reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 2 - INCORPORATION (§§ 7-39-201 — 7-39-204) › Section 7-39-202 - Requisites of certificate of incorporation - Subscription and acknowledgment

(a)
The certificate of incorporation shall set forth:
(1)
The names and residences of the applicants, together with a recital that each of the applicants meets the qualifications for an incorporator as set forth in §
7-39-103
;
(2)
The name of the corporation;
(3)
A recital that permission to organize the corporation has been granted by resolution duly adopted by the governing body of the municipality and the date of the adoption of the resolution;
(4)
The location of the principal office of the corporation;
(5)
The purposes for which the corporation is proposed to be organized;
(6)
The number of directors of the corporation;
(7)
The period for the duration of the corporation, if other than perpetual; and
(8)
Any other matter that the applicants may choose to insert in the certificate of incorporation, which shall not be inconsistent with this chapter or with the laws of the state of Tennessee; provided, that it shall not be necessary to set forth in the certificate of incorporation the powers enumerated in this chapter.
(b)
The certificate of incorporation shall be subscribed and acknowledged by each of the applicants before an officer authorized by the laws of Tennessee to take acknowledgments to deeds.
Acts 1977, ch. 299, § 6; T.C.A., § 6-4206; Acts 1997, ch. 93, § 4; 1999, ch. 345, § 7.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 2 - INCORPORATION (§§ 7-39-201 — 7-39-204) › Section 7-39-203 - Approval of certificate by secretary of state - Recording - Beginning of corporate existence

(a)
When executed and acknowledged in conformity with §
7-39-201
, the certificate of incorporation shall be filed with the secretary of state. The secretary of state shall examine the certificate of incorporation and, if the secretary of state finds that the recitals contained in the certificate of incorporation are correct, that the requirements of §
7-39-201
have been complied with and that the name is not identical with or so nearly similar to that of another corporation already in existence in this state as to lead to confusion and uncertainty, the secretary of state shall approve the certificate of incorporation and record it in an appropriate book of record in the secretary of state's office.
(b)
When the certificate has been so made, filed and approved, the corporate existence shall begin, and the certificate shall be conclusive evidence that the energy acquisition corporation has been formed pursuant to this chapter.
Acts 1977, ch. 299, § 7; T.C.A., § 6-4207; Acts 1997, ch. 93, § 5.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 2 - INCORPORATION (§§ 7-39-201 — 7-39-204) › Section 7-39-204 - Amendment of certificate

(a)
The certificate of incorporation may, at any time, and from time to time, be amended so as to make any changes in the certificate of incorporation and add any provisions to the certificate of incorporation that might have been included in the original certificate of incorporation.
(b)
Any such amendment shall be effected in the following manner:
(1)
The members of the board of directors of the corporation shall file with the governing body of the associated municipality an application in writing seeking permission to amend the certificate of incorporation, specifying in such application the amendment proposed to be made.
(2)
The governing body shall consider the application and, if it shall, by appropriate resolution, duly find and determine that it is wise, expedient, necessary or advisable that the proposed amendment be made and shall authorize the amendment to be made and shall approve the form of the proposed amendment, then the persons making application shall execute an instrument embodying the amendment specified in the application, and shall file the application with the secretary of state.
(3)
The proposed amendment shall be subscribed and acknowledged by each member of the board of directors before an officer authorized by the laws of Tennessee to take acknowledgments to deeds.
(4)
The secretary of state shall examine the proposed amendment and, if the secretary of state finds that the requirements of this section have been complied with and the proposed amendment is within the scope of what might be included in an original certificate of incorporation, the secretary of state shall approve the amendment and record it in an appropriate book in the secretary of state's office.
(c)
When an amendment has been so made, filed and approved, it shall become effective and the certificate of incorporation shall be amended to the extent provided in the amendment.
(d)
No certificate of incorporation shall be amended except in the manner provided in this section.
Acts 1977, ch. 299, § 8; T.C.A., § 6-4208.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-301 - Directors - Qualifications - Number - Expenses - Term - Removal

