(a) In addition to the powers otherwise granted by law, the authority has the power and is authorized to issue and sell bonds and notes, the proceeds of which may be used to make loans to any grantee for the construction or the refinancing of the construction of a facility pursuant to a loan agreement between the grantee, the department and the authority.

Terms Used In Tennessee Code 4-31-704

  • Authority: means the Tennessee local development authority, a public agency and instrumentality of the state, created by this chapter, or if such authority shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the authority shall be given by law. See Tennessee Code 4-31-102
  • Construction: means construction, acquisition, reconstruction, improvement, equipping, furnishing, bettering or extension of a facility, including paying engineering, fiscal, architectural and legal expenses incurred in connection therewith. See Tennessee Code 4-31-703
  • Department: means the department of mental health and substance abuse services when referenced in provisions relating to mental health facilities or centers and means the department of intellectual and developmental disabilities when referenced in provisions relating to developmental disabilities facilities or centers. See Tennessee Code 4-31-703
  • Facility: means "facility" as defined in §. See Tennessee Code 4-31-703
  • Grantee: means a nonprofit, Tennessee Code 4-31-703
(b) Such loans shall be made from the proceeds of bonds or notes issued by the authority for the purpose of making such loans.
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