(1) Except as provided in the following sentence, the term “collateral” means any revenues, operating income, fees, rents, tolls or other charges received or receivable by an issuer from any public works project or otherwise, rights to payment and other rights under agreements, rights to and receipts of tax collections and revenues, rights to and receipts of grants or contributions, any funds, moneys or accounts, and any other personal property that an issuer is authorized to pledge to or grant a lien on to secure the payment of a public obligation, excluding any “goods,” as such term is defined in § 47-9-102(a). In the case of public corporations incorporated under title 7, chapter 82 or chapter 86, the term “collateral” includes, in addition to the foregoing, all other property, real and personal, including “goods,” as such term is defined in § 47-9-102(a), comprising the systems owned and operated by such corporations;
Terms Used In Tennessee Code 9-22-103
Contract: A legal written agreement that becomes binding when signed.
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
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
Lien: A claim against real or personal property in satisfaction of a debt.
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.
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
Statute: A law passed by a legislature.
(2) “Interest rate agreement” means an interest rate swap or exchange agreement, an agreement establishing interest rate floors or ceilings, or both, and other interest rate hedging agreements that an issuer is authorized by statute to enter into;(3) “Issuer” means the state of Tennessee, authorities and agencies of the state of Tennessee and all political subdivisions and public instrumentalities of the state of Tennessee, including, without limitation: cities; towns; metropolitan governments; counties; authorities; districts; public corporations; authorities, agencies and instrumentalities of the foregoing; and other public entities. Notwithstanding the foregoing, for purposes of this chapter, the term “issuer” shall not include public corporations incorporated under title 7, chapter 53, or title 48, chapter 101, part 3;(4) “Official actions” means the actions, by statute, order, ordinance, charter, resolution, contract or other authorized means, by which an issuer provides for issuance of a public obligation; and(5) “Public obligation” means:
(A) An agreement of an issuer to pay principal and any interest thereon, whether in the form of a contract to repay borrowed money, a lease, an installment purchase agreement or otherwise, and includes a share, participation or other interest in any such agreement; and(B) An agreement of an issuer to make payments, including termination or other non-periodic payments, pursuant to an interest rate agreement.
