reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 53 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 7-53-101 — 7-53-317) › Part 3 - OPERATION AND POWERS (§§ 7-53-NEW — 7-53-317) › Section 7-53-308 - Corporation nonprofit - Net earnings - Transfer of assets

(a)
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, and other obligations of the corporation, then any net earnings of the corporation thereafter accruing shall be paid to the municipality with respect to which the corporation was organized; provided, that nothing contained in this section shall prevent the board of directors from transferring all or any part of its properties in accordance with the terms of any lease, sale contract, loan agreement, mortgage or deed of trust entered into by the corporation.
(b)
(1)
Notwithstanding any provision of this chapter to the contrary, nothing in this section shall prevent the board of directors from transferring all or any part of its assets in accordance with the terms of any lease, sale contract, loan agreement, mortgage or deed of trust entered into by the corporation.
(2)
This subsection (b) shall apply to any county having a population of over nine hundred thousand (900,000), according to the 2010 federal census or any subsequent federal census.
Amended by 2014 Tenn. Acts, ch. 752,s 2, eff. 4/22/2014.
Acts 1955, ch. 210, § 15; 1959, ch. 222, § 5; 1976, ch. 515, § 8; T.C.A., § 6-2814.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 53 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 7-53-101 — 7-53-317) › Part 3 - OPERATION AND POWERS (§§ 7-53-NEW — 7-53-317) › Section 7-53-309 - Bonds as legal investments and lawful security

Bonds issued under the authority of this chapter and secured by a pledge of full faith and credit shall be and are hereby declared to be legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees, guardians and for all public funds of the state, including, but not limited to, the sinking funds of cities, towns, villages, counties, school districts, or other political corporations, or subdivisions of the state. Such bonds shall be eligible to secure the deposit of any and all public funds of the state, and any and all public funds of cities, towns, villages, counties, school districts or other political corporations or subdivisions of the state, and such bonds shall be lawful and sufficient security for the deposits to the extent of their value when accompanied by all unmatured coupons appertaining to the bonds.
Acts 1955, ch. 210, § 17; impl. am. Acts 1978, ch. 708, § 5.25; T.C.A., § 6-2816.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 53 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 7-53-101 — 7-53-317) › Part 3 - OPERATION AND POWERS (§§ 7-53-NEW — 7-53-317) › Section 7-53-310 - Acquisition and transfer of project sites

Any municipality may acquire a project site by gift, purchase, lease, or condemnation, and may transfer any project site to a corporation by sale, lease, or gift. Such transfer may be authorized by a resolution of the governing body of the municipality without submission of the question to the voters, and without regard to the requirements, restrictions, limitations or other provisions contained in any other general, special or local law. Such project site may be within or without the municipality or partially within and partially without the municipality.
Acts 1959, ch. 222, § 6; T.C.A., § 6-2819.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 53 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 7-53-101 — 7-53-317) › Part 3 - OPERATION AND POWERS (§§ 7-53-NEW — 7-53-317) › Section 7-53-311 - Lease or lease-purchase agreement with municipality authorized - Tax levy

Any city, county or metropolitan government is authorized to enter into any lease or lease-purchase agreement of a project from a corporation, for such term or terms and upon such conditions as may be determined by the governing body of such city, county or metropolitan government, notwithstanding and without regard to the restrictions, prohibitions or requirements of any other law, whether public or private, and to levy and collect a direct annual tax sufficient with any other moneys available and pledged to pay the rental payable under such lease or lease-purchase agreement as and when it becomes due and payable, such tax to be in addition to all other taxes of such city, county or metropolitan government and shall be in addition to all other taxes now or hereafter authorized to be levied, and such tax shall not be included within any statutory or other limitation in rate or amount, but shall be excluded and be in addition thereto, notwithstanding the prohibitions, restrictions or requirements of any other law, whether public or private, and the obligations assumed and undertaken pursuant to such lease or lease-purchase agreement, including any unconditional or other obligation to levy such tax and to pay rentals for the project for a fixed term or terms, shall not be deemed or construed as constituting a debt of the city, county or metropolitan government within the terms, provisions or limitations of any constitutional, statutory, charter or other limitation.
Acts 1973, ch. 304, § 2; T.C.A., § 6-2821.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 53 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 7-53-101 — 7-53-317) › Part 3 - OPERATION AND POWERS (§§ 7-53-NEW — 7-53-317) › Section 7-53-313 - Purpose

