(a) Any municipality is authorized to aid or otherwise provide assistance to an authority created pursuant to this chapter by such municipality, including entering into leases of projects, or parts of projects with an authority, for such term or terms and upon such conditions as may be determined by the governing body of such municipality, notwithstanding and without regard to the restrictions, prohibitions, or requirements of any other law, whether public or private, or granting, contributing or pledging revenues of the municipality to or for the benefit of the authority derived from any source.
Terms Used In Tennessee Code 7-90-115
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Governing body: means the body in which the general legislative powers of a municipality are vested, and in the case of counties means the legislative body of any county. See Tennessee Code 7-90-103
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Municipality: means any county, metropolitan government or incorporated city or town in this state located in a county having a population of not less than ninety-one thousand eight hundred (91,800), according to the 2000 federal census or any subsequent federal census. See Tennessee Code 7-90-103
State: means the state of Tennessee and, unless otherwise indicated by the context, any agency, authority, branch, bureau, commission, corporation, department or instrumentality of the state, now or hereafter existing. See Tennessee Code 7-90-103
(b) The governing body of any municipality, by resolution, may designate the authority to be the recipient of funds of the state or the municipality, when such funds are allocated or directed for use in connection with the construction, improvement, financing or operation of facilities. The municipality may take such actions as may be necessary to cause any such funds to be paid to the authority, and the municipality and the authority may enter into any and all agreements as may be necessary to provide for the payment of the authority’s bonds out of such funds, as described in § 7-90-112(g).(c) The governing body of any municipality, by resolution, may cause any departments, instrumentalities or organizations formed by the municipality to be joined with and into the authority, and may take such steps as may be necessary to cause the assets, liabilities and operations of any such organizations to be transferred to the authority.
