PocketLaw | Tennessee Code | Powers and Duties of Directors

Powers and Duties of Directors

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The directors have the following duties and powers, and in exercising such duties and powers, except as otherwise specifically authorized in this section, shall abide by all statutes, regulations and procedures to which counties must generally adhere in making such transactions, to:

Acquire, construct, purchase, operate, maintain, replace, repair, rebuild, extend, and improve within the boundaries of the authority the properties and facilities described in § 7-56-201, and make such properties and facilities available to any firm, person, public or private corporation, to any other shipper, consignee, or carrier, and charge for their use and for any and all services performed by the authority;
Accept donations to the authority of cash, lands or other property to be used in the furtherance of the purpose of this part;
Accept grants, loans or other financial assistance from the state, any county or municipality and any federal, state, county or municipal agency or authority, or other aid for the operation, acquisition or improvement of the properties and facilities of the authority;
Purchase, rent, lease, or otherwise acquire any and all kinds of property, real, personal or mixed, tangible or intangible, whether or not subject to mortgages, liens, charges, or other encumbrances, for the authority, that, in the judgment of the authority directors, is necessary or convenient to carry out the purpose of the authority. In exercising the powers granted in this subdivision (4), the directors shall abide by all statutes, regulations and procedures to which counties must conform in such matters;
Acquire property that is suitable for use by industries requiring access to any railroad track owned, operated, or subsidized by the authority;
Notwithstanding any law to the contrary, the directors may make contracts and execute instruments containing such covenants, terms, and conditions as, in the judgment of the directors, may be necessary, proper or advisable for the purpose of issuing bonds and notes, and entering into leases and lease-purchase agreements, for or in aid of the acquisition or improvement of the authority's property and facilities; and may make all other contracts and execute all other contracts and execute all other instruments, including, but not limited to, licenses, long or short term leases, lease-purchase agreements, bonds, notes, reimbursement agreements, mortgages and deeds of trust and other agreements relating to property and facilities under its jurisdiction, and involving the financing, construction, operation, maintenance, repair and improvement of the property and facilities, or the acquisition of property for railroad purposes, as in the judgment of the board of directors may be necessary, proper, or advisable for the furtherance of the authority's business and in the full exercise of the powers granted in this section; and the directors are authorized to carry out and perform the covenants, terms, and conditions of all such contracts or instruments;
Establish schedules of tolls, fees, rates, charges, and rentals for the use of the properties and facilities under its jurisdiction, and for services that it may render;
Enter upon any lands and premises for the purpose of making surveys, soundings, and examination in connection with the acquisition, improvement, operation or maintenance of any of the facilities of the authority;
Promulgate and enforce such rules and regulations as the board of directors may deem proper for the orderly administration of the authority and the efficient operation of its facilities. In exercising the powers granted in this subdivision (9), the directors shall abide by all statutes, regulations and procedures to which counties must conform in such matters;
Do all acts and things necessary or deemed necessary or convenient to carry out the powers expressly given in this part. This subdivision (10) shall not be construed to authorize the directors, in doing all things necessary and convenient, to conduct the administrative and business affairs of the authority in a manner inconsistent with the statutes, regulations and procedures governing such matters in county government;
Make grants or loans to public or private rail common carrier operators to ensure continued rail service, subject, if such grant or loan is made from public funds, to the approval of the funding entity; provided, that no revenues generated from the transportation equity fund, which is described in § 67-6-103(b), other than revenues generated from taxes on fuels used for railways, shall be used for grants or loans to private or public rail common carrier operators. No state funds shall be used for this purpose without a finding by the commissioner of transportation that such funds are needed in the public interest, and that sufficient conditions shall be imposed on the recipients to protect the public interest and investment. Such conditions shall include, but not necessarily be limited to, provisions to ensure continuation of service, adequate maintenance, minimum levels of service, and in the case of grants, repayment of a proportionate share of state funds if the railroad is ever sold or service is discontinued;
Notwithstanding any law to the contrary, acquire, hold, own and dispose of property, real and personal, tangible and intangible, or interests in property, in its own name, subject to mortgages, deeds of trust, or other liens or otherwise and to pay for the property in cash or on credit through installment payments, and to secure the payment of all or any part of any installment obligations in connection with any acquisition with property, tangible or intangible or revenues of the authority, in accordance with the provisions set forth in this section and without regard to the statutes, regulations and procedures to which counties must generally adhere;
Notwithstanding any law to the contrary, contract debts, borrow money, issue bonds, notes and other evidences of indebtedness, and enter into lease-purchase agreements to acquire, construct, improve, furnish, equip, extend, operate or maintain the properties and facilities described in § 7-56-201, or any part of the properties and facilities, or to provide the authority's share of the funding for any joint undertaking or project, and to assume and agree to pay any indebtedness incurred for any of the purposes listed in this subdivision (13), in accordance with the provisions set forth in this section and without regard to the statutes, regulations and procedures to which counties must generally adhere; and
Notwithstanding any law to the contrary, enter into joint ventures and cooperative arrangements with one or more natural persons, firm, association, corporation, other governmental agency, limited liability company, business trust or partnership, including the formation of a partnership, limited liability company or not-for-profit corporation to accomplish any of the purposes set forth in this section or to exercise any of the powers set forth in this section without regard to the statutes, regulations and procedures to which counties must generally adhere.

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