(a) It is hereby declared that the port authorities created pursuant to this chapter are public and governmental bodies acting as agencies and instrumentalities of the municipality or municipalities with respect to which the authority is organized and that the acquisition, operating and financing of ports and related facilities by such port authorities are hereby declared to be for a public and governmental purpose and a matter of public necessity.

Terms Used In Tennessee Code 7-87-102

  • Authority: means a port authority created pursuant to this chapter. See Tennessee Code 7-87-103
  • Municipality: means any county or incorporated city or town in this state with respect to which an authority may be organized. See Tennessee Code 7-87-103
  • Port: means and includes any one (1) or more harbors or ports and related facilities, including, but not limited to, land and interests in land, wharves, piers, loading and unloading machinery, scales, transportation equipment, harbor and riverfront or lake front improvements, buildings, storage and transfer facilities, elevators, railroads, switchyards, concentration yards, roads, bridges, communication, electric power, gas, water and all other utility facilities and such other structures, facilities and improvements necessary or convenient to the development of harbors and river ports and for the promotion either directly or indirectly of trade, industry, and commerce. See Tennessee Code 7-87-103
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: means the state of Tennessee. See Tennessee Code 7-87-103
(b) The property and revenues of the authority or any interest in the property and revenues shall be exempt from all state, county, and municipal taxation.
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