(a)
The corporation shall have a board of directors in which all of the powers of the corporation shall be vested and which shall consist of any number of directors, no fewer than three (3), each of whom shall meet the qualifications for a director as set forth in §
7-39-103
.
(b)
The directors shall serve without compensation, except that they shall be reimbursed for their actual expenses incurred in and about the performance of their duties under this part.
(c)
If the corporation is formed by a board, commission or other instrumentality of a municipality having jurisdiction, control and management of an energy distribution system as provided in §§
7-39-102(4)
and
7-39-201
, the directors shall be appointed by the creating board, commission or instrumentality, or its successor, unless the board, commission or instrumentality waives the right to do so, and, if such waiver occurs or the corporation is formed by the body in which the general legislative powers of the municipality are vested, the directors shall be nominated by the mayor or other chief executive officer and elected by the governing body of the associated municipality. If a corporation is formed by another energy acquisition corporation, the directors shall be appointed by the board of directors of the creating energy acquisition corporation. Directors shall be elected so that they shall hold office for staggered terms. At the time of the election of the first board of directors, the governing body of the municipality shall divide the directors into three (3) groups containing as near equal whole numbers as may be possible. The first term of the directors included in the first group shall be two (2) years, the first term of the directors included in the second group shall be four (4) years, the first term of the directors included in the third group shall be six (6) years, and thereafter the terms of all directors shall be six (6) years. If, at the expiration of any term of office of any director, a successor has not been elected, then the director whose term of office shall have expired shall continue to hold office until the director's successor shall be so elected.
(d)
The governing body of the associated municipality may remove a director for cause, and may appoint a director to serve out the term of any office that becomes vacant for any reason.
Acts 1977, ch. 299, § 9; T.C.A., § 6-4209; Acts 1997, ch. 93, § 6; 1999, ch. 345, § 8; 2007, ch. 263, § 5.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-303 - Condemnation - Right-of-way for pipelines - Underground reservoirs - Land for pumping stations and other facilities - Use of public ways in municipalities

(a)
An energy acquisition corporation has the right and power pursuant to title 29, chapter 17 to take and condemn lands, property, property rights, privileges and easements of others for:
(1)
The purpose of constructing, laying, repairing or extending its pipelines;
(2)
The development, construction and operation of underground and aboveground storage reservoirs for natural gas and natural gas substitutes;
(3)
Pumping stations, terminal facilities and other facilities reasonably necessary for carrying out the purposes of the corporation;
(4)
The construction of electrical power distribution, transmission and production facilities and all other facilities reasonably necessary or related to the purchase, distribution, or transmission of electrical power for use by electrical power distributors or any other person or entity; and
(5)
Access to any properties owned or used by such corporation.
(b)
None of the public streets, alleys, squares or highways within the corporate limits of any municipality in the state shall be entered upon or used by any such corporation for laying pipelines or electrical power transmission lines, or otherwise, until the consent of the legislative body of such municipality has been obtained, prescribing the terms on which the public streets, alleys, squares or highways may be entered upon or used.
Acts 1977, ch. 299, § 4; T.C.A., § 6-4204; Acts 1997 , ch. 93, §§ 11-13.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-306 - Security for payment of bonds - Default - Bondholders' remedies

(a)
The principal of and interest on any bonds issued by the corporation shall be secured by a pledge of the revenues and receipts out of which the principal and interest shall be made payable, and may be secured by a mortgage or deed of trust covering all or any part of the properties of the corporation, or by an assignment and pledge of all or any part of the corporation's real or personal assets.
(b)
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 by the resolution, the fixing and collecting of rents or payments with respect to any projects or portions of projects 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 of directors shall deem advisable and not in conflict with this section.
(c)
Each pledge, agreement, mortgage and deed of trust made for the benefit or security of any of the bonds of the corporation shall continue effective until the principal of and interest on the bonds for the benefit of which the pledge, agreement, mortgage and deed of trust were made shall have been fully paid.
(d)
In the event of default in such payment or in any agreements of the corporation 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 such remedies.
Acts 1977, ch. 299, § 12; T.C.A., § 6-4212.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-307 - Exemption from taxation - Securities

