by resolution, shall require the treasurer or the secretary-treasurer, to execute a bond with an approved corporate surety, in such amount as the board may specify, for the faithful performance of the treasurer's or the secretary-treasurer's duties and the accounting of all moneys and revenues that may come into the treasurer's or the secretary-treasurer's hands. Such bond shall be filed with the secretary of state;
(B) The board, by resolution, may require all other subordinate officers or employees to execute such fidelity bonds for the faithful performance of their duties and the accounting of funds that may come to their hands, in such an amount, with such conditions and such sureties, as the board may determine;
(8) All directors shall serve without compensation, but may receive any per diem allowance that may be appropriated by the governing body of the county electing a director, for such director. Reasonable expenses incurred by members of the board while engaged in the business of the authority are subject to reimbursement by the authority;
(9) The directors shall be indemnified by the authority for any liability the directors might incur while acting in such capacity, other than for culpable negligence; and
(10) Except as otherwise provided in this section, the directors shall be removable only for good cause, and after preferment of charges, as provided by law for county officers.
Acts 2005, ch. 396, § 5.
Tenn. Code Ann. § 64-3-104 — TN Code / Title 64 / Chapter 3 / Section 64-3-104
Powers and duties
Status: in_force

(a) The authority is hereby specifically authorized and empowered to do any and all things necessary or desirable in forming and executing a comprehensive plan for controlling the flooding of the Mill Creek watershed, including, but not limited to, action in cooperation, when necessary or desirable, with appropriate local, state and federal agencies in prosecuting adopted and authorized projects for the construction of dams, floodways, drainage canals, reservoirs, channel rectification and other flood control and drainage works within the Mill Creek watershed to prevent losses caused by flooding. 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 and to accomplish the purposes of this chapter; (5) May make contracts, conveyances, mortgages, deeds of trust, bonds or leases and execute instruments containing such terms, provisions and conditions as in the judgment of the board 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 or other agency or person and contracts with corporations, associations or individuals for construction work in the furtherance of any project and may carry out and perform the terms and conditions of all such contracts or instruments; (6) May acquire by purchase, lease, devise, gift or by condemnation property of any kind, real, personal or mixed, or any interest therein, for the control of floodwaters as provided in this chapter, and such condemnation authority shall be narrowly construed in accordance with the effect and intent of this chapter; (7) (A) May issue its bonds and bond anticipation notes from time to time in a total amount not to exceed five million dollars ($5,000,000) for the purpose of paying in whole or in part the cost of the acquisition of necessary land or interest in land and expenses incidental to the acquisition; (B) May secure such bonds and bond anticipation notes by a pledge of all or any part of the revenues that may now or hereafter come to the authority from any source by a mortgage or deed of trust of the authority's land or any part thereof, or by a combination of the two (2); and (C) May make such contracts or covenants in the issuance of such bonds and bond anticipation notes as may be necessary to ensure the marketability thereof; (8) Shall require all bonds issued under the authority of this chapter to be under the management and supervision of the department of economic and community development; (9) May arrange with any county, municipality, metropolitan government or supplier of utilities for the abandonment, relocation or other adjustment of roads, railroads, highways, bridges and utility lines; and (10) Shall have the final authority and power to disallow development within the one-hundred-year floodplain along Mill Creek. (b) (1) The authority's power of eminent domain may be exercised pursuant to 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. (2) As an alternative to the eminent domain procedures pursuant to subdivision (b)(1), 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 shall issue immediately or as soon and upon such terms as the court, in its discretion, may deem proper and just. (c) During the time that title to land or rights in land are held by the authority, it shall be exempt from all taxes levied by the state or any of its political subdivisions, or instrumentalities of either; and all other property and activities of the authority shall be similarly exempt. Acts 1980, ch. 897, § 4; T.C.A., § 66-3-104 .