(a)
Notwithstanding any provision of this chapter or any other law to the contrary, this chapter shall be liberally construed to carry out the following purposes and objectives:
(1)
The policies and practices of industrial development corporations shall ensure that minority-owned and other disadvantaged businesses share more fully in the American economic system of private enterprise through free and vigorous competition;
(2)
Such competition shall be fostered through encouragement and support of minority-owned and other disadvantaged businesses; and
(3)
Industrial development corporations aid, counsel and assist in every practical manner minority-owned and other disadvantaged businesses in order to preserve free competition on equal terms with those businesses constituting the major portion of the state's business community.
(b)
To assist industrial development corporations in achieving such purposes and objectives, the department of economic and community development and the office of business enterprise, established by §
4-26-101
, shall be available to provide technical assistance and consultation.
Acts 1999, ch. 298, § 1.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 53 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 7-53-101 — 7-53-317) › Part 3 - OPERATION AND POWERS (§§ 7-53-NEW — 7-53-317) › Section 7-53-315 - Authority for municipality to aid or provide assistance for certain projects

Notwithstanding §§
7-53-306
and
7-53-307
, in any municipality in which there has been created a central business improvement district pursuant to chapter 84 of this title, the municipality is authorized to aid or otherwise provide assistance, including without limitation, granting, contributing or pledging to, or for the benefit of the corporation, revenues derived from any source except revenues derived from ad valorem property taxes, for those projects, or portions thereof, that consist of public infrastructure, public improvements or other public facilities, including without limitation, one (1) or more parking or sports facilities, located within an area designated by appropriate resolution or ordinance by the municipality as the center city area, for such term or terms and upon such conditions as may be determined by the governing body of the municipality.
Acts 2010, ch. 800, § 2.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 53 - INDUSTRIAL DEVELOPMENT CORPORATIONS (§§ 7-53-101 — 7-53-317) › Part 3 - OPERATION AND POWERS (§§ 7-53-NEW — 7-53-317) › Section 7-53-317 - Parcels of property located on remediation site

(a)
As used in this section:
(1)
"Local government" means any home rule municipality; and
(2)
"Remediation site" means a site containing at least one thousand three hundred (1,300) acres that have been held by the United States department of energy due to an extended period of environmental remediation and conveyed by the United States department of energy to a nonprofit entity that is recognized as tax exempt by the internal revenue service and engaged in economic development.
(b)
Upon receiving all authorizations required by this chapter, on or after July 1, 2017, any and all parcels of property located on a remediation site in a local government may be transferred to the industrial development board of the local government consistent with the terms of the conveyance. The industrial development board is authorized to sell, lease, dispose of, or contract for the operation of the property in furtherance of the public purpose of promoting economic development in that area.
(c)
Upon transfer of the parcels to the industrial development board as provided in subsection (b), a lawful management or lease agreement shall be executed between the industrial development board and the nonprofit entity described in subdivision (a)(2), in which the United States department of energy's intent is clearly memorialized, including a provision that the nonprofit entity shall manage the remediation site and shall market the parcels to potential buyers in order to provide substantial sources of tax revenue or economic activity to the local government and to induce private enterprises to locate or remain in the area.
Added by 2017 Tenn. Acts, ch. 219,s 1, eff. 4/28/2017.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 54 - ENERGY PRODUCTION FACILITIES (§§ 7-54-101 — 7-54-114) › Section 7-54-102 - Construction, purchase, improvement and operation authorized

A municipality has the power to construct, own, operate, or maintain within its corporate limits or within the limits of the county wherein it is located, an existing or planned energy production facility or facilities. The construction of such facility or facilities may include all necessary real and personal property, any land that may be required for an alternate means for the disposal of solid waste, rights-of-way, easements, buildings, and all other appurtenances usual to such facilities, as well as the building of all necessary means of transportation or transmission of energy and including obtaining all necessary rights-of-way or easements as necessary. A municipality also has the power to acquire, hold, use, lease, as lessor or lessee, sell or otherwise dispose of any energy production facility and to enter into agreements with any person for the operation of such facility.
Acts 1975, ch. 204, § 2; T.C.A., § 6-1332; Acts 1981, ch. 204, § 2; 1982, ch. 624, § 3.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 54 - ENERGY PRODUCTION FACILITIES (§§ 7-54-101 — 7-54-114) › Section 7-54-104 - Procedure for option - Use of Tennessee resources

