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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-108 - Independent operation of utility system

Each system of the authority shall operate independently of the others and shall be self-sustaining, except insofar as the board may by resolution combine any of the systems which, in the opinion of the board, shall be advisable and economical and which by the general laws of the state or any federal laws or any contracts or indentures are not required to be operated separately. Telecommunications service shall continue to be maintained as a separate division pursuant to §
7-36-107(a)(6)
.
Amended by 2017 Tenn. Acts, ch. 446,s 12, eff. 5/25/2017.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-109 - Powers of board of directors

(a)
The affairs of the authority and the exercise of the powers of the authority shall be vested in the board of directors. The following powers shall be exercised directly by the board by resolution of the board:
(1)
Selection and employment of the president, who shall serve as the chief executive officer of the authority, who shall serve at the pleasure of the board, and whose compensation shall be set by the board. Nothing in this chapter shall prevent the board from entering into an employment contract with the president. The president shall select, employ, and discharge all employees and fix their duties and compensation;
(2)
Issuance of bonds of the authority and the encumbering of assets of the authority, to the extent authorized in this chapter, to secure any such bonds;
(3)
Approval of rates of each of the systems;
(4)
Approval of the annual budget of each of the systems;
(5)
Adoption of bylaws for the conduct of the business of the board;
(6)
Selection of any certified public accountant to perform audits of the books and affairs of the authority; and
(7)
Adoption of a purchasing policy for the authority and the approval of purchases and disposition of property in accordance with the terms thereof.
(b)
All other powers of the authority shall be exercised by the president of the authority and the officers, agents, and employees of the authority, except as otherwise provided in this chapter.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-115 - Power to secure bonds and to covenant as to bonds

(a)
In order to secure the payment of the principal and interest on the bonds issued under this chapter, or in connection with such bonds, the authority has the power to secure such bonds and to covenant as to the bonds as set forth in §§
9-21-306
and
7-34-110
.
(b)
In connection with the issuance of bonds and in order to secure the payment of its bonds, the authority shall have power:
(1)
To pledge all or any part of its revenues;
(2)
To vest in any trustee the right to enforce any covenant made to secure, to pay, or in relation to its bonds, to provide for the powers and duties of such trustee, to limit the liabilities thereof, and to provide the terms and conditions upon which the trustee or the holders of bonds or any amount or proportion of them may enforce any such covenant; and
(3)
To make such covenants and to do such acts as may be necessary in order to secure its bonds or which, in the absolute discretion of the board, tend to make the bonds more marketable, notwithstanding that such covenants and acts may restrict or interfere with the exercise of the powers granted in this chapter. The authority shall be given the power to do all things in the issuance of bonds, and for their security, that a private business corporation can do under the laws of this state.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-116 - Rights and remedies of bondholders

In addition to all other rights and remedies, any holders of bonds of the authority, including a trustee for bondholders, shall have the right:
(1)
By mandamus or other suit, action, or proceeding at law or in equity, to enforce the bondholder's rights against the authority and the board of the authority, including the right to require the authority and such board to fix and collect rates and charges adequate to carry out any agreement as to, or pledge of, the revenues produced by such rates or charges, and to require the authority and such board to carry out any other covenant and agreement with such bondholders and to perform their duties under this chapter;
(2)
By action or suit in equity, to enjoin any acts which may be unlawful or a violation of the rights of such holder of bonds;
(3)
By suit, action, or proceeding in the chancery court sitting in the county in which the authority's principal office is located, to obtain an appointment of a receiver of any system of the authority or any part thereof. If such receiver be appointed, such receiver may enter and take possession of such system or part thereof and operate and maintain same, and collect and receive all fees, rents, tolls, or other charges arising therefrom in the same manner as the authority itself might do and shall dispose of such money in a separate account and apply the same in accordance with the obligations of the authority as the court shall direct; and
(4)
By suit, action, or proceeding in the chancery court sitting in the county in which the authority's principal office is located, to require the board of the authority to account as if it were the trustee of an express trust.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-117 - Bond not debt of state, municipality, or other political subdivision of state

