Tenn. Code Ann. § 9-21-406 — TN Code / Title 9 / Chapter 21 / Section 9-21-406
Nonconforming obligations
Status: in_force

(a) Any note or promise to repay money (herein called "obligation") issued or made under this chapter contrary to requirements precedent to the issuance of notes under this part and parts 5-8 of this chapter, as the case may be, shall be considered nonconforming and shall be subject to the restrictions and penalties of this section. (b) Upon identification of a nonconforming obligation the comptroller of the treasury or the comptroller's designee shall send written notice to offending parties, including the chief executive officer and chief financial officer of the affected local government. This notice shall contain a detailed description of: (1) The nature of the nonconformance; (2) Specific corrective actions necessary to bring the obligation into conformity; and (3) A reasonable time, as determined by the comptroller or comptroller's designee, within which the local government shall complete the necessary corrective actions. (c) Upon receipt of a notice issued pursuant to subsection (b), a local government shall respond to the notice in writing within ten (10) business days. This response shall state: (1) Acknowledgment of the alleged nonconformance, and: (A) A detailed plan for obtaining conformity; (B) A statement as to whether the time frame established by the notice of subsection (b) is sufficient to complete corrective actions necessary for conformance; and (C) If necessary, a request for additional time to complete corrective actions necessary for conformance; or (2) Disputation of the alleged nonconformance, and: (A) A detailed explanation of reasons for disputation; and (B) A request for reconsideration. (d) Upon receipt of the response required by subsection (c), the comptroller or comptroller's designee shall within ten (10) business days send a written response to the chief executive officer of the local government, the chief financial officer of the local government and the local governing body. That response shall: (1) In cases where the local government acknowledges initial determination of the comptroller or the comptroller's designee: (A) Accept or deny the plan offered pursuant to subdivision (c)(1)(A); and (B) Where applicable, approve or deny the request made pursuant to subdivision (c)(1)(C) for additional time to complete corrective actions necessary to obtain conformity; or (2) In cases where the local government disputes the initial determination of the comptroller or comptroller's designee, contain a statement addressing the merits of the disputation. This statement shall: (A) Accept the disputation and consider the obligation in conformity; or (B) Deny the disputation and restate the necessary corrective actions and reasonable time frame for completing such. (e) (1) At the conclusion of the time frame established pursuant to subsection (d) by the comptroller or comptroller's designee for completion of the necessary corrective actions the comptroller or comptroller's designee shall, within ten (10) business days, make a determination as to whether the local government has completed the necessary corrective actions to the official's satisfaction. (2) Upon the determination that the necessary corrective actions have been satisfactorily completed, the obligation shall be considered in conformity and no penalty shall be assessed. Notice of such shall, within ten (10) business days of determination, be sent to all parties. (3) Upon the determination that the necessary corrective actions have not been satisfactorily completed, notice shall be sent to all parties, including the chief executive office of the local government, the chief financial officer of the local government and the local governing body. Such notice shall be sent within ten (10) business days of such determination and shall include: (A) A statement of nonconformance; (B) A written explanation of deficiencies in conformance; and (C) A statement that the nonconformance shall be reported to the comptroller and that the parties shall be subject to the penalty provisions of this section. (f) Upon receipt of a notice of nonconformance issued pursuant to subdivision (e)(3) the comptroller shall: (1) Levy a penalty in accordance with the guidelines adopted pursuant to subsection (g); (2) Upon a determination that it is in the best interests of fairness, extend the time frame in which parties may complete necessary corrective action, before a penalty is levied; or (3) Waive the penalty. (g) The state funding board shall develop and adopt guidelines for the purpose of identifying classifications of nonconformity and levying of penalties pursuant to this section. In developing and adopting these guidelines, the following shall be taken into consideration: (1) The distinction between material nonconformance and administrative nonconformance; (2) The distinction between willful or knowing nonconformance and inadvertent or accidental nonconformance; (3) The existence and extent or absence of actual damages to the public; (4) That every penalty imposed should be levied upon a totality of the circumstances; and (5) Where determining the necessity of public notification of nonconforming obligations, the comptroller shall use a method commensurate with the nature of the nonconformance. (h) The comptroller or the comptroller's designee may extend the time for written notices or responses provided for in this section for a reasonable duration upon a determination that such extension of time is in the best interest of the parties. An offending party or affected local government may request an extension of time by submitting such request with reasoning to the comptroller or the comptroller's designee. Acts 1986, ch. 770, § 4-6; 1988, ch. 798, § 1; 2010, ch. 868, § 50; 2011, ch. 458, § 1.
(a) Any note or promise to repay money (herein called "obligation") issued or made under this chapter contrary to requirements precedent to the issuance of notes under this part and parts 5-8 of this chapter, as the case may be, shall be considered nonconforming and shall be subject to the restrictions and penalties of this section.
(b) Upon identification of a nonconforming obligation the comptroller of the treasury or the comptroller's designee shall send written notice to offending parties, including the chief executive officer and chief financial officer of the affected local government. This notice shall contain a detailed description of: (1) The nature of the nonconformance; (2) Specific corrective actions necessary to bring the obligation into conformity; and (3) A reasonable time, as determined by the comptroller or comptroller's designee, within which the local government shall complete the necessary corrective actions.
(1) The nature of the nonconformance;
(2) Specific corrective actions necessary to bring the obligation into conformity; and
(3) A reasonable time, as determined by the comptroller or comptroller's designee, within which the local government shall complete the necessary corrective actions.
(c) Upon receipt of a notice issued pursuant to subsection (b), a local government shall respond to the notice in writing within ten (10) business days. This response shall state: (1) Acknowledgment of the alleged nonconformance, and: (A) A detailed plan for obtaining conformity; (B) A statement as to whether the time frame established by the notice of subsection (b) is sufficient to complete corrective actions necessary for conformance; and (C) If necessary, a request for additional time to complete corrective actions necessary for conformance; or (2) Disputation of the alleged nonconformance, and: (A) A detailed explanation of reasons for disputation; and (B) A request for reconsideration.
(1) Acknowledgment of the alleged nonconformance, and: (A) A detailed plan for obtaining conformity; (B) A statement as to whether the time frame established by the notice of subsection (b) is sufficient to complete corrective actions necessary for conformance; and (C) If necessary, a request for additional time to complete corrective actions necessary for conformance; or
(A) A detailed plan for obtaining conformity;
(B) A statement as to whether the time frame established by the notice of subsection (b) is sufficient to complete corrective actions necessary for conformance; and
(C) If necessary, a request for additional time to complete corrective actions necessary for conformance; or
(2) Disputation of the alleged nonconformance, and: (A) A detailed explanation of reasons for disputation; and (B) A request for reconsideration.
(A) A detailed explanation of reasons for disputation; and
(B) A request for reconsideration.
(d) Upon receipt of the response required by subsection (c), the comptroller or comptroller's designee shall within ten (10) business days send a written response to the chief executive officer of the local government, the chief financial officer of the local government and the local governing body. That response shall: (1) In cases where the local government acknowledges initial determination of the comptroller or the comptroller's designee: (A) Accept or deny the plan offered pursuant to subdivision (c)(1)(A); and (B) Where applicable, approve or deny the request made pursuant to subdivision (c)(1)(C) for additional time to complete corrective actions necessary to obtain conformity; or (2) In cases where the local government disputes the initial determination of the comptroller or comptroller's designee, contain a statement addressing the merits of the disputation. This statement shall: (A) Accept the disputation and consider the obligation in conformity; or (B) Deny the disputation and restate the necessary corrective actions and reasonable time frame for completing such.
(1) In cases where the local government acknowledges initial determination of the comptroller or the comptroller's designee: (A) Accept or deny the plan offered pursuant to subdivision (c)(1)(A); and (B) Where applicable, approve or deny the request made pursuant to subdivision (c)(1)(C) for additional time to complete corrective actions necessary to obtain conformity; or
(A) Accept or deny the plan offered pursuant to subdivision (c)(1)(A); and
(B) Where applicable, approve or deny the request made pursuant to subdivision (c)(1)(C) for additional time to complete corrective actions necessary to obtain conformity; or
(2) In cases where the local government disputes the initial determination of the comptroller or comptroller's designee, contain a statement addressing the merits of the disputation. This statement shall: (A) Accept the disputation and consider the obligation in conformity; or (B) Deny the disputation and restate the necessary corrective actions and reasonable time frame for completing such.
(A) Accept the disputation and consider the obligation in conformity; or
(B) Deny the disputation and restate the necessary corrective actions and reasonable time frame for completing such.
(e) (1) At the conclusion of the time frame established pursuant to subsection (d) by the comptroller or comptroller's designee for completion of the necessary corrective actions the comptroller or comptroller's designee shall, within ten (10) business days, make a determination as to whether the local government has completed the necessary corrective actions to the official's satisfaction. (2) Upon the determination that the necessary corrective actions have been satisfactorily completed, the obligation shall be considered in conformity and no penalty shall be assessed. Notice of such shall, within ten (10) business days of determination, be sent to all parties. (3) Upon the determination that the necessary corrective actions have not been satisfactorily completed, notice shall be sent to all parties, including the chief executive office of the local government, the chief financial officer of the local government and the local governing body. Such notice shall be sent within ten (10) business days of such determination and shall include: (A) A statement of nonconformance; (B) A written explanation of deficiencies in conformance; and (C) A statement that the nonconformance shall be reported to the comptroller and that the parties shall be subject to the penalty provisions of this section.
(1) At the conclusion of the time frame established pursuant to subsection (d) by the comptroller or comptroller's designee for completion of the necessary corrective actions the comptroller or comptroller's designee shall, within ten (10) business days, make a determination as to whether the local government has completed the necessary corrective actions to the official's satisfaction.
(2) Upon the determination that the necessary corrective actions have been satisfactorily completed, the obligation shall be considered in conformity and no penalty shall be assessed. Notice of such shall, within ten (10) business days of determination, be sent to all parties.
(3) Upon the determination that the necessary corrective actions have not been satisfactorily completed, notice shall be sent to all parties, including the chief executive office of the local government, the chief financial officer of the local government and the local governing body. Such notice shall be sent within ten (10) business days of such determination and shall include: (A) A statement of nonconformance; (B) A written explanation of deficiencies in conformance; and (C) A statement that the nonconformance shall be reported to the comptroller and that the parties shall be subject to the penalty provisions of this section.
(A) A statement of nonconformance;
(B) A written explanation of deficiencies in conformance; and
(C) A statement that the nonconformance shall be reported to the comptroller and that the parties shall be subject to the penalty provisions of this section.
(f) Upon receipt of a notice of nonconformance issued pursuant to subdivision (e)(3) the comptroller shall: (1) Levy a penalty in accordance with the guidelines adopted pursuant to subsection (g); (2) Upon a determination that it is in the best interests of fairness, extend the time frame in which parties may complete necessary corrective action, before a penalty is levied; or (3) Waive the penalty.
(1) Levy a penalty in accordance with the guidelines adopted pursuant to subsection (g);
(2) Upon a determination that it is in the best interests of fairness, extend the time frame in which parties may complete necessary corrective action, before a penalty is levied; or
(3) Waive the penalty.
(g) The state funding board shall develop and adopt guidelines for the purpose of identifying classifications of nonconformity and levying of penalties pursuant to this section. In developing and adopting these guidelines, the following shall be taken into consideration: (1) The distinction between material nonconformance and administrative nonconformance; (2) The distinction between willful or knowing nonconformance and inadvertent or accidental nonconformance; (3) The existence and extent or absence of actual damages to the public; (4) That every penalty imposed should be levied upon a totality of the circumstances; and (5) Where determining the necessity of public notification of nonconforming obligations, the comptroller shall use a method commensurate with the nature of the nonconformance.
(1) The distinction between material nonconformance and administrative nonconformance;
(2) The distinction between willful or knowing nonconformance and inadvertent or accidental nonconformance;
(3) The existence and extent or absence of actual damages to the public;
(4) That every penalty imposed should be levied upon a totality of the circumstances; and
(5) Where determining the necessity of public notification of nonconforming obligations, the comptroller shall use a method commensurate with the nature of the nonconformance.
(h) The comptroller or the comptroller's designee may extend the time for written notices or responses provided for in this section for a reasonable duration upon a determination that such extension of time is in the best interest of the parties. An offending party or affected local government may request an extension of time by submitting such request with reasoning to the comptroller or the comptroller's designee.
Acts 1986, ch. 770, § 4-6; 1988, ch. 798, § 1; 2010, ch. 868, § 50; 2011, ch. 458, § 1.
Tenn. Code Ann. § 9-21-1102 — TN Code / Title 9 / Chapter 21 / Section 9-21-1102
Terms of health care revenue anticipation notes
Status: in_force

Health care revenue anticipation notes shall be sold at not less than par value plus accrued interest. Health care revenue anticipation notes may be sold in one (1) or more series, may bear such date or dates, may bear interest at such rate or rates, which may vary from time to time, may be payable at such time or times, may be in such denomination or denominations, may be in such form, either coupon or registered, may be payable at such place or places, may be executed in such manner, may be payable in such medium of payment, may be subject to such terms of redemption, without a premium, all as may be provided by resolution of the governing body of the local government. The notes shall mature no later than thirty (30) days from the date of issuance. Acts 2004, ch. 705, § 2.
Health care revenue anticipation notes shall be sold at not less than par value plus accrued interest. Health care revenue anticipation notes may be sold in one (1) or more series, may bear such date or dates, may bear interest at such rate or rates, which may vary from time to time, may be payable at such time or times, may be in such denomination or denominations, may be in such form, either coupon or registered, may be payable at such place or places, may be executed in such manner, may be payable in such medium of payment, may be subject to such terms of redemption, without a premium, all as may be provided by resolution of the governing body of the local government. The notes shall mature no later than thirty (30) days from the date of issuance.
Acts 2004, ch. 705, § 2.
Tenn. Code Ann. § 9-3-214 — TN Code / Title 9 / Chapter 3 / Section 9-3-214
Determination of whether a utility system is financially distressed - Applicability - Section definitions
Status: in_force