(a)
The corporation is hereby declared to be performing a public function in behalf of the municipality with respect to which the corporation is organized and to be a public instrumentality of such municipality. Accordingly, the corporation and all properties at any time owned by it, except as provided in subsection (b), and the income and revenues from the properties and all bonds issued by it and the income from the bonds shall be exempt from all taxation in the state, including the mortgage tax imposed by §
67-4-409(b)
and any other tax that is imposed upon the privilege of recording any instrument giving notice of the creation of a lien, security interest or pledge, and such exemption shall apply to any transaction to which the corporation is a party whether as the secured party or the debtor. Also, for purposes of the Tennessee Securities Act of 1980, compiled as title 48, chapter 1, part 1, bonds issued by the corporation shall be deemed to be securities issued by a public instrumentality or a political subdivision of the state.
(b)
(1)
Notwithstanding any other law to the contrary, an energy acquisition corporation, established pursuant to this chapter, that acquires an ongoing concern engaged in the sale and distribution of liquefied petroleum gas (propane) may enter into agreements for payments in lieu of taxes, referred to as "tax equivalents", with any local government to which the acquired concern formerly paid ad valorem property tax.
(2)
The amount of such payments shall be fixed at the amount of ad valorem taxes that would be otherwise due and payable by the business based upon the assessed value of the property that would be subject to tax if such business had not been acquired by the energy acquisition corporation. Such payments shall only be used in the same manner and for the same purposes as ad valorem taxes collected by the recipient local government.
Acts 1977, ch. 299, § 13; T.C.A., § 6-4213; Acts 1999, ch. 345, § 18; 2010, ch. 1134, §§ 50, 51.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-308 - Validity of bonds

(a)
Bonds bearing the signature of officers in office on the date of the signing of the bonds shall be valid and binding obligations, notwithstanding that before the delivery of the bonds and payment for the bonds any or all the persons whose signatures appear on the bonds shall have ceased to be officers of the energy acquisition corporation issuing the bonds.
(b)
The validity of the bonds shall not be dependent on nor affected by the validity or regularity of any proceedings relating to the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of any properties for which the bonds are issued.
(c)
The resolution authorizing the bonds may provide that the bonds shall contain a recital that they are issued pursuant to this chapter, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.
Acts 1977, ch. 299, § 14; T.C.A., § 6-4214; Acts 1997, ch. 93, § 16.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-309 - Lien of bonds

(a)
All bonds of the same issue shall, subject to the prior and superior rights of outstanding bonds, claims or obligation, have a prior and paramount lien on the revenue of the properties for which the bonds have been issued, over and ahead of all bonds of any issue payable from the revenue that may be subsequently issued, and over and ahead of any claims or obligations of any nature against the revenue subsequently arising or subsequently incurred; provided, that the proceedings authorizing any issue of bonds may provide for the issuance of additional bonds on a parity with the bonds.
(b)
All bonds of the same issue shall be equally and ratably secured without priority by reason of number, date of bonds, of sale, or execution, or of delivery, by a lien on the revenue in accordance with this chapter and the resolution or resolutions authorizing the bonds.
(c)
Any pledge of, or lien on, revenues and receipts of the corporation to secure the payment of any bonds, notes or obligations of the corporation issued pursuant to this chapter shall be valid and binding from the time the pledge or lien is created or granted and shall inure to the benefit of the holder or holders of such bonds or notes or the obligee under any such obligation until the payment or satisfaction in full of the pledge or lien. The priority of any pledge or lien with respect to competing pledges or liens shall be determined by the date such pledge or lien is created or granted. Neither the resolution, the indenture, nor any other instrument granting, creating or giving notice of the pledge or lien need be filed or recorded to preserve or protect the validity or priority of such pledge or lien.
Acts 1977, ch. 299, § 15; T.C.A., § 6-4215; Acts 1999, ch. 345, § 19.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-310 - Nonprofit corporation - Net earnings