No owner of any bonds issued under this chapter shall have the right to compel any exercise of the taxing powers of this state, the associated municipality, or any other municipality or political subdivision of this state to pay such bonds or the interest thereon. Each bond issued under this chapter shall recite in substance that such bond, including the interest thereon, is payable solely from the revenues pledged to the payment thereof, and that the bond does not constitute a debt of this state, any municipality, or any other political subdivision of this state.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-118 - Validity of bonds

Bonds issued under this chapter bearing the signature of the president or other authorized officer in office on the date of the signing thereof shall be valid and binding obligations; provided, that before the delivery thereof and payment therefor, any person whose signature appears thereon shall have ceased to be an officer. The validity of any bonds shall not be dependent on, or affected by, the validity or regularity of any proceedings relating to the acquisition or improvement of the system for which such bonds are issued. The resolution authorizing bonds may provide that the bonds shall contain a recital that the bonds are issued pursuant to this chapter, which recital shall be conclusive evidence of the bonds' validity and of the regularity of the bonds' issuance.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-119 - Rates, fees, or other charges for services, facilities, and commodities

(a)
The authority shall not be operated for gain or profit or primarily as a source of revenue to the associated municipality or any other person or entity. The authority shall, however, prescribe and collect rates, fees, or charges for the services, facilities, and commodities made available by the authority, and shall revise such rates, fees, or charges from time to time whenever necessary so that each system, or any combined systems as authorized in this chapter, shall be and always remain self-supporting, and shall not require appropriations by the associated municipality or any other municipality, this state, or any political subdivision of this state to carry out the authority's purpose. Any one (1) system of the authority shall not subsidize any other system, unless the systems are operated as a combined system in accordance with the terms of this chapter, in which case the combined system shall be self-supporting. The authority shall keep books and records as may be required to properly account for the reasonable distribution of joint or common expenses between the systems of the authority.
(b)
The rates, fees, or charges prescribed for each system shall be such as will produce revenue at least sufficient:
(1)
To provide for the payment of all expenses of operation and maintenance of such system;
(2)
To pay when due principal of, and interest on, all bonds of the authority payable from the revenues of such system;
(3)
To pay any payments in lieu of taxes authorized to be paid pursuant to this chapter; and
(4)
To establish proper reserves for the system.
Amended by 2017 Tenn. Acts, ch. 446,s 15, eff. 5/25/2017.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-120 - Pledge of, or lien on, revenues, fees, rents, tolls, or other charges

(a)
Any pledge of, or lien on, revenues, fees, rents, tolls, or other charges received or receivable by the authority to secure the payment of any bonds of the authority, and the interest thereon, shall be valid and binding from the time that the pledge or lien is created or granted and shall inure to the benefit of any owner of any such bonds until the payment in full of the principal thereof and premium and interest thereon. 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 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.
(b)
If a conflict arises between this section and the Perfection, Priority and Enforcement of Public Pledges and Liens Act, compiled in title 9, chapter 22, the Perfection, Priority and Enforcement of Public Pledges and Liens Act shall control.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-121 - Tax exemption

So long as the authority owns any of the systems, the property and revenue of such system shall be exempt from all state, county, and municipal taxation. Any bonds issued by the authority pursuant to this chapter, and the income therefrom, shall be exempt from all state, county, and municipal taxation, except inheritance, transfer and estate taxes, and except as otherwise provided by the laws of this state.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-122 - Payments in lieu of taxes

The authority is authorized to pay or cause to be paid from the revenues of each of the systems for each fiscal year payments in lieu of taxes to the associated municipality or such other municipality as shall properly receive said payments. Payments from the electric system revenues must be made and computed in accordance with the Municipal Electric Plant Law of 1935, compiled in chapter 52, part 1 of this title, and payments made from revenues of the telecommunication system must be made in accordance with §§
7-52-404
and
7-52-606
. Payments made from revenues of the water and wastewater systems must be made by agreement with the affected municipality. The authority shall make payments in lieu of taxes to the associated municipality, accruing from and after the effective date of the transfer of such system or systems from the associated municipality, from such system's revenues on the same basis as payments are currently being made by the supervisory body. The authority shall provide the associated municipality with a copy of its annual audited financial statements at the time each such annual payment is made and shall provide access to such financial information of the authority as is necessary for the associated municipality to review the basis for and amounts of payments required pursuant to this section. To the extent not otherwise addressed in chapter 52, parts 4 and 6 of this title, in connection with the provision of telecommunications service, the authority is subject to all other state and local fees and charges imposed upon private providers of telecommunications services.
Amended by 2017 Tenn. Acts, ch. 446,s 16, eff. 5/25/2017.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-123 - Deposit of moneys

