(a) There is hereby created the Tennessee transportation financing authority to provide financing and refinancing for the development, maintenance, and improvement of transportation facilities within the state, which authority is a public body corporate and an instrumentality of the state.
(b) The powers of the Tennessee transportation financing authority are vested in and exercised by a board, which shall be composed of the governor, the commissioner of finance and administration, the state treasurer, the secretary of state, and the comptroller of the treasury. The governor shall serve as the chair, and the comptroller shall serve as the vice chair and secretary. The board has the power to prescribe its bylaws, guidelines, rules, and regulations and govern its meetings and procedures as it deems advisable. A majority of the board constitutes a quorum and the confirming vote of at least three (3) members of the board is required.