The corporation shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation, except that in the event the board of directors of the corporation shall determine that sufficient provision has been made for the full payment of the expenses, bonds or other obligations of the corporation, then any net earnings of the corporation thereafter accruing from gas properties or rights shall be paid to the municipal gas distribution system or systems for the benefit of which the corporation was organized, and any net earnings of the corporation thereafter accruing from electrical power properties or rights shall be paid to the municipal electrical power distribution system or systems for the benefit of which the corporation was organized.
Acts 1977, ch. 299, § 16; T.C.A., § 6-4216; Acts 1997, ch. 93, § 17.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-311 - Exemption from Tennessee public utility commission jurisdiction

The exemption heretofore granted to municipalities from the jurisdiction of the Tennessee public utility commission is hereby granted to any energy acquisition corporation.
Amended by 2017 Tenn. Acts, ch. 94,s 12, eff. 4/4/2017.
Acts 1977, ch. 299, § 17; T.C.A., § 6-4217; Acts 1995, ch. 305, § 75; 1997, ch. 93, § 18.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-313 - Deposit and investment of funds

(a)
All funds of a corporation shall be deposited in accordance with title 9, chapter 4, parts 1, 4 and 5; provided, that any bank, savings and loan institution or savings bank located outside the state of Tennessee that is under the supervision of the United States comptroller of the currency or the office of thrift supervision, may act as a depository, trustee, registration agent or paying agent in connection with any bonds or notes issued by a corporation, notwithstanding title 9, chapter 4, parts 1, 4 and 5.
(b)
Funds of a corporation are authorized to be invested in the following:
(1)
Direct obligations of the United States government or any of its agencies;
(2)
Obligations guaranteed as to principal and interest by the United States government or any of its agencies;
(3)
Certificates of deposit and other evidences of deposit at state and federally chartered banks, savings and loan institutions or savings banks deposited and collateralized as described in subsection (a);
(4)
Repurchase agreements entered into with the United States or its agencies or with any bank, broker-dealer or other such entity, so long as the obligation of the obligated party is secured by a perfected pledge of full faith and credit obligations of the United States or its agencies;
(5)
Guaranteed investment contracts or similar agreements providing for a specified rate of return over a specified time period with entities rated in one (1) of the three (3) highest rating categories of a nationally recognized rating agency;
(6)
The local government investment pool created by title 9, chapter 4, part 7;
(7)
Direct general obligations of a state of the United States, or a political subdivision or instrumentality of a state, having general taxing powers and rated in either of the three (3) highest rating categories by a nationally recognized rating agency of such obligations; or
(8)
Obligations of any state of the United States or a political subdivision or instrumentality of any state, secured solely by revenues received by or on behalf of the state or political subdivision or instrumentality of the state irrevocably pledged to the payment of the principal of and interest on such obligations, rated in the three (3) highest rating categories by a nationally recognized rating agency of such obligations.
Amended by 2014 Tenn. Acts, ch. 522,s 1, eff. 3/6/2014.
Acts 1999, ch. 345, § 24.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-314 - Audits

Any corporation formed pursuant to this chapter shall be audited in the manner provided in title 6, chapter 56.
Acts 1999, ch. 345, § 24.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-315 - Board of directors is a governing body

The board of directors of a corporation formed pursuant to this chapter shall be considered a governing body for purposes of title 8, chapter 44.
Acts 1999, ch. 345, § 24.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-316 - Power to purchase natural gas or electrical power