(a) The comptroller of the treasury, in determining whether a utility system is financially distressed, as defined in § 7-82-401(f)(3) and described in § 7-82-703 , shall not consider the straight-line depreciation of an asset acquired or completed in the twelve (12) calendar months preceding the audit, so long as the asset's depreciation is calculated in accordance with generally accepted accounting principles. (b) This section only applies to the determination of whether a utility system is financially distressed as defined in § 7-82-401(f)(3) and described in § 7-82-703 . A utility system's financial statements must still be completed in accordance with generally accepted accounting principles. (c) For the purposes of this section, "utility system" has the same meaning as in § 7-82-701 . (d) This section only applies if it is approved by a simple majority vote of the governing body of a utility system at a meeting of the governing body. Added by 2024 Tenn. Acts, ch. 1004,s 1, eff. 7/1/2024.
(a) The comptroller of the treasury, in determining whether a utility system is financially distressed, as defined in § 7-82-401(f)(3) and described in § 7-82-703 , shall not consider the straight-line depreciation of an asset acquired or completed in the twelve (12) calendar months preceding the audit, so long as the asset's depreciation is calculated in accordance with generally accepted accounting principles.
(b) This section only applies to the determination of whether a utility system is financially distressed as defined in § 7-82-401(f)(3) and described in § 7-82-703 . A utility system's financial statements must still be completed in accordance with generally accepted accounting principles.
(c) For the purposes of this section, "utility system" has the same meaning as in § 7-82-701 .
(d) This section only applies if it is approved by a simple majority vote of the governing body of a utility system at a meeting of the governing body.
Added by 2024 Tenn. Acts, ch. 1004,s 1, eff. 7/1/2024.
Tenn. Code Ann. § 9-3-301 — TN Code / Title 9 / Chapter 3 / Section 9-3-301
Misappropriation of state-shared funds by counties - Withholding of funds - Bond
Status: in_force

(a) In the event that any county official, department, commission or other agency of any county, misappropriates any funds paid to the county from state-shared revenues to the extent that such is in violation of any state law, the comptroller of the treasury, upon determination by a certified audit that such a misappropriation has occurred, shall certify the same to the commissioner of finance and administration. (b) Upon such certification, the commissioner shall withhold, or cause to be withheld, from state-shared revenues from all other agencies, commissions, departments, or officials of the county, a sum equal to the ratio of the amount misappropriated during the fiscal year to all the state-shared revenues payable to all agencies or departments of the county during the fiscal year, as applied to the amount of state-shared revenues, the individual agency or department was due from state-shared revenues during the fiscal year. (c) Any county official vested by law with the authority to administer state-shared funds shall furnish a good and sufficient bond in the amount of one hundred thousand dollars ($100,000), or in a greater sum as the county legislative body may determine, payable to the state, to indemnify the county against the loss of any funds occurring as a result of such person's unlawful or dishonest acts. The bond must be prepared, executed, filed, and recorded in accordance with title 8, chapter 19. Amended by 2023 Tenn. Acts, ch. 207, s 14, eff. 7/1/2023. Amended by 2013 Tenn. Acts, ch. 315, s 20, eff. 4/29/2013. Acts 1972, ch. 835, § 1; 1977, ch. 270, § 15; T.C.A., §§ 9-316, 9-3-201; Acts 1985, ch. 118, § 8; 1998, ch. 677, § 13.
(a) In the event that any county official, department, commission or other agency of any county, misappropriates any funds paid to the county from state-shared revenues to the extent that such is in violation of any state law, the comptroller of the treasury, upon determination by a certified audit that such a misappropriation has occurred, shall certify the same to the commissioner of finance and administration.
(b) Upon such certification, the commissioner shall withhold, or cause to be withheld, from state-shared revenues from all other agencies, commissions, departments, or officials of the county, a sum equal to the ratio of the amount misappropriated during the fiscal year to all the state-shared revenues payable to all agencies or departments of the county during the fiscal year, as applied to the amount of state-shared revenues, the individual agency or department was due from state-shared revenues during the fiscal year.
(c) Any county official vested by law with the authority to administer state-shared funds shall furnish a good and sufficient bond in the amount of one hundred thousand dollars ($100,000), or in a greater sum as the county legislative body may determine, payable to the state, to indemnify the county against the loss of any funds occurring as a result of such person's unlawful or dishonest acts. The bond must be prepared, executed, filed, and recorded in accordance with title 8, chapter 19.
Amended by 2023 Tenn. Acts, ch. 207, s 14, eff. 7/1/2023.
Amended by 2013 Tenn. Acts, ch. 315, s 20, eff. 4/29/2013.
Acts 1972, ch. 835, § 1; 1977, ch. 270, § 15; T.C.A., §§ 9-316, 9-3-201; Acts 1985, ch. 118, § 8; 1998, ch. 677, § 13.
Tenn. Code Ann. § 9-24-103 — TN Code / Title 9 / Chapter 24 / Section 9-24-103
Relationship to other laws
Status: in_force

This chapter does not expand the authority of any public entity to enter into any lease financing. The authority of any public entity, if any, to enter into a lease financing is derived from the powers of the public entity as set forth in other applicable laws. This chapter does not limit the authority of any public entity to enter into any lease financing, except as is specifically provided in this chapter. Added by 2021 Tenn. Acts, ch. 196, s 1, eff. 4/22/2021.
This chapter does not expand the authority of any public entity to enter into any lease financing. The authority of any public entity, if any, to enter into a lease financing is derived from the powers of the public entity as set forth in other applicable laws. This chapter does not limit the authority of any public entity to enter into any lease financing, except as is specifically provided in this chapter.
Added by 2021 Tenn. Acts, ch. 196, s 1, eff. 4/22/2021.
Tenn. Code Ann. § 9-21-913 — TN Code / Title 9 / Chapter 21 / Section 9-21-913
Notice of redemption
Status: in_force

If any of the obligations to be refunded are to be called for redemption, the governing body shall cause the notice of redemption to be given in the manner and at the time required by the resolution or ordinance authorizing such outstanding obligations. Acts 1986, ch. 770, § 9-13.
If any of the obligations to be refunded are to be called for redemption, the governing body shall cause the notice of redemption to be given in the manner and at the time required by the resolution or ordinance authorizing such outstanding obligations.
Acts 1986, ch. 770, § 9-13.
Tenn. Code Ann. § 9-21-408 — TN Code / Title 9 / Chapter 21 / Section 9-21-408
Internal loans
Status: in_force

(a) Local governments may make internal loans in accordance with procedures for issuance of notes or bonds in part 5, 6, 7, or 8 of this chapter. (b) Local governments may make internal loans in accordance with the procedures of § 9-21-604(b) of all funds derived from the sale of any Tennessee private act hospital established pursuant to private acts of the state and the Private Act Hospital Authority Act of 1996, compiled in title 7, chapter 57, part 6. This section does not authorize the expenditure of funds derived from the sale of a private act hospital for any purpose contrary to law or applicable court order. (c) Guidelines for internal loans for the purposes of this section must be provided by the comptroller of the treasury or the comptroller's designee as authorized in § 4-3-305 . (d) Local governments that internally lend restricted monies shall ensure interest is paid for the use of internal monies. At a minimum, the interest rate must be the highest rate currently being earned on other investments, excluding pension investments. If there are no applicable investments, the interest rate must be the amount that could be earned for deposits in the local government investment pool administered by the state department of treasury. Amended by 2021 Tenn. Acts, ch. 128, s 10, eff. 4/13/2021. Amended by 2016 Tenn. Acts, ch. 832, s 1, eff. 7/1/2016. Acts 1994, ch. 806, § 9.
(a) Local governments may make internal loans in accordance with procedures for issuance of notes or bonds in part 5, 6, 7, or 8 of this chapter.
(b) Local governments may make internal loans in accordance with the procedures of § 9-21-604(b) of all funds derived from the sale of any Tennessee private act hospital established pursuant to private acts of the state and the Private Act Hospital Authority Act of 1996, compiled in title 7, chapter 57, part 6. This section does not authorize the expenditure of funds derived from the sale of a private act hospital for any purpose contrary to law or applicable court order.
(c) Guidelines for internal loans for the purposes of this section must be provided by the comptroller of the treasury or the comptroller's designee as authorized in § 4-3-305 .
(d) Local governments that internally lend restricted monies shall ensure interest is paid for the use of internal monies. At a minimum, the interest rate must be the highest rate currently being earned on other investments, excluding pension investments. If there are no applicable investments, the interest rate must be the amount that could be earned for deposits in the local government investment pool administered by the state department of treasury.
Amended by 2021 Tenn. Acts, ch. 128, s 10, eff. 4/13/2021.
Amended by 2016 Tenn. Acts, ch. 832, s 1, eff. 7/1/2016.
Acts 1994, ch. 806, § 9.
Tenn. Code Ann. § 9-9-101 — TN Code / Title 9 / Chapter 9 / Section 9-9-101
State funding board
Status: in_force

The state funding board shall be composed of the governor, the commissioner of finance and administration, the state treasurer, the secretary of state, and the comptroller of the treasury. The governor shall serve as the chair, and the comptroller shall serve as the vice chair and secretary. The board has the power to prescribe its rules and regulations and govern its meetings and procedures as it may deem advisable. A majority of the board constitutes a quorum and the confirming vote of at least three (3) members of the board is required. Amended by 2013 Tenn. Acts, ch. 176,s 2, eff. 7/1/2013. Acts 1927, ch. 1, § 4; 1929, ch. 125, § 1; 1929 (Ex. Sess.), ch. 9, § 1; Code 1932, § 1800; Acts 1937, ch. 33, § 45; 1937, ch. 258, § 1; 1939, ch. 11, § 29; 1941, ch. 7, § 1; C. Supp. 1950, §§ 255.47, 1800.1 (Williams, §§ 255.48, 1800.1); Acts 1959, ch. 9, § 8; 1959, ch. 155, § 1; impl. am. Acts 1961, ch. 97, § 3; Acts 1976, ch. 806, § 1(46); T.C.A. (orig. ed.), § 9-901; Acts 2010, ch. 982, § 1.
The state funding board shall be composed of the governor, the commissioner of finance and administration, the state treasurer, the secretary of state, and the comptroller of the treasury. The governor shall serve as the chair, and the comptroller shall serve as the vice chair and secretary. The board has the power to prescribe its rules and regulations and govern its meetings and procedures as it may deem advisable. A majority of the board constitutes a quorum and the confirming vote of at least three (3) members of the board is required.
Amended by 2013 Tenn. Acts, ch. 176,s 2, eff. 7/1/2013.
Acts 1927, ch. 1, § 4; 1929, ch. 125, § 1; 1929 (Ex. Sess.), ch. 9, § 1; Code 1932, § 1800; Acts 1937, ch. 33, § 45; 1937, ch. 258, § 1; 1939, ch. 11, § 29; 1941, ch. 7, § 1; C. Supp. 1950, §§ 255.47, 1800.1 (Williams, §§ 255.48, 1800.1); Acts 1959, ch. 9, § 8; 1959, ch. 155, § 1; impl. am. Acts 1961, ch. 97, § 3; Acts 1976, ch. 806, § 1(46); T.C.A. (orig. ed.), § 9-901; Acts 2010, ch. 982, § 1.
Tenn. Code Ann. § 9-21-915 — TN Code / Title 9 / Chapter 21 / Section 9-21-915
Powers to secure and to covenant as to general obligation refunding bonds
Status: in_force