All moneys of the authority, from whatever source derived, shall be deposited in one (1) or more banks or trust companies and, to the extent required of political subdivisions of this state, such accounts shall be continuously insured by an agency of the federal government or secured by a pledge of direct obligations of the United States or of this state having an aggregate market value, exclusive of accrued interest, at all times at least equal to the balance on deposit in any such account. Such securities shall either be deposited with the authority or held by a trustee or agent satisfactory to the authority. In lieu of any pledge of such securities, the deposits may be secured by a surety bond, which shall be in form, sufficiency, and substance satisfactory to the authority.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-124 - Investment of funds

All funds of the authority are authorized to be invested as follows:
(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 §
7-36-123
;
(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, at the time of investment, in one (1) of the two (2) 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 thereof, having general taxing powers and rated, at the time of investment, in either of the two (2) highest rating categories by a nationally recognized rating agency of such obligations;
(8)
Obligations of any state of the United States or a political subdivision or instrumentality thereof, secured solely by revenues received by, or on behalf of, the state or political subdivision or instrumentality thereof irrevocably pledged to the payment of the principal and interest on such obligations, rated, at the time of investment, in the two (2) highest rating categories by a nationally recognized rating agency of such obligations;
(9)
The authority's own bonds or notes; or
(10)
Any additional investments authorized to be made by a municipal electric system in this state.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-125 - Assets after cessation of existence of authority

If the authority ceases to exist, or in the event of the sale of all or substantially all of the assets of the electric system of the authority, all of its assets remaining after all of its obligations and liabilities have been satisfied or discharged shall pass to, and become the property of, the associated municipality.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-126 - Authority as political subdivision for purposes of regulation of public utilities

The authority is and shall be considered a political subdivision for purposes of title 65, chapter 4.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-127 - Board as governing body for purposes of Open Meetings Act

The board shall be considered a governing body for purposes of the open meetings act, compiled in title 8, chapter 44.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-128 - Authority as governmental entity for purposes of Governmental Tort Liability Act

The authority shall be considered a governmental entity for purposes of the Tennessee Governmental Tort Liability Act, compiled in title 29, chapter 20.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-129 - Authority as public agency for purposes of Interlocal Cooperation Act

The authority shall be considered a public agency for purposes of the Interlocal Cooperation Act, compiled in title 12, chapter 9.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-130 - Authority as municipality, associated municipality, and governing body for purposes of Energy Acquisition Corporations Act

The authority shall be considered a municipality for the purposes of the Energy Acquisition Corporations Act, compiled in chapter 39 of this title and may be an associated municipality of an energy acquisition corporation under such act, and the board shall be a governing body for purposes of such act.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 36 - MUNICIPAL ENERGY AUTHORITY (§§ 7-36-101 — 7-36-132) › Section 7-36-131 - Powers conferred by chapter additional to other powers

The powers conferred by this chapter shall be in addition, and supplemental, to the powers conferred by any other law.
Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-101 - Short title

