68-11-604 - Powers of county or municipality. - Tennessee Statutes

68-11-604. Powers of county or municipality.

In addition to powers that it may otherwise have in its charter or the laws of this state, any county or municipality is empowered under this part, subject to the conditions, limitations and restrictions provided in this part, to:

     (1)  Construct, acquire by gift or purchase, reconstruct, improve, better or extend, and equip any medical arts building within the county or municipality, and acquire by gift or purchase lands or rights in land in connection with the medical arts building;

     (2)  Issue bonds to finance, in whole or in part, the cost of the acquisition, purchase, construction, reconstruction, improvement, betterment or extension, and equipping of medical arts buildings, including the acquisition of lands or rights in land in connection with the medical arts building. The governing body of the county or municipality, in determining the cost, may include all costs and estimated cost of the issuance of the bonds, all engineering, inspection, fiscal and legal expenses, and interest that it is estimated will accrue during the construction period and for six (6) months thereafter on money borrowed or that it is estimated will be borrowed pursuant to this part;

     (3)  Rent or lease all or a portion of the medical arts buildings to individual physicians or dentists licensed to practice in this state, professional partnerships or professional corporations, in such manner that rents to be charged for the use of the medical arts buildings shall be fixed and revised from time to time so as to produce income and revenues sufficient to provide for the prompt payment of interest upon all bonds issued under this part, and to create a sinking fund to pay the principal of the bonds when due, and to provide for the operation and maintenance of the medical arts buildings, and for an adequate depreciation account, if desired, in connection with the medical building;

     (4)  Pledge to the punctual payment of bonds authorized under this part and interest on the bonds the income and revenues to be received from such medical arts buildings, including improvements, betterments or extensions to the medical arts building, sufficient to pay the bonds and interest as the bonds and interest shall become due and to create and maintain reasonable reserves for the bonds and interest;

     (5)  Make certain the punctual payment of bonds authorized under this part, and interest on the bonds, by pledging the full faith and credit of the county or municipality under the conditions, restrictions and limitations set forth in this part; and

     (6)  Issue its bonds to refund in whole or in part, bonds theretofore issued by the county or municipality under authority of this part.

[Acts 1974, ch. 601, § 4; T.C.A., § 53-5904.]