In order to secure the payment of the principal of and interest on general obligation refunding bonds issued pursuant to this part and part 1 of this chapter, or in connection with such bonds, any local government shall have the power as to such bonds to: (1) Pledge the full faith, credit and unlimited taxing power of the local government as to all taxable property in the local government or a portion of the local government, if applicable, to the punctual payment of the principal of and interest on such bonds; (2) Pledge all or any part of the fees, rents, tolls, or other charges received or receivable by the local government from any public works project or projects then existing or thereafter to be constructed, including any revenues derived or to be derived by a local government from a lease, agreement or contract with any other local government, local government instrumentality, the state, or a state or federal agency for the use of or in connection with such public works project or projects, to the punctual payment of the principal of and interest on such bonds issued to finance such public works project or projects or any other public works project or projects, and to covenant against thereafter pledging any such fees, rents, tolls, or charges to any other bonds or any other obligations of the local government; (3) Provide for the terms, forms, registration, exchange, execution and authentication of the general obligation refunding bonds in a manner not inconsistent with this part and part 1 of this chapter; (4) Covenant as to the use and disposition of the proceeds from the sale of the general obligation refunding bonds in a manner not inconsistent with this part and part 1 of this chapter; (5) Covenant as to the fees, rents or tolls to be charged in connection with any public works project or projects, covenant that provisions will be made for the retirement of the outstanding obligations from the proceeds of the general obligation refunding bonds being issued, and covenant as to any other use and disposition to be made of the proceeds thereof, and enter into appropriate agreements with any other local government, local government instrumentality, the state, or a state or federal agency for such purpose with respect to a public works project which is owned or leased by a local government or local government instrumentality; (6) Covenant as to the operation and maintenance of the public works project; (7) Covenant to set aside or pay over reserves and sinking funds for the general obligation refunding bonds and as to the disposition thereof; (8) Redeem the general obligation refunding bonds, and covenant for their redemption and provide the terms and conditions thereof; (9) Covenant as to its books of account, as to the inspection and audit thereof and as to the accounting methods; provided, that an audit of the books and accounts of the local government shall be made at least annually in accordance with §§ 4-3-304 and 6-56-105 . All audits shall be performed in accordance with the standards established by the comptroller of the treasury; (10) Covenant and prescribe as to what occurrences shall constitute "events of default" and the terms and conditions upon which any or all of the general obligation refunding bonds shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived; (11) Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation; (12) Execute all instruments necessary or convenient in the exercise of the powers herein granted or in the performance of its covenants or duties; (13) Make such covenants and do any and all such acts and things as may be necessary or convenient or desirable in order to secure the general obligation refunding bonds, or in the discretion of the governing body, make the general obligation refunding bonds more marketable, notwithstanding that such covenants, acts or things may not be enumerated herein; it being the purpose hereof to give the local government power to do all things in the issuance of the general obligation refunding bonds and for their security that may be consistent with the Constitution of Tennessee; (14) Pledge all or any part of the then unpledged rates, fees, rents or other charges to be received from its waterworks system to the punctual payment of the principal of and interest on any sewer bonds for the acquisition or construction of facilities for the collection, treatment and disposal of sewage and waste matter, including all property, real and personal, appurtenant thereto or in connection therewith, which pledge may be in addition to a pledge of the taxing power and in addition to a pledge of rates, fees, rents and charges received or receivable from a sewer system then existing or to be constructed; (15) Covenant that it will fix, levy and collect fees, rents, tolls or other charges for the privilege of parking motor vehicles in the space immediately adjacent to any parking meter which, in its discretion, it may install and operate and maintain beside specified portions of the public streets; (16) Covenant that the costs of operation and maintaining parking facilities payable, in part from the revenues of such parking facilities, shall not include all or any part of the salaries of police officers employed in the enforcement of on-street parking regulations; and (17) Covenant and provide for the discharge and satisfaction and defeasance of all or any part of general obligation refunding bonds and the indebtedness evidenced thereby. Acts 1986, ch. 770, § 9-15.
In order to secure the payment of the principal of and interest on general obligation refunding bonds issued pursuant to this part and part 1 of this chapter, or in connection with such bonds, any local government shall have the power as to such bonds to:
(1) Pledge the full faith, credit and unlimited taxing power of the local government as to all taxable property in the local government or a portion of the local government, if applicable, to the punctual payment of the principal of and interest on such bonds;
(2) Pledge all or any part of the fees, rents, tolls, or other charges received or receivable by the local government from any public works project or projects then existing or thereafter to be constructed, including any revenues derived or to be derived by a local government from a lease, agreement or contract with any other local government, local government instrumentality, the state, or a state or federal agency for the use of or in connection with such public works project or projects, to the punctual payment of the principal of and interest on such bonds issued to finance such public works project or projects or any other public works project or projects, and to covenant against thereafter pledging any such fees, rents, tolls, or charges to any other bonds or any other obligations of the local government;
(3) Provide for the terms, forms, registration, exchange, execution and authentication of the general obligation refunding bonds in a manner not inconsistent with this part and part 1 of this chapter;
(4) Covenant as to the use and disposition of the proceeds from the sale of the general obligation refunding bonds in a manner not inconsistent with this part and part 1 of this chapter;
(5) Covenant as to the fees, rents or tolls to be charged in connection with any public works project or projects, covenant that provisions will be made for the retirement of the outstanding obligations from the proceeds of the general obligation refunding bonds being issued, and covenant as to any other use and disposition to be made of the proceeds thereof, and enter into appropriate agreements with any other local government, local government instrumentality, the state, or a state or federal agency for such purpose with respect to a public works project which is owned or leased by a local government or local government instrumentality;
(6) Covenant as to the operation and maintenance of the public works project;
(7) Covenant to set aside or pay over reserves and sinking funds for the general obligation refunding bonds and as to the disposition thereof;
(8) Redeem the general obligation refunding bonds, and covenant for their redemption and provide the terms and conditions thereof;
(9) Covenant as to its books of account, as to the inspection and audit thereof and as to the accounting methods; provided, that an audit of the books and accounts of the local government shall be made at least annually in accordance with §§ 4-3-304 and 6-56-105 . All audits shall be performed in accordance with the standards established by the comptroller of the treasury;
(10) Covenant and prescribe as to what occurrences shall constitute "events of default" and the terms and conditions upon which any or all of the general obligation refunding bonds shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived;
(11) Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation;
(12) Execute all instruments necessary or convenient in the exercise of the powers herein granted or in the performance of its covenants or duties;
(13) Make such covenants and do any and all such acts and things as may be necessary or convenient or desirable in order to secure the general obligation refunding bonds, or in the discretion of the governing body, make the general obligation refunding bonds more marketable, notwithstanding that such covenants, acts or things may not be enumerated herein; it being the purpose hereof to give the local government power to do all things in the issuance of the general obligation refunding bonds and for their security that may be consistent with the Constitution of Tennessee;
(14) Pledge all or any part of the then unpledged rates, fees, rents or other charges to be received from its waterworks system to the punctual payment of the principal of and interest on any sewer bonds for the acquisition or construction of facilities for the collection, treatment and disposal of sewage and waste matter, including all property, real and personal, appurtenant thereto or in connection therewith, which pledge may be in addition to a pledge of the taxing power and in addition to a pledge of rates, fees, rents and charges received or receivable from a sewer system then existing or to be constructed;
(15) Covenant that it will fix, levy and collect fees, rents, tolls or other charges for the privilege of parking motor vehicles in the space immediately adjacent to any parking meter which, in its discretion, it may install and operate and maintain beside specified portions of the public streets;
(16) Covenant that the costs of operation and maintaining parking facilities payable, in part from the revenues of such parking facilities, shall not include all or any part of the salaries of police officers employed in the enforcement of on-street parking regulations; and
(17) Covenant and provide for the discharge and satisfaction and defeasance of all or any part of general obligation refunding bonds and the indebtedness evidenced thereby.
Acts 1986, ch. 770, § 9-15.
Tenn. Code Ann. § 9-23-102 — TN Code / Title 9 / Chapter 23 / Section 9-23-102
Chapter definitions
Status: in_force

As used in this chapter, unless the context otherwise requires: (1) "Active plan" means a plan that is currently producing tax increment revenues; (2) "Base taxes" means the property taxes, if any, that were levied by a taxing agency and payable with respect to the property within a plan area (other than any portion of such taxes that is a debt service amount) for the year prior to the date the plan was approved; (3) (A) "Best interest of the state" for purposes of approving payment or expenditure of funds, or financing the cost of a privately-owned project with tax increment revenues, means the project would not have occurred but for the payment, expenditure or financing; (B) For purposes of an extended plan term, "best interest of the state" means an extended plan term or term extension is reasonably required for plan completion; (4) "Chief financial officer" with respect to a taxing agency means the officer or employee of a taxing agency that is responsible for overseeing the budget and finances of such taxing agency or such other officer or employee as may be designated by the taxing agency for purposes of this chapter; (5) "Community redevelopment agency" means a community redevelopment agency created by or designated pursuant to the CRA Act; (6) "Commissioner" means the commissioner of economic and community development; (7) "Comptroller" means the comptroller of the treasury; (8) "CRA Act" means the Community Redevelopment Act of 1998, as amended, being 1998 Public Chapter No. 987, which act has not been codified; (9) "Dedicated taxes" means that portion of property taxes, if any, designated by a taxing agency to pay debt service on the taxing agency's debt; (10) "Governing body" means the board or body in which the general legislative powers of a municipality or taxing agency are vested; (11) "Housing authority" means a housing authority organized in accordance with title 13, chapter 20, or any public entity exercising the redevelopment powers of a housing authority pursuant to such chapter; (12) "Industrial development corporation" means any industrial development corporation organized pursuant to title 7, chapter 53; (13) "Municipality" means any county, metropolitan government or incorporated city or town in this state; (14) "Plan" means a redevelopment plan approved pursuant to title 13, chapter 20, an economic impact plan approved pursuant to title 7, chapter 53, or a community redevelopment plan approved pursuant to the CRA Act; (15) "Plan area" means the area identified in any plan as being subject to such plan; (16) "Public infrastructure" shall mean roads, streets, publicly-owned or privately-owned parking lots, facilities or garages, traffic signals, sidewalks or other public improvements that are available for public use, utility improvements and storm water and drainage improvements, whether or not located on public property or a publicly-dedicated easement, that are necessary or desirable, as determined by the tax increment agency; (17) "Tax increment agency" means a housing authority, industrial development corporation and/or community redevelopment agency; (18) "Tax increment revenues" means incremental property tax revenues to be allocated by a taxing agency to a tax increment agency pursuant to a tax increment statute and this chapter; (19) "Tax increment statutes" means title 7, chapter 53, title 13, chapter 20 and the CRA Act; and (20) "Taxing agency" means any county, city, town, metropolitan government or other public entity that levies property taxes on property within a plan area and that has approved the plan. Amended by 2017 Tenn. Acts, ch. 17,s 2, eff. 3/24/2017. Acts 2012, ch. 605, § 2.
As used in this chapter, unless the context otherwise requires:
(1) "Active plan" means a plan that is currently producing tax increment revenues;
(2) "Base taxes" means the property taxes, if any, that were levied by a taxing agency and payable with respect to the property within a plan area (other than any portion of such taxes that is a debt service amount) for the year prior to the date the plan was approved;
(3) (A) "Best interest of the state" for purposes of approving payment or expenditure of funds, or financing the cost of a privately-owned project with tax increment revenues, means the project would not have occurred but for the payment, expenditure or financing; (B) For purposes of an extended plan term, "best interest of the state" means an extended plan term or term extension is reasonably required for plan completion;
(A) "Best interest of the state" for purposes of approving payment or expenditure of funds, or financing the cost of a privately-owned project with tax increment revenues, means the project would not have occurred but for the payment, expenditure or financing;
(B) For purposes of an extended plan term, "best interest of the state" means an extended plan term or term extension is reasonably required for plan completion;
(4) "Chief financial officer" with respect to a taxing agency means the officer or employee of a taxing agency that is responsible for overseeing the budget and finances of such taxing agency or such other officer or employee as may be designated by the taxing agency for purposes of this chapter;
(5) "Community redevelopment agency" means a community redevelopment agency created by or designated pursuant to the CRA Act;
(6) "Commissioner" means the commissioner of economic and community development;
(7) "Comptroller" means the comptroller of the treasury;
(8) "CRA Act" means the Community Redevelopment Act of 1998, as amended, being 1998 Public Chapter No. 987, which act has not been codified;
(9) "Dedicated taxes" means that portion of property taxes, if any, designated by a taxing agency to pay debt service on the taxing agency's debt;
(10) "Governing body" means the board or body in which the general legislative powers of a municipality or taxing agency are vested;
(11) "Housing authority" means a housing authority organized in accordance with title 13, chapter 20, or any public entity exercising the redevelopment powers of a housing authority pursuant to such chapter;
(12) "Industrial development corporation" means any industrial development corporation organized pursuant to title 7, chapter 53;
(13) "Municipality" means any county, metropolitan government or incorporated city or town in this state;
(14) "Plan" means a redevelopment plan approved pursuant to title 13, chapter 20, an economic impact plan approved pursuant to title 7, chapter 53, or a community redevelopment plan approved pursuant to the CRA Act;
(15) "Plan area" means the area identified in any plan as being subject to such plan;
(16) "Public infrastructure" shall mean roads, streets, publicly-owned or privately-owned parking lots, facilities or garages, traffic signals, sidewalks or other public improvements that are available for public use, utility improvements and storm water and drainage improvements, whether or not located on public property or a publicly-dedicated easement, that are necessary or desirable, as determined by the tax increment agency;
(17) "Tax increment agency" means a housing authority, industrial development corporation and/or community redevelopment agency;
(18) "Tax increment revenues" means incremental property tax revenues to be allocated by a taxing agency to a tax increment agency pursuant to a tax increment statute and this chapter;
(19) "Tax increment statutes" means title 7, chapter 53, title 13, chapter 20 and the CRA Act; and
(20) "Taxing agency" means any county, city, town, metropolitan government or other public entity that levies property taxes on property within a plan area and that has approved the plan.
Amended by 2017 Tenn. Acts, ch. 17,s 2, eff. 3/24/2017.
Acts 2012, ch. 605, § 2.
Tenn. Code Ann. § 9-3-507 — TN Code / Title 9 / Chapter 3 / Section 9-3-507
Withholding of money from state-shared taxes to be paid to political subdivision's pension plan in event of failure to pay established percentages
Status: in_force

