Creation — Purposes — Declaration of Public Function
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There is hereby created and established the Tellico Reservoir development agency, being a public body corporate and politic, referred to as the “agency” in this part.
The agency is created for the purpose of developing and effectuating plans and programs for the comprehensive development of, acquiring, operating, managing, selling, leasing and the development of all or a portion of the lands lying within the Tennessee Valley authority Tellico Reservoir project area, as shown on the official tract maps of the Tennessee Valley authority, and such contiguous lands as may be acquired by or transferred to the agency within the watershed of the Little Tennessee River, including portions of Monroe, Loudon and Blount counties, referred to as “development lands” in this part, all in accordance with the public purposes for which the Tellico Reservoir project was established and developed.
The development, management and operation of lands and facilities within the development lands set forth in subsection (b) by the agency are declared to be essentially public and governmental functions. The powers and authorities granted in connection therewith are declared to be public and corporate purposes and matters of public necessity.