(a) The authority is hereby specifically authorized and empowered to do any and all things necessary or desirable in forming and executing a comprehensive plan for controlling the flooding of the Mill Creek watershed, including, but not limited to, action in cooperation, when necessary or desirable, with appropriate local, state and federal agencies in prosecuting adopted and authorized projects for the construction of dams, floodways, drainage canals, reservoirs, channel rectification and other flood control and drainage works within the Mill Creek watershed to prevent losses caused by flooding. 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 and to accomplish the purposes of this chapter; (5) May make contracts, conveyances, mortgages, deeds of trust, bonds or leases and execute instruments containing such terms, provisions and conditions as in the judgment of the board 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 or other agency or person and contracts with corporations, associations or individuals for construction work in the furtherance of any project and may carry out and perform the terms and conditions of all such contracts or instruments; (6) May acquire by purchase, lease, devise, gift or by condemnation property of any kind, real, personal or mixed, or any interest therein, for the control of floodwaters as provided in this chapter, and such condemnation authority shall be narrowly construed in accordance with the effect and intent of this chapter; (7) (A) May issue its bonds and bond anticipation notes from time to time in a total amount not to exceed five million dollars ($5,000,000) for the purpose of paying in whole or in part the cost of the acquisition of necessary land or interest in land and expenses incidental to the acquisition; (B) May secure such bonds and bond anticipation notes by a pledge of all or any part of the revenues that may now or hereafter come to the authority from any source by a mortgage or deed of trust of the authority's land or any part thereof, or by a combination of the two (2); and (C) May make such contracts or covenants in the issuance of such bonds and bond anticipation notes as may be necessary to ensure the marketability thereof; (8) Shall require all bonds issued under the authority of this chapter to be under the management and supervision of the department of economic and community development; (9) May arrange with any county, municipality, metropolitan government or supplier of utilities for the abandonment, relocation or other adjustment of roads, railroads, highways, bridges and utility lines; and (10) Shall have the final authority and power to disallow development within the one-hundred-year floodplain along Mill Creek.
(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 and to accomplish the purposes of this chapter;
(5) May make contracts, conveyances, mortgages, deeds of trust, bonds or leases and execute instruments containing such terms, provisions and conditions as in the judgment of the board 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 or other agency or person and contracts with corporations, associations or individuals for construction work in the furtherance of any project and may carry out and perform the terms and conditions of all such contracts or instruments;
(6) May acquire by purchase, lease, devise, gift or by condemnation property of any kind, real, personal or mixed, or any interest therein, for the control of floodwaters as provided in this chapter, and such condemnation authority shall be narrowly construed in accordance with the effect and intent of this chapter;
(7) (A) May issue its bonds and bond anticipation notes from time to time in a total amount not to exceed five million dollars ($5,000,000) for the purpose of paying in whole or in part the cost of the acquisition of necessary land or interest in land and expenses incidental to the acquisition; (B) May secure such bonds and bond anticipation notes by a pledge of all or any part of the revenues that may now or hereafter come to the authority from any source by a mortgage or deed of trust of the authority's land or any part thereof, or by a combination of the two (2); and (C) May make such contracts or covenants in the issuance of such bonds and bond anticipation notes as may be necessary to ensure the marketability thereof;
(A) May issue its bonds and bond anticipation notes from time to time in a total amount not to exceed five million dollars ($5,000,000) for the purpose of paying in whole or in part the cost of the acquisition of necessary land or interest in land and expenses incidental to the acquisition;
(B) May secure such bonds and bond anticipation notes by a pledge of all or any part of the revenues that may now or hereafter come to the authority from any source by a mortgage or deed of trust of the authority's land or any part thereof, or by a combination of the two (2); and
(C) May make such contracts or covenants in the issuance of such bonds and bond anticipation notes as may be necessary to ensure the marketability thereof;
(8) Shall require all bonds issued under the authority of this chapter to be under the management and supervision of the department of economic and community development;
(9) May arrange with any county, municipality, metropolitan government or supplier of utilities for the abandonment, relocation or other adjustment of roads, railroads, highways, bridges and utility lines; and
(10) Shall have the final authority and power to disallow development within the one-hundred-year floodplain along Mill Creek.
(b) (1) The authority's power of eminent domain may be exercised pursuant to 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. (2) As an alternative to the eminent domain procedures pursuant to subdivision (b)(1), 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 shall issue immediately or as soon and upon such terms as the court, in its discretion, may deem proper and just.
(1) The authority's power of eminent domain may be exercised pursuant to 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.