Any municipality has the power, together with all powers incidental thereto or necessary for the performance thereof, exercisable alone or jointly with any other public agency, acting by resolution of its governing body, to purchase, by contract or other agreement, natural gas or electrical power, or both, from an energy acquisition corporation. Any municipality has the power to enter into any contract or arrangement with a corporation for the acquisition of natural gas or natural gas substitutes or electrical power, containing such terms, covenants, representations, warranties and provisions and for such period or duration as the governing body of the municipality shall determine, including contracts containing the agreement of the municipality to take or pay for any gas, gas substitutes or electrical power provided by the corporation to the municipality.
Acts 1997, ch. 93, § 25; Acts 1999, ch. 345, § 24.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-317 - Competitive bidding requirements waived

Notwithstanding any law to the contrary, a corporation may enter into any contract authorized by this chapter without complying with competitive bidding requirements.
Acts 1999, ch. 345, § 24.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 3 - OPERATION AND POWERS (§§ 7-39-301 — 7-39-319) › Section 7-39-318 - Restrictions or limitations on corporate powers

Neither this chapter nor anything contained in this chapter shall be construed as a restriction or limitation upon any powers that a corporation might otherwise have under any laws of this state, but shall be construed as cumulative of any such powers; however, to the extent this chapter conflicts with any other law or is inconsistent with any other law, this chapter shall prevail. The authority and powers granted pursuant to this chapter may be exercised in accordance with the terms of this chapter, notwithstanding any other requirements, restrictions or procedural provisions contained in any general law, private act or home rule charter, and notwithstanding any other provisions to the contrary contained in any general law, private act or home rule charter.
Acts 1997, ch. 93, § 25; 1999, ch. 345, § 24.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 4 - MUNICIPAL GAS SYSTEM TAX EQUIVALENT LAW OF 1987 (§§ 7-39-401 — 7-39-406) › Section 7-39-401 - Short title

This part shall be known and may be cited as the "Municipal Gas System Tax Equivalent Law of 1987."
Acts 1987, ch. 220, § 2.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 4 - MUNICIPAL GAS SYSTEM TAX EQUIVALENT LAW OF 1987 (§§ 7-39-401 — 7-39-406) › Section 7-39-402 - Legislative intent - Construction

The purpose of this part is to provide the complete law of this state with respect to payments in lieu of taxes on the property and operations of all gas systems owned and operated by incorporated cities or towns, by counties, and by metropolitan governments, and to repeal the specific provisions of any private act, home rule charter or metropolitan government charter, or any part of any private act, home rule charter or metropolitan government charter, relating to payments in lieu of taxes, except for provisions relating to the distribution of any such payments, but not to repeal any other provisions of such private acts or charters or parts of the private acts or charters. This part is remedial in nature and this part shall be liberally construed to effectuate the purpose of this part.
Acts 1987, ch. 220, § 3.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 4 - MUNICIPAL GAS SYSTEM TAX EQUIVALENT LAW OF 1987 (§§ 7-39-401 — 7-39-406) › Section 7-39-405 - Payment of tax equivalents

(a)
The municipality's governing body, in the resolution provided for in §
7-39-404(4)
, shall direct payment of the amounts to be paid as tax equivalents to the taxing jurisdictions in which its gas plant in service is located in accordance with and subject to any terms, conditions, contracts or agreements now in effect.
(b)
Notwithstanding any private act or home rule charter, or any part thereof, relating to the distribution of payments in lieu of taxes, unless a written agreement was executed prior to April 2012, or becomes effective on the first day of any fiscal year thereafter, by another taxing jurisdiction and a municipality, located in any county having a charter form of government, that owns and operates a gas system, and such written agreement provides for a different payment, then each taxing jurisdiction shall receive a payment that is equal to that portion of the total tax equivalent payment that is calculated using each such taxing jurisdiction's tax rate pursuant to §
7-39-404(1)(A)
.
Acts 1987, ch. 220, § 6; 2012, ch. 984, § 1.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 4 - MUNICIPAL GAS SYSTEM TAX EQUIVALENT LAW OF 1987 (§§ 7-39-401 — 7-39-406) › Section 7-39-406 - Conflicting provisions repealed

