The authority is declared to be performing a public function on behalf of the municipality with respect to which it is organized and to be a public instrumentality of the municipality. Accordingly, the authority and all properties at any time owned by it and the income from the properties and all bonds issued by the authority and the income from the bonds, shall be exempt from all taxation in the state. Also, for purposes of the Tennessee Securities Act of 1980, compiled in title 48, chapter 1, part 1, bonds issued by the authority shall be deemed to be securities issued by a public instrumentality or a political subdivision of the state.
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 89 - Convention Center Authorities Act of 2009
§ 7-89-103. Chapter Definitions
§ 7-89-104. Adoption of Resolution to Form Authority
§ 7-89-107. Amendment of Charter
§ 7-89-109. Authority Shall Be Public Nonprofit Corporation — Powers of Authority
§ 7-89-114. Credit of Municipality Not Pledged
§ 7-89-116. Execution of Leases, Contracts, Deeds
§ 7-89-118. Disposition of Earnings
§ 7-89-119. Dissolution — Disposition of Property
§ 7-89-121. Acquisition and Transfer of Project Sites