13-26-105 - Powers of agencies Loan authorization. - Tennessee Statutes

13-26-105. Powers of agencies Loan authorization.

(a)  It is hereby declared that the agencies created pursuant to this chapter shall be a body, politic and corporate, and shall be public and governmental bodies acting as agencies and instrumentalities of the creating and participating counties and cities, and such agencies are declared to be for a public and governmental purpose and a matter of public necessity.

(b)  In order to carry out its overall responsibility for administering a human resource program, a human resource agency is hereby given the authority to own and dispose of property, both real and personal, and to receive and administer funds under this chapter, funds and contributions from private or local public sources which may be used in support of a human resource program, and funds under any federal or state assistance program pursuant to which such an agency organized in accordance with the provisions of this chapter could serve as grantee, contractor, or sponsor of projects appropriate for inclusion in a human resource program.

(c)  With prior approval of the board of directors, a human resource agency may borrow funds when such funds are fully and properly secured by grant funds receivable. Such loans are authorized for short-term emergency cash flow needs only. Such loans shall not constitute an indebtedness of the state, nor shall the interest on such debt be directly or indirectly charged to a state or federal program grant.

(d)  A human resource agency may make contracts and execute instruments containing such covenants, terms, and conditions as, in the judgment of the directors, may be necessary, proper, or advisable for the purposes of obtaining grants, loans, or other financial assistance from any federal, state or local agency for or in the aid of the acquisition or improvement of the facilities of the agency and make all other contracts and execute all other instruments, including, without limitation, licenses, long-term and short-term leases, mortgages, deeds of trust, and other agreements relating to property and facilities under its jurisdiction, and the construction, operation, maintenance, repair and improvement thereof, as in the judgment of the board of directors may be necessary, proper or advisable for the furtherance of the purpose of this part and the full exercise of the powers herein granted. In exercising the powers granted herein, the directors shall abide by all statutes, regulations and procedures to which counties must conform in such matters.

[Acts 1973, ch. 289, § 5; T.C.A., § 13-2105; Acts 1994, ch. 555, § 1; 1995, ch. 22, § 1; 1998, ch. 597, § 1.]