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The board of trustees of the University of Tennessee is authorized and empowered to:
Acquire a suitable site at, near or in the vicinity of the Arnold Engineering Development Center near Tullahoma, and construct on the site buildings and related facilities to be known as the University of Tennessee Space Institute, which, when constructed, equipped and furnished, shall be operated as a part of the University of Tennessee, to train students in science and engineering at the master's, doctoral and post-doctoral level;
Attract outstanding teachers, students and research workers interested in work related to aerospace science and engineering;
Contract with both government and private agencies for research; and
Provide services to aerospace industries through research and through education and training of potential workers.
The board is authorized to accept funds from the federal government or any department or agency of the federal government, from any political subdivision of the state or from any individual, firm, corporation, foundation or other person to be used in carrying out this section and for the maintenance and operation of the University of Tennessee Space Institute. The board is authorized to acquire by gift, purchase or the exercise of its power of eminent domain a necessary site or sites for carrying out the purposes of this section.
In the event that the federal government makes available to the University of Tennessee a suitable site for the institute, the board may, on behalf of and in the name of the University of Tennessee, accept the title to the site and expend funds for the construction of the institute on the site, upon such terms and conditions as may be agreed upon between the federal government and the board.