2010 Tennessee Code
Title 13 - Public Planning And Housing
Chapter 16 - Industrial Development
Part 3 - Tennessee Industrial Development Authority
13-16-303 - Powers of authority.

13-16-303. Powers of authority.

The authority has the following powers, together with all powers incidental thereto or necessary for the performance of its duties, to:

     (1)  Have succession by its corporate name, unless sooner dissolved;

     (2)  Sue and be sued and prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties;

     (3)  Have and use a corporate seal and alter the same at pleasure;

     (4)  Acquire, whether by purchase, exchange, gift, lease or otherwise, and improve, maintain, equip and furnish one (1) or more projects, including all real and personal properties which the authority may deem necessary in connection therewith and regardless of whether or not any such projects shall then be in existence;

     (5)  Lease to others one (1) or more projects and charge and collect rent therefor and terminate any such lease upon the failure of the lessee to comply with any of the obligations of such lease; and include in any such lease, if desired, a provision that the lessee thereof shall have options to purchase any or all of its projects or that upon payment of all of the indebtedness of the corporation it may lease or convey any or all of its projects to the lessee thereof with or without consideration;

     (6)  Sell to others one (1) or more projects for such payments and upon such terms and conditions as the authority may deem advisable, in accordance with the provisions of sale contracts entered into pursuant to this part and chapter 2, part 3 of this title;

     (7)  Enter into loan agreements with others with respect to one (1) or more projects for such payments and upon such terms and conditions as the authority may deem advisable, in accordance with the provisions of this part and chapter 2, part 3 of this title;

     (8)  Sell, exchange, donate and convey any or all of its properties whenever the authority shall find any such action to be in furtherance of the purposes for which the authority was organized;

     (9)  Issue its bonds, and otherwise borrow money from banks or other financial institutions by issuing its notes for the purpose of carrying out any of its powers;

     (10)  Borrow money from the state through a loan agreement executed with the state for the purpose of carrying out any of its powers;

     (11)  As security for the payment of the principal of and interest on any bonds or notes so issued and any agreements made in connection therewith, mortgage and pledge any or all of its projects or any part or parts thereof, whether then owned or thereafter acquired, and pledge the revenues and receipts therefrom or from any thereof, and/or assign and pledge all or any part of its interest in and rights under the leases, sale contracts or loan agreements relating thereto or to any thereof;

     (12)  Employ and pay compensation to such employees and agents, including attorneys, as the authority shall deem necessary for its business; and

     (13)  Exercise all powers expressly given by this part and chapter 2, part 3 of this title, and establish bylaws and make all rules and regulations not inconsistent with the provisions of this part, deemed expedient for the management of the authority's affairs.

[Acts 1996, ch. 1056, § 6.]