§ 13-20-602 — Form and sale of bonds

(a) The bonds of the authority shall be authorized by its resolution and shall be issued in one (1) or more series and shall bear such date or dates, mature at such time or times, not exceeding sixty (60) years from their respective dates, bear interest at such rate or rates, payable semiannually, be in such denominations, which may be made interchangeable, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms or redemption, with or without premium, as such resolution or its trust indenture or mortgage may provide. (b) The bonds, in the discretion of the authority, may be sold at public or private sale. If the bonds are sold at public sale, notice shall be published once at least ten (10) days prior to such sale in a newspaper having a general circulation in the city and in a financial newspaper published in the city of New York, New York, or the city of Chicago, Illinois. The bonds may be sold at such price or prices as the authority shall determine. (c) Whenever the authority contracts with a financial consultant, fiscal agent, municipal finance consultant or municipal securities underwriter-dealer to assist it in the issuance and marketing of such bonds or to market such bonds, such consultant, agent, or underwriter-dealer shall be licensed and maintain a permanent office or full-time branch office in this state prior to entering such contract. (d) Pending the authorization, preparation, execution or delivery of definitive bonds, the authority may issue interim certificates, or other temporary obligations to the purchaser of such bonds. Such interim certificates, or other temporary obligations, shall be in such form, contain such terms, conditions, and provisions, bear such date or dates, and evidence such agreements relating to their discharge or payment or delivery of definitive bonds as the authority may by resolution, trust indenture or mortgage determine. (e) In case any of the officers whose signatures appear on any bonds or coupons shall cease to be such officers before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if they had remained in office until such delivery. (f) The authority has the power, out of any funds available therefor, to purchase any bonds issued by it at a price of not more than the principal amount thereof and the accrued interest; provided, that bonds payable exclusively from the revenues of a designated project or projects shall be purchased only out of any such revenues available therefor. All bonds so purchased shall be cancelled. This subsection (f) shall not apply to the redemption of bonds. (g) Any provisions of any law to the contrary notwithstanding, any bonds, interim certificates, or other obligations issued pursuant to this chapter shall be fully negotiable.

Legislative History

Acts 1935 (Ex. Sess.), ch. 20, § 15; C. Supp. 1950, § 3647.14 (Williams, § 3647.15); Acts 1970, ch. 564, § 1; 1976, ch. 729, § 2; T.C.A. (orig. ed.), § 13-1102; Acts 1980, ch. 601, § 9.