(2) As an alternative to the eminent domain procedures pursuant to subdivision (b)(1), 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 shall issue immediately or as soon and upon such terms as the court, in its discretion, may deem proper and just.
(c) During the time that title to land or rights in land are held by the authority, it shall be exempt from all taxes levied by the state or any of its political subdivisions, or instrumentalities of either; and all other property and activities of the authority shall be similarly exempt.
Acts 1980, ch. 897, § 4; T.C.A., § 66-3-104 .
Tenn. Code Ann. § 64-8-104 — TN Code / Title 64 / Chapter 8 / Section 64-8-104
Mass transit plans - Powers and duties of board
Status: in_force

(a) The board shall develop a plan for providing mass transit services in the authority. The plan shall include, but not be limited to, the following: (1) Establishment, location or relocation of transit routes; (2) Areas to be served; (3) Frequency and method of service; (4) Coordination of existing services; (5) Contributions by governments in the service area toward the cost of transit services; (6) Contracting or entering into agreements with existing entities to provide transit services or may establish and operate such services directly; (7) Sources and methods of funding existing or expanded services; (8) Provision of special services for disabled persons or other persons unable to use regularly scheduled and equipped services; (9) Provision of services for special events or occasions; and (10) Any other provisions necessary or desirable to establish a coordinated, reliable, scheduled regional service. (b) In addition to the powers to plan for mass transit services, the authority shall have the following additional powers and duties in order to implement its plans for mass transit and other transportation services: (1) To organize itself into a public body, elect officers and adopt bylaws for the purpose of carrying out the functions authorized by this chapter; (2) To sue and be sued in its name with any causes of action against the authority or recovery against the authority governed by the Tennessee Governmental Tort Liability Act, complied in title 29, chapter 20; (3) Enter into contracts and cooperative agreements with governmental, not-for-profit and for-profit entities; (4) Purchase, own, lease and dispose of real and personal property in furtherance of the purposes of and the implementation of the authority's transit and transportation plans; (5) Employ personnel or contract with public or private entities to construct or operate transportation and transit services; (6) Employ or contract for professional services, such as, but not limited to, management, planning, support, engineering, legal, accounting and auditing services; (7) Utilize for transit or transportation services any property, right-of-way, easement or other similar property owned or held by the state or any municipality, county or metropolitan government within the transportation service area of the authority that may be necessary and convenient for the implementation of the authority's transit and transportation plans so long as the governmental entity owning or controlling such property shall consent to the authority's use; (8) The implementation of the authority's transit and transportation plans will necessitate the acquisition, construction, operation, and maintenance of properties, facilities and equipment and the employment of personnel or contracting for services, all of which the authority is authorized to undertake and accomplish and all of which are hereby declared and deemed to be for public and governmental functions conducted by the authority. The authority is a public body corporate and politic and all powers and duties granted by this chapter are and shall be declared public and corporate purposes and matters of public necessity; (9) Establish local assessments to be paid by its city, town, metropolitan and county government members. The local assessment shall be based on a per capita and a flat rate. In establishing the per capita assessment, the authority shall use the population figures of the latest certified population of Tennessee incorporated municipalities and certified population of Tennessee counties as reported by the department of economic and community development. The per capita assessment established by the authority shall be at a rate of not less than ten cents (10¢) per capita nor greater than fifty cents (50¢) per capita. The authority shall establish a flat assessment of five hundred dollars ($500). For the purpose of calculating the assessment for any county or metropolitan government, the population of any town or city located wholly or partly within the county or the towns or cities within the geographic boundary of the metropolitan government, but which are not a part of the metropolitan government, shall not be included in the population of the county or metropolitan government. The authority's local assessment shall be imposed on October 1 of each calendar year, and the member government shall pay either the per capita rate or the flat assessment, whichever is greater. Failure of a city, town, metropolitan or county government to pay such assessment shall result in the loss of that government's participation in the benefits of the authority; and (10) To borrow money in order to proceed with or finish the construction of mass transit or other transportation services or to fund the capital cost of such services. The authority may enter into a security agreement pledging, as appropriate, to secure the loan with: (A) Anticipated forthcoming grants from the state or federal government pursuant to § 64-8-105 , subject to the approval, restrictions and requirements of the state or federal government grantor; provided, however, that such approval must be reauthorized if such funds are not received within one (1) year of the initial approval; (B) Anticipated assessments from local governments pursuant to subdivision (b)(9); or (C) The authority's real or personal property. Acts 1988, ch. 1026, § 4; 1995, ch. 430, § 6; 2003 , ch. 306, § 6; 2005, ch. 170, § 1.
