Title TN, Transportation Code

Sec. 283.102. MANAGEMENT OF PROJECT. (a) A bond instrument may allow the project to be managed and controlled by a board of trustees while the bonds issued are outstanding. (b) The bond instrument in providing for a board of trustees must: (1) name no more than five board members…

Sec. 283.103. TOLLS REQUIRED. The county shall impose tolls and other charges for use of the project in amounts that are sufficient to: (1) pay operation and maintenance costs of the project; (2) pay principal and interest when due on the bonds; (3) establish a reserve fund if re…

Sec. 283.104. OPERATION AND MAINTENANCE OF PROJECT. (a) The commission may: (1) agree with a county to operate, maintain, or contribute to the maintenance costs of a project if the agreement is not inconsistent with the rights of the bondholders; (2) lease a project from a county…

Sec. 283.201. BOND PROCEEDS. (a) Except as provided in Subsection (b), the proceeds of bonds issued under this chapter shall be: (1) used only to pay the cost of the project described by Section 283.202; and (2) disbursed consistent with the terms of the bond instrument. (b) Bond…

Sec. 283.202. COSTS AND EXPENSES. (a) The cost of the project may include: (1) the cost of construction; (2) the cost of all property used in the construction, acquisition, improvement, operation, or maintenance of the project; (3) payment of the cost of condemning property, incl…

Sec. 283.203. SOURCE OF REPAYMENT. (a) A bond authorized by this chapter may be paid only from the revenues received from the operation of the project. (b) The bond is not a debt of the county. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.

Sec. 283.204. DEPOSITORY FOR PROCEEDS AND REVENUES. A bank or trust company in this state may: (1) act as a depository of bond proceeds or revenues received from the operation of a project; and (2) provide an indemnity bond or pledge securities required by the county. Acts 1995, …

Sec. 283.205. TRUST INDENTURE PERMITTED. (a) A bond authorized by this chapter may be secured by a trust indenture between the county and a corporate trustee that is a trust company or bank with the powers of a trust company. (b) A trust indenture may pledge or assign revenues. (…

Sec. 283.206. BOND PROVISIONS. (a) A bond authorized by this chapter shall contain the following clause: "The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation." (b) A bond instrument may contain prov…

Sec. 283.207. BOND APPROVAL AND REGISTRATION. (a) A bond issued under this chapter may be presented to the attorney general for approval in the same manner and with like effect as is provided for the approval of a tax bond issued by a county. (b) After approval by the attorney ge…

Sec. 283.208. RIGHTS OF BONDHOLDERS. (a) A bond issued under this chapter creates and grants a lien on bond proceeds in favor of a bondholder until the bond is paid. (b) In addition to other legal remedies, a bondholder may enforce the bondholder's rights against: (1) a county an…

Sec. 283.209. RECEIVERSHIP. (a) A receiver appointed under Section 283.208, acting in the same manner as the county, may: (1) take possession of the project; (2) maintain the project; and (3) collect and receive revenues received from the project. (b) The receiver shall dispose o…

Sec. 283.210. TAX STATUS OF BONDS. A bond issued under this chapter, the transfer of and income from the bond, and any profit made in the sale of the bond is exempt from taxation by this state or a political subdivision of this state. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. S…