(a) In the event the political subdivision shall fail to fund the ADC according to the percentages established in § 9-3-505 , the commissioner of finance and administration, at the direction of the comptroller of the treasury, is authorized to withhold such amount or part of such amount from any state-shared taxes that are otherwise apportioned to such political subdivision. The money withheld from state-shared taxes shall be paid to the political subdivision's pension plan. (b) The deduction shall be made as a first charge against any moneys payable to such political subdivision regardless of the source of such payment and regardless of the purpose or contemplated use of such funds. (c) Regardless of a political subdivision's funding level of its ADC, a political subdivision may, with the recommendation of the state treasurer and the approval of the board of trustees of the Tennessee consolidated retirement system: (1) Continue the administration of its pension plan, but have the pension plan funds co-invested with the pension plan assets for the Tennessee consolidated retirement system, but established in a separate fund from the Tennessee consolidated retirement system assets, and accounted for separately with accurate and detailed accounting records. The separate fund shall be operated in accordance with IRS Revenue Ruling 2011-1 or subsequent guidance regarding a group trust fund under Internal Revenue Code § 401(a)(24) ( 26 U.S.C. § 401(a)(24) ). Before a political subdivision's pension plan assets are co-invested with Tennessee consolidated retirement system assets, the political subdivision shall provide the department of treasury with its plan document and a determination letter from the internal revenue service that its plan assets are qualified assets or written advice from competent counsel of the Tennessee consolidated retirement system that the plan is a qualified plan. The political subdivision shall enter into an agreement with the retirement system for the co-investment of the political subdivision's pension plan assets, which shall include a charge assessed by the retirement system against the political subdivision for services related to the co-investment of assets; or (2) (A) Continue the pension plan, but have the plan administered by the Tennessee consolidated retirement system and have the assets co-invested with the Tennessee consolidated retirement system pension plan assets; (B) The political subdivision shall enter into an agreement with the Tennessee consolidated retirement system to provide billing services, participant enrollment services, participant accounts, data processing, recordkeeping, investment and other related services that are necessary or appropriate to the administration of the political subdivision's pension plan. The agreement may provide that the services be provided directly by staff of the retirement system or through contracts with other providers; (C) Any agreement entered into under this section shall require that the political subdivision remain the responsible administrator for the political subdivision's pension plan, and that neither the state of Tennessee nor the retirement system, or any of its officers, agents, employees, or boards shall act as a trustee or be considered the trustee for the political subdivision's pension plan; (D) The chair of the retirement system shall assess a charge to the political subdivision for the administration of the political subdivision's pension plan and co-investment of its assets, in an amount to be determined by the chair, to meet the administrative expenses of the retirement system in providing the administration and co-investment services under this section. It is the legislative intent that the state shall realize no increased cost as a result of the administration of the political subdivision's pension plan and co-investment of its assets, and that all costs associated with the administration of the pension plan, including administrative and co-investment costs, shall be the responsibility of the respective political subdivision. In the event that the political subdivision refuses or otherwise fails to satisfy this liability, such amounts shall become a lien on the property of the political subdivision and may be withheld from state-shared taxes which are otherwise apportioned to the political subdivision; (E) As a condition of providing the services described in this section for the administration of a political subdivision's pension plan, and at any time thereafter, the chair of the retirement system may require that the political subdivision provide proof that the political subdivision's pension plan is a qualified plan and otherwise complies with the applicable provisions of the Internal Revenue Code, as amended. The chair of the retirement system may require an opinion of counsel or other assurance satisfactory to the chair that the provision of the services described in this section does not cause the retirement system, the state, or any of their agencies or employees to violate any federal or state laws or regulations; (F) Political subdivisions shall take all actions that the retirement system, in its discretion, deems necessary for compliance by the retirement system with all applicable federal and state laws or for qualification of the retirement system for any exemptions from regulation available under those laws, including, but not limited to, the federal Securities Act of 1933, as amended, ( 15 U.S.C. § 77a et seq.), and the Investment Company Act of 1940, as amended, ( 1 5 U.S.C. § 80(a)-1 et seq.); (G) The political subdivision's plan shall be administered separately from the Tennessee consolidated retirement system, and shall be administered according to the political subdivision's pension plan documents; (H) The political subdivision's plan assets shall be established in a separate fund from the Tennessee consolidated retirement system assets, and accounted for separately with accurate and detailed accounting records. The separate fund shall be operated in accordance with IRS Revenue Ruling 2011-1 or subsequent guidance regarding a group trust fund under Internal Revenue Code § 401(a)(24) . Before a political subdivision's pension plan assets are co-invested with Tennessee consolidated retirement system assets, the political subdivision shall provide the department of treasury with its plan document and a determination letter from the internal revenue service that its plan assets are qualified assets. (d) Notwithstanding any law to the contrary, through its administration of a political subdivision's pension plan, or the co-investment of the political subdivision's pension plan assets, as set forth in subdivisions (c)(1) and (2), the Tennessee consolidated retirement system shall not be liable for the payment of any retirement allowances or other benefits on account for the political subdivision employees or their respective beneficiaries, for which reserves have not been previously created from funds contributed by the political subdivision or the political subdivision employees for such benefits. (e) (1) Notwithstanding any law to the contrary, to the extent that some or all of a political subdivision's pension plan assets intended to be invested pursuant to subsection (c) do not comport with the investment policy for the Tennessee consolidated retirement system: (A) The board of trustees for the Tennessee consolidated retirement system may permit, as a written exception or amendment to the investment policy, the co-investment of the pension plan assets with the pension plan assets for the Tennessee consolidated retirement system under subsection (c). Such an exception or amendment shall contain the limitations, conditions, or restrictions on the co-investment of pension plan assets, including, but not limited to, the management strategy and timeframe for the conversion or liquidation of the pension plan assets to an investment authorized by the retirement system's investment policy within a reasonable period of time, considering the market for such investments. An exception or amendment under this subsection (e) may address multiple pension plans, a single pension plan, or be general in nature; or (B) The state treasurer may take custody of the pension plan assets in an account separate from the Tennessee consolidated retirement system assets. The state treasurer shall invest the pension plan assets in accordance with the political subdivision's investment policy. The political subdivision's agreement for services provided under this section shall provide: (i) The limitations, conditions, or restrictions on the investment of pension plan assets, including, but not limited to, the management strategy and timeframe for the conversion or liquidation of the pension plan assets to an investment authorized by the retirement system's investment policy within a reasonable period of time, considering the market for such investments; and (ii) A charge assessed to the political subdivision for such services. (2) Nothing in this subsection (e) shall prohibit a portion of a political subdivision's assets from being co-invested while a portion of the political subdivision's assets are invested separately under this subsection (e). Amended by 2018 Tenn. Acts, ch. 833, s 1, eff. 4/27/2018. Added by 2014 Tenn. Acts, ch. 990,s 3, eff. 5/22/2014.
(a) In the event the political subdivision shall fail to fund the ADC according to the percentages established in § 9-3-505 , the commissioner of finance and administration, at the direction of the comptroller of the treasury, is authorized to withhold such amount or part of such amount from any state-shared taxes that are otherwise apportioned to such political subdivision. The money withheld from state-shared taxes shall be paid to the political subdivision's pension plan.
(b) The deduction shall be made as a first charge against any moneys payable to such political subdivision regardless of the source of such payment and regardless of the purpose or contemplated use of such funds.
(c) Regardless of a political subdivision's funding level of its ADC, a political subdivision may, with the recommendation of the state treasurer and the approval of the board of trustees of the Tennessee consolidated retirement system: (1) Continue the administration of its pension plan, but have the pension plan funds co-invested with the pension plan assets for the Tennessee consolidated retirement system, but established in a separate fund from the Tennessee consolidated retirement system assets, and accounted for separately with accurate and detailed accounting records. The separate fund shall be operated in accordance with IRS Revenue Ruling 2011-1 or subsequent guidance regarding a group trust fund under Internal Revenue Code § 401(a)(24) ( 26 U.S.C. § 401(a)(24) ). Before a political subdivision's pension plan assets are co-invested with Tennessee consolidated retirement system assets, the political subdivision shall provide the department of treasury with its plan document and a determination letter from the internal revenue service that its plan assets are qualified assets or written advice from competent counsel of the Tennessee consolidated retirement system that the plan is a qualified plan. The political subdivision shall enter into an agreement with the retirement system for the co-investment of the political subdivision's pension plan assets, which shall include a charge assessed by the retirement system against the political subdivision for services related to the co-investment of assets; or (2) (A) Continue the pension plan, but have the plan administered by the Tennessee consolidated retirement system and have the assets co-invested with the Tennessee consolidated retirement system pension plan assets; (B) The political subdivision shall enter into an agreement with the Tennessee consolidated retirement system to provide billing services, participant enrollment services, participant accounts, data processing, recordkeeping, investment and other related services that are necessary or appropriate to the administration of the political subdivision's pension plan. The agreement may provide that the services be provided directly by staff of the retirement system or through contracts with other providers; (C) Any agreement entered into under this section shall require that the political subdivision remain the responsible administrator for the political subdivision's pension plan, and that neither the state of Tennessee nor the retirement system, or any of its officers, agents, employees, or boards shall act as a trustee or be considered the trustee for the political subdivision's pension plan; (D) The chair of the retirement system shall assess a charge to the political subdivision for the administration of the political subdivision's pension plan and co-investment of its assets, in an amount to be determined by the chair, to meet the administrative expenses of the retirement system in providing the administration and co-investment services under this section. It is the legislative intent that the state shall realize no increased cost as a result of the administration of the political subdivision's pension plan and co-investment of its assets, and that all costs associated with the administration of the pension plan, including administrative and co-investment costs, shall be the responsibility of the respective political subdivision. In the event that the political subdivision refuses or otherwise fails to satisfy this liability, such amounts shall become a lien on the property of the political subdivision and may be withheld from state-shared taxes which are otherwise apportioned to the political subdivision; (E) As a condition of providing the services described in this section for the administration of a political subdivision's pension plan, and at any time thereafter, the chair of the retirement system may require that the political subdivision provide proof that the political subdivision's pension plan is a qualified plan and otherwise complies with the applicable provisions of the Internal Revenue Code, as amended. The chair of the retirement system may require an opinion of counsel or other assurance satisfactory to the chair that the provision of the services described in this section does not cause the retirement system, the state, or any of their agencies or employees to violate any federal or state laws or regulations; (F) Political subdivisions shall take all actions that the retirement system, in its discretion, deems necessary for compliance by the retirement system with all applicable federal and state laws or for qualification of the retirement system for any exemptions from regulation available under those laws, including, but not limited to, the federal Securities Act of 1933, as amended, ( 15 U.S.C. § 77a et seq.), and the Investment Company Act of 1940, as amended, ( 1 5 U.S.C. § 80(a)-1 et seq.); (G) The political subdivision's plan shall be administered separately from the Tennessee consolidated retirement system, and shall be administered according to the political subdivision's pension plan documents; (H) The political subdivision's plan assets shall be established in a separate fund from the Tennessee consolidated retirement system assets, and accounted for separately with accurate and detailed accounting records. The separate fund shall be operated in accordance with IRS Revenue Ruling 2011-1 or subsequent guidance regarding a group trust fund under Internal Revenue Code § 401(a)(24) . Before a political subdivision's pension plan assets are co-invested with Tennessee consolidated retirement system assets, the political subdivision shall provide the department of treasury with its plan document and a determination letter from the internal revenue service that its plan assets are qualified assets.
(1) Continue the administration of its pension plan, but have the pension plan funds co-invested with the pension plan assets for the Tennessee consolidated retirement system, but established in a separate fund from the Tennessee consolidated retirement system assets, and accounted for separately with accurate and detailed accounting records. The separate fund shall be operated in accordance with IRS Revenue Ruling 2011-1 or subsequent guidance regarding a group trust fund under Internal Revenue Code § 401(a)(24) ( 26 U.S.C. § 401(a)(24) ). Before a political subdivision's pension plan assets are co-invested with Tennessee consolidated retirement system assets, the political subdivision shall provide the department of treasury with its plan document and a determination letter from the internal revenue service that its plan assets are qualified assets or written advice from competent counsel of the Tennessee consolidated retirement system that the plan is a qualified plan. The political subdivision shall enter into an agreement with the retirement system for the co-investment of the political subdivision's pension plan assets, which shall include a charge assessed by the retirement system against the political subdivision for services related to the co-investment of assets; or
(2) (A) Continue the pension plan, but have the plan administered by the Tennessee consolidated retirement system and have the assets co-invested with the Tennessee consolidated retirement system pension plan assets; (B) The political subdivision shall enter into an agreement with the Tennessee consolidated retirement system to provide billing services, participant enrollment services, participant accounts, data processing, recordkeeping, investment and other related services that are necessary or appropriate to the administration of the political subdivision's pension plan. The agreement may provide that the services be provided directly by staff of the retirement system or through contracts with other providers; (C) Any agreement entered into under this section shall require that the political subdivision remain the responsible administrator for the political subdivision's pension plan, and that neither the state of Tennessee nor the retirement system, or any of its officers, agents, employees, or boards shall act as a trustee or be considered the trustee for the political subdivision's pension plan; (D) The chair of the retirement system shall assess a charge to the political subdivision for the administration of the political subdivision's pension plan and co-investment of its assets, in an amount to be determined by the chair, to meet the administrative expenses of the retirement system in providing the administration and co-investment services under this section. It is the legislative intent that the state shall realize no increased cost as a result of the administration of the political subdivision's pension plan and co-investment of its assets, and that all costs associated with the administration of the pension plan, including administrative and co-investment costs, shall be the responsibility of the respective political subdivision. In the event that the political subdivision refuses or otherwise fails to satisfy this liability, such amounts shall become a lien on the property of the political subdivision and may be withheld from state-shared taxes which are otherwise apportioned to the political subdivision; (E) As a condition of providing the services described in this section for the administration of a political subdivision's pension plan, and at any time thereafter, the chair of the retirement system may require that the political subdivision provide proof that the political subdivision's pension plan is a qualified plan and otherwise complies with the applicable provisions of the Internal Revenue Code, as amended. The chair of the retirement system may require an opinion of counsel or other assurance satisfactory to the chair that the provision of the services described in this section does not cause the retirement system, the state, or any of their agencies or employees to violate any federal or state laws or regulations; (F) Political subdivisions shall take all actions that the retirement system, in its discretion, deems necessary for compliance by the retirement system with all applicable federal and state laws or for qualification of the retirement system for any exemptions from regulation available under those laws, including, but not limited to, the federal Securities Act of 1933, as amended, ( 15 U.S.C. § 77a et seq.), and the Investment Company Act of 1940, as amended, ( 1 5 U.S.C. § 80(a)-1 et seq.); (G) The political subdivision's plan shall be administered separately from the Tennessee consolidated retirement system, and shall be administered according to the political subdivision's pension plan documents; (H) The political subdivision's plan assets shall be established in a separate fund from the Tennessee consolidated retirement system assets, and accounted for separately with accurate and detailed accounting records. The separate fund shall be operated in accordance with IRS Revenue Ruling 2011-1 or subsequent guidance regarding a group trust fund under Internal Revenue Code § 401(a)(24) . Before a political subdivision's pension plan assets are co-invested with Tennessee consolidated retirement system assets, the political subdivision shall provide the department of treasury with its plan document and a determination letter from the internal revenue service that its plan assets are qualified assets.
(A) Continue the pension plan, but have the plan administered by the Tennessee consolidated retirement system and have the assets co-invested with the Tennessee consolidated retirement system pension plan assets;
(B) The political subdivision shall enter into an agreement with the Tennessee consolidated retirement system to provide billing services, participant enrollment services, participant accounts, data processing, recordkeeping, investment and other related services that are necessary or appropriate to the administration of the political subdivision's pension plan. The agreement may provide that the services be provided directly by staff of the retirement system or through contracts with other providers;
(C) Any agreement entered into under this section shall require that the political subdivision remain the responsible administrator for the political subdivision's pension plan, and that neither the state of Tennessee nor the retirement system, or any of its officers, agents, employees, or boards shall act as a trustee or be considered the trustee for the political subdivision's pension plan;
(D) The chair of the retirement system shall assess a charge to the political subdivision for the administration of the political subdivision's pension plan and co-investment of its assets, in an amount to be determined by the chair, to meet the administrative expenses of the retirement system in providing the administration and co-investment services under this section. It is the legislative intent that the state shall realize no increased cost as a result of the administration of the political subdivision's pension plan and co-investment of its assets, and that all costs associated with the administration of the pension plan, including administrative and co-investment costs, shall be the responsibility of the respective political subdivision. In the event that the political subdivision refuses or otherwise fails to satisfy this liability, such amounts shall become a lien on the property of the political subdivision and may be withheld from state-shared taxes which are otherwise apportioned to the political subdivision;
(E) As a condition of providing the services described in this section for the administration of a political subdivision's pension plan, and at any time thereafter, the chair of the retirement system may require that the political subdivision provide proof that the political subdivision's pension plan is a qualified plan and otherwise complies with the applicable provisions of the Internal Revenue Code, as amended. The chair of the retirement system may require an opinion of counsel or other assurance satisfactory to the chair that the provision of the services described in this section does not cause the retirement system, the state, or any of their agencies or employees to violate any federal or state laws or regulations;
(F) Political subdivisions shall take all actions that the retirement system, in its discretion, deems necessary for compliance by the retirement system with all applicable federal and state laws or for qualification of the retirement system for any exemptions from regulation available under those laws, including, but not limited to, the federal Securities Act of 1933, as amended, ( 15 U.S.C. § 77a et seq.), and the Investment Company Act of 1940, as amended, ( 1 5 U.S.C. § 80(a)-1 et seq.);
(G) The political subdivision's plan shall be administered separately from the Tennessee consolidated retirement system, and shall be administered according to the political subdivision's pension plan documents;
(H) The political subdivision's plan assets shall be established in a separate fund from the Tennessee consolidated retirement system assets, and accounted for separately with accurate and detailed accounting records. The separate fund shall be operated in accordance with IRS Revenue Ruling 2011-1 or subsequent guidance regarding a group trust fund under Internal Revenue Code § 401(a)(24) . Before a political subdivision's pension plan assets are co-invested with Tennessee consolidated retirement system assets, the political subdivision shall provide the department of treasury with its plan document and a determination letter from the internal revenue service that its plan assets are qualified assets.
(d) Notwithstanding any law to the contrary, through its administration of a political subdivision's pension plan, or the co-investment of the political subdivision's pension plan assets, as set forth in subdivisions (c)(1) and (2), the Tennessee consolidated retirement system shall not be liable for the payment of any retirement allowances or other benefits on account for the political subdivision employees or their respective beneficiaries, for which reserves have not been previously created from funds contributed by the political subdivision or the political subdivision employees for such benefits.
(e) (1) Notwithstanding any law to the contrary, to the extent that some or all of a political subdivision's pension plan assets intended to be invested pursuant to subsection (c) do not comport with the investment policy for the Tennessee consolidated retirement system: (A) The board of trustees for the Tennessee consolidated retirement system may permit, as a written exception or amendment to the investment policy, the co-investment of the pension plan assets with the pension plan assets for the Tennessee consolidated retirement system under subsection (c). Such an exception or amendment shall contain the limitations, conditions, or restrictions on the co-investment of pension plan assets, including, but not limited to, the management strategy and timeframe for the conversion or liquidation of the pension plan assets to an investment authorized by the retirement system's investment policy within a reasonable period of time, considering the market for such investments. An exception or amendment under this subsection (e) may address multiple pension plans, a single pension plan, or be general in nature; or (B) The state treasurer may take custody of the pension plan assets in an account separate from the Tennessee consolidated retirement system assets. The state treasurer shall invest the pension plan assets in accordance with the political subdivision's investment policy. The political subdivision's agreement for services provided under this section shall provide: (i) The limitations, conditions, or restrictions on the investment of pension plan assets, including, but not limited to, the management strategy and timeframe for the conversion or liquidation of the pension plan assets to an investment authorized by the retirement system's investment policy within a reasonable period of time, considering the market for such investments; and (ii) A charge assessed to the political subdivision for such services. (2) Nothing in this subsection (e) shall prohibit a portion of a political subdivision's assets from being co-invested while a portion of the political subdivision's assets are invested separately under this subsection (e).
(1) Notwithstanding any law to the contrary, to the extent that some or all of a political subdivision's pension plan assets intended to be invested pursuant to subsection (c) do not comport with the investment policy for the Tennessee consolidated retirement system: (A) The board of trustees for the Tennessee consolidated retirement system may permit, as a written exception or amendment to the investment policy, the co-investment of the pension plan assets with the pension plan assets for the Tennessee consolidated retirement system under subsection (c). Such an exception or amendment shall contain the limitations, conditions, or restrictions on the co-investment of pension plan assets, including, but not limited to, the management strategy and timeframe for the conversion or liquidation of the pension plan assets to an investment authorized by the retirement system's investment policy within a reasonable period of time, considering the market for such investments. An exception or amendment under this subsection (e) may address multiple pension plans, a single pension plan, or be general in nature; or (B) The state treasurer may take custody of the pension plan assets in an account separate from the Tennessee consolidated retirement system assets. The state treasurer shall invest the pension plan assets in accordance with the political subdivision's investment policy. The political subdivision's agreement for services provided under this section shall provide: (i) The limitations, conditions, or restrictions on the investment of pension plan assets, including, but not limited to, the management strategy and timeframe for the conversion or liquidation of the pension plan assets to an investment authorized by the retirement system's investment policy within a reasonable period of time, considering the market for such investments; and (ii) A charge assessed to the political subdivision for such services.
(A) The board of trustees for the Tennessee consolidated retirement system may permit, as a written exception or amendment to the investment policy, the co-investment of the pension plan assets with the pension plan assets for the Tennessee consolidated retirement system under subsection (c). Such an exception or amendment shall contain the limitations, conditions, or restrictions on the co-investment of pension plan assets, including, but not limited to, the management strategy and timeframe for the conversion or liquidation of the pension plan assets to an investment authorized by the retirement system's investment policy within a reasonable period of time, considering the market for such investments. An exception or amendment under this subsection (e) may address multiple pension plans, a single pension plan, or be general in nature; or
(B) The state treasurer may take custody of the pension plan assets in an account separate from the Tennessee consolidated retirement system assets. The state treasurer shall invest the pension plan assets in accordance with the political subdivision's investment policy. The political subdivision's agreement for services provided under this section shall provide: (i) The limitations, conditions, or restrictions on the investment of pension plan assets, including, but not limited to, the management strategy and timeframe for the conversion or liquidation of the pension plan assets to an investment authorized by the retirement system's investment policy within a reasonable period of time, considering the market for such investments; and (ii) A charge assessed to the political subdivision for such services.
(i) The limitations, conditions, or restrictions on the investment of pension plan assets, including, but not limited to, the management strategy and timeframe for the conversion or liquidation of the pension plan assets to an investment authorized by the retirement system's investment policy within a reasonable period of time, considering the market for such investments; and
(ii) A charge assessed to the political subdivision for such services.
(2) Nothing in this subsection (e) shall prohibit a portion of a political subdivision's assets from being co-invested while a portion of the political subdivision's assets are invested separately under this subsection (e).
Amended by 2018 Tenn. Acts, ch. 833, s 1, eff. 4/27/2018.
Added by 2014 Tenn. Acts, ch. 990,s 3, eff. 5/22/2014.
Tenn. Code Ann. § 9-21-122 — TN Code / Title 9 / Chapter 21 / Section 9-21-122
Authorization to cancel bonds, notes and coupons
Status: in_force

