(a) In addition to powers and authority granted to a corporation under title 7, chapter 53, the authority is authorized and empowered to:

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Terms Used In Tennessee Code 64-6-106

  • Authority: means a regional megasite authority created pursuant to this chapter. See Tennessee Code 64-6-102
  • 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.
  • Megasite: means a site certified as being suitable and available for development for significant economic and industrial investment as provided in §. See Tennessee Code 64-6-102
  • 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
(1) Accept any gifts, or grants, loans of funds or financial or other aid in any form from the federal government or any agency or instrumentality of the federal government or from the state or a municipality, including a participating municipality, or from any other source and to comply, subject to this chapter, with the terms and conditions thereof; and
(2) Provide technical assistance to participating municipalities in planning for the development of the megasite.
(b) The authority is authorized and empowered to issue bonds from time to time. All provisions of title 7, chapter 53, regarding bonds shall apply to the authority and any bonds issued by the authority. Any resolution of the authority authorizing the sale of bonds shall be submitted to the state funding board established by § 9-9-101, and the resolution shall only become effective upon receiving the approval of the state funding board. The state funding board, upon rejecting any resolution of the board authorizing any bond issue, shall state in writing the reasons for this action.
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