In order to provide park facilities for the department and to enable the construction and financing thereof on lands owned by the state or by an industrial development corporation which has been created under title 7, chapter 53, but for no other purpose unless authorized by law, the commissioner, with the approval of the state building commission, in the name of the state of Tennessee, has the following powers and duties:

(1) Without limitation by reason of any other law, the power to sell and convey title to an industrial development corporation any land and any existing buildings or facilities thereon owned by the department for such consideration upon such terms and conditions as in the judgment of the commissioner and the state building commission are in the best interest of the state;
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Terms Used In Tennessee Code 11-1-112

  • 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.
  • 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
  • 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
(2) Without limitation by reason of any other law, the power to lease to an industrial development corporation for a term or terms, not exceeding fifty (50) years each, any land and existing buildings or facilities thereon owned by the department upon such terms and conditions as in the judgment of the commissioner and the state building commission are in the best interest of the state;
(3) The power to lease or purchase from an industrial development corporation and to make available for public use any park facility erected upon land conveyed or leased to an industrial development corporation or upon any of the land owned by an industrial development corporation upon such terms, conditions and rentals or deferred payment obligations as in the judgment of the commissioner and the state building commission are in the best interest of the state;
(4) The power to pledge and assign all or any part of the revenues derived from the operation of such park facility as security for the payment of the rentals or deferred payment obligations due and to become due under any lease or purchase under subdivision (3), and to covenant in any such lease or purchase agreement with respect to future pledges or assignments of such revenues; and
(5) The power to covenant and agree in any lease or purchase made under subdivision (3) to:

(A) Impose fees, rentals or other charges for the use or occupancy or other operation of such park facility in an amount calculated to produce revenues sufficient to pay the rentals or obligations due and to become due under such lease or purchase; and
(B) Properly account for, secure, and disburse such fees, rentals and charges.
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