(a)
Any municipality wishing to bring itself under any one (1) or more of the provisions of this chapter may do so by resolution or ordinance of the governing body of such municipality. Such action may be taken during any stage of the construction, acquisition, development or financing of an energy production facility and shall not be impaired or prejudiced by any previous action taken by or on behalf of such municipality.
(b)
Any not-for-profit corporation acting by or on behalf of a municipality during any stage of the construction, acquisition, development, or operation of an energy production facility is encouraged to utilize Tennessee labor, products and materials to the greatest extent possible and practical so as to promote or enhance the employment opportunities in or provide economic benefits to such municipality.
Acts 1975, ch. 204, § 4; T.C.A., § 6-1334; Acts 1987, ch. 250, §§ 7, 13.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 54 - ENERGY PRODUCTION FACILITIES (§§ 7-54-101 — 7-54-114) › Section 7-54-105 - Loan agreements - Contracts for leases

(a)
In addition to the powers granted to municipalities under any other provision of this chapter and any other law, either general, special or local, a municipality other than a power district has the power to:
(1)
Enter into loan agreements with any person or persons providing for the municipality to loan the proceeds derived from the issuance of bonds pursuant to this chapter to such person or persons, to be used to pay all or part of the cost of construction of an energy production facility or facilities, and providing for the repayment and securing of such loan upon such terms and conditions as the municipality shall determine;
(2)
Issue its bonds pursuant to this chapter to make such loan or loans;
(3)
Enter into contracts or leases with any person or persons, including any other municipality owning or operating an energy production facility or executing any contract authorized by this subdivision (a)(3), for the disposal of solid waste at an energy production facility or facilities or for the lease of an energy production facility or facilities, which contracts or leases shall contain such terms and conditions as the municipality shall determine, including, without limitation, provisions whereby the municipality is obligated to make payments under such contract or lease, whether or not use or services pursuant to the contract or lease are rendered, whether or not the related energy production facility or facilities are completed, operable or operating and notwithstanding suspension, interruption, interference, reduction or curtailment of the use or services of such energy production facility or facilities; and
(4)
Indemnify and hold harmless any person in connection with the financing of an energy production facility, including, without limitation, indemnification against taxation.
(b)
Prior to entering into any loan agreement or any contract for the lease by a municipality of an energy production facility or for the disposal of solid waste at an energy production facility, such municipality shall find and determine that:
(1)
There is reasonable assurance that such person or persons have adequate resources to complete payment of the estimated cost of construction of the related energy production facility or facilities; and
(2)
Arrangements have been made for a qualified operator or operators of such energy production facility or facilities.
(c)
It is hereby found and declared that substantial benefits are to be derived from the financing by municipalities of energy production facilities. Such financings will promote the construction of energy production facilities, thereby providing a safe and sanitary means of disposing of solid waste and producing significant savings in cost of disposing of solid waste in a safe and sanitary manner.
Acts 1982, ch. 624, § 6; 1987, ch. 250, § 8.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 54 - ENERGY PRODUCTION FACILITIES (§§ 7-54-101 — 7-54-114) › Section 7-54-108 - Bond issues and loan agreements - Referendum

