(a) The authority, while operating any or all of its projects, has the power to make and enforce rules and regulations governing the use of any project and to fix, alter, charge and collect rents and other charges for the use of its facilities, at reasonable rates, to be determined exclusively by its board of directors, for the purpose of providing for the payment of the expenses of the authority, the construction, improvement, repair, maintenance and operation of its projects, the payment of the principal of and interest on its bonds, and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any such bonds or with the municipality with respect to which the authority was created.

Terms Used In Tennessee Code 7-65-110

  • 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
  • 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
  • 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
  • Project: means a lot or lots, buildings and structures above, at or below the surface of the earth, including, but not limited to, rights-of-way, equipment, entrances, exits, driveways, approaches, ramps, garages, meters, pedestrian ways, fencing, landscaping and all other facilities and accessories necessary or desirable for or in connection with the parking or storing of vehicles of any kind, and ancillary spaces, uses, and structures related to, located within or adjacent to the facilities and accessories. See Tennessee Code 7-65-102
(b) The authority has the power to lease adjunct portions of any project for commercial use, public or private, by the lessee, when, in the opinion of the board of directors, such leasing is desirable and feasible in order to assist in defraying the expenses of the authority. When, in the opinion of the board of directors, the space above any project is not needed for parking purposes, the authority may lease the right to develop the air space above any project for commercial uses other than parking, together with the right to use and occupy such space within the project as may be necessary for the purposes of access to and support of structures occupying the space above such project.
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