(a) The board shall develop a plan for providing mass transit services in the authority. The plan shall include, but not be limited to, the following: (1) Establishment, location or relocation of transit routes; (2) Areas to be served; (3) Frequency and method of service; (4) Coordination of existing services; (5) Contributions by governments in the service area toward the cost of transit services; (6) Contracting or entering into agreements with existing entities to provide transit services or may establish and operate such services directly; (7) Sources and methods of funding existing or expanded services; (8) Provision of special services for disabled persons or other persons unable to use regularly scheduled and equipped services; (9) Provision of services for special events or occasions; and (10) Any other provisions necessary or desirable to establish a coordinated, reliable, scheduled regional service.
(1) Establishment, location or relocation of transit routes;
(2) Areas to be served;
(3) Frequency and method of service;
(4) Coordination of existing services;
(5) Contributions by governments in the service area toward the cost of transit services;
(6) Contracting or entering into agreements with existing entities to provide transit services or may establish and operate such services directly;
(7) Sources and methods of funding existing or expanded services;
(8) Provision of special services for disabled persons or other persons unable to use regularly scheduled and equipped services;
(9) Provision of services for special events or occasions; and
(10) Any other provisions necessary or desirable to establish a coordinated, reliable, scheduled regional service.
(b) In addition to the powers to plan for mass transit services, the authority shall have the following additional powers and duties in order to implement its plans for mass transit and other transportation services: (1) To organize itself into a public body, elect officers and adopt bylaws for the purpose of carrying out the functions authorized by this chapter; (2) To sue and be sued in its name with any causes of action against the authority or recovery against the authority governed by the Tennessee Governmental Tort Liability Act, complied in title 29, chapter 20; (3) Enter into contracts and cooperative agreements with governmental, not-for-profit and for-profit entities; (4) Purchase, own, lease and dispose of real and personal property in furtherance of the purposes of and the implementation of the authority's transit and transportation plans; (5) Employ personnel or contract with public or private entities to construct or operate transportation and transit services; (6) Employ or contract for professional services, such as, but not limited to, management, planning, support, engineering, legal, accounting and auditing services; (7) Utilize for transit or transportation services any property, right-of-way, easement or other similar property owned or held by the state or any municipality, county or metropolitan government within the transportation service area of the authority that may be necessary and convenient for the implementation of the authority's transit and transportation plans so long as the governmental entity owning or controlling such property shall consent to the authority's use; (8) The implementation of the authority's transit and transportation plans will necessitate the acquisition, construction, operation, and maintenance of properties, facilities and equipment and the employment of personnel or contracting for services, all of which the authority is authorized to undertake and accomplish and all of which are hereby declared and deemed to be for public and governmental functions conducted by the authority. The authority is a public body corporate and politic and all powers and duties granted by this chapter are and shall be declared public and corporate purposes and matters of public necessity; (9) Establish local assessments to be paid by its city, town, metropolitan and county government members. The local assessment shall be based on a per capita and a flat rate. In establishing the per capita assessment, the authority shall use the population figures of the latest certified population of Tennessee incorporated municipalities and certified population of Tennessee counties as reported by the department of economic and community development. The per capita assessment established by the authority shall be at a rate of not less than ten cents (10¢) per capita nor greater than fifty cents (50¢) per capita. The authority shall establish a flat assessment of five hundred dollars ($500). For the purpose of calculating the assessment for any county or metropolitan government, the population of any town or city located wholly or partly within the county or the towns or cities within the geographic boundary of the metropolitan government, but which are not a part of the metropolitan government, shall not be included in the population of the county or metropolitan government. The authority's local assessment shall be imposed on October 1 of each calendar year, and the member government shall pay either the per capita rate or the flat assessment, whichever is greater. Failure of a city, town, metropolitan or county government to pay such assessment shall result in the loss of that government's participation in the benefits of the authority; and (10) To borrow money in order to proceed with or finish the construction of mass transit or other transportation services or to fund the capital cost of such services. The authority may enter into a security agreement pledging, as appropriate, to secure the loan with: (A) Anticipated forthcoming grants from the state or federal government pursuant to § 64-8-105 , subject to the approval, restrictions and requirements of the state or federal government grantor; provided, however, that such approval must be reauthorized if such funds are not received within one (1) year of the initial approval; (B) Anticipated assessments from local governments pursuant to subdivision (b)(9); or (C) The authority's real or personal property.
