The board has the power and is authorized to:

(1) Acquire by purchase, gift or the exercise of the right to eminent domain and hold real or personal property or rights or interests in real or personal property and water rights;
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Terms Used In Tennessee Code 49-3-1104

  • Board: means both the board of trustees of the University of Tennessee and the state board of education, or either of them. See Tennessee Code 49-3-1102
  • Bonds: means any bonds of the board issued pursuant to this part. See Tennessee Code 49-3-1102
  • Contract: A legal written agreement that becomes binding when signed.
  • Federal agency: means the United States, the president of the United States, the administrator of general services or such other agency or agencies as may be designated or created to make loans or grants or both pursuant to the recovery act or any further acts. See Tennessee Code 49-3-1102
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
  • Project: means and includes buildings, structures, improvements and equipment of every kind, nature and description that may be required by or convenient for the purpose of an institution, including, without limiting the generality of the foregoing, administration, dining, exhibition, lecture, recreational and teaching halls, or parts of or additions to them. See Tennessee Code 49-3-1102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Recovery act: means all acts or resolutions of the congress of the United States to encourage public works, to provide relief, work relief, or to increase employment by providing for useful projects and providing for the making of loans or grants or both. See Tennessee Code 49-3-1102
  • 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) Make contracts and execute all instruments necessary or convenient to effectuate the purposes of this part;
(3) Acquire by contract or contracts or by its own agents and employees, or otherwise than by contract, any project or projects, and operate and maintain the projects;
(4) Accept grants of money or materials or property of any kind from a federal agency, upon such terms and conditions as such federal agency may impose;
(5) With prior approval of the state school bond authority, borrow money and issue bonds and provide for the payment of the bonds and for the rights of the holders of the bonds as provided in this part; and
(6) Perform all acts and do all things necessary or convenient to carry out the powers granted in this part, obtain loans, with prior approval of the state school bond authority, or grants or both from any federal agency, and accomplish the purposes of this part and secure the benefits of the recovery act.
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