(a)

(1) There is created the Tennessee state school bond authority.

(2) The authority shall be a corporate governmental agency and instrumentality of this state.

(b)

(1) Its membership shall consist of the governor, the state treasurer, the secretary of state, the commissioner of finance and administration, the comptroller of the treasury, the chief executive officer of the state university and community college system and the president of the University of Tennessee.

(2) The governor shall serve as chair of the authority and the comptroller of the treasury shall serve as secretary.

(c)

(1) The members shall serve without salary, but each member shall be entitled to reimbursement for the member's actual and necessary expenses incurred in the performance of the member's official duties.

(2) All reimbursement for travel expenses shall be in accordance with the comprehensive travel regulations promulgated by the department of finance and administration and approved by the attorney general and reporter.

(d)

(1) The authority and its corporate existence shall continue until terminated by law; provided, that no such law shall take effect so long as the authority has bonds, notes or other obligations outstanding.

(2) Upon termination of the existence of the authority, all its rights and properties shall pass to and be vested in the state.

(e)

(1) The powers of the authority shall be vested in and exercised by no less than three (3) of the members of the authority.

(2) The authority may delegate to one (1) or more of its members or its officers such powers and duties as it may deem proper.

(f)

(1) Written minutes covering all meetings and actions of the authority shall be prepared by the secretary of the authority and shall be kept on file, open to public inspection.

(2) The minutes and all other records of the authority shall be kept in the office of the comptroller of the treasury.

(g) A member of the authority may designate a member of the member's respective staff to attend meetings of the authority or its committees and to exercise the member's right to vote in the member's absence. The designation must be made in writing addressed to the secretary of the authority specifying the meeting for which the designation is effective and filed with the secretary of state.