64-1-507 - Issuance of bonds Securing of bonds. - Tennessee Statutes

64-1-507. Issuance of bonds Securing of bonds.

(a)  The agency is authorized and empowered to issue its bonds from time to time in an amount not to exceed a total of two million dollars ($2,000,000) outstanding at any time for the purpose of paying in whole or in part the cost of acquiring lands or interests in land and of constructing facilities and improvements on the land as authorized in the provisions of this part.

(b)  The agency is authorized to secure such bonds by a pledge of all or any of the revenues that may come to the agency from any source, by a mortgage or deed of trust of the agency's land or any part thereof, including improvements thereon, or by a combination of the two (2).

(c)  The agency is also authorized to enter into such contracts and to make such covenants in the issuance of its bonds as may be necessary to assure the marketability of the bonds.

[Acts 1968, ch. 460, § 7; T.C.A., § 66-1-507.]