(a) The board is authorized to:

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Terms Used In Tennessee Code 11-8-105

  • Agriculture: means :
    (i) The land, buildings and machinery used in the commercial production of farm products and nursery stock. See Tennessee Code 1-3-105
  • Board: means the Ocoee River recreation and economic development fund board created pursuant to §. See Tennessee Code 11-8-102
  • Department: means the department of environment and conservation. See Tennessee Code 11-8-102
  • Development fund: means the Ocoee River recreation and economic development fund. See Tennessee Code 11-8-102
  • Nonprofit organization: means an entity that is exempt from federal income taxation pursuant to §. See Tennessee Code 11-8-102
  • Ocoee River management zone: means the area of land managed by the department in accordance with agreements with the Tennessee Valley authority and U. See Tennessee Code 11-8-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) Apply for and receive grants and matching funds to carry out the purposes of this chapter;
(2) Request and receive gifts, contributions, bequests, and donations from public and private sources to effectuate its purpose. Any such funds received shall be deposited into the development fund; provided, that, if any such gifts, contributions, bequests, and donations are not in the form of funds, any income, rents, or proceeds generated from the items received shall be deposited into the development fund;
(3) Create or establish a nonprofit organization, which shall also be eligible to request and receive gifts, contributions, bequests, donations, and grants from any legal and appropriate source to effectuate the development fund’s purpose;
(4) Enter into contracts and cooperative agreements with state, federal, and local governments, with private individuals and corporations, and with associations and organizations, as the board may deem necessary to carry out the purposes of this chapter;
(5) Adopt policies and guidelines for the use of the development fund;
(6) Make such studies and recommendations to the department concerning the Ocoee River management zone; and
(7) Take any other necessary actions to carry out this chapter.
(b) The board shall meet not less than twice a year.
(c) The board shall adopt bylaws. The board chairperson and other officers shall be selected as provided in the bylaws.
(d) The board shall adopt and implement a policy related to conflicts of interest, to ensure that all board members avoid any situation that creates an actual or perceived conflict of interest related to the work of the development fund board.
(e) The board shall submit an annual report to the governor, speaker of the house of representatives, speaker of the senate, the chair of the energy, agriculture and natural resources committee of the senate, and the chair of the agriculture and natural resources committee of the house of representatives by June 30 of each year. The report shall include detailed information on the operation and financial status of the development fund and any nonprofit entity created pursuant to subdivision (a)(3).
(f) Any nonprofit entity created pursuant to subdivision (a)(3) shall be subject to an annual audit by the comptroller of the treasury, and the entity shall bear the full costs of the audit.
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