This chapter shall be known and may be cited as the "Industrial Building Revenue Bond Act of 1951."
Acts 1951, ch. 137, § 1 (Williams, § 4406.53a); T.C.A. (orig. ed.), § 6-1701.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-102 - Chapter definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Governing body" means bodies and boards, by whatsoever names they may be known, charged with the governing of a municipality;
(2)
"Industrial building" means any one (1) or combination of buildings, structures or facilities leased, or to be leased, to an industrial or commercial concern by the municipality and used, or to be used, as a factory, mill, shop, assembly plant, processing plant, fabricating plant, ship canal, port or port facility, dock or dock facility, harbor facility, railroad, railway terminal, railway belt line, railway switching facility or office building or buildings for the use of such concern, including the industrial building site and any warehouse building or facility incidental to such industrial building, which may include any manufacturing, processing or building equipment or machinery necessary to the operation conducted, or to be conducted, in such industrial building by an industrial concern; provided, that the industrial building need not be, nor have been acquired, pursuant to this chapter. "Industrial building" does not include any office building or buildings constituting a single project and not connected to or combined with any other building, structure or facility defined in this subdivision (2) as an "industrial building", unless such office building or buildings are leased to an industrial or commercial concern that, at the time of the issuance of bonds under this chapter, for the purpose of acquiring or constructing such office building or buildings, does not have in the municipality an existing office employing more than five (5) persons, and it is found by the governing body that the acquisition or construction and leasing of such office building or buildings will result in the creation of new employment for a substantial number of people residing in and around the municipality; and
(3)
"Municipality" means any incorporated city or town, county or a metropolitan government in this state.
Acts 1951, ch. 137, § 2 (Williams, § 4406.53b); 1955, ch. 344, § 1; 1957, ch. 257, § 1; 1959, ch. 152, § 1; 1961, ch. 129, § 1; 1965, ch. 198, § 1; T.C.A. (orig. ed.), § 6-1702; Acts 1988, ch. 750, § 23.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-103 - Purpose of chapter

It is determined and declared that the purpose of this chapter is to relieve conditions of unemployment, to aid in the rehabilitation of returning veterans, and to encourage the increase of industry and commerce within this state, thereby reducing the evils attendant upon unemployment.
Acts 1951, ch. 137, § 3 (Williams, § 4406.53c); 1959, ch. 152, § 2; T.C.A. (orig. ed.), § 6-1703.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-105 - Exemption from state regulation

(a)
It is not necessary for any municipality proceeding under this chapter to obtain any certificate of convenience or necessity, franchise, license, permit, or other authorization from any bureau, board, commission, or other lay instrumentality of the state in order to acquire, construct, purchase, reconstruct, improve, better, or extend any industrial building or for the issuance of bonds in connection with the acquisition, construction, purchase, reconstruction, improvement, betterment, or extension of any industrial building.
(b)
No later than sixty (60) days after the date of any bond sale, pursuant to the provisions of the bond sale, the chief administrative officer of the municipality shall file with the office of the commissioner of economic and community development, industrial development division, the following information:
(1)
The name of issuing municipality;
(2)
The name of lessee;
(3)
The total amount of the bond issue;
(4)
The bond interest and maturity schedule; and
(5)
The identity of the fiscal agent.
Acts 1951, ch. 137, § 13 (Williams, § 4406.53m); 1967, ch. 108, § 1; impl. am. Acts 1972, ch. 852, § 12; T.C.A. (orig. ed.), § 6-1705; Acts 1980, ch. 536, § 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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-106 - Improvements and bonds authorized

The construction, acquisition, reconstruction, improvement, betterment, or extension of any industrial buildings may be authorized under this chapter, and bonds may be authorized to be issued under this chapter to provide funds for such purpose or purposes or for the refunding of bonds theretofore issued under this chapter, by resolution or resolutions of the governing body, which may be adopted at the same meeting at which the bonds are introduced by a majority of all the members of the governing body then in office, and shall take effect immediately upon adoption. The bonds shall bear interest at such rate or rates, payable semiannually, may be 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 payable in such medium of payment at such place or places, may carry such registration privileges, may be subject to such terms of redemption, may be executed in such manner, may contain such terms, covenants, and conditions, and may be in such form, coupon or registered, as such resolution or subsequent resolutions may provide.
Acts 1951, ch. 137, § 5 (Williams, § 4406.53e); 1969, ch. 152, § 1; 1969, ch. 284, § 6; T.C.A. (orig. ed.), § 6-1706.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-107 - Covenants permissible in bonds - Mortgage or deed of trust