Except as otherwise expressly provided in this part, all acts or parts of acts, including parts of any private act, or home rule, or metropolitan government charter, in conflict with this part, are to the extent of such conflict herewith repealed.
Acts 1987, ch. 220, § 7.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 40 - BORDER REGION RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-40-101 — 7-40-113) › Section 7-40-101 - Short title

This chapter shall be known and may be cited as the "Border Region Retail Tourism Development District Act."
Acts 2011, ch. 420, § 2.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 40 - BORDER REGION RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-40-101 — 7-40-113) › Section 7-40-102 - Purpose

The purpose of this chapter is to increase tourism and the competitiveness of this state with bordering states by empowering local governments to encourage the development of extraordinary retail or tourism facilities, including shopping, recreational, and other activities.
Acts 2011, ch. 420, § 3.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 40 - BORDER REGION RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-40-101 — 7-40-113) › Section 7-40-105 - Annual adjustments

Annual adjustments to the sales and use tax revenues collected in the district shall be made by the department of revenue within ninety (90) days of the end of each fiscal year and shall be effective immediately upon notification of such adjustment from the department of revenue to the municipality or industrial development corporation.
Acts 2011, ch. 420, § 6.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 40 - BORDER REGION RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-40-101 — 7-40-113) › Section 7-40-107 - Delegation to industrial development corporation

An eligible municipality in which a district is located is authorized to delegate to any industrial development corporation within the county or counties where the municipality is located the authority to carry out all or part of the project and to issue revenue bonds to finance a project within a district and to incur cost for the project; provided, that the municipality may enter into an agreement with an industrial development corporation in which the municipality shall agree to promptly pay to the industrial development corporation the tax revenues received pursuant to this chapter sufficient to service the repayment of such bonds and costs incurred by the industrial development corporation for the project. Upon receipt, that portion of such tax revenues shall be held in trust by the municipality for the benefit of the industrial development corporation.
Acts 2011, ch. 420, § 8.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 40 - BORDER REGION RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-40-101 — 7-40-113) › Section 7-40-108 - Indebtedness

Any bonds, notes, refunding bonds, or other indebtedness relative to the cost of an economic development project shall not be issued for a term longer than thirty-five (35) years and the municipality or industrial development corporation is authorized to pledge all proceeds or taxes received by it pursuant to this chapter to the payment of principal of and interest on such bonds, notes, or other indebtedness; provided, that the thirty-five-year period in this section shall be concurrent with the time limitation established in §
7-40-106
.
Amended by 2021 Tenn. Acts, ch. 582, s 4, eff. 5/27/2021.
Acts 2011 , ch. 420, § 9.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 40 - BORDER REGION RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-40-101 — 7-40-113) › Section 7-40-109 - Issuance of bonds

Prior to the issuance of any bonds to finance the cost of an economic development project that will be repaid in whole or part from apportionments under this chapter, the municipality or industrial development corporation issuing such bonds shall submit a proposed debt amortization schedule for such bonds to the commissioner for approval. Such schedule shall show the anticipated contribution to be made to the annual debt service for such bonds from the apportionment of sales and use taxes pursuant to this chapter and all other sources. After the date of issuance of such bonds, the municipality shall continue to contribute each year thereafter until such bonds are retired or a sufficient sinking fund has been established for their retirement.
Acts 2011, ch. 420, § 10.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 40 - BORDER REGION RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-40-101 — 7-40-113) › Section 7-40-110 - Incentives and financial support

