In addition to powers that it may otherwise have in its charter or the laws of this state, any county or municipality is empowered under this part, subject to the conditions, limitations and restrictions provided in this part, to:

(1) Construct, acquire by gift or purchase, reconstruct, improve, better or extend, and equip any medical arts building within the county or municipality, and acquire by gift or purchase lands or rights in land in connection with the medical arts building;

Terms Used In Tennessee Code 68-11-604

  • County or municipality: includes any county or incorporated city or town of this state. See Tennessee Code 68-11-602
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing body: includes the body or board by whatever name it may be known, charged with the governing of a municipality. See Tennessee Code 68-11-602
  • Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Medical arts building: means any building or buildings, including the site of the building or buildings, providing space suitable for the use of physicians or dentists, or both, as office space, emergency treatment rooms, laboratories, examining rooms, therapy rooms or other uses in connection with the practice of medicine or dentistry and the provision of health care, but does not include hospital facilities or overnight or extended care facilities. See Tennessee Code 68-11-602
  • 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
(2) Issue bonds to finance, in whole or in part, the cost of the acquisition, purchase, construction, reconstruction, improvement, betterment or extension, and equipping of medical arts buildings, including the acquisition of lands or rights in land in connection with the medical arts building. The governing body of the county or municipality, in determining the cost, may include all costs and estimated cost of the issuance of the bonds, all engineering, inspection, fiscal and legal expenses, and interest that it is estimated will accrue during the construction period and for six (6) months thereafter on money borrowed or that it is estimated will be borrowed pursuant to this part;
(3) Rent or lease all or a portion of the medical arts buildings to individual physicians or dentists licensed to practice in this state, professional partnerships or professional corporations, in such manner that rents to be charged for the use of the medical arts buildings shall be fixed and revised from time to time so as to produce income and revenues sufficient to provide for the prompt payment of interest upon all bonds issued under this part, and to create a sinking fund to pay the principal of the bonds when due, and to provide for the operation and maintenance of the medical arts buildings, and for an adequate depreciation account, if desired, in connection with the medical building;
(4) Pledge to the punctual payment of bonds authorized under this part and interest on the bonds the income and revenues to be received from such medical arts buildings, including improvements, betterments or extensions to the medical arts building, sufficient to pay the bonds and interest as the bonds and interest shall become due and to create and maintain reasonable reserves for the bonds and interest;
(5) Make certain the punctual payment of bonds authorized under this part, and interest on the bonds, by pledging the full faith and credit of the county or municipality under the conditions, restrictions and limitations set forth in this part; and
(6) Issue its bonds to refund in whole or in part, bonds theretofore issued by the county or municipality under authority of this part.
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