(a)
Any resolution authorizing the issuance of bonds under this chapter may contain covenants as to:
(1)
The use and disposition of the rentals from the industrial building for which the bonds are to be issued, and from any other industrial buildings owned by the municipality at the time, including the creation and maintenance of reserves;
(2)
The issuance of other or additional bonds payable from the income and revenues from such industrial building;
(3)
The maintenance and repair of such industrial building;
(4)
The insurance to be carried on the industrial building and the use and disposition of insurance moneys; and
(5)
The terms and conditions upon which the holders of the bonds, or any portion of the bonds or any trustees for the bonds shall be entitled to the appointment of a receiver by the chancery court, which court shall have jurisdiction in such proceedings, and which receiver may enter and take possession of the industrial building and lease and maintain the building, prescribe rentals and collect, receive, and apply all income and revenues thereafter arising from the rentals, in the same manner and to the same extent as the municipality itself might do.
(b)
Any resolution authorizing the issuance of bonds under this chapter may provide that the principal of and interest on any bonds issued under this chapter shall be secured by a mortgage or deed of trust covering the industrial building for which the bonds are issued and from any other industrial building owned by the municipality at the time, and may include any improvements or extensions thereafter made. Such mortgage or deed of trust may contain such covenants and agreements to properly safeguard the bonds as may be provided for in the resolution authorizing the bonds, but not inconsistent with this chapter and shall be executed in the manner as may be provided for in the resolution. The provisions of this chapter and any such resolution or resolutions and any such mortgage or deed of trust shall be a contract with the holder or holders of the bonds and shall continue in effect until the principal of and the interest on the bonds so issued shall have been fully paid, and the duties of the municipality and its governing body and officers under this chapter, and any such resolution or resolutions and any such mortgage or deed of trust shall be enforceable by any bondholder by mandamus, foreclosure of any such mortgage or deed of trust or other appropriate suit, action or proceedings in any court of competent jurisdiction.
Acts 1951, ch. 137, § 7 (Williams, § 4406.53g); 1955, ch. 344, § 4; T.C.A. (orig. ed.), § 6-1707.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-108 - Lien on rentals

All bonds issued under this chapter shall have a lien upon the rentals from the industrial building for which the bonds have been issued, and from any other industrial building securing the bonds pursuant to resolution, mortgage or deed of trust as provided in this chapter, and the governing body may provide in the resolution or resolutions authorizing such bonds for the issuance of additional bonds to be equally and ratably secured by a lien upon such rentals, or may provide that the lien upon such rentals for future bonds shall be subordinate.
Acts 1951, ch. 137, § 9 (Williams, § 4406.53i); 1955, ch. 344, § 5; T.C.A. (orig. ed.), § 6-1708.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-109 - Bonds not general obligation

No holder or holders of any bonds issued under this chapter shall ever have the right to compel any exercise of taxing power of the municipality to pay the bonds or the interest on the bonds and the bonds shall not constitute an indebtedness of the municipality or a loan of credit of the bond within the meaning of any constitutional or statutory provision. It shall be plainly stated on the face of each bond that it has been issued under this chapter, and that it does not constitute an indebtedness of the municipality or a loan of credit of the bond within the meaning of any constitutional or statutory provision.
Acts 1951, ch. 137, § 10 (Williams, § 4406.53j); T.C.A. (orig. ed.), § 6-1709.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-110 - Election - Questions submitted - Declaration of result

Prior to the delivery of and payment for any bonds authorized under this chapter, a three-fourths (3/4) majority of the registered voters of such municipality voting at an election on the question of issuing such bonds shall approve of such bond issue; provided, that no such election shall be necessary in connection with the authorization of refunding bonds under this chapter. The governing body of the municipality shall, by resolution, direct the county election commission to hold the election and state the proposition to issue the bonds as it is to appear on the ballots. It shall not be necessary to submit to the voters any question other than the maximum amount of bonds to be issued and the purpose for the bonds, except that, if such bonds are to be secured by an industrial building, its rental or income, other than the industrial building for which the bonds are proposed to be issued, then the question of whether bonds so secured are to be issued shall be submitted to the voters. Upon receipt of the statement of the votes in the election from the county election commission, the governing body of the municipality, at or before its regular meeting, shall again canvass the returns and determine and declare the results of the election. The governing body shall enter upon its minutes the results and returns in the election, and the entry shall, after the delivery of and payment for any bonds voted upon at the election, be conclusive evidence of the result of the election, and no suit, action or other proceeding contesting the validity of such election shall be entertained in any of the courts of this state thereafter.
Acts 1951, ch. 137, § 6 (Williams, § 4406.53f); Acts 1955, ch. 344, § 3; 1972, ch. 740, § 4(25); T.C.A. (orig. ed.), § 6-1710.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-111 - Sale of bonds