(a)
In the event that the issuance of any series of bonds or the entering into of any contract by a municipality, other than a power district, pursuant to this chapter, would constitute the giving or loaning of the credit of such municipality to or in aid of any person, company, association or corporation, or would constitute such municipality becoming a stockholder with others in any company, association or corporation, then such bonds shall not be issued or such contract shall not be entered into unless the governing body of the municipality shall, by resolution spread upon its minutes, declare its intention of issuing such bonds or entering such contract and prior to the delivery and payment for any such bonds or entering into such contract, a three-fourths (3/4) majority of the registered voters of such municipality voting at an election on the special question of issuing such bonds or entering into such contract shall approve of such bond issue or contract; provided, that no such election shall be necessary in connection with the authorization of refunding bonds.
(b)
The governing body shall, by resolution, direct the county election commission to hold an election on the question of issuing the bonds or entering into such contract.
(c)
It is not necessary to submit to the voters any questions other than the maximum amount of bonds to be issued and the purpose for the bonds or the nature of the contract and the purpose for the contract, as the case may be.
(d)
It is the duty of the governing body of such municipality to enter upon its minutes the results and returns of such election, and thereafter such entry upon its minutes shall be conclusive evidence of the result of such election, and no suit, action or other proceeding contesting the validity of such election shall thereafter be entertained in any of the courts of the state.
(e)
If such election results unfavorably to the proposition, then no second or other election shall be ordered or held until the governing body shall, by resolution, determine that such election may be held.
(f)
Nothing contained in this section or other laws of the state shall be construed to prohibit or restrict municipalities from contracting with one another according to such terms as such municipalities shall agree are reasonable, necessary and appropriate to implement the purposes and intent of this chapter and other laws of the state pertaining to the collection and disposal of solid waste and the construction, operation and maintenance of energy production facilities.
Acts 1982, ch. 624, § 9; 1987, ch. 250, § 11.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 54 - ENERGY PRODUCTION FACILITIES (§§ 7-54-101 — 7-54-114) › Section 7-54-109 - Supplemental provisions

This chapter shall be in addition and supplemental to any other law providing for energy facilities and shall not be deemed to amend or repeal any other law.
Acts 1975, ch. 204, § 5; T.C.A., §§ 6-1335, 7-54-105; Acts 1982, ch. 624, § 6.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 54 - ENERGY PRODUCTION FACILITIES (§§ 7-54-101 — 7-54-114) › Section 7-54-111 - Solid waste recovery disposal systems - Participation by not-for-profit corporations

Any not-for-profit corporation authorized by the laws of Tennessee to act for the benefit or on behalf of any one (1) or more counties, cities and towns pursuant to this chapter is authorized to participate in applicable approved local, joint or regional solid waste recovery disposal systems pursuant to chapter 58 of this title. When acting pursuant to chapter 58 of this title, such corporation shall have and exercise all authority granted to counties, cities, towns and local governments by the terms and provisions of such chapter.
Acts 1987, ch. 250, § 12.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 54 - ENERGY PRODUCTION FACILITIES (§§ 7-54-101 — 7-54-114) › Section 7-54-112 - Meetings of board - Conflicts of interest

The members of the board of directors of a not-for-profit corporation when acting pursuant to this chapter or chapter 58 of this title are deemed to be within title 12, chapter 4, part 1, relative to conflicts of interest, and the meetings of such board shall be subject to title 8, chapter 44. This section shall not apply to any county with a metropolitan form of government and having a population of four hundred thousand (400,000) or more, according to the 1980 federal census or any subsequent federal census.
Acts 1988, ch. 908, §§ 2, 5.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 54 - ENERGY PRODUCTION FACILITIES (§§ 7-54-101 — 7-54-114) › Section 7-54-113 - Appointment of local directors

(a)
Notwithstanding any other law or charter to the contrary, the board of directors of any not-for-profit corporation acting for the benefit or on behalf of any one (1) or more counties, cities, towns or governmental entities pursuant to this chapter or chapter 58 of this title shall include two (2) directors to be appointed by the respective chief executive officer of any municipality, county, or other local government on whose behalf such corporation is acting. One (1) of such appointees shall be black. This section shall not apply to any county with a metropolitan form of government and having a population of four hundred thousand (400,000) or more, according to the 1980 federal census or any subsequent federal census.
(b)
The persons appointed pursuant to this section shall be confirmed by the appropriate local legislative body.
Acts 1988, ch. 908, §§ 5, 6.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 54 - ENERGY PRODUCTION FACILITIES (§§ 7-54-101 — 7-54-114) › Section 7-54-114 - Director as employee prohibited

No member of the board of directors of a not-for-profit corporation acting for the benefit or on behalf of any one (1) or more of counties, cities, towns, and local governments under this chapter may, during such member's term, be an employee of such corporation.
Acts 1988, ch. 567, § 1.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-101 - Short title

