Tennessee § 7-36-115 Power to secure bonds and to covenant as to bonds

Tennessee Statutes

§ 7-36-115 — Power to secure bonds and to covenant as to bonds

(a)In order to secure the payment of the principal and interest on the bonds issued under this chapter, or in connection with such bonds, the authority has the power to secure such bonds and to covenant as to the bonds as set forth in §§ 9-21-306 and 7-34-110 .

(b)In connection with the issuance of bonds and in order to secure the payment of its bonds, the authority shall have power:

(1)To pledge all or any part of its revenues;

(2)To vest in any trustee the right to enforce any covenant made to secure, to pay, or in relation to its bonds, to provide for the powers and duties of such trustee, to limit the liabilities thereof, and to provide the terms and conditions upon which the trustee or the holders of bonds or any amount or proportion of them may enforce any such covenant; and (3)

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(a) In order to secure the payment of the principal and interest on the bonds issued under this chapter, or in connection with such bonds, the authority has the power to secure such bonds and to covenant as to the bonds as set forth in §§ 9-21-306 and 7-34-110 . (b) In connection with the issuance of bonds and in order to secure the payment of its bonds, the authority shall have power: (1) To pledge all or any part of its revenues; (2) To vest in any trustee the right to enforce any covenant made to secure, to pay, or in relation to its bonds, to provide for the powers and duties of such trustee, to limit the liabilities thereof, and to provide the terms and conditions upon which the trustee or the holders of bonds or any amount or proportion of them may enforce any such covenant; and (3) To make such covenants and to do such acts as may be necessary in order to secure its bonds or which, in the absolute discretion of the board, tend to make the bonds more marketable, notwithstanding that such covenants and acts may restrict or interfere with the exercise of the powers granted in this chapter. The authority shall be given the power to do all things in the issuance of bonds, and for their security, that a private business corporation can do under the laws of this state.

Tennessee § 7-36-115 (Power to secure bonds and to covenant as to bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.