§ 64-1-703 — Powers and duties

The powers, duties and functions of the agency are to: (1) General: (A) Have perpetual succession in the corporate name; (B) Sue and be sued in the corporate name; (C) Adopt, use and alter a corporate seal, which shall be judicially noticed; (D) Enter into such contracts and cooperative agreements with the United States and the Tennessee Valley authority for the development, management and sale of the development lands containing such terms and conditions as the board of directors may deem necessary or convenient, respecting the exercise of any and all rights, powers and authorities granted to the agency under this part; (E) Enter into such contracts and cooperative agreements with other federal, state and local governments, with agencies of such governments, with private individuals, corporations, associations and other organizations as the board of directors may deem necessary or convenient to enable it to carry out the purposes of this part; (F) Adopt, amend and repeal bylaws; (G) Appoint such managers, officers, employees, attorneys and agents as the board deems necessary for the transaction of its business, fix their compensation, define their duties and require bonds of such of them as the board may determine. This authority includes, without limitation, the appointment of an executive director of the agency who shall be in charge of the day-to-day operations of the agency and a treasurer who shall be charged with responsibility for maintaining the books of account of the agency and control of the deposit and disbursement of the funds of the agency. The salary of any such employees may be paid out of such funds as may be available to the agency from any source; (H) Apply for or accept grants, loans or other financial assistance from any federal, state, county or municipal agency, in aid of the acquisition, planning, development, management or operation of the lands, improvements to lands or facilities provided for in this part; (I) Accept donations to the agency of cash, lands or other property to be used in furtherance of the purposes of the agency; (J) Purchase, rent, lease or otherwise acquire any and all kinds of property, real, personal or mixed, tangible or intangible, or interests therein, and whether or not subject to encumbrances of any kind, that the agency deems necessary or convenient to carry out its purposes; (K) Establish and charge such fees for the use of lands, interests in lands, or facilities the agency may acquire or construct as the agency deems appropriate; (L) Promulgate and enforce such rules and regulations with respect to the use of lands, interests in lands or facilities the agency may acquire or construct that the agency deems necessary to protect such lands and facilities, to provide for the convenient and safe use thereof, or to provide for the orderly administration and efficient operation thereof; (M) Sell, transfer, lease or otherwise dispose of any personal property, tangible or intangible, of the agency, including sales, leases and transfers to industrial, commercial and residential developers, for such consideration and upon such terms as the agency deems appropriate; (N) Acquire such property of any kind, real, personal or mixed, or any interest therein, including leaseholds or easements, that is located within the boundary of the Tellico Reservoir project area as shown on the official tract maps of the Tennessee Valley authority and that the agency determines is necessary to carry out its purposes. The amount and character of lands or interests therein to be acquired by the agency shall be determined by the board; (O) The agency has any further or additional powers as are necessary to carry out the purposes of this part, and the powers set forth in this section are supplemental to and not in derogation of the powers afforded such agencies under the laws of the state; (P) Provide for the comprehensive development of the development lands through construction of facilities, including, without limitation, roads, water treatment and distribution systems, waste water treatment and collection systems, gas systems, electric utilities and such other public works projects as are set forth in [former] § 5-11-102(9) [repealed]; (2) Financing: (A) The agency has the authority to borrow funds from time to time in such amounts as may be determined by the board of directors for the purpose of paying in whole or in part the cost of the acquisition of land or interests in land, for the improvement of the land or for constructing facilities within or in conjunction with the development of such land, and the necessary expenses incidental thereto or for any other purpose in furtherance of the purposes of this part; (B) The agency may secure such borrowings by the issuance of bonds, notes or instruments of indebtedness and may secure such bonds, notes or instruments of indebtedness by a pledge of all or any of the revenues which may now or hereafter come to the agency from any source, by a mortgage or deed of trust of the agency's land or any part of the land or interest in the land, or by a combination of the two; (C) The agency may make such contracts in the issuance of such bonds, notes or instruments of indebtedness as may be necessary to assure the marketability thereof; (D) The agency is hereby declared to be performing a public function on behalf of the state and the municipalities that constitute and are represented on its board of directors. Accordingly, the agency and all properties at any time owned by it and the income and revenues therefrom and all bonds issued by it and the income therefrom are exempt from all taxation in this state. For purposes of the Securities Act of 1980, compiled in title 48, chapter 1, part 1, and any amendment to the act or substitution for the act, bonds issued by the agency are deemed to be securities issued by a public instrumentality or a political subdivision of the state; (E) So long as title to land or rights or interests acquired in land or ownership of facilities or improvements acquired or constructed by the agency under the authority of this part shall remain in the agency, such property and the income therefrom shall be exempt from all state, county and municipal taxation. Such exemption shall not extend to the leasehold or other interest in such property that may be held by any private person or private firm or corporation; and (3) Nothing contained within this part shall be construed to grant the power of eminent domain to the agency.

Legislative History

Acts 1982, ch. 679, § 4; 1984, ch. 913, §§ 4-6.