65-23-119 - Security for bonds. - Tennessee Statutes

65-23-119. Security for bonds.

In connection with the issuance of bonds or in order to secure the payment of its bonds, the authority incorporated under this chapter has the power to:

     (1)  Pledge all or any part of its revenues;

     (2)  Vest in a trustee or trustees the right to enforce any covenant made to secure, to pay, or in relation to its bonds, provide for the powers and duties of such trustee or trustees, limit the liabilities thereof, and provide the terms and conditions upon which the trustee or trustees or the holders of bonds or any amount or proportion of them may enforce any such covenant; and

     (3)  Make such covenants and do any and all such acts and things as may be necessary or convenient or desirable in order to secure its bonds or which, in the absolute discretion of the board, tend to make the bonds more marketable, notwithstanding that such covenants, acts and things may restrict or interfere with the exercise of the powers granted by this part; it being the intention hereof to give the authority power to do all things in the issuance of bonds, and for their security, that a private business corporation can do under the general laws of the state.

[Acts 1935 (E.S.), ch. 3, § 19; C. Supp. 1950, § 3708.43 (Williams, § 3708.44); T.C.A. (orig. ed.), § 65-2319.]