68-11-607 - Resolution of governing body on details of bonds to be issued. - Tennessee Statutes

68-11-607. Resolution of governing body on details of bonds to be issued.

(a)  After the adoption of the initial resolution provided for in § 68-11-606, but not necessarily subsequent to the election on the special question of issuance of bonds, the governing body shall adopt a bond resolution providing the details of the bonds to be issued. Any resolution may contain covenants as to:

     (1)  The use and disposition of the rentals from the medical arts building for which the bonds are to be issued, including the creation and maintenance of reserves;

     (2)  The issuance of other or additional bonds payable from the income and revenues from the medical arts building;

     (3)  The maintenance and repair of the medical arts building;

     (4)  The insurance to be carried on the medical arts building and the use and disposition of insurance moneys; and

     (5)  The terms and conditions upon which the holders of the bonds, or any portion of the bonds or any trustees for the bonds, are entitled to the appointment of a receiver by the chancery court, which court shall have jurisdiction in such proceedings.

(b)  The receiver may enter and take possession of the medical arts building and lease and maintain it, prescribe rentals and collect, receive and apply all income and revenues thereafter arising from the medical arts building, in the same manner and to the same extent as the municipality itself might do.

(c)  The provisions of this part and any such resolution or resolutions shall be a contract with the holder or holders of the bonds and shall continue in effect until the principal of and the interest on the bonds so issued have been fully paid, and the duties of the county or municipality and its governing body and officers under this part, and any bond resolution or resolutions shall be enforceable by a bondholder by mandamus, or other appropriate suit, action or proceedings in any court of competent jurisdiction.

[Acts 1974, ch. 601, § 7; T.C.A., § 53-5907.]