2010 Tennessee Code
Title 49 - Education
Chapter 3 - Finances
Part 12 - Tennessee State School Bond Authority Act
49-3-1205 - Powers and duties generally.

49-3-1205. Powers and duties generally.

Except as otherwise limited by this part, the authority has the power to:

     (1)  Sue and be sued;

     (2)  Have a seal and alter the seal at pleasure;

     (3)  Make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this part;

     (4)  Subject to agreements with bondholders or noteholders, make rules and regulations governing the conduct of its meetings and the use and application of its moneys and properties;

     (5)  Borrow money and issue negotiable bonds, notes or other obligations and to provide for the rights of the holders of the bonds, notes and other obligations;

     (6)  Invest any funds held in reserve or sinking funds, or any moneys not required for immediate use or disbursement at the discretion of the authority, in obligations of the state or the United States government or obligations the principal and interest of which are guaranteed by the state or the United States government, obligations of the United States or its agencies under flexible repurchase agreements that are fully collateralized by obligations of the United States or obligations the timely payment of the principal of and interest on that are guaranteed by the United States, the state investment pool as provided in § 9-4-603 and any other investment authorized by the state investment policy adopted by the state funding board pursuant to § 9-4-602;

     (7)  Upon request of a board, finance projects for the institution or institutions governed by the board; upon request by a local government, to finance school credit bond projects; and, upon request of the Tennessee student assistance corporation, to finance projects for the corporation undertaken pursuant to chapter 4 of this title. In connection with projects undertaken pursuant to chapter 4 of this title, the corporation shall be required to present evidence acceptable to the authority, which acceptance shall be conclusive, that adequate funds for these projects are unavailable from private financial institutions;

     (8)  Make and collect such fees and charges, including, but not limited to, reimbursement of all costs of financing by the authority as the authority determines to be reasonable and required;

     (9)  Accept any gifts or grants or loans of funds or financial or other aid in any form from the federal government or any agency or instrumentality of the federal government, from the state or from any other source and to comply, subject to this part, with the terms and conditions thereof;

     (10)  Engage the services of attorneys and consultants on a fee or contract basis for the rendering of professional and technical assistance and advice;

     (11)  Approve or disapprove actions taken under this chapter and chapters 4 and 7-9 of this title by the Tennessee student assistance corporation, the board of regents of the state university and community college system, the energy institute of the University of Tennessee space institute, the board of trustees of the University of Tennessee, or any institution under the jurisdiction of either board with respect to the borrowing of money for any purpose, whether by the issuance of bonds or notes or by any other method;

     (12)  When entering into any contracts or agreements authorized under this chapter, including contracts or agreements providing for liquidity and credit enhancement and reimbursement agreements relating thereto, interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings or both, other interest rate hedging agreements evidencing a transaction bearing a reasonable relationship to this state and also to another state or nation, agree in the written contract or agreement that the rights and remedies of the parties to the contract or agreement shall be governed by the laws of this state or the laws of such other state or nation; provided, that jurisdiction over the authority against which an action on such a contract or agreement is brought shall lie solely in a court located in this state that would otherwise have jurisdiction of actions brought in contract against the authority; and

     (13)  Do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this part.

[Acts 1965, ch. 256, § 4; 1979, ch. 116, § 10; 1980, ch. 711, §§ 1, 4, 5; 1983, ch. 338, § 2; T.C.A., § 49-3515; Acts 1999, ch. 429, §§ 2-4, 10; 2009, ch. 601, § 2.]