Bonds may be sold in such manner and upon such terms as may be deemed advisable by the governing body; provided, that bonds for refunding purposes shall not be sold at less than ninety-seven percent (97%) of par value and accrued interest.
Acts 1951, ch. 137, § 5 (Williams, § 4406.53e); 1969, ch. 152, § 2; 1969, ch. 284, § 7; T.C.A. (orig. ed.), § 6-1711; Acts 1988, ch. 750, § 25.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-112 - Interim financing - Certificates

Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the governing body may determine, 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 within the meaning of and for all purposes of the Uniform Commercial Code, compiled in title 47, chapters 1-9.
Acts 1951, ch. 137, § 5 (Williams, § 4406.53e); modified; T.C.A. (orig. ed.), § 6-1712.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-113 - Validity of bonds

Bonds bearing the signatures 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 municipality issuing the bonds. 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 the industrial building for which the bonds are issued. 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 1951, ch. 137, § 8 (Williams, § 4406.53h); T.C.A. (orig. ed.), § 6-1713.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-114 - Tax exemption of bonds

All bonds and the income from the bonds issued pursuant to this chapter shall be exempt from all state, county, and municipal taxation, except inheritance, transfer and estate taxes, except as otherwise provided in this code.
Acts 1951, ch. 137, § 12 (Williams, § 4406.53l); T.C.A. (orig. ed.), § 6-1714; Acts 1988, ch. 750, § 26.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-115 - Rentals sufficient to pay bonds

The governing body of a municipality issuing bonds pursuant to this chapter shall prescribe and collect rentals for industrial buildings, and shall revise the rentals from time to time whenever necessary so that the income and revenues to be derived from such rentals will always be sufficient to pay when due all bonds and interest on the bonds for the payment of which such revenues are pledged, including reserves for the payment of the bonds and interest on the bonds.
Acts 1951, ch. 137, § 11 (Williams, § 4406.53k); 1959, ch. 152, § 4; T.C.A. (orig. ed.), § 6-1715.
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 37 - INDUSTRIAL BUILDING REVENUE BOND ACT OF 1951 (§§ 7-37-101 — 7-37-116) › Section 7-37-116 - Supplemental nature of chapter

The powers conferred by this chapter shall be in addition and supplemental to, and the limitations imposed by this chapter shall not affect the powers conferred by, any other general, special or local law. Industrial buildings may be acquired, purchased, constructed, reconstructed, improved, bettered, and extended, and bonds may be issued under this chapter for such purposes, notwithstanding that any general, special, or local law may provide for the acquisition, purchase, construction, reconstruction, improvement, betterment and extension of a like industrial building, or the issuance of bonds for like purposes, and without regard to the requirements, restrictions, limitation or other provisions contained in any other general, special or local law.
Acts 1951, ch. 137, § 14 (Williams, § 4406.53n); T.C.A. (orig. ed.), § 6-1716.
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 38 - PRIVATE FIRE COMPANIES (§§ 7-38-101 — 7-38-104) › Section 7-38-101 - Formation

Any number of persons, resident within a municipality, may form themselves into a company for the purpose of extinguishing fires, by having their names and objective recorded in the register's office of the county.
Code 1858, § 1706 (deriv. Acts 1831, ch. 27, § 1); Shan., § 3019; mod. Code 1932, § 5244; T.C.A. (orig. ed.), § 6-2401.
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 38 - PRIVATE FIRE COMPANIES (§§ 7-38-101 — 7-38-104) › Section 7-38-102 - Rules and regulations - Fines