This chapter shall be known and may be cited as the "Industrial Building Bond Act of 1955."
Acts 1955, ch. 209, § 1; T.C.A., § 6-2901.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-102 - Chapter definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Enterprise" means the industrial operation or operations to be carried on in an industrial building;
(2)
"Governing body" includes bodies and boards, by whatsoever names they may be known, charged with the governing of a municipality;
(3)
"Industrial building" means any one (1) or combination of two (2) or more buildings, structures, or facilities to be used as a factory, mill, shop, processing plant, assembly plant, fabricating plant, ship canal, port or port facility, dock or dock facility, harbor facility, and railroads, railway terminals, railway belt lines and switches, to be rented or leased to an industrial concern by the municipality; and
(4)
"Municipality" includes any county, or incorporated city or town of the state.
Acts 1955, ch. 209, § 2; 1957, ch. 269, § 1; T.C.A., § 6-2902.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-103 - Powers of municipality - Restrictions and limitations

In addition to powers that it may otherwise have in its charter or the laws of this state, any municipality has the power under this chapter, subject to the conditions, limitations and restrictions provided in this chapter, to:
(1)
Construct, acquire by gift or purchase, reconstruct, improve, better or extend any industrial building within or without the municipality or partially within or partially without the municipality, but in no event farther than ten (10) miles from the territorial boundaries of such municipality, and acquire by gift or purchase lands or rights in land in connection with the industrial building;
(2)
Issue its bonds to finance in whole or in part the cost of the acquisition, purchase, construction, reconstruction, improvement, betterment or extension of any industrial buildings, including the acquisition of lands or rights in land in connection with the industrial buildings. The governing body of the municipality in determining such cost may include all costs and estimated cost of the issuance of such bonds, all engineering, inspection, fiscal and legal expenses, and interest that it is estimated will accrue during the construction period and for six (6) months thereafter on money borrowed or that it is estimated will be borrowed pursuant to this chapter;
(3)
Rent or lease such industrial buildings to industrial concerns in such manner that rents to be charged for the use of the industrial buildings shall be fixed and revised from time to time, so as to produce income and revenues sufficient to provide for the prompt payment of interest upon all bonds issued under this chapter and create a sinking fund to pay the principal of such bonds when due, and provide for the operation and maintenance of such industrial buildings and for an adequate depreciation account in connection with the industrial buildings;
(4)
Pledge to the punctual payment of bonds authorized under this chapter and interest on the bonds the income and revenues to be received from such industrial buildings, including improvements, betterments, or extensions to the buildings thereafter constructed or acquired, sufficient to pay the bonds and interest as they become due and create and maintain reasonable reserves for the bonds and interest;
(5)
Further make certain the punctual payment of bonds authorized under this chapter, and interest on the bonds, by pledging the full faith and credit of the municipality under the conditions, restrictions and limitations set forth in this chapter; and
(6)
Issue its bonds to refund in whole or in part, bonds theretofore issued by such municipality under authority of this chapter.
Acts 1955, ch. 209, § 4; T.C.A., § 6-2903.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-104 - Construction of industrial buildings - Bonds

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 they 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 with or without premium, may be executed in such manner, may contain such terms, covenants, and conditions, and may be in such form, either coupon or registered, as such resolution or subsequent resolutions may provide. The 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 par, but may be delivered in exchange for bonds to be refunded by the refunding bond. 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 1955, ch. 209, § 5; 1969, ch. 284, § 8; T.C.A., § 6-2904.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-105 - Right of municipality to privileges of chapter - Certificate of public purpose and necessity

(a)
The building finance committee in the industrial development division of the department of economic and community development is charged with the duty of making effective the declared public policy of the state and municipalities as set forth in this chapter, and for that purpose is hereby authorized and empowered to determine whether the public welfare demands, and sound state public policy requires, that any municipality shall have the right to engage in any or all of the rights and privileges enumerated in this chapter. Each municipality within this state has the right to apply to the committee for a certificate of public purpose and necessity from the committee as to whether the general welfare requires that such municipality enter into a given enterprise.
(b)
In determining whether such certificate shall be issued, the committee may hold public hearings or private hearings, make investigations as may be desired, and shall have power to summon witnesses, administer oaths, hear testimony and make a record of all things had and done at such hearing or investigation, and to order issued such certificate of public purpose and necessity as the committee may deem advisable.
Acts 1955, ch. 209, § 7; impl. am. Acts 1963, ch. 169, § 2; impl. am. Acts 1972, ch. 852, § 12; T.C.A., § 6-2905.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-107 - Submission to voters - Election

