(a) Any county, city or utility district may take all actions under this part by resolution of its governing body. Any county, city or utility district shall have all powers necessary in order to further the purposes of this part, including, without limitation, the power to sell, lease, dedicate, donate or otherwise convey to the authority any of its interest in any existing wastewater system, franchises, assets, liabilities or other related property, whether real or personal, or mixed, tangible or intangible, and whether or not subject to mortgages, liens, charges or other encumbrances, or grant easements, license or other rights or privileges therein to the authority and to contract with the authority.
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Terms Used In Tennessee Code 64-10-120

  • 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.
  • 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.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(b) Any county, city or utility district may enter into agreements with the authority for the orderly transfer of all or any part of its system and to enter into agreement for the authority to assume, to pay or to refund bonds, notes or other obligations issued by a county, city or utility district entered into by the county, city or utility district to acquire, construct or equip all or any part of a system.
(c) Any county, city or utility district is authorized to advance, donate or lend money to the authority and to provide that funds available to it for a system shall be paid to the authority.
(d) Any county, city or utility district shall have the same right to enter into any agreement with the authority that the wastewater board deems necessary to carry out the purposes of this part as a county, city or utility district has to enter into similar agreements with wastewater treatment authorities as provided by title 68, chapter 221, part 6.
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