65-23-114 - Issuance of bonds Repurchase Interim certificates.
65-23-114. Issuance of bonds Repurchase Interim certificates.
(a) The authority has the power and is authorized from time to time to issue its bonds in anticipation of its revenues, for any corporate purpose. Such bonds may be authorized by resolution or resolutions of the board, and may be issued in one (1) or more series, may bear such date or dates, mature at such time or times, not exceeding forty (40) years from their respective dates, bear interest at such rate or rates, payable semiannually, be in such denominations, be in such form, either coupon or registered, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, be declared or become due before the maturity date thereof, as such resolution or resolutions may provide. The bonds may be issued for money or property at public or private sale for such price or prices as the board shall determine.
(b) The bonds may be repurchased by the authority out of any available funds at a price not to exceed the principal amount thereof and accrued interest, and all bonds so repurchased shall be cancelled.
(c) Pending the preparation or execution of definitive bonds, interim receipts or certificates or temporary bonds may be delivered to the purchaser or purchasers of the bonds.
[Acts 1935 (E.S.), ch. 3, § 14; C. Supp. 1950, § 3708.38 (Williams, § 3708.39); Acts 1980, ch. 601, § 22; T.C.A. (orig. ed.), § 65-2314.]