The governing body of any municipality desiring to enter into the plan authorized in this chapter, after receiving a certificate of public purpose and necessity from the committee, as provided by this chapter, by resolutions spread upon its minutes, shall declare its intention of entering into such plan, and prior to the delivery 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 special 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 shall, by resolution, direct the county election commission to hold an election on the question of issuing the bonds. 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. It is the duty of the governing body of such municipality to enter upon its minutes the results and returns of such election, and, after the delivery of any bonds voted upon at such election and payment for the bonds, such entry upon its minutes shall be conclusive evidence of the result of such election, and no suit, action or other proceeding contesting the validity of such election shall be entertained in any of the courts of the state thereafter. If such election results unfavorably to the proposition, then no second or other election shall be ordered or held until the committee shall determine that such election may be held.
Acts 1955, ch. 209, § 9; 1972, ch. 740, § 4(47); T.C.A., § 6-2907.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-108 - Bond resolution - Contents and covenants - Receivers - Recourse

(a)
Any resolution authorizing the issuance of bonds under this chapter may contain covenants as to the:
(1)
Use and disposition of the rentals from the industrial building for which the bonds are to be issued, including the creation and maintenance of reserves;
(2)
Issuance of other or additional bonds payable from the income and revenues from such industrial building;
(3)
Maintenance and repair of such industrial building;
(4)
Insurance to be carried on the industrial building and the use and disposition of insurance moneys; and
(5)
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 industrial 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)
This chapter and any such resolution or resolutions 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 shall be enforceable by a bondholder by mandamus, or other appropriate suit, action or proceedings in any court of competent jurisdiction.
Acts 1955, ch. 209, § 10; T.C.A., § 6-2908.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-109 - Validity in bond issues - Recital

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 1955, ch. 209, § 11; T.C.A., § 6-2909.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-110 - 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 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 1955, ch. 209, § 12; T.C.A., § 6-2910.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-111 - Securing bonds - Enforcement by bondholders - Tax levy - Restrictions

In order to secure the payment of any of the bonds issued pursuant to this chapter, and interest on the bonds, or in connection with such bonds, any municipality has the power as to such bonds to pledge, in addition to all other revenues and funds provided for in this chapter, the full faith and credit and unlimited taxing power of the municipality to the punctual payment of the principal of and interest on such bonds, subject to this chapter. In the event such pledge of full faith and credit and unlimited taxing power of the municipality is given, any holder or holders of the bonds, including a trustee or trustees for holders of such bonds, shall have the right, in addition to all other rights, by mandamus or other suit, action or proceedings in any court of competent jurisdiction to enforce such holder's or holders' rights against the municipality, and the governing body of the municipality, and any officer, agent or employee of the municipality, including, but not limited to, the right to require the municipality and governing body and any proper officer, agent or employee of the municipality, to assess, levy and collect taxes and other revenues and charges adequate to carry out any agreement as to, or pledge of, such taxes, revenues and charges. The taxes authorized to be pledged in this section shall be levied without limit as to rate or amount upon all taxable property within the municipality, and all such taxes to be levied are hereby declared to have been levied for county and corporation purposes, respectively, within the meaning of Constitution of Tennessee, Article II, § 29.
Acts 1955, ch. 209, § 13; T.C.A., § 6-2911.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-112 - Collection and revision of rent - Separation of funds

The governing body of a municipality issuing bonds pursuant to this chapter shall prescribe and collect rentals for industrial buildings and shall revise such 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, and to provide for all expenses of operation, maintenance, and depreciation charges of such industrial buildings. All funds arising under this chapter shall be kept separately and apart from other funds of the county, city or town, as the case may be.
Acts 1955, ch. 209, § 14; T.C.A., § 6-2912.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-113 - Exemption from taxation

All bonds issued pursuant to this chapter and the income from the bonds shall be exempt from all state, county and municipal taxation, except inheritance, transfer and estate taxes.
Acts 1955, ch. 209, § 15; T.C.A., § 6-2913.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-114 - Bonds as investments

Bonds issued under the authority of this chapter and secured by a pledge of full faith and credit shall be and are hereby declared to be legal and authorized investments for banks, savings banks, trust companies, building and loan associations, insurance companies, fiduciaries, trustees, guardians and for all public funds of the state, including, but not limited to, the sinking funds of cities, towns, villages, counties, school districts, or other political corporations or subdivisions of the state. Such bonds shall be eligible to secure the deposit of any and all public funds of the state and any and all public funds of cities, towns, villages, counties, school districts or other political corporations or subdivisions of the state, and such bonds shall be lawful and sufficient security for such deposits to the extent of their value when accompanied by all unmatured coupons appertaining thereto.
Acts 1955, ch. 209, § 16; T.C.A., § 6-2914.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-115 - Joint exercise of powers