Whenever any bonds, notes, or interest coupons shall be paid and discharged, they shall be cancelled by stamping and punching, immediately upon their redemption. The cancelled bonds, notes, and coupons shall be retained and be available for examination in annual audits subject to § 9-21-123 . Acts 1986, ch. 770, § 1-22.
Whenever any bonds, notes, or interest coupons shall be paid and discharged, they shall be cancelled by stamping and punching, immediately upon their redemption. The cancelled bonds, notes, and coupons shall be retained and be available for examination in annual audits subject to § 9-21-123 .
Acts 1986, ch. 770, § 1-22.
Tenn. Code Ann. § 9-9-116 — TN Code / Title 9 / Chapter 9 / Section 9-9-116
Technical advice - Expenses of carrying out chapter
Status: in_force

The state funding board is hereby authorized to procure such legal and technical advice, approving opinions and such financial assistance as it may consider necessary in connection with the carrying into effect of this chapter, and is also authorized to pay all necessary expenses, including costs of advertisement, printing bonds, certificates and coupons, publication of all releases, purchases of all necessary books and records, and all other incidental expenses as may be necessary. All such expenses, as well as the amount of any discount at which bonds issued under this chapter shall be sold, may be funded by bonds issued under this chapter and authorized heretofore or hereafter by the general assembly, to be issued by the funding board. Acts 1937, ch. 165, § 14 (Williams, § 1811.25); 1977, ch. 3, § 7; T.C.A. (orig. ed.), § 9-918; Acts 1998, ch. 582, § 2.
The state funding board is hereby authorized to procure such legal and technical advice, approving opinions and such financial assistance as it may consider necessary in connection with the carrying into effect of this chapter, and is also authorized to pay all necessary expenses, including costs of advertisement, printing bonds, certificates and coupons, publication of all releases, purchases of all necessary books and records, and all other incidental expenses as may be necessary. All such expenses, as well as the amount of any discount at which bonds issued under this chapter shall be sold, may be funded by bonds issued under this chapter and authorized heretofore or hereafter by the general assembly, to be issued by the funding board.
Acts 1937, ch. 165, § 14 (Williams, § 1811.25); 1977, ch. 3, § 7; T.C.A. (orig. ed.), § 9-918; Acts 1998, ch. 582, § 2.
Tenn. Code Ann. § 9-21-302 — TN Code / Title 9 / Chapter 21 / Section 9-21-302
Sale of revenue bonds - Agreements regarding dates of delivery
Status: in_force

(a) Any local government proposing to sell revenue bonds under this part and part 1 of this chapter is authorized to sell such bonds either at a competitive public sale or at a private negotiated sale as the governing body of the local government may direct. (b) The governing body of a local government may enter into an agreement to sell its revenue bonds under this part providing for delivery of its bonds on a date greater than ninety (90) days and not greater than five (5) years (or such greater period of time if approved by the comptroller of the treasury or the comptroller's designee) from the date of execution of such agreement only upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that such an agreement or contract of a local government to sell its revenue bonds as authorized in this subsection (b) is in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board in accordance with § 9-21-130 . Agreements to sell revenue bonds for delivery ninety (90) days or less from the date of execution of the agreement to sell the revenue bonds do not require a report of the comptroller of the treasury or the comptroller's designee. Acts 1986, ch. 770, § 3-2; 1999, ch. 432, § 4.
(a) Any local government proposing to sell revenue bonds under this part and part 1 of this chapter is authorized to sell such bonds either at a competitive public sale or at a private negotiated sale as the governing body of the local government may direct.
(b) The governing body of a local government may enter into an agreement to sell its revenue bonds under this part providing for delivery of its bonds on a date greater than ninety (90) days and not greater than five (5) years (or such greater period of time if approved by the comptroller of the treasury or the comptroller's designee) from the date of execution of such agreement only upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that such an agreement or contract of a local government to sell its revenue bonds as authorized in this subsection (b) is in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board in accordance with § 9-21-130 . Agreements to sell revenue bonds for delivery ninety (90) days or less from the date of execution of the agreement to sell the revenue bonds do not require a report of the comptroller of the treasury or the comptroller's designee.
Acts 1986, ch. 770, § 3-2; 1999, ch. 432, § 4.
Tenn. Code Ann. § 9-4-5113 — TN Code / Title 9 / Chapter 4 / Section 9-4-5113
Certification of funds to meet obligations
Status: in_force

