(a) Whenever any number of natural persons, not fewer than three (3), a majority of whom are duly qualified electors of and taxpayers in the municipality, files with the governing body of the municipality an application in writing seeking permission to apply for the incorporation of a parking authority of such municipality, the governing body shall proceed to consider such application. If the governing body, by appropriate resolution duly adopted, finds and determines that it is wise, expedient, necessary or advisable that the authority be formed, authorizes the persons making such application to proceed to form such authority, approves the form of certificate of incorporation proposed to be used in organizing the authority, then the persons making such application shall execute, acknowledge and file a certificate of incorporation for the authority as provided in § 7-65-106.
Terms Used In Tennessee Code 7-65-104
Board: means the governing body of any authority created pursuant to this chapter. See Tennessee Code 7-65-102
Bonds: means bonds, notes, interim certificates or other obligations of an authority issued by its board of directors pursuant to this chapter. See Tennessee Code 7-65-102
Contract: A legal written agreement that becomes binding when signed.
Existing parking authority: means any public corporation or body politic and corporate or agency of the state of Tennessee or of any city or town in the state created by special or private act primarily for the purpose of planning, constructing, financing or operating parking facilities. See Tennessee Code 7-65-102
Governing body: means the body in which the general legislative powers of a municipality, county, or counties having a metropolitan form of government are vested. See Tennessee Code 7-65-102
Municipality: means any county or incorporated city or town in this state with respect to which an authority may be organized. See Tennessee Code 7-65-102
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
parking authority: means any public corporation organized pursuant to this chapter. See Tennessee Code 7-65-102
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
(b) Any existing parking authority may elect to be governed by this chapter upon application as provided in this section; provided, that provision has been made for the dissolution of such existing parking authority in accordance with the private or special act creating or authorizing the creation of the parking authority. Any such dissolution pursuant to this subsection (b) shall become finally effective only upon the approval of the certificate of incorporation of the authority by the secretary of state and the recording of the certificate of incorporation in the secretary of state’s office as provided in § 7-65-106. The authority shall assume the operation of any facilities of the existing parking authority and shall account for any revenues from the existing parking authority in such a manner as not to impair the obligations of contract with reference to any bond issue or other legal obligation of the existing parking authority, and the authority shall fully preserve and protect the contract rights vested in the owners of any such bonds, obligations or contractual interests. The board of directors of such existing parking authority shall be qualified to act as applicant for the creation of an authority, notwithstanding any other provision of this section.(c) No authority may be formed unless such application shall have first been filed with the governing body of the municipality and the governing body shall have adopted a resolution as provided in this section.
