(a) The directors have the following duties and powers and, in exercising such duties and powers shall abide by all statutes, regulations and procedures to which counties must generally adhere in making such transactions:

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Terms Used In Tennessee Code 64-2-306

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • 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
(1) Acquire, construct, purchase, operate, maintain, replace, repair, rebuild, extend and improve within the boundaries of the authority the properties and facilities described in § 64-2-303(a) and to make such properties and facilities available to any firm, person, public or private corporation or to any other shipper, consignee or carrier and to charge for their use and for any and all services performed by the authority;
(2) Accept donations to the authority of cash, lands or other property to be used in the furtherance of the purpose of this part;
(3) Accept grants, loans or other financial assistance from any federal, state, county or municipal agency, or other aid for the acquisition or improvement of any of the facilities of the authority;
(4) Purchase, rent, lease or otherwise acquire any and all kinds of property, real, personal or mixed, tangible or intangible, whether or not subject to mortgages, liens, charges or other encumbrances, for the authority, that, in the judgment of the directors, is necessary or convenient to carry out the purpose of the authority;
(5) Acquire property that is suitable for use by industries requiring access to any railroad track owned, operated or subsidized by the authority;
(6)

(A) Make contracts and execute instruments containing such covenants, terms and conditions as, in the judgment of the directors, may be necessary, proper or advisable for the purpose of obtaining grants, loans or other financial assistance from any federal or state agency for or in the aid of the acquisition or improvement of the facilities provided in this part;
(B) Make all other contracts and execute all other instruments, including, without limitation, licenses, long or short term leases, mortgages and deeds of trust, and other agreements relating to property and facilities under its jurisdiction, and the construction, operation, maintenance, repair and improvement thereof, as in the judgment of the board of directors may be necessary, proper or advisable for the furtherance of the purpose of this part, and the full exercise of the powers granted in this section; and
(C) Carry out and perform the covenants, terms and conditions of all such contracts or instruments;
(7) Establish schedules of tolls, fees, rates, charges and rentals for the use of the properties and facilities under its jurisdiction, and for services that it may render;
(8) Enter upon any lands and premises for the purpose of making surveys, soundings and examination in connection with the acquisition, improvement, operation or maintenance of any of the facilities of the authority;
(9) Promulgate and enforce such rules and regulations as the board of directors may deem proper for the orderly administration of the authority and the efficient operation of its facilities; and
(10) Do all acts and things necessary or deemed necessary or convenient to carry out the powers expressly given in this part. This subdivision (a)(10) shall not be construed to authorize the directors, in doing all things necessary and convenient, to conduct the administrative and business affairs of the authority in a manner inconsistent with the statutes, regulations and procedures governing such matters in county government.
(b) Except as otherwise expressly provided in this part, the directors shall have full and exclusive control of and responsibility for the administration of properties and facilities constructed or acquired pursuant to this part. The authority may lease or license lands or facilities under its jurisdiction for operation by private persons or corporations. This subsection (b) shall not be construed to authorize the directors to exercise such authority in a manner inconsistent with the statutes, regulations and procedures governing such matters in county government.
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