(a) The responsible public entity may terminate a comprehensive agreement for a qualifying transportation facility:
Terms Used In Tennessee Code 54-6-115
Comprehensive agreement: means the comprehensive agreement between the eligible private entity and the responsible public entity required by §. See Tennessee Code 54-6-102
Contract: A legal written agreement that becomes binding when signed.
Lien: A claim against real or personal property in satisfaction of a debt.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
Private entity: means any natural person, corporation, limited liability company, partnership, joint venture, or other private business entity. See Tennessee Code 54-6-102
Qualifying transportation facility: means one (1) or more transportation facilities developed, redeveloped, or operated by a private entity pursuant to this chapter. See Tennessee Code 54-6-102
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
redevelopment: means the process of replanning, reconstructing, or redesigning a transportation facility, including acquisition, clearance, development, or disposal, or any combination of these activities, of a transportation facility. See Tennessee Code 54-6-102
Responsible public entity: means a public entity that has the power to develop, redevelop, or operate the applicable transportation facility. See Tennessee Code 54-6-102
Transportation facility: means any mass transit system intended for shared passenger transport services to the general public, together with any building, structure, appurtenance, utility, transport support facility, transport vehicles, service vehicles, parking facility, or any other facility, structure, vehicle or property needed to operate the transportation facility or provide connectivity for the transportation facility to any other non-mass transit system transportation infrastructure including, but not limited to, interstates, highways, roads, streets, alleys, and sidewalks. See Tennessee Code 54-6-102
Trustee: A person or institution holding and administering property in trust.
User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
User fees: means the rates, fees, or other charges imposed by the eligible private entity of a qualifying transportation facility for use of all or a portion of the qualifying transportation facility. See Tennessee Code 54-6-102
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(1) If a material default, as defined in the comprehensive agreement, in the performance of the eligible private entity‘s duties under the comprehensive agreement or under the service contract, if any, has occurred and is continuing;(2) If development, redevelopment, or operation of the qualifying transportation facility has not begun by the date established by the responsible public entity as such date has been extended;(3) For failure to provide reasonably adequate service and facilities at reasonable and uniform user fees as provided by this chapter; or(4) For failure to comply with any order of a court of record.(b) Prior to any termination of a comprehensive agreement, the responsible public entity shall give written notice to the eligible private entity and any person providing financing for the qualifying transportation facility, including any trustee or agent for any person providing financing. The eligible private entity and the persons providing financing for the qualifying transportation facility shall be entitled to a reasonable time period to cure the event that could lead to termination of the comprehensive agreement.(c) Upon the termination of the comprehensive agreement, the responsible public entity may exercise any or all of the following remedies:
(1) The responsible public entity may elect to take over the transportation facility and in such case it shall succeed to all of the right, title, and interest in such transportation facility, subject to any liens on revenues previously granted by the eligible private entity to any person providing financing therefor and subject to subsection (d). Any liens on the real estate and tangible property comprising the transportation facility or facilities shall be deemed to be extinguished and shall be released on request if the responsible public entity takes over the qualifying transportation facility pursuant to this subsection (c);(2) Any responsible public entity having the power of condemnation under applicable eminent domain law may exercise such power of condemnation to acquire the qualifying transportation facility. Nothing in this chapter shall be construed to limit the exercise of the power of condemnation by eminent domain by any responsible public entity against a qualifying transportation facility after termination of the comprehensive agreement. Any person that has provided financing for the qualifying transportation facility, and the eligible private entity, to the extent of the person’s capital investment, may be entitled to certain compensation as set forth in the comprehensive agreement; or(3) The responsible public entity may exercise all other rights and remedies which may be available to it at law or in equity.(d) In the event the responsible public entity elects to take over a qualifying transportation facility pursuant to subdivision (c)(1), the responsible public entity may develop, redevelop, or operate the transportation facility, impose user fees for the use of the transportation facility, and comply with any service contracts as if it were the eligible private entity. Any revenues that are subject to a lien shall be collected for the benefit of, and paid to, secured parties, as their interests may appear, to the extent necessary to satisfy the eligible private entity’s obligations to secured parties, including the maintenance of reserves, and such liens shall be correspondingly reduced and, when paid off, released. Before applying such payments to or for the benefit of secured parties, the responsible public entity may use revenues to pay current development, redevelopment, and operation costs of the transportation facility, including compensation to the responsible public entity for its services in operating and maintaining the qualifying transportation facility. Remaining revenues, if any, after all such payments have been made shall be paid to the eligible private entity over the time period that the comprehensive agreement would have been in effect had it not been terminated. The right to receive such payment, if any, shall be considered just compensation for the transportation facility or facilities.(e) The full faith and credit and unlimited taxing power of the responsible public entity shall not be pledged to secure any financing of the eligible private entity by the election to take over the qualifying transportation facility. Assumption of development, redevelopment, or operation of the qualifying transportation facility shall not obligate the responsible public entity to pay any obligation of the eligible private entity from sources other than revenues.
