(a)

Terms Used In Tennessee Code 49-3-1108

  • Board: means both the board of trustees of the University of Tennessee and the state board of education, or either of them. See Tennessee Code 49-3-1102
  • Bonds: means any bonds of the board issued pursuant to this part. See Tennessee Code 49-3-1102
  • Contract: A legal written agreement that becomes binding when signed.
  • Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • 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
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) All bonds issued pursuant to this part shall be obligations of the board, payable only in accordance with the terms of the bonds, and shall not be obligations general, special or otherwise of the state.
(2) The bonds shall not be a debt of the state, and shall not be enforceable against the state, nor shall payment for the bonds be enforceable out of any funds of the board other than the income and revenue pledged and assigned to, or in trust for the benefit of, the holder or holders of the bonds.
(b) Nothing contained in this part shall be construed to authorize the board to contract a debt on behalf of, or in any way to obligate the state, or to pledge, assign or encumber in any way, or to permit the pledging, assigning, or encumbering in any way of, appropriations made by the general assembly, or revenue derived from the investment of the proceeds of the sale, and from the rental of such lands as have been set aside by legislative enactments of the United States, for the use and benefit of the respective state educational institutions.
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