Tennessee Code 4-31-1206 – Part supplemental to other law – Debt limit not applicable – Adequate security – Pledge valid and binding – Misuse of loan
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Terms Used In Tennessee Code 4-31-1206
- Authority: means the Tennessee local development authority, a public agency and instrumentality of the state, created by this chapter, or if such authority shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the authority shall be given by law. See Tennessee Code 4-31-102
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Loan: means an obligation subject to repayment that is provided by the fund to a qualified borrower for all or part of the eligible costs of a qualified project. See Tennessee Code 4-31-1202
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Qualified borrower: means any governmental unit authorized to construct, operate, or own a qualified project. See Tennessee Code 4-31-1202
- Security: means that which is determined by the authority to be acceptable to secure a loan to a qualified borrower under this part and includes, but is not limited to, project revenues, ad valorem taxes, state-shared taxes, letters of credit and bond insurance. See Tennessee Code 4-31-1202
- State: means the state of Tennessee. See Tennessee Code 4-31-102
- State-shared taxes: means taxes imposed and collected by the state pursuant to law and allocated by law to local government units, whether allocated for a particular purpose or for the general use of such local government units. See Tennessee Code 4-31-102
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.