(1) To organize itself into a public body, elect officers and adopt bylaws for the purpose of carrying out the functions authorized by this chapter;
(2) To sue and be sued in its name with any causes of action against the authority or recovery against the authority governed by the Tennessee Governmental Tort Liability Act, complied in title 29, chapter 20;
(3) Enter into contracts and cooperative agreements with governmental, not-for-profit and for-profit entities;
(4) Purchase, own, lease and dispose of real and personal property in furtherance of the purposes of and the implementation of the authority's transit and transportation plans;
(5) Employ personnel or contract with public or private entities to construct or operate transportation and transit services;
(6) Employ or contract for professional services, such as, but not limited to, management, planning, support, engineering, legal, accounting and auditing services;
(7) Utilize for transit or transportation services any property, right-of-way, easement or other similar property owned or held by the state or any municipality, county or metropolitan government within the transportation service area of the authority that may be necessary and convenient for the implementation of the authority's transit and transportation plans so long as the governmental entity owning or controlling such property shall consent to the authority's use;
(8) The implementation of the authority's transit and transportation plans will necessitate the acquisition, construction, operation, and maintenance of properties, facilities and equipment and the employment of personnel or contracting for services, all of which the authority is authorized to undertake and accomplish and all of which are hereby declared and deemed to be for public and governmental functions conducted by the authority. The authority is a public body corporate and politic and all powers and duties granted by this chapter are and shall be declared public and corporate purposes and matters of public necessity;
(9) Establish local assessments to be paid by its city, town, metropolitan and county government members. The local assessment shall be based on a per capita and a flat rate. In establishing the per capita assessment, the authority shall use the population figures of the latest certified population of Tennessee incorporated municipalities and certified population of Tennessee counties as reported by the department of economic and community development. The per capita assessment established by the authority shall be at a rate of not less than ten cents (10¢) per capita nor greater than fifty cents (50¢) per capita. The authority shall establish a flat assessment of five hundred dollars ($500). For the purpose of calculating the assessment for any county or metropolitan government, the population of any town or city located wholly or partly within the county or the towns or cities within the geographic boundary of the metropolitan government, but which are not a part of the metropolitan government, shall not be included in the population of the county or metropolitan government. The authority's local assessment shall be imposed on October 1 of each calendar year, and the member government shall pay either the per capita rate or the flat assessment, whichever is greater. Failure of a city, town, metropolitan or county government to pay such assessment shall result in the loss of that government's participation in the benefits of the authority; and
(10) To borrow money in order to proceed with or finish the construction of mass transit or other transportation services or to fund the capital cost of such services. The authority may enter into a security agreement pledging, as appropriate, to secure the loan with: (A) Anticipated forthcoming grants from the state or federal government pursuant to § 64-8-105 , subject to the approval, restrictions and requirements of the state or federal government grantor; provided, however, that such approval must be reauthorized if such funds are not received within one (1) year of the initial approval; (B) Anticipated assessments from local governments pursuant to subdivision (b)(9); or (C) The authority's real or personal property.
(A) Anticipated forthcoming grants from the state or federal government pursuant to § 64-8-105 , subject to the approval, restrictions and requirements of the state or federal government grantor; provided, however, that such approval must be reauthorized if such funds are not received within one (1) year of the initial approval;
(B) Anticipated assessments from local governments pursuant to subdivision (b)(9); or
(C) The authority's real or personal property.
Acts 1988, ch. 1026, § 4; 1995, ch. 430, § 6; 2003 , ch. 306, § 6; 2005, ch. 170, § 1.