(a) No department or officer under such department shall enter into any contract, agreement, or obligation, involving the expenditure of money, unless the commissioner of finance and administration shall first certify that there is a balance in the appropriation from which such obligation is required to be paid, that is not otherwise encumbered to pay obligations previously incurred. (b) Subsection (a) shall not apply to the general assembly, state court system, attorney general and reporter, district attorneys general, district public defenders, office of the post-conviction defender, secretary of state, comptroller of the treasury, and the state treasurer; provided, however, that the chief administrative officer for each of these agencies shall ensure, before entering into any contract, agreement, or obligation involving the expenditure of money, that there is a balance in the appropriation from which such obligation is required to be paid that is not otherwise encumbered to pay obligations previously incurred. (c) All funds appropriated to the secretary of state, comptroller of the treasury, and state treasurer shall be administered in a ministerial capacity by the department of finance and administration in accordance with budgets and any revisions thereto of the respective entities for which such appropriations are made. Amended by 2014 Tenn. Acts, ch. 917,s 3, eff. 5/13/2014. Amended by 2013 Tenn. Acts, ch. 454,s 24, eff. 5/16/2013. Acts 1923, ch. 7, § 17; Code 1932, § 279; C. Supp. 1950, § 255.22; impl. am. Acts 1959, ch. 9, § 3; impl. am. Acts 1961, ch. 97, § 3; T.C.A. (orig. ed.), § 9-611; T.C.A. § 9-6-113.
(a) No department or officer under such department shall enter into any contract, agreement, or obligation, involving the expenditure of money, unless the commissioner of finance and administration shall first certify that there is a balance in the appropriation from which such obligation is required to be paid, that is not otherwise encumbered to pay obligations previously incurred.
(b) Subsection (a) shall not apply to the general assembly, state court system, attorney general and reporter, district attorneys general, district public defenders, office of the post-conviction defender, secretary of state, comptroller of the treasury, and the state treasurer; provided, however, that the chief administrative officer for each of these agencies shall ensure, before entering into any contract, agreement, or obligation involving the expenditure of money, that there is a balance in the appropriation from which such obligation is required to be paid that is not otherwise encumbered to pay obligations previously incurred.
(c) All funds appropriated to the secretary of state, comptroller of the treasury, and state treasurer shall be administered in a ministerial capacity by the department of finance and administration in accordance with budgets and any revisions thereto of the respective entities for which such appropriations are made.
Amended by 2014 Tenn. Acts, ch. 917,s 3, eff. 5/13/2014.
Amended by 2013 Tenn. Acts, ch. 454,s 24, eff. 5/16/2013.
Acts 1923, ch. 7, § 17; Code 1932, § 279; C. Supp. 1950, § 255.22; impl. am. Acts 1959, ch. 9, § 3; impl. am. Acts 1961, ch. 97, § 3; T.C.A. (orig. ed.), § 9-611; T.C.A. § 9-6-113.
Tenn. Code Ann. § 9-22-105 — TN Code / Title 9 / Chapter 22 / Section 9-22-105
Priority of pledges or liens
Status: in_force

(a) Public obligations evidenced by multiple bonds, notes, certificates or other instruments of the same issue shall be equally and ratably secured, without priority by reason of number, date, date of sale, date of execution or date of delivery, by any pledge or lien created or granted on collateral to secure the payment thereof, unless otherwise provided by the official action authorizing such public obligations. (b) Any pledge or lien on collateral created or granted by an issuer shall be junior in priority to pledges, liens and other security interests created or granted prior to the date such pledge or lien is created or granted; provided, that an official action may provide for the issuance of additional public obligations on a parity with, or senior to, the public obligations authorized thereby. Acts 2001, ch. 290, § 1.
(a) Public obligations evidenced by multiple bonds, notes, certificates or other instruments of the same issue shall be equally and ratably secured, without priority by reason of number, date, date of sale, date of execution or date of delivery, by any pledge or lien created or granted on collateral to secure the payment thereof, unless otherwise provided by the official action authorizing such public obligations.
(b) Any pledge or lien on collateral created or granted by an issuer shall be junior in priority to pledges, liens and other security interests created or granted prior to the date such pledge or lien is created or granted; provided, that an official action may provide for the issuance of additional public obligations on a parity with, or senior to, the public obligations authorized thereby.
Acts 2001, ch. 290, § 1.
Tenn. Code Ann. § 9-4-5203 — TN Code / Title 9 / Chapter 4 / Section 9-4-5203
Governor's budget document - Appropriations exceeding growth of state's economy - Bills - Index
Status: in_force

(a) The budget document presented by the governor to the general assembly shall include a statement or showing projecting Tennessee personal income as provided in § 9-4-5201 , for the ensuing fiscal year, for the calendar year in progress, for the fiscal year in progress, for the latest completed calendar year, and for calendar year 1977. (b) The budget document presented by the governor shall also include a statement or a summary showing recommended appropriations from state tax revenues for the ensuing fiscal year, such actual appropriations for the fiscal year in progress, and the 1977-1978 fiscal year appropriations from state tax revenues. (c) (1) When in any budget document the percentage increase of recommended appropriations from state tax revenues exceeds the percentage increase of estimated Tennessee personal income as defined in § 9-4-5201 , for the ensuing fiscal year, the governor shall submit a bill or bills for introduction in both houses of the general assembly which shall contain no other subject matter and shall set forth the dollar and percentage by which the estimated growth of the state's economy is exceeded by the appropriations of state tax revenue in accordance with the Constitution of Tennessee, Article II, § 24. (2) For purposes of determining compliance with this section and with the Constitution of Tennessee, Article II, § 24: (A) Funds allocated to the reserve for revenue fluctuations shall not be included as appropriations from state tax revenues; and (B) Funds expended from the reserve for revenue fluctuations to offset shortfalls in state tax revenue in accordance with § 9-4-211(b) shall not be included as appropriations from state tax revenues. (d) When the percentage increase of appropriations of state tax revenue by the general assembly exceeds the percentage increase of estimated Tennessee personal income as defined in § 9-4-5201 , for the ensuing fiscal year, the general assembly shall by law containing no other subject matter, set forth the dollar and the percentage by which the estimated growth of the state's economy is exceeded by the appropriations of state tax revenue in accordance with Constitution of Tennessee, Article II, § 24. (e) (1) The index of appropriations from state tax revenues for the 2011-2012 fiscal year may exceed the index of estimated growth in the state's economy by two hundred fifty million dollars ($250,000,000) or two and one one-hundredths percent (2.01%). (2) The index of appropriations from state tax revenues for the 2012-2013 fiscal year may exceed the index of estimated growth in the state's economy by one hundred thirty-two million five hundred thousand dollars ($132,500,000) or one percent (1.0%). (3) The index of appropriations from state tax revenues for the 2016-2017 fiscal year may exceed the index of estimated growth in the state's economy by four hundred thirty-eight million dollars ($438,000,000) or two and eighty-five hundredths percent (2.85%). (4) The index of appropriations from state tax revenues for the 2019-2020 fiscal year may exceed the index of estimated growth in the state's economy by six hundred twenty-nine million dollars ($629,000,000) or three and six-tenths percent (3.6%). (5) The index of appropriations from state tax revenues for the 2021-2022 fiscal year may exceed the index of estimated growth in the state's economy by two billion nine hundred ninety-seven million six hundred thousand dollars ($2,997,600,000) or sixteen and eight hundredths percent (16.08%). (6) The index of appropriations from state tax revenues for the 2022-2023 fiscal year may exceed the index of estimated growth in the state's economy by two billion five hundred thirty-six million six hundred thousand dollars ($2,536,600,000) or eleven and forty-five hundredths percent (11.45%). Amended by 2023 Tenn. Acts, ch. 419, s 1, eff. 5/11/2023. Amended by 2022 Tenn. Acts, ch. 1132, s 1, eff. 6/1/2022. Amended by 2021 Tenn. Acts, ch. 457, s 1, eff. 5/17/2021. Amended by 2020 Tenn. Acts, ch. 650, s 1, eff. 4/2/2020. Amended by 2018 Tenn. Acts, ch. 689, s 1, eff. 4/9/2018. Amended by 2017 Tenn. Acts, ch. 463, s 1, eff. 5/25/2017. Amended by 2013 Tenn. Acts, ch. 451, s 1, eff. 5/16/2013. Acts 1979, ch. 408, § 3; T.C.A., § 9-623; Acts 1984 (1st Ex. Sess.), ch. 9, § 1; 1984 (1st Ex. Sess.), ch. 11, § 1; 1985, ch. 446, § 1; 1985, ch. 447, § 1; 1986, ch. 938, § 1; 1989, ch. 577, § 1; 1989, ch. 578, § 1; 1991, ch. 520, § 1; 1992, ch. 1004, § 1; 1997 , ch. 512, § 1; T.C.A. § 9-6-203; Acts 1999, ch. 402, § 1; 2000, ch. 992, § 1; 2002, ch. 857, § 1; 2004, ch. 960, § 1; 2007 , ch. 589, § 1; 2007 , ch. 590, § 1; 2009 , ch. 553, § 1; 2010 , ch. 1110, § 1; 2011 , ch. 471, § 1; 2012 , ch. 1025, § 1.
(a) The budget document presented by the governor to the general assembly shall include a statement or showing projecting Tennessee personal income as provided in § 9-4-5201 , for the ensuing fiscal year, for the calendar year in progress, for the fiscal year in progress, for the latest completed calendar year, and for calendar year 1977.
(b) The budget document presented by the governor shall also include a statement or a summary showing recommended appropriations from state tax revenues for the ensuing fiscal year, such actual appropriations for the fiscal year in progress, and the 1977-1978 fiscal year appropriations from state tax revenues.
(c) (1) When in any budget document the percentage increase of recommended appropriations from state tax revenues exceeds the percentage increase of estimated Tennessee personal income as defined in § 9-4-5201 , for the ensuing fiscal year, the governor shall submit a bill or bills for introduction in both houses of the general assembly which shall contain no other subject matter and shall set forth the dollar and percentage by which the estimated growth of the state's economy is exceeded by the appropriations of state tax revenue in accordance with the Constitution of Tennessee, Article II, § 24. (2) For purposes of determining compliance with this section and with the Constitution of Tennessee, Article II, § 24: (A) Funds allocated to the reserve for revenue fluctuations shall not be included as appropriations from state tax revenues; and (B) Funds expended from the reserve for revenue fluctuations to offset shortfalls in state tax revenue in accordance with § 9-4-211(b) shall not be included as appropriations from state tax revenues.
(1) When in any budget document the percentage increase of recommended appropriations from state tax revenues exceeds the percentage increase of estimated Tennessee personal income as defined in § 9-4-5201 , for the ensuing fiscal year, the governor shall submit a bill or bills for introduction in both houses of the general assembly which shall contain no other subject matter and shall set forth the dollar and percentage by which the estimated growth of the state's economy is exceeded by the appropriations of state tax revenue in accordance with the Constitution of Tennessee, Article II, § 24.
(2) For purposes of determining compliance with this section and with the Constitution of Tennessee, Article II, § 24: (A) Funds allocated to the reserve for revenue fluctuations shall not be included as appropriations from state tax revenues; and (B) Funds expended from the reserve for revenue fluctuations to offset shortfalls in state tax revenue in accordance with § 9-4-211(b) shall not be included as appropriations from state tax revenues.
(A) Funds allocated to the reserve for revenue fluctuations shall not be included as appropriations from state tax revenues; and
(B) Funds expended from the reserve for revenue fluctuations to offset shortfalls in state tax revenue in accordance with § 9-4-211(b) shall not be included as appropriations from state tax revenues.
(d) When the percentage increase of appropriations of state tax revenue by the general assembly exceeds the percentage increase of estimated Tennessee personal income as defined in § 9-4-5201 , for the ensuing fiscal year, the general assembly shall by law containing no other subject matter, set forth the dollar and the percentage by which the estimated growth of the state's economy is exceeded by the appropriations of state tax revenue in accordance with Constitution of Tennessee, Article II, § 24.
(e) (1) The index of appropriations from state tax revenues for the 2011-2012 fiscal year may exceed the index of estimated growth in the state's economy by two hundred fifty million dollars ($250,000,000) or two and one one-hundredths percent (2.01%). (2) The index of appropriations from state tax revenues for the 2012-2013 fiscal year may exceed the index of estimated growth in the state's economy by one hundred thirty-two million five hundred thousand dollars ($132,500,000) or one percent (1.0%). (3) The index of appropriations from state tax revenues for the 2016-2017 fiscal year may exceed the index of estimated growth in the state's economy by four hundred thirty-eight million dollars ($438,000,000) or two and eighty-five hundredths percent (2.85%). (4) The index of appropriations from state tax revenues for the 2019-2020 fiscal year may exceed the index of estimated growth in the state's economy by six hundred twenty-nine million dollars ($629,000,000) or three and six-tenths percent (3.6%). (5) The index of appropriations from state tax revenues for the 2021-2022 fiscal year may exceed the index of estimated growth in the state's economy by two billion nine hundred ninety-seven million six hundred thousand dollars ($2,997,600,000) or sixteen and eight hundredths percent (16.08%). (6) The index of appropriations from state tax revenues for the 2022-2023 fiscal year may exceed the index of estimated growth in the state's economy by two billion five hundred thirty-six million six hundred thousand dollars ($2,536,600,000) or eleven and forty-five hundredths percent (11.45%).
(1) The index of appropriations from state tax revenues for the 2011-2012 fiscal year may exceed the index of estimated growth in the state's economy by two hundred fifty million dollars ($250,000,000) or two and one one-hundredths percent (2.01%).
(2) The index of appropriations from state tax revenues for the 2012-2013 fiscal year may exceed the index of estimated growth in the state's economy by one hundred thirty-two million five hundred thousand dollars ($132,500,000) or one percent (1.0%).
(3) The index of appropriations from state tax revenues for the 2016-2017 fiscal year may exceed the index of estimated growth in the state's economy by four hundred thirty-eight million dollars ($438,000,000) or two and eighty-five hundredths percent (2.85%).
(4) The index of appropriations from state tax revenues for the 2019-2020 fiscal year may exceed the index of estimated growth in the state's economy by six hundred twenty-nine million dollars ($629,000,000) or three and six-tenths percent (3.6%).
(5) The index of appropriations from state tax revenues for the 2021-2022 fiscal year may exceed the index of estimated growth in the state's economy by two billion nine hundred ninety-seven million six hundred thousand dollars ($2,997,600,000) or sixteen and eight hundredths percent (16.08%).
(6) The index of appropriations from state tax revenues for the 2022-2023 fiscal year may exceed the index of estimated growth in the state's economy by two billion five hundred thirty-six million six hundred thousand dollars ($2,536,600,000) or eleven and forty-five hundredths percent (11.45%).
Amended by 2023 Tenn. Acts, ch. 419, s 1, eff. 5/11/2023.
Amended by 2022 Tenn. Acts, ch. 1132, s 1, eff. 6/1/2022.
Amended by 2021 Tenn. Acts, ch. 457, s 1, eff. 5/17/2021.
Amended by 2020 Tenn. Acts, ch. 650, s 1, eff. 4/2/2020.
Amended by 2018 Tenn. Acts, ch. 689, s 1, eff. 4/9/2018.
Amended by 2017 Tenn. Acts, ch. 463, s 1, eff. 5/25/2017.
Amended by 2013 Tenn. Acts, ch. 451, s 1, eff. 5/16/2013.
Acts 1979, ch. 408, § 3; T.C.A., § 9-623; Acts 1984 (1st Ex. Sess.), ch. 9, § 1; 1984 (1st Ex. Sess.), ch. 11, § 1; 1985, ch. 446, § 1; 1985, ch. 447, § 1; 1986, ch. 938, § 1; 1989, ch. 577, § 1; 1989, ch. 578, § 1; 1991, ch. 520, § 1; 1992, ch. 1004, § 1; 1997 , ch. 512, § 1; T.C.A. § 9-6-203; Acts 1999, ch. 402, § 1; 2000, ch. 992, § 1; 2002, ch. 857, § 1; 2004, ch. 960, § 1; 2007 , ch. 589, § 1; 2007 , ch. 590, § 1; 2009 , ch. 553, § 1; 2010 , ch. 1110, § 1; 2011 , ch. 471, § 1; 2012 , ch. 1025, § 1.
Tenn. Code Ann. § 9-3-506 — TN Code / Title 9 / Chapter 3 / Section 9-3-506
Provisions applicable to political subdivision's administration of pension plan benefits
Status: in_force

