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Tennessee Code Title 13. Public Planning and Housing § 13-20-601

Current as of January 02, 2024 | Updated by Findlaw Staff

(a)(1) The housing authority has the power to issue bonds from time to time in its discretion, for any of its corporate purposes. It also has the power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it. The authority may issue such types of bonds as it may determine, including, without limiting the generality of the foregoing, bonds on which the principal of and interest on are payable from income and revenues of the authority and from grants or contributions from the federal government or other source. Such income and revenues securing the bonds may be:

(A) Exclusively the income and revenues of the housing project financed in whole or in part with the proceeds of such bonds;

(B) Exclusively the income and revenues of certain designated housing projects, whether or not they are financed in whole or in part with the proceeds of such bonds; or

(C) The income and revenues of the authority generally.

(2) Any such bonds may be additionally secured by a pledge of any income or revenues of the authority or, in certain instances as hereinafter provided, may be additionally secured by a mortgage of any housing project, projects or other property of the authority.

(b) Neither the commissioners of the authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance of such bonds.

(c) The bonds and other obligations of the authority, and such bonds and obligations shall so state on their face, shall not be a debt of any city or municipality located within its boundaries or of the state, and neither the state nor any such city or municipality shall be liable thereon, nor in any event shall they be payable out of any funds or properties other than those of the authority. The bonds shall not constitute an indebtedness within the meaning of any constitutional, statutory or charter debt limitation or restriction. Bonds may be issued under this chapter, notwithstanding any debt or other limitation prescribed by any statute.

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Cite this article: FindLaw.com - Tennessee Code Title 13. Public Planning and Housing § 13-20-601 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-13-public-planning-and-housing/tn-code-sect-13-20-601/

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