Tennessee § 54-3-105 - Establishment of state tollway fund.

§ 54-3-105. Establishment of state tollway fund.

The department of finance and administration is authorized to establish such funds, in the state treasury and/or with a trustee, paying agent or other custodian, as may be necessary, convenient or desirable to implement this chapter and to comply with the terms of any resolution or indenture authorizing any bonds. The following shall be credited to the state tollway fund as established in accordance with this section: All toll revenues received by the department; Any revenues or funds that the general assembly may appropriate to the state tollway fund; Any proceeds of bonds or other indebtedness incurred by the state to finance costs associated with the development of tollway projects and toll facility projects; Any funds the department may receive from the federal government or any other government agency or private entity that by grant, donation, loan, or otherwise is permitted to be deposited in the state tollway fund for the purposes of the state tollway fund; and Any interest earnings on deposits of or investments made from any funds held in the state tollway fund, unless otherwise permitted or required by a resolution or indenture authorizing bonds. At the request of the commissioner, the state funding board may pledge, encumber, transfer, or otherwise obligate funds held in the state tollway fund as security for bonds, hedging agreements, ancillary agreements or other indebtedness incurred by the state on behalf of the department for the purpose of developing and operating a tollway or toll facility, subject to any resolutions or indentures authorizing bonds or other evidences of indebtedness. The state tollway fund may be used for the following purposes: To defray costs associated with the development and operation of tollways or toll facilities authorized under this chapter; To pay the principal, interest and any premium due with respect to any bonds issued or other indebtedness incurred by the state for any tollway or toll facility project, and to pay any costs incurred by the department or state funding board in connection with the issuance and payment of the bonds or other indebtedness; To pledge as security for bonds, hedging agreements, ancillary agreements or other indebtedness incurred by the state on behalf of the department for the purpose of developing and operating a tollway or toll facility; and Any other manner that the state highway fund may be lawfully used. Acts 2007, ch. 597, § 6.