(a) The following shall apply to all political subdivisions subject to this part: (1) (A) For political subdivision employees hired on or after May 22, 2014, the political subdivision may freeze, suspend or modify benefits, employee contributions, plan terms and design on a prospective basis; (B) Subdivision (a)(1)(A) does not affect any judicial precedents or statutory law as they apply to employees who were employed prior to May 22, 2014; (2) For any pension plan that is funded below sixty percent (60%), the political subdivision shall not establish a benefit enhancement until it has received written approval by the state treasurer. For the purposes of this subdivision (a)(2), "benefit enhancement" means any change in member benefits, benefit structure, or benefit formula provided by a political subdivision relative to its pension plan that, according to the political subdivision's actuary, will or is estimated to permanently, temporarily, or intermittently increase either the employer or employee contributions or the liabilities of the pension plan; and (3) For political subdivisions with an existing pension plan as of May 22, 2014, the political subdivision shall not establish a new pension plan that changes the funding policy, increases the employer cost, or adds to the unfunded accrued liability of an existing pension plan until it has received written approval from the state treasurer. For the purposes of this subdivision (a)(3), a political subdivision establishes a new pension plan by taking any or a combination of the following actions: (A) Establishing a tier that has not been previously provided as part of a pension plan; (B) Reopening a previously closed pension plan or previously closed tier of a pension plan; or (C) Establishing a plan that is different from the political subdivision's existing pension plan. (b) The accrued benefits earned prior to any adjustment pursuant to subdivision (a)(1) shall remain an enforceable right and may not be reduced without the written consent of the political subdivision employee, unless the employee is subject to the forfeiture of the employee's retirement benefits in accordance with § 8-35-124 . (c) (1) Notwithstanding any other law, for political subdivision employees hired on or after May 22, 2014, nothing under state law confers to participants in the pension plan an implied right to future retirement benefit arrangements, and such participants may not assert the indefinite continuation of the retirement formulas, contribution rates, eligibility ages, or any other provision of the pension plan. (2) Subdivision (c)(1) does not affect any judicial precedents or statutory law as they apply to employees who were employed prior to May 22, 2014. Amended by 2020 Tenn. Acts, ch. 783, s 3, eff. 7/15/2020. Amended by 2018 Tenn. Acts, ch. 681, s 2, eff. 4/12/2018. Added by 2014 Tenn. Acts, ch. 990,s 3, eff. 5/22/2014.
(a) The following shall apply to all political subdivisions subject to this part: (1) (A) For political subdivision employees hired on or after May 22, 2014, the political subdivision may freeze, suspend or modify benefits, employee contributions, plan terms and design on a prospective basis; (B) Subdivision (a)(1)(A) does not affect any judicial precedents or statutory law as they apply to employees who were employed prior to May 22, 2014; (2) For any pension plan that is funded below sixty percent (60%), the political subdivision shall not establish a benefit enhancement until it has received written approval by the state treasurer. For the purposes of this subdivision (a)(2), "benefit enhancement" means any change in member benefits, benefit structure, or benefit formula provided by a political subdivision relative to its pension plan that, according to the political subdivision's actuary, will or is estimated to permanently, temporarily, or intermittently increase either the employer or employee contributions or the liabilities of the pension plan; and (3) For political subdivisions with an existing pension plan as of May 22, 2014, the political subdivision shall not establish a new pension plan that changes the funding policy, increases the employer cost, or adds to the unfunded accrued liability of an existing pension plan until it has received written approval from the state treasurer. For the purposes of this subdivision (a)(3), a political subdivision establishes a new pension plan by taking any or a combination of the following actions: (A) Establishing a tier that has not been previously provided as part of a pension plan; (B) Reopening a previously closed pension plan or previously closed tier of a pension plan; or (C) Establishing a plan that is different from the political subdivision's existing pension plan.
(1) (A) For political subdivision employees hired on or after May 22, 2014, the political subdivision may freeze, suspend or modify benefits, employee contributions, plan terms and design on a prospective basis; (B) Subdivision (a)(1)(A) does not affect any judicial precedents or statutory law as they apply to employees who were employed prior to May 22, 2014;
(A) For political subdivision employees hired on or after May 22, 2014, the political subdivision may freeze, suspend or modify benefits, employee contributions, plan terms and design on a prospective basis;
(B) Subdivision (a)(1)(A) does not affect any judicial precedents or statutory law as they apply to employees who were employed prior to May 22, 2014;
(2) For any pension plan that is funded below sixty percent (60%), the political subdivision shall not establish a benefit enhancement until it has received written approval by the state treasurer. For the purposes of this subdivision (a)(2), "benefit enhancement" means any change in member benefits, benefit structure, or benefit formula provided by a political subdivision relative to its pension plan that, according to the political subdivision's actuary, will or is estimated to permanently, temporarily, or intermittently increase either the employer or employee contributions or the liabilities of the pension plan; and
(3) For political subdivisions with an existing pension plan as of May 22, 2014, the political subdivision shall not establish a new pension plan that changes the funding policy, increases the employer cost, or adds to the unfunded accrued liability of an existing pension plan until it has received written approval from the state treasurer. For the purposes of this subdivision (a)(3), a political subdivision establishes a new pension plan by taking any or a combination of the following actions: (A) Establishing a tier that has not been previously provided as part of a pension plan; (B) Reopening a previously closed pension plan or previously closed tier of a pension plan; or (C) Establishing a plan that is different from the political subdivision's existing pension plan.
(A) Establishing a tier that has not been previously provided as part of a pension plan;
(B) Reopening a previously closed pension plan or previously closed tier of a pension plan; or
(C) Establishing a plan that is different from the political subdivision's existing pension plan.
(b) The accrued benefits earned prior to any adjustment pursuant to subdivision (a)(1) shall remain an enforceable right and may not be reduced without the written consent of the political subdivision employee, unless the employee is subject to the forfeiture of the employee's retirement benefits in accordance with § 8-35-124 .
(c) (1) Notwithstanding any other law, for political subdivision employees hired on or after May 22, 2014, nothing under state law confers to participants in the pension plan an implied right to future retirement benefit arrangements, and such participants may not assert the indefinite continuation of the retirement formulas, contribution rates, eligibility ages, or any other provision of the pension plan. (2) Subdivision (c)(1) does not affect any judicial precedents or statutory law as they apply to employees who were employed prior to May 22, 2014.
(1) Notwithstanding any other law, for political subdivision employees hired on or after May 22, 2014, nothing under state law confers to participants in the pension plan an implied right to future retirement benefit arrangements, and such participants may not assert the indefinite continuation of the retirement formulas, contribution rates, eligibility ages, or any other provision of the pension plan.
(2) Subdivision (c)(1) does not affect any judicial precedents or statutory law as they apply to employees who were employed prior to May 22, 2014.
Amended by 2020 Tenn. Acts, ch. 783, s 3, eff. 7/15/2020.
Amended by 2018 Tenn. Acts, ch. 681, s 2, eff. 4/12/2018.
Added by 2014 Tenn. Acts, ch. 990,s 3, eff. 5/22/2014.
Tenn. Code Ann. § 9-21-213 — TN Code / Title 9 / Chapter 21 / Section 9-21-213
Terms of general obligation bonds - Citizens' bonds - Interest rate agreements
Status: in_force

