(a)

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Terms Used In Tennessee Code 49-3-1105

  • 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
  • Dependent: A person dependent for support upon another.
  • 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
  • To acquire: includes to purchase, erect, build, construct, reconstruct, repair, replace, extend, better, equip, develop or improve a project. See Tennessee Code 49-3-1102
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(1) Bonds issued under this part shall be authorized by resolution of the board.
(2) These bonds shall bear interest at such rate or rates, payable semiannually, may be issued in one (1) or more series, may bear such date or dates, may be in such denomination or denominations, may mature at such time or times, not exceeding fifty (50) years from their respective dates, may be in such form, either coupon or registered, may carry such registration privileges, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be subject to such terms of redemption, with or without premium, may contain such terms, covenants and conditions, and may be declared or become due before the maturity date of the bonds, as such resolution or other resolutions may provide.
(3) The bonds may be sold at public or private sale at not less than par.
(4) Pending the preparation of the definitive bonds, interim receipts or certificates, in such form and with such provisions as the board may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this part.
(5) These bonds and interim receipts and certificates shall be fully negotiable within the meaning and for all the purposes of the Uniform Commercial Code, compiled in title 47, chapters 1-9.
(b)

(1) The bonds bearing the signature of officers in office on the date of the signing of the bonds shall be valid and binding obligations, notwithstanding that before the delivery of the bonds and payment for the bonds any or all of the persons whose signatures appear on the bonds have ceased to be officers of the board.
(2) The validity of the bonds shall not be dependent on nor affected by the validity or regularity of any proceedings to acquire the project financed by the bonds or taken in connection with the bonds.
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