A municipality may, including through an industrial development corporation, limit, condition, or provide incentives or financial support in the district as it deems appropriate, including the requirement that the benefited property owners participate in the repayment of such in an amount equal to twenty-five percent (25%) of the property tax for the real property owned by the property owner in the district each year, for such length of time as the municipality receives an appropriation of sales and use tax in accordance with this chapter and the property owner provides a lien on the property for such repayment; provided, however, that a municipality may not provide financial assistance to the location or relocation of existing retailers located within a fifteen-mile radius of the district, provided such existing location is inside the borders of this state, unless the sales floor space is increased by thirty-five percent (35%) or greater from such existing store. Furthermore, a municipality may allocate some or all of the incremental increase in property tax revenue directly as a result of the development within the district to pay for some costs associated with the district formation as well as economic development projects or extraordinary retail or tourism projects within the district.
Acts 2011, ch. 420, § 11.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 40 - BORDER REGION RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-40-101 — 7-40-113) › Section 7-40-111 - Exercise all powers and rights - Standing - Remedies

Notwithstanding any law to the contrary, the municipality and the industrial development corporation are authorized to exercise all power and rights, express or implied, granted by this chapter. Any developer of a project within a district who has entered into an agreement with a municipality or industrial development board related to such project or any proposed project or district has standing, with respect to such project and district, to seek remedies to enforce this chapter or any rights created by this chapter, including specifically the remedy to appeal the commissioner's determination that a cost is not a qualifying cost under §
7-40-106(c)
.
Amended by 2019 Tenn. Acts, ch. 511,s 8, eff. 6/3/2019.
Acts 2011, ch. 420, § 12.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 40 - BORDER REGION RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-40-101 — 7-40-113) › Section 7-40-112 - Application of chapter to certain border region retail tourism development districts

This chapter shall only apply to border region retail tourism development districts for which a certified copy of the ordinance required by §
7-40-104(a)(1)
, along with the request for certification required by §
7-40-104(a)(2)
, has been filed with the commissioner before January 1, 2012. It is the legislative intent that modifications made to this chapter on or after July 1, 2024, do not apply to a project or extraordinary retail or tourism facility initiated prior to July 1, 2024.
Amended by 2024 Tenn. Acts, ch. 1006,s 6, eff. 5/28/2024.
Acts 2012, ch. 1092, § 4.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 40 - BORDER REGION RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-40-101 — 7-40-113) › Section 7-40-113 - Application of chapter to certain costs

The benefits of this chapter shall apply to any cost incurred in connection with developing a project as a whole, even if:
(1)
The cost includes development of portions of the district or business in the district, or both, that do not, by themselves, generate state sales and use tax revenue, visitors, or sufficient state sales and use tax revenue, by themselves, to meet the standards set forth in §
7-40-103(7)
, including a retail store, or series of stores, or other attractions or facilities open to the public, that do not or will not, by themselves, generate state sales and use tax revenue; or
(2)
The sequence of development results in development of businesses or attractions, or both, to attract or stimulate interest in the project by retail businesses or retail tourism facilities to be developed at a later time.
Added by 2019 Tenn. Acts, ch. 511,s 1, eff. 6/3/2019.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 41 - REGIONAL RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-41-101 — 7-41-111) › Section 7-41-101 - Short title

This chapter shall be known and may be cited as the "Regional Retail Tourism Development District Act."
Added by 2019 Tenn. Acts, ch. 498,s 2, eff. 7/1/2019.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 41 - REGIONAL RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-41-101 — 7-41-111) › Section 7-41-102 - Purpose of chapter

The purpose of this chapter is to increase tourism and the competitiveness of this state with bordering states by empowering local governments to encourage the development of extraordinary retail or tourism facilities, including shopping, recreational, and other activities.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 41 - REGIONAL RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-41-101 — 7-41-111) › Section 7-41-105 - Annual adjustments to sales and use tax revenues collected in district