(a) The general obligation bonds may be sold in one (1) or more series, may bear such date or dates, shall mature at such time or times, not exceeding forty (40) years from their respective dates, may bear interest at a zero (0) rate or at such other rate or rates (which may vary from time to time), may be payable at such time or times, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment at such place or places, may be subject to such terms of redemption, with or without premium, and may provide for the replacement of mutilated, destroyed, stolen or lost bonds, all as may be provided by resolution of the governing body of the local government. The term of the general obligation bonds shall not exceed the reasonably expected economic life of the project being financed with such bonds, as stated in the resolution authorizing the general obligation bonds. An erroneous estimate of the reasonably expected economic life of the project shall in no way affect the validity of such bonds. (b) A general obligation bond issue may be delivered as an installment bond payable as to principal and interest in equal or approximately equal installments for the term of the bond issue in accordance with the resolution authorizing the bond issue. The authorizing resolution shall stipulate the maximum annual principal and interest requirements during the full term of the installment bond issue. (c) (1) Notwithstanding any other provision of this chapter to the contrary, whenever the governing body of the local government is authorized to issue and sell general obligation bonds, it may by resolution authorize the issuance and sale of no more than three million dollars ($3,000,000) per issue of general obligation bonds to be known as citizens bonds; provided, that the aggregate amount of citizens bonds outstanding cannot exceed twenty percent (20%) of the aggregate outstanding debt of the local government. Citizens bonds shall mature at such time or times not exceeding twenty (20) years from their respective dates. The governing body of the local government must disclose to each purchaser of a citizens bond the interest rate of return on a fully taxable investment which would be equivalent to the tax-free yield on the citizens bond assuming the highest marginal rate of income tax under the Internal Revenue Code of 1986 (26 U.S.C.), as amended. (2) Upon the adoption by the governing body of the initial resolution authorizing the issuance of the citizens bonds, the governing body shall submit for review and approval to the comptroller of the treasury or the comptroller's designee the proposed method of pricing and the disclosure documents as required by this section. The comptroller of the treasury or the comptroller's designee shall approve or disapprove the sale of citizens bonds in writing within fifteen (15) days from the date of receipt of the initial resolution and documentation required by this section or otherwise deemed appropriate. Approved citizens bonds may be sold at either a competitive or negotiated sale; however, no one (1) individual or entity may purchase twenty-five percent (25%) or more of the original offering of the citizens bonds. Prior to the negotiated sale of citizens bonds and as a factor in the comptroller of the treasury's or the comptroller's designee's approval of a negotiated sale of citizens bonds, the local government shall submit to the comptroller of the treasury or the comptroller's designee certificates from two (2) disinterested bondhouses indicating the approximate rates of interest which, in the opinions of the bondhouses, would be bid if the citizens bonds were to be sold at a competitive sale. (3) The local government shall make provision in the resolution for the retirement of a portion of the citizens bonds equal to not less than one-twentieth ( 1 / 20 ) of the citizens bonds or such other provision to provide funds for retirement. In approving any issue of citizens bonds, the comptroller of the treasury or the comptroller's designee may waive the requirement for periodic retirement. No local elected official of a municipality or county may purchase the bonds authorized by this subsection (c). (d) With respect to all or any portion of any issue of general obligation bonds issued or anticipated to be issued hereunder, at any time during the term of the general obligation bonds, and upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the contracts and agreements authorized herein are in compliance with the guidelines, rules or regulations as set forth in § 9-21-130 , a local government by resolution may authorize and enter into interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings or both, and other interest rate hedging agreements under such terms and conditions as the governing body of the local government may determine, including, without limitation, provisions permitting the local government to pay to or receive from any person or entity any loss of benefits under such agreement upon early termination thereof or default under such agreement. Acts 1986, ch. 770, § 2-13; 1987, ch. 77, § 16; 1987, ch. 290, § 1; 1999, ch. 432, § 3; 2010 , ch. 868, §§ 45, 46.
(a) The general obligation bonds may be sold in one (1) or more series, may bear such date or dates, shall mature at such time or times, not exceeding forty (40) years from their respective dates, may bear interest at a zero (0) rate or at such other rate or rates (which may vary from time to time), may be payable at such time or times, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment at such place or places, may be subject to such terms of redemption, with or without premium, and may provide for the replacement of mutilated, destroyed, stolen or lost bonds, all as may be provided by resolution of the governing body of the local government. The term of the general obligation bonds shall not exceed the reasonably expected economic life of the project being financed with such bonds, as stated in the resolution authorizing the general obligation bonds. An erroneous estimate of the reasonably expected economic life of the project shall in no way affect the validity of such bonds.
(b) A general obligation bond issue may be delivered as an installment bond payable as to principal and interest in equal or approximately equal installments for the term of the bond issue in accordance with the resolution authorizing the bond issue. The authorizing resolution shall stipulate the maximum annual principal and interest requirements during the full term of the installment bond issue.
(c) (1) Notwithstanding any other provision of this chapter to the contrary, whenever the governing body of the local government is authorized to issue and sell general obligation bonds, it may by resolution authorize the issuance and sale of no more than three million dollars ($3,000,000) per issue of general obligation bonds to be known as citizens bonds; provided, that the aggregate amount of citizens bonds outstanding cannot exceed twenty percent (20%) of the aggregate outstanding debt of the local government. Citizens bonds shall mature at such time or times not exceeding twenty (20) years from their respective dates. The governing body of the local government must disclose to each purchaser of a citizens bond the interest rate of return on a fully taxable investment which would be equivalent to the tax-free yield on the citizens bond assuming the highest marginal rate of income tax under the Internal Revenue Code of 1986 (26 U.S.C.), as amended. (2) Upon the adoption by the governing body of the initial resolution authorizing the issuance of the citizens bonds, the governing body shall submit for review and approval to the comptroller of the treasury or the comptroller's designee the proposed method of pricing and the disclosure documents as required by this section. The comptroller of the treasury or the comptroller's designee shall approve or disapprove the sale of citizens bonds in writing within fifteen (15) days from the date of receipt of the initial resolution and documentation required by this section or otherwise deemed appropriate. Approved citizens bonds may be sold at either a competitive or negotiated sale; however, no one (1) individual or entity may purchase twenty-five percent (25%) or more of the original offering of the citizens bonds. Prior to the negotiated sale of citizens bonds and as a factor in the comptroller of the treasury's or the comptroller's designee's approval of a negotiated sale of citizens bonds, the local government shall submit to the comptroller of the treasury or the comptroller's designee certificates from two (2) disinterested bondhouses indicating the approximate rates of interest which, in the opinions of the bondhouses, would be bid if the citizens bonds were to be sold at a competitive sale. (3) The local government shall make provision in the resolution for the retirement of a portion of the citizens bonds equal to not less than one-twentieth ( 1 / 20 ) of the citizens bonds or such other provision to provide funds for retirement. In approving any issue of citizens bonds, the comptroller of the treasury or the comptroller's designee may waive the requirement for periodic retirement. No local elected official of a municipality or county may purchase the bonds authorized by this subsection (c).
(1) Notwithstanding any other provision of this chapter to the contrary, whenever the governing body of the local government is authorized to issue and sell general obligation bonds, it may by resolution authorize the issuance and sale of no more than three million dollars ($3,000,000) per issue of general obligation bonds to be known as citizens bonds; provided, that the aggregate amount of citizens bonds outstanding cannot exceed twenty percent (20%) of the aggregate outstanding debt of the local government. Citizens bonds shall mature at such time or times not exceeding twenty (20) years from their respective dates. The governing body of the local government must disclose to each purchaser of a citizens bond the interest rate of return on a fully taxable investment which would be equivalent to the tax-free yield on the citizens bond assuming the highest marginal rate of income tax under the Internal Revenue Code of 1986 (26 U.S.C.), as amended.
(2) Upon the adoption by the governing body of the initial resolution authorizing the issuance of the citizens bonds, the governing body shall submit for review and approval to the comptroller of the treasury or the comptroller's designee the proposed method of pricing and the disclosure documents as required by this section. The comptroller of the treasury or the comptroller's designee shall approve or disapprove the sale of citizens bonds in writing within fifteen (15) days from the date of receipt of the initial resolution and documentation required by this section or otherwise deemed appropriate. Approved citizens bonds may be sold at either a competitive or negotiated sale; however, no one (1) individual or entity may purchase twenty-five percent (25%) or more of the original offering of the citizens bonds. Prior to the negotiated sale of citizens bonds and as a factor in the comptroller of the treasury's or the comptroller's designee's approval of a negotiated sale of citizens bonds, the local government shall submit to the comptroller of the treasury or the comptroller's designee certificates from two (2) disinterested bondhouses indicating the approximate rates of interest which, in the opinions of the bondhouses, would be bid if the citizens bonds were to be sold at a competitive sale.
(3) The local government shall make provision in the resolution for the retirement of a portion of the citizens bonds equal to not less than one-twentieth ( 1 / 20 ) of the citizens bonds or such other provision to provide funds for retirement. In approving any issue of citizens bonds, the comptroller of the treasury or the comptroller's designee may waive the requirement for periodic retirement. No local elected official of a municipality or county may purchase the bonds authorized by this subsection (c).
(d) With respect to all or any portion of any issue of general obligation bonds issued or anticipated to be issued hereunder, at any time during the term of the general obligation bonds, and upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the contracts and agreements authorized herein are in compliance with the guidelines, rules or regulations as set forth in § 9-21-130 , a local government by resolution may authorize and enter into interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings or both, and other interest rate hedging agreements under such terms and conditions as the governing body of the local government may determine, including, without limitation, provisions permitting the local government to pay to or receive from any person or entity any loss of benefits under such agreement upon early termination thereof or default under such agreement.
Acts 1986, ch. 770, § 2-13; 1987, ch. 77, § 16; 1987, ch. 290, § 1; 1999, ch. 432, § 3; 2010 , ch. 868, §§ 45, 46.
Tenn. Code Ann. § 9-21-1001 — TN Code / Title 9 / Chapter 21 / Section 9-21-1001
Authorization to refinance and to issue revenue refunding bonds
Status: in_force

(a) Any local government has the power and is authorized to issue by resolution revenue refunding bonds to refinance outstanding obligations heretofore or hereafter issued or lawfully assumed by the local government which are payable solely from all or any part of the revenues of one (1) or more enterprises, or from a combination of such revenues and taxes, to refinance any enterprise or combination of enterprises, and for such purpose or purposes to combine or divide any two (2) or more enterprises, and to provide for the rights of the holders thereof and to secure such bonds as provided in this part and part 1 of this chapter. (b) Revenue refunding bonds shall not be issued under this part and part 1 of this chapter, unless the governing body of the local government makes a finding, which finding shall be conclusive, that one (1) or more of the following purposes will be accomplished: (1) Cost savings to the public; (2) Removal or modification of one (1) or more restrictive covenants; (3) Elimination or mitigation of risk due to interest rate changes; or (4) Payment or discharge of all or any part of an issue or series of outstanding obligations, including any interest thereon, in arrears or to become due and for the payment of which sufficient funds are not available. (c) Revenue refunding bonds may be issued to refinance more than one (1) issue of outstanding obligations, notwithstanding that such outstanding obligations may have been issued at different times and may be secured by the revenues of different enterprises; and any such enterprises may be operated as a single enterprise, subject to contract rights vested in the holders of obligations being refinanced. (d) The resolution authorizing revenue refunding bonds may also provide for other bonds to be issued jointly with the revenue refunding bonds. (e) For purposes of this chapter, the modification of an outstanding obligation is deemed a refunding of the modified obligation, and such refunding must comply with this chapter, if the modification is of such significance that the obligation would be deemed to be reissued for federal tax law purposes, regardless of whether the outstanding obligation is tax-exempt for purposes of federal tax laws. Amended by 2022 Tenn. Acts, ch. 663, s 1, eff. 3/16/2022. Amended by 2021 Tenn. Acts, ch. 128, s 22, eff. 4/13/2021. Acts 1986, ch. 770, § 10-1.
(a) Any local government has the power and is authorized to issue by resolution revenue refunding bonds to refinance outstanding obligations heretofore or hereafter issued or lawfully assumed by the local government which are payable solely from all or any part of the revenues of one (1) or more enterprises, or from a combination of such revenues and taxes, to refinance any enterprise or combination of enterprises, and for such purpose or purposes to combine or divide any two (2) or more enterprises, and to provide for the rights of the holders thereof and to secure such bonds as provided in this part and part 1 of this chapter.
(b) Revenue refunding bonds shall not be issued under this part and part 1 of this chapter, unless the governing body of the local government makes a finding, which finding shall be conclusive, that one (1) or more of the following purposes will be accomplished: (1) Cost savings to the public; (2) Removal or modification of one (1) or more restrictive covenants; (3) Elimination or mitigation of risk due to interest rate changes; or (4) Payment or discharge of all or any part of an issue or series of outstanding obligations, including any interest thereon, in arrears or to become due and for the payment of which sufficient funds are not available.
(1) Cost savings to the public;
(2) Removal or modification of one (1) or more restrictive covenants;
(3) Elimination or mitigation of risk due to interest rate changes; or
(4) Payment or discharge of all or any part of an issue or series of outstanding obligations, including any interest thereon, in arrears or to become due and for the payment of which sufficient funds are not available.
(c) Revenue refunding bonds may be issued to refinance more than one (1) issue of outstanding obligations, notwithstanding that such outstanding obligations may have been issued at different times and may be secured by the revenues of different enterprises; and any such enterprises may be operated as a single enterprise, subject to contract rights vested in the holders of obligations being refinanced.
(d) The resolution authorizing revenue refunding bonds may also provide for other bonds to be issued jointly with the revenue refunding bonds.
(e) For purposes of this chapter, the modification of an outstanding obligation is deemed a refunding of the modified obligation, and such refunding must comply with this chapter, if the modification is of such significance that the obligation would be deemed to be reissued for federal tax law purposes, regardless of whether the outstanding obligation is tax-exempt for purposes of federal tax laws.
Amended by 2022 Tenn. Acts, ch. 663, s 1, eff. 3/16/2022.
Amended by 2021 Tenn. Acts, ch. 128, s 22, eff. 4/13/2021.
Acts 1986, ch. 770, § 10-1.
Tenn. Code Ann. § 9-4-611 — TN Code / Title 9 / Chapter 4 / Section 9-4-611
Compensation of members of state boards and commissions
Status: in_force

Notwithstanding any law to the contrary, no member of any state board or commission established by law or pursuant to law, which receives an appropriation, regardless of the source of funding, shall receive any compensation, whether denominated per diem or by whatever name called, except for days in which such member actually works four (4) or more hours performing duties directly relating to that board's or commission's activities or for time or days spent attending meetings of that board or commission. This section shall not preclude payment of salaries which are set by law in annual or monthly amounts. The chair or head of each board or commission, the department head to which such board or commission is attached administratively, and the commissioner of finance and administration shall prescribe procedures to contain, as a minimum, a certification of time worked by each member claiming compensation. Added by 2013 Tenn. Acts, ch. 454,s 17, eff. 5/16/2013.
Notwithstanding any law to the contrary, no member of any state board or commission established by law or pursuant to law, which receives an appropriation, regardless of the source of funding, shall receive any compensation, whether denominated per diem or by whatever name called, except for days in which such member actually works four (4) or more hours performing duties directly relating to that board's or commission's activities or for time or days spent attending meetings of that board or commission. This section shall not preclude payment of salaries which are set by law in annual or monthly amounts. The chair or head of each board or commission, the department head to which such board or commission is attached administratively, and the commissioner of finance and administration shall prescribe procedures to contain, as a minimum, a certification of time worked by each member claiming compensation.
Added by 2013 Tenn. Acts, ch. 454,s 17, eff. 5/16/2013.
Tenn. Code Ