§ 7-89-103 — Chapter definitions

Tennessee § 7-89-103

• Jurisdiction: Tennessee
• Title: 7

Text

As used in this chapter, unless the context otherwise requires: (1) "Authority" or "convention center authority" means any public corporation organized pursuant to this chapter; (2) "Board" or "board of directors" means the governing body of the authority; (3) "Bonds" or "revenue bonds" means bonds, notes, interim certificates or other obligations of an authority issued pursuant to this chapter, or pursuant to any other law, as supplemented by, or in conjunction with, this chapter; (4) "Contracting party" or "other contracting party" means any party, including a municipality, to a sale contract, lease agreement or loan agreement, other than the authority; (5) "Cost", as applied to any project, means and includes the cost of acquisition, construction, extension, enlargement or improvement; the cost of labor, materials and equipment; the cost of all lands, property rights, easements and franchises required; financing charges, interest and debt service prior to and during construction and up to twenty-four (24) months thereafter; costs of plans and specifications, services and estimates of costs and of revenues; costs of engineering, architectural and legal services; all expenses necessary or incident to determining the feasibility or practicability of such acquisitions or constructions and any and all other expenses as may be necessary or incident to the acquisition, construction, improvement or financing authorized in this chapter; (6) "Governing body" means the body in which the general legislative powers of a municipality are vested; (7) "Joint venture" means a partnership or any other type of business relationship or organization, such as a corporation, trust, partnership, public-private partnership, limited liability company, association, government or governmental subdivision, agency or instrumentality that is sponsored, owned, operated, or governed by two (2) or more entities; (8) "Loan agreement" means an agreement providing for an authority to loan the proceeds derived from the issuance of revenue bonds pursuant to this chapter to one (1) or more contracting parties to be used to pay the cost of one (1) or more projects and providing for the repayment of the loan by the other contracting party or parties; (9) "Municipality" means any county, metropolitan government or incorporated city or town in this state with respect to which an authority may be organized; (10) "Project" means any land, improvement, structure, building or part of a building comprised of facilities for conventions, public assemblies, conferences, trade exhibitions or other business, social, cultural, scientific and public interest events, along with any associated hotel accommodations; transportation infrastructure; tourism, theatre, retail business and commercial office space facilities; parking facilities or any other structure or facility constructed, leased, equipped, renovated or acquired for any of the purposes set forth in this chapter, and also includes, but is not limited to, parks, greenways, open spaces, roads, streets, highways, curbs, bridges, flood control facilities and utility services, such as water, sanitary sewer, electricity, gas and natural gas and telecommunications that are constructed, leased, equipped, renovated or acquired as a supporting system or facility for any of the purposes set forth in this chapter; provided, that any such supporting system or facility is dedicated for public use; (11) "Revenues" of a project means all revenues derived from and on account of a project, directly or indirectly, including payments under a lease or sale contract and repayments under a loan agreement, or under notes, debentures, bonds and other secured or unsecured debt obligations of a lessee or contracting party delivered as provided in this chapter, and any moneys paid, contributed or pledged to an authority by the state or a municipality pursuant to law, agreement or otherwise; (12) "Sale contract" means a contract providing for the sale of one (1) or more projects to one (1) or more contracting parties and includes a contract providing for payment of the purchase price in one (1) or more installments; and (13) "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.

Legislative History

Acts 2009, ch. 474, § 1.