Tennessee § 12-2-301 - Part definitions.

§ 12-2-301. Part definitions.

As used in this part, unless the context otherwise clearly requires: “Governing body” includes all bodies and boards, by whatsoever names they may be known, charged with the governing of a municipality; “Municipality” includes any county, city or town of the state; “Not-for-profit corporation” means a general welfare corporation organized under § 48-1101(15) [repealed] as it existed prior to July 1, 1969, or a corporation, not-for-profit, organized under title 48 for the acquisition, construction, equipment and furnishing of buildings, structures, facilities and permanent improvements of all descriptions for lease, subdivision or conveyance to counties, cities and towns of the state; and “Project” means and includes any building, structure, facility or permanent improvement, including the necessary equipment and furnishings therefor, which a municipality proceeding under this part is authorized to own, use or operate under any other provision of law. Acts 1965, ch. 328, § 1; impl. am. Acts 1968, ch. 523, § 1 (17.06); T.C.A., § 12-229. Compiler's Notes. Subdivision (15) of § 48-1101, as it existed prior to its repeal by Acts 1968, ch. 523, § 1 (17.02), read: “(15) The acquisition, construction, equipment and furnishing of buildings, structures, facilities and permanent improvements of all descriptions for lease, subdivision or conveyance to counties, cities and towns of the state. Any corporation organized for the purposes of this subdivision (15) is hereby declared to be performing a public function in behalf of the county, city or town with respect to which it is providing buildings, structures, facilities or permanent improvements and to be a public instrumentality for such purposes. Accordingly, the corporation and all properties and any interest therein at any time owned by it and leased or conveyed to a county, city or town and the income therefrom and all bonds or other obligations issued by it and the income therefrom shall be exempt from all taxation in the state except those taxes imposed by title 67, ch. 30 of this Code. Also, for purposes of the Securities Law of 1955, compiled as § 48-1601 et seq., and any amendment thereto or in subject petition therefor, bonds and other obligations issued by such a corporation shall be deemed to be securities issued by a public instrumentality of the state.” The not-for-profit corporation provisions in title 48, ch. 1, parts 1-14 were repealed as of January 1, 1988. As of that date, title 48, chs. 51-68 contain the provisions relating to not-for-profit corporations. Attorney General Opinions. Pledge of city appropriations to nonprofit organization, OAG 99-225, 1999 Tenn. AG LEXIS 231 (12/3/99).