A company may make rules and regulations for their government, and may impose fines for nonattendance or other delinquencies, not exceeding twenty dollars ($20.00), upon their members, to be recovered in the name adopted for such company before any judge of the court of general sessions.
Code 1858, § 1707 (deriv. Acts 1831, ch. 27, § 1); Shan., § 3020; Code 1932, § 5245; impl. am. Acts 1979, ch. 68, §§ 2, 3; T.C.A. (orig. ed.), § 6-2402.
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 38 - PRIVATE FIRE COMPANIES (§§ 7-38-101 — 7-38-104) › Section 7-38-103 - Property

The company may also procure fire engines, buckets, hooks, ladders, and all implements necessary for working such engines and carrying out the objectives of its formation, and may hold property, real or personal, sufficient for its purposes, and as a place for the keeping of the implements and meetings of its members.
Code 1858, § 1708 (deriv. Acts 1831, ch. 27, § 1); Shan., § 3021; Code 1932, § 5246; T.C.A. (orig. ed.), § 6-2403.
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 38 - PRIVATE FIRE COMPANIES (§§ 7-38-101 — 7-38-104) › Section 7-38-104 - Exemption from military service

The members of these companies, and the fire companies of any incorporated town or city are exempt from military duty in time of peace.
Code 1858, § 1709 (deriv. Acts 1831, ch. 27, § 2); Acts 1877, ch. 52, § 1; Shan., § 3022; Code 1932, § 5247; T.C.A. (orig. ed.), § 6-2404; Acts 2008, ch. 1159, § 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 1 - GENERAL PROVISIONS (§§ 7-39-101 — 7-39-103) › Section 7-39-103 - Qualfications of incorporator or director of energy acquisition corporation

An incorporator or a director of an energy acquisition corporation must be a natural person who meets any of the following qualifications:
(1)
With respect to a natural person seeking to act as an incorporator or director of an energy acquisition corporation organized or proposed to be organized with respect to and for the benefit of a county or incorporated city, town or metropolitan government, a duly qualified elector of and taxpayer in the county or incorporated city, town or metropolitan government;
(2)
With respect to a natural person seeking to act as an incorporator or director of an energy acquisition corporation organized or proposed to be organized with respect to and for the benefit of a utility district or gas, electric or energy authority, a resident and landowner within the boundaries of the utility district or gas, electric or energy authority;
(3)
A member of the governing body of the municipality with respect to and for the benefit of which the energy acquisition corporation is organized or proposed to be organized; or
(4)
An employee of the energy distribution system of the municipality with respect to which and for the benefit of which the energy acquisition corporation is organized or proposed to be organized.
Acts 1977, ch. 299, § 2; T.C.A, § 6-4202; Acts 1997, ch. 93, § 2; 1999, ch. 345, §§ 3 - 5; T.C.A. §
7-39-102(b)
; Acts 2007, ch. 263, § 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 39 - ENERGY ACQUISITION CORPORATIONS ACT (§§ 7-39-101 — 7-39-406) › Part 2 - INCORPORATION (§§ 7-39-201 — 7-39-204) › Section 7-39-201 - Application for incorporation - Qualifications of applicants - Resolution - Certificate

(a)
Whenever any number of natural persons, no fewer than three (3), each of whom shall meet any one (1) of the qualifications for an incorporator as set forth in §
7-39-103
, files with the governing body of the municipality with respect to which the corporation is proposed to be organized and for the benefit of which the corporation will function, an application in writing seeking permission to apply for the incorporation of an energy acquisition corporation of the municipality, the governing body shall proceed to consider the application.
(b)
If the governing body, by appropriate resolution, duly adopted, finds and determines that it is wise, expedient, necessary or advisable that the corporation be formed, and shall authorize the persons making such application to proceed to form a corporation, and shall approve the form of certificate of incorporation proposed to be used in organizing the corporation, then the person making application shall execute, acknowledge and file a certificate of incorporation for the corporation as provided in this part.
(c)
No corporation may be formed unless the application has first been filed with the governing body of the municipality and the governing body has adopted a resolution as provided in this section.
Acts 1977, ch. 299, § 5; T.C.A., § 6-4205; Acts 1997, ch. 93, § 3; 1999, ch. 345, § 6.