(a) The department of finance and administration is authorized to establish such funds, in the state treasury and/or with a trustee, paying agent or other custodian, as may be necessary, convenient or desirable to implement this chapter and to comply with the terms of any resolution or indenture authorizing any bonds.

Terms Used In Tennessee Code 54-3-105

  • Ancillary agreements: means contracts or agreements facilitating the issuance and sale of bonds, including contracts or agreements providing for liquidity and credit enhancement and reimbursement agreements relating to the contracts or agreements providing for liquidity and credit enhancement. See Tennessee Code 54-3-103
  • board: means the board established in this chapter. See Tennessee Code 54-3-103
  • Bonds: means bonds, notes, renewal notes, refunding bonds, interim certificates, certificates of indebtedness, debentures, warrants, commercial paper, or other obligations or other evidence of indebtedness or evidence of borrowed money issued or entered into by or on behalf of the department to finance user fee facility projects. See Tennessee Code 54-3-103
  • Commissioner: means the commissioner of transportation. See Tennessee Code 54-3-103
  • Department: means the department of transportation. See Tennessee Code 54-3-103
  • development: means a portion of the process of bringing a user fee facility project to completion, including, but not limited to, planning, feasibility analysis, environmental evaluation, preliminary engineering, design, acquisition of rights-of-way, relocation of utilities, permitting, environmental mitigation, contracting, funding, and construction. See Tennessee Code 54-3-103
  • Facility: means a highway, bridge, tunnel, parking lot or garage, or other paved surface or structure that is designed to carry or contain land transportation vehicles, or another transportation-related facility. See Tennessee Code 54-3-103
  • fund: means each separate fund established in this chapter, or all such funds, as the context may require, and includes accounts and subaccounts in the fund or funds. See Tennessee Code 54-3-103
  • Hedging agreements: means interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings, or both, and other interest rate hedging agreements relating to bonds. See Tennessee Code 54-3-103
  • Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
  • operation: means activity associated with the management, operation, and maintenance of a completed user fee project, including, but not limited to, collecting user fees. See Tennessee Code 54-3-103
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • State funding board: means the state funding board established in §. See Tennessee Code 54-3-103
  • Trustee: A person or institution holding and administering property in trust.
  • User fee: means a fee or charge for the use of a user fee facility. See Tennessee Code 54-3-103
  • User fee facility: means a facility where the development or operation of the facility is wholly or partially funded with user fees. See Tennessee Code 54-3-103
  • User fee facility project: means a capital project involving the development or operation of a user fee facility. See Tennessee Code 54-3-103
(b) The following shall be credited to the state user fee fund as established in accordance with this section:

(1) All user fee revenues received by the department;
(2) Any revenues or funds that the general assembly may appropriate to the state user fee fund;
(3) Any proceeds of bonds or other indebtedness incurred by the state to finance costs associated with the development of user fee facility projects;
(4) Any funds the department may receive from the federal government or any other government agency or private entity that by grant, donation, loan, or otherwise is permitted to be deposited in the state user fee fund for the purposes of the state user fee fund; and
(5) Any interest earnings on deposits of or investments made from any funds held in the state user fee fund, unless otherwise permitted or required by a resolution or indenture authorizing bonds.
(c) At the request of the commissioner, as approved by the board, the state funding board may pledge, encumber, transfer, or otherwise obligate funds held in the state user fee fund as security for bonds, hedging agreements, ancillary agreements or other indebtedness incurred by the state on behalf of the department for the purpose of developing and operating a user fee facility, subject to any resolutions or indentures authorizing bonds or other evidences of indebtedness.
(d) The state user fee fund may be used for the following purposes:

(1) To defray costs associated with the development and operation of user fee facilities authorized under this chapter;
(2) To pay the principal, interest and any premium due with respect to any bonds issued or other indebtedness incurred by the state for any user fee facility project, and to pay any costs incurred by the department or state funding board in connection with the issuance and payment of the bonds or other indebtedness;
(3) To pledge as security for bonds, hedging agreements, ancillary agreements or other indebtedness incurred by the state on behalf of the department for the purpose of developing and operating a user fee facility; and
(4) Any other manner that the state highway fund may be lawfully used.
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