Tennessee § 7-87-104 - Creation — Hearings —Resolutions — Joint port authorities.

§ 7-87-104. Creation — Hearings —Resolutions — Joint port authorities.

Any municipality in this state may create a port authority in the manner provided in this section. The governing body of the municipality shall adopt and its executive officer shall approve a resolution calling a public hearing on the question of creating a port authority. Notice of the date, hour, place, and purpose of such hearing shall be published at least once each week for two (2) consecutive weeks in a newspaper of general circulation in the municipality, the last such publication to be at least one (1) week prior to the date set for the hearing. Such hearing shall be had before the governing body and all interested persons shall have an opportunity to be heard. After such hearing, if the governing body determines that public convenience and necessity require the creation of a port authority, it shall adopt, and its executive officer shall approve, a resolution so declaring and creating an authority, which resolution shall also designate the name and principal office address of the authority. A certified copy of such resolution shall be filed with the secretary of state together with the resolution approving the appointment of the board of commissioners as provided in § 7-87-105, and upon such adoption and filing, the authority shall constitute a body politic and corporate with all the powers provided in this chapter. Two (2) or more municipalities may, by acting jointly, establish an authority to effectuate the purposes of this chapter. When two (2) or more municipalities establish such an authority, each and every requisite pertaining to the establishment shall, as nearly as may be practicable, be incumbent in like manner upon each municipality joining in the creating of such authority. Whenever an authority is created under this chapter, the municipality shall enter into an agreement with the authority for the orderly transfer to the authority of harbor and port properties, functions, and outstanding obligations of such municipality. Such agreement may include provisions for the reimbursement of such municipality for its obligations issued for port purposes and such agreement may also include provisions for the payment of tax equivalents by the authority and its lessees on all or any part of the properties owned by the authority and any improvements owed by the authority or its lessees to the municipality. Acts 1995, ch. 432, § 4.