(a) The agency is authorized and empowered to issue its bonds from time to time in an amount not to exceed a total of two million dollars ($2,000,000) outstanding at any time for the purpose of paying in whole or in part the cost of acquiring lands or interests in land and of constructing facilities and improvements on the land as authorized in this part.
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Terms Used In Tennessee Code 64-1-507

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) The agency is authorized to secure such bonds by a pledge of all or any of the revenues that may come to the agency from any source, by a mortgage or deed of trust of the agency’s land or any part thereof, including improvements thereon, or by a combination of the two (2).
(c) The agency is also authorized to enter into such contracts and to make such covenants in the issuance of its bonds as may be necessary to assure the marketability of the bonds.
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