Counties and municipalities may exercise jointly the powers and authorities conferred upon them in this chapter individually.
Acts 1955, ch. 209, § 17; T.C.A., § 6-2915.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 55 - INDUSTRIAL BUILDING BOND ACT OF 1955 (§§ 7-55-101 — 7-55-116) › Section 7-55-116 - Powers supplemental

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 requirement, restrictions, limitations or other provisions contained in any other general, special or local law.
Acts 1955, ch. 209, § 18; T.C.A., § 6-2916.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 56 - TRANSPORTATION SYSTEMS (§§ 7-56-101 — 7-56-213) › Part 1 - GENERAL PROVISIONS (§§ 7-56-101 — 7-56-109) › Section 7-56-101 - Authority of municipality or county - Establishment of management entity - Transit authorities

(a)
Any municipality or county incorporated or existing under the laws of Tennessee, or any combination of any municipality or county incorporated or existing under the laws of Tennessee, intrastate or interstate, has authority to establish, acquire, purchase, construct, extend, improve, maintain, operate or franchise a public transportation system, including the acquisition of any type of vehicles necessary, car barns, terminals, garages, repair shops, buildings, lands, accessory apparatus, rights-of-way and easements, and all other appurtenances necessary, usual or proper to such a public transportation system for hire of passengers in the municipalities, counties, and the metropolitan area of the municipalities and counties, including the right to extend such service beyond county lines in the state, and upon compliance with the laws of other states, into foreign states. Such a system for the transportation of passengers may be under the direct jurisdiction, control and management of such municipality, county, or combination of municipality and county, or any such municipality, county, or combination of municipality and county, is hereby authorized to create a transit authority or other operating or management entity by ordinance or resolution, for the purpose of managing such a public transportation system, and to prescribe the qualifications and eligibility of members of such a transit authority, their terms of office, powers and duties.
(b)
Regardless of any private acts to the contrary, the municipality, county, or combination of municipality and county, may dissolve any existing transit authority under such private act, and establish by ordinance a transit authority as authorized in this part with the right of the legislative body of the municipality or county to approve the budget and set the rates of fare. The municipality, county, or combination of municipality and county, shall have the right pursuant to the approval of the governing body of the municipality, county, or combination of municipality and county, to contract with a private management firm to operate the transit authority, or to employ its own personnel for the purpose of operating the transit authority.
Acts 1970, ch. 515, § 1; 1971, ch. 160, § 5; 1973, ch. 246, § 1; T.C.A., § 6-3801.
2023 Tennessee Code › Title 7 - CONSOLIDATED GOVERNMENTS AND LOCAL GOVERNMENTAL FUNCTIONS AND ENTITIES (§§ 7-1-101 — 7-91-104) › LOCAL GOVERNMENT FUNCTIONS (§§ 7-51-201 — 7-69-116) › Chapter 56 - TRANSPORTATION SYSTEMS (§§ 7-56-101 — 7-56-213) › Part 1 - GENERAL PROVISIONS (§§ 7-56-101 — 7-56-109) › Section 7-56-103 - Federal and state aid - Contracts to operate - Employment of personnel

Any such municipality, county, or combination of municipality and county, or a transit authority created by it, has the right to make any and all agreements with or applications to any person, firm, federal or state agency, municipality, or public or private corporation, relating to the acquisition, construction, maintenance and operation of all or any part of a public transportation system, and contracts for loans, grants or other financial assistance from any state or federal agency. Such municipality, county, or combination of municipality and county, or a transit authority created by it, is expressly granted the right to contract with any person, partnership or corporation, to manage and operate the transit system and to employ the necessary personnel under the direction and supervision of the municipality, county, or combination of municipality and county, or a transit authority created by it. Any such contracts made by the municipality, county, or combination of municipality and county, or a transit authority created by it, shall be entered into and executed in such manner as may be prescribed by the charter of the municipality, or the general laws of the state.
Acts 1970, ch. 515, § 3; T.C.A., § 6-3803.