(a) The authority has the following powers:

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Terms Used In Tennessee Code 64-10-106

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Devise: To gift property by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • 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
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) Perpetual succession in corporate name;
(2) Sue and be sued in its name;
(3) Adopt, use and alter a corporate seal, which shall be judicially noticed;
(4) Enter into such contracts and cooperative agreements with the federal, state and local governments, with agencies of such governments, with private individuals, corporations, associations and other organizations as the board may deem necessary or convenient to enable it to carry out the purposes of this part;
(5) Adopt, amend and repeal bylaws;
(6) Appoint such managers, officers, employees, attorneys and agents as the board deems necessary for the transaction of its business, fix their compensation, define their duties and require bonds of such of them as the board may determine. The salaries of any such employees may be paid out of such funds as may be available to the authority;
(7) Accept the transfer of grants, funds, assets and liabilities of the East Tennessee agribusiness authority upon the termination of the interlocal government cooperative agreement establishing such authority, in accordance with § 64-10-117; and
(8) Enter into lease purchase agreements with private individuals, corporations, associations, and other organizations currently leasing property from the authority or wishing to establish a location on authority property. Any lease purchase agreement entered into under this subdivision (a)(8) must be approved by a two-thirds (2/3) majority vote of the board.
(b) The board shall:

(1) Approve an annual budget for the authority;
(2) Adopt a purchasing policy and a personnel policy consistent with state and federal law; and
(3) Adopt policies and procedures for fiscal control and accounting.
(c) Without limiting the foregoing, the authority shall have the following powers with respect to a system:

(1) To plan, establish, acquire, whether by purchase, exchange, gift, devise, lease, the exercise of the power of eminent domain or otherwise, and to construct, equip, furnish, improve, repair, extend, maintain and operate one (1) or more systems within the region, including all real and personal property, facilities and appurtenances that the board of directors of the authority deems necessary in connection therewith and regardless of whether or not such system shall then be in existence;
(2) To enter into agreements with any county, city or utility district for the orderly transfer of any part of the system of such county, city or utility district and, to the extent permitted by law and contract, to assume, to reimburse or to otherwise agree to pay outstanding obligations or liability of such county, city or utility district incurred to acquire, extend or equip the system;
(3) To enter into agreements with any county, city or utility district to acquire by lease, gift, purchase or otherwise any system or property related to the system, of any county, city or utility district and operate such system separately or as a part of its system or enter into agreements with any county, city or utility district providing for the operation by the authority of a system, or any portion of the system, owned by any county, city or utility district;
(4) To acquire, whether by purchase, exchange, gift, devise, lease, the exercise of the power of eminent domain, or otherwise, any and all types of property, franchises, assets and liabilities, whether real, personal or mixed, tangible or intangible, and whether or not subject to mortgages, liens, charges or other encumbrances and to hold, sell, lease, exchange, donate or convey its property, facilities or services for the purpose of continuing operation of any system by the authority;
(5) To collect and provide treatment for wastewater from, with or to any county, city, utility district, or other governmental unit of the state, or any agency thereof, or the United States, or any agency thereof, and to enter into contracts, agreements or other arrangements with any county, city, utility district, or other persons in connection therewith; provided, however, that the authority shall not enter into any agreement to collect or provide treatment for wastewater from any private person except with the prior consent of any county, city, utility district, or other governmental entity that is authorized to provide wastewater treatment services to such private person;
(6) To make and enter into all contracts, trust instruments, agreements and other instruments with any county, city or utility district, the state, or agency thereof, the United States, or any agency thereof, or any person, including, without limitation, bonds, notes, loan agreements with the Tennessee local development authority or the Tennessee department of environment and conservation and other forms of indebtedness as if the authority were a local government as such term is defined in applicable statutes governing grants and loans, to construct, equip or extend the system and to enter into contracts for the management and operation of a system or any facilities or service of the authority for the treatment, processing, collection, distribution, storage, transfer or disposal of wastewater;
(7) To incur debts, to borrow money, to issue bonds and to provide for the rights of the holders of such debts, notes, and bonds as provided in this part;
(8) To apply for, accept and pledge donations, contributions, loans, guarantees, financial assistance, capital grants or gifts from any county, city or utility district, the state, or any agency thereof, the United States, or any agency thereof, or any person, whether public or private, for, or in aid of, the purposes of the authority and to enter into agreements in connection with such donations, contributions, loans, guarantees, financial assistance, capital grants or gifts;
(9) To pledge all or any part of the revenues, receipts, donations, contributions, loans, guarantees, financial assistance, capital grants or gifts of the authority, to mortgage and pledge one (1) or more of its systems, or any part or parts thereof, whether owned at the time the pledge is entered into, or acquired after the pledge is entered into, and to assign and pledge all or any part of its interest in and rights under contracts and other instruments relating thereto as security for the payment of the principal, premium, if any and interest on bonds, notes or other obligations issued by the authority with respect to a system;
(10) To have control of its systems, facilities and services with the right and duty to establish and charge rates, fees, rental, tolls, deposits and other charges for the use of the facilities and services of the authority and to collect revenues and receipts therefrom, not inconsistent with the rights of holders of its bonds, notes or other obligations;
(11) To enter onto any lands, waters and premises for the purposes of making surveys, soundings and examinations in and for the furtherance of the powers of the authority under this subsection (c);
(12) To use any right-of-way, easement or other similar property right necessary or convenient in connection with a system held by the state or any political subdivision thereof; provided, that the state or the governing body of such political subdivision consents to such use;
(13) To employ and pay compensation to such agents, including attorneys, accountants, engineers, architects and financial advisors, as the board deems necessary for the business of the authority;
(14) To employ and pay compensation to such employees, including a general manager, who shall have such authority, duties and responsibilities as the board deems necessary; and
(15) To procure and enter into contracts for any type of insurance or indemnity against loss or damage to property from any cause, including loss of use and occupancy, against death or injury of any act of any member, officer or employee of the authority in the performance of the duties of the office or employment or any other insurance risk, including the payment of its bonds, notes or other obligations, as the board deems necessary.
(d) The board may do all other things that are necessary or appropriate for carrying out the purposes of this part that are not prohibited to it by law or this part.
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