Tennessee Code Title 54. Highways, Bridges and Ferries § 54-8-101

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

As used in this chapter:

(1) “Authority” means the Tennessee transportation financing authority;

(2) “Board” means the governing board of the authority established by § 54-8-102(b);

(3) “Bonds” means bonds, notes, renewal notes, refunding bonds, interim certificates, certificates of indebtedness, debentures, warrants, commercial paper, or other obligations or other evidence of indebtedness or obligations of the authority;

(4) “Cost”:

(A) Means, as applied to transportation facilities:

(i) The cost of construction;

(ii) The cost of acquisition of all lands, structures, fixtures, rights-of-way, franchises, easements, and other property rights and interests;

(iii) The cost of demolishing, removing, or relocating any buildings, structures, or fixtures on acquired lands, including the cost of acquiring any lands to which such buildings, structures, or fixtures may be moved or relocated;

(iv) The cost of all labor, materials, machinery, and equipment;

(v) Financing charges and expenses, and interest on all bonds prior to and during construction and for one (1) year after completion of construction;

(vi) The cost of engineering, financial, and legal services, plans, specifications, studies, surveys, estimates of cost and of revenues, and other expenses incidental to determining the feasibility of acquiring, constructing, operating, or maintaining transportation facilities;

(vii) Administrative expenses, working capital, and reserves for principal and interest on bonds and for extensions, enlargements, additions, and improvements; and

(viii) Costs and expenses of bond trustees or other fiduciaries and such other expenses as may be necessary or incidental to the acquisition, construction, financing, operations, and maintenance of transportation facilities, including, in the case of all of the enumerated costs in this subdivision (4), reimbursements of prior expenditures; and

(B) Includes any obligation or expense incurred by the state or any agency thereof for studies, surveys, borings, preparation of plans and specifications, or other work or materials in the acquisition or construction of transportation facilities. Such obligation or expense is eligible to be reimbursed to the state or such agency out of the proceeds of the bonds issued for such transportation facilities as authorized in this chapter;

(5) “Department” means the department of transportation;

(6) “Lender” means any federal- or state-chartered bank, federal land bank, production credit association, bank for cooperatives, federal- or state-chartered savings institution, building and loan association, small business investment company, or any other financial institution qualified within the state to originate and service loans, including insurance companies, credit unions, investment banking or brokerage companies, and mortgage loan companies;

(7) “Loan” means any loan made by the authority in furtherance of the purposes of this chapter from the proceeds of the issuance and sale of the authority's bonds and from any of its revenues or other moneys available to it as provided in this chapter;

(8) “Revenues” means user fee revenue and any revenues or receipts of the authority or any other moneys or income collected by, payable to, or otherwise derived by the authority;

(9) “State” means the state of Tennessee;

(10) “Transportation facilities” means the assets consisting of the real, personal, or mixed property, or any interest in that property, whether tangible or intangible, that are determined to be necessary or convenient for transportation in this state, including, but not limited to, highways, bridges, tunnels, parking lots or garages, or other paved surfaces or structures that are designed to carry or contain transportation vehicles, and transit, railway, port, airport, or multimodal transportation facilities; and

(11) “User fee revenue” has the same meaning as defined in § 54-3-103.

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Cite this article: FindLaw.com - Tennessee Code Title 54. Highways, Bridges and Ferries § 54-8-101 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-54-highways-bridges-and-ferries/tn-code-sect-54-8-101/

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