The department of revenue shall make annual adjustments to the sales and use tax revenues collected in the district within ninety (90) days of the end of each fiscal year. The annual adjustments are effective immediately upon notification of the adjustment from the department of revenue to the municipality or industrial development corporation.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 41 - REGIONAL RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-41-101 — 7-41-111) › Section 7-41-106 - Apportionment and distribution if extraordinary retail or tourism facility or project in certified district

(a)
Notwithstanding the allocations provided for in §
67-6-103(a)
, if a municipality or industrial development corporation finances, constructs, leases, equips, renovates, assists, incents, or acquires an extraordinary retail or tourism facility or a project in a certified district, then seventy-five percent (75%) of state sales and use tax collected in the district in excess of base tax revenues must be apportioned and distributed to the municipality in an amount equal to the incremental increase in state sales and use taxes derived from the sale of goods, products, and services within the district in excess of base tax revenues.
(b)
Apportionment and distribution according to subsection (a) must continue for a period of thirty (30) years, or until the date on which the entire cost of the economic development project, including any principal and interest on indebtedness, including refunding indebtedness of the municipality or industrial development corporation related to the development of the project, are fully paid, whichever occurs first. Following the expiration of this thirty-year period, or upon the date on which such cost has been fully paid, whichever is sooner, all amounts that would have otherwise been distributed to the municipality or retained in lieu of distribution shall be allocated as provided elsewhere without regard to this chapter.
(c)
Tax revenue distributed to the municipality pursuant to this chapter is for the exclusive use of the municipality or the industrial development corporation formally designated by the municipality for payment of the cost of the economic development project, including principal and interest on indebtedness, including refunding indebtedness of the municipality or industrial development corporation related to the development of the project. The department of revenue shall apportion the payment to the municipality within ninety (90) days of the end of each fiscal year for which the municipality is entitled to receive an allocation and payment pursuant to this chapter.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 41 - REGIONAL RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-41-101 — 7-41-111) › Section 7-41-107 - Delegation to industrial development corporation

An eligible municipality in which a district is located is authorized to delegate to any industrial development corporation within the county or counties where the municipality is located the authority to carry out all or part of the project, to issue revenue bonds to finance a project within a district, and to incur cost for the project. The municipality may enter into an agreement with an industrial development corporation in which the municipality agrees to promptly pay to the industrial development corporation the tax revenues received pursuant to this chapter sufficient to service the repayment of the bonds and costs incurred by the industrial development corporation for the project. Upon receipt, that portion of tax revenues must be held in trust by the municipality for the benefit of the industrial development corporation.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 41 - REGIONAL RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-41-101 — 7-41-111) › Section 7-41-108 - Bonds, notes, refunding bonds, or other indebtedness relative to cost of economic development project

Any bonds, notes, refunding bonds, or other indebtedness relative to the cost of an economic development project must not be issued for a term longer than thirty (30) years, and the municipality or industrial development corporation may pledge all proceeds or taxes it receives pursuant to this chapter to the payment of principal and interest on the bonds, notes, or other indebtedness. The thirty-year period in this section runs concurrently with the time limitation established in §
7-41-106
.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › MUNICIPAL FUNCTIONS (§§ 7-31-101 — 7-41-111) › Chapter 41 - REGIONAL RETAIL TOURISM DEVELOPMENT DISTRICT ACT (§§ 7-41-101 — 7-41-111) › Section 7-41-109 - Debt amortization schedule for bonds

Prior to the issuance of any bonds to finance the cost of an economic development project that will be repaid in whole or part from apportionments under this chapter, the municipality or industrial development corporation issuing the bonds shall submit a proposed debt amortization schedule for the bonds to the commissioner for approval. The schedule must show the anticipated contribution to be made to the annual debt service for the bonds from the apportionment of sales and use taxes pursuant to this chapter and all other sources. After the date of issuance of the bonds, the municipality shall continue to contribute each year thereafter until the bonds are retired or a sufficient sinking fund has been established for their retirement.