7-89-115 - Powers of municipalities to aid or assist authorities. - Tennessee Statutes

7-89-115. Powers of municipalities to aid or assist authorities.

(a)  Any municipality is authorized to aid or otherwise provide assistance to an authority created pursuant to this chapter by the municipality, including entering into leases or lease-purchase agreements of projects, or parts of projects with an authority, for such term or terms and upon such conditions as may be determined by resolution of the governing body of the municipality, or granting, contributing or pledging revenues of the municipality to or for the benefit of the authority derived from any source, notwithstanding and without regard to the restrictions, prohibitions or requirements of any other law, whether public or private.

(b)  Notwithstanding any provision of this chapter to the contrary, revenues of the municipality derived from ad valorem property taxes shall not be granted, contributed or pledged by the municipality in payment of or as collateral for any bonds of the authority.

(c)  The governing body of any municipality, by resolution, may designate the authority to be the recipient of funds of the state or the municipality, which funds are allocated or directed for use in connection with the construction, improvement, financing or operation of convention center facilities. The municipality may take such actions as may be necessary to cause any such funds to be paid to the authority, and the municipality and the authority may enter into any and all agreements as may be necessary to provide for the payment of the authority's bonds out of such funds, as described in § 7-89-112(g). Without limiting this subsection (c), the governing body of any municipality may, by resolution, designate an authority as a public authority for purposes of chapter 88 of this title, and any project undertaken pursuant to this chapter shall, for purposes of chapter 88 of this title, be deemed to be a project meeting the requirements of title 9, chapter 21.

(d)  The governing body of any municipality, by resolution, may cause any departments, instrumentalities or organizations formed by the municipality to be joined with and into the authority, and may take such steps as may be necessary to cause the assets, liabilities and operations of any such organizations to be transferred to the authority.

[Acts 2009, ch. 474, § 1.]