(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
  • Bonds: means any bonds, notes, renewal notes, refunding bonds, interim certificates, certificates of indebtedness, debentures, warrants, commercial paper, or other obligations or any other evidence of indebtedness or evidence of borrowed money issued or entered into by or on behalf of the department to finance tollway projects. See Tennessee Code 54-3-103
  • Commissioner: means the commissioner of transportation. See Tennessee Code 54-3-103
  • Department: means the state department of transportation. See Tennessee Code 54-3-103
  • development: means the entire process of bringing a tollway or toll 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
  • 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 any activity associated with the management, operation and maintenance of a completed tollway project, including, but not limited to, collecting tolls. 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
  • State tollway fund: means each separate fund established in accordance with §. See Tennessee Code 54-3-103
  • toll facility: means any highway, bridge, tunnel, parking lot or garage, and/or other paved surface or structure designed to carry or contain land transportation vehicles, or any other transportation-related facility, the development or operation of which may be wholly or partially funded or financed with toll revenues. See Tennessee Code 54-3-103
  • toll facility project: means any capital project involving the development or operation of a tollway or toll facility. See Tennessee Code 54-3-103
  • Trustee: A person or institution holding and administering property in trust.
(b) The following shall be credited to the state tollway fund as established in accordance with this section:

(1) All toll revenues received by the department;
(2) Any revenues or funds that the general assembly may appropriate to the state tollway fund;
(3) Any proceeds of bonds or other indebtedness incurred by the state to finance costs associated with the development of tollway projects and toll 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 tollway fund for the purposes of the state tollway fund; and
(5) Any interest earnings on deposits of or investments made from any funds held in the state tollway fund, unless otherwise permitted or required by a resolution or indenture authorizing bonds.
(c) At the request of the commissioner, the state funding board may pledge, encumber, transfer, or otherwise obligate funds held in the state tollway 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 tollway or toll facility, subject to any resolutions or indentures authorizing bonds or other evidences of indebtedness.
(d) The state tollway fund may be used for the following purposes:

(1) To defray costs associated with the development and operation of tollways or toll 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 tollway or toll 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 tollway or toll facility; and
(4) Any other manner that the state highway fund may be lawfully used.
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