Any creating municipality has all of the necessary powers in order to further the purposes of this chapter, including, without limitation, the following, any or all of which powers may be exercised by resolution of its governing body:

(1) Advance, donate or lend money, raised from any source and by any means, or real or personal property to the authority;

Terms Used In Tennessee Code 7-5-111

  • Authority: means a metropolitan port authority created pursuant to this chapter. See Tennessee Code 7-5-103
  • Bonds: includes notes, interim certificates or other obligations of an authority. See Tennessee Code 7-5-103
  • Creating municipality: means any city or county having a metropolitan form of government and having a population of not less than one hundred thousand (100,000), that creates an authority pursuant to this chapter. See Tennessee Code 7-5-103
  • Governing body: means the chief legislative body of any creating municipality. See Tennessee Code 7-5-103
  • Port: means a terminal facility with all associated components necessary for the loading and unloading of goods and people involved in inland waterway transport and navigation. See Tennessee Code 7-5-103
(2) Provide that any funds on hand or to become available to it for port purposes shall be paid directly to the authority;
(3) Cause water, sewer, gas, electric or other utility services to be provided to the authority;
(4) Open and improve streets, roads and alleys to the port;
(5) Provide police and fire protection services to the port; and
(6) Pledge the full faith and credit and unlimited taxing power of the municipality as surety for the payment of the authority’s bonds in accordance with the procedure for industrial development corporations as set out in §§ 7-53-306 and 7-53-307. None of the foregoing powers may be exercised either directly or indirectly by the municipality to provide real estate that had been condemned by eminent domain subsequent to March 29, 1979, while such real estate was in use as residential dwellings, it being the intent of this chapter that none of the power or authority created in this chapter and vested in either the creating municipality or the authority to be created shall be exercised in such a way that real estate utilized in creating or carrying out the purposes or functions of the authority provided in § 7-5-104 shall have been condemned or acquired by eminent domain after March 29, 1979, while it was in use as residential dwellings.
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