(a) If the legislative body of each of two (2) or more contiguous counties by resolution declares that there is a need for one (1) housing authority to be created for all such counties to exercise in such counties powers and other functions prescribed for a regional housing authority, a public body corporate and politic to be known as a regional housing authority shall, after the commissioners thereof file an application with the secretary of state as hereinafter provided, exist for all of such counties and exercise its powers and other functions in such counties; and thereupon, any county housing authority created for any of such counties shall cease to exist except for the purpose of winding up its affairs and executing a deed to the regional housing authority as hereinafter provided; provided, that the legislative body of a county shall not adopt a resolution as aforementioned if there is a county housing authority created for such county which has any bonds or notes outstanding, unless:

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Terms Used In Tennessee Code 13-20-502

  • Bonds: means any bonds, interim certificates, notes, debentures, or other obligations of the authority issued pursuant to this chapter. See Tennessee Code 13-20-102
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • housing authority: means a public body and a body corporate and politic organized in accordance with this chapter for the purposes, with the powers, and subject to the restrictions, hereinafter set forth. See Tennessee Code 13-20-102
  • Persons of low income: means persons or families who lack the amount of income which is necessary, as determined by the authority undertaking the housing project, to enable them, without financial assistance, to live in decent, safe, and sanitary dwellings, without overcrowding. See Tennessee Code 13-20-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: means the state of Tennessee. See Tennessee Code 13-20-102
(1) First, all holders of such bonds and notes consent in writing to the substitution of such regional housing authority in lieu of such county housing authority on all such bonds and notes; and
(2) Second, the commissioners of such county housing authority adopt a resolution consenting to the transfer of all the rights, contracts, obligations, and property, real and personal, of such county housing authority, to such regional housing authority as hereinafter provided;

and provided further, that when there is compliance with the above two (2) conditions and such regional housing authority is created and authorized to exercise its powers and other functions, all rights, contracts, agreements, obligations and property, real and personal, of such county housing authority, shall be in the name of and vest in such regional housing authority, and all obligations of such county housing authority shall be the obligations of such regional housing authority, and all rights and remedies of any person against such county housing authority may be asserted, enforced, and prosecuted against such regional housing authority to the same extent as they might have been asserted, enforced, and prosecuted against such county housing authority.

(b) When any real property of a county housing authority vests in a regional housing authority as provided above, the county housing authority shall execute a deed of such property to the regional housing authority which thereupon shall file such deed in the office provided for the filing of deeds; provided, that nothing contained in this sentence shall affect the vesting of property in the regional housing authority as provided above.
(c) The legislative body of each of two (2) or more contiguous counties shall by resolution declare that there is a need for one (1) regional housing authority to be created for all of such counties to exercise in such counties powers and other functions prescribed for a regional housing authority, only if such county legislative body finds that:

(1) Unsanitary or unsafe inhabited dwelling accommodations exist in such county or there is a shortage of safe or sanitary dwelling accommodations in such county available to persons of low income at rentals they can afford; and
(2) A regional housing authority would be a more efficient or economical administrative unit than a housing authority of such county.
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