(a) The governing body of a public charter school may sue and be sued. The governing body may not levy taxes or issue bonds except in accordance with state law. A public charter school may conduct activities necessary and appropriate to carry out its responsibilities such as:
(1) Contract for services, except for the management or operation of the charter school by a for-profit entity;
(2) Buy, sell or lease property;
(3) Borrow funds as needed; and
(4) Pledge its assets as security; provided, however, that those assets are not leased or loaned by the state or local government.
(b) The authorizer may endorse the submission of the school credit bond application to the local taxing authority, if the project is a qualified project under § 54E(c)(2) or § 54F(d)(1) of the Internal Revenue Code of 1986 (26 U.S.C. § 54E(c)(2) and 26 U.S.C. § 54F(d)(1), respectively), and the Tennessee State School Bond Authority Act, compiled in chapter 3, part 12 of this title, and with respect to § 54E(c)(2), the applicant can demonstrate that the applicant meets the ten percent (10%) matching funds requirement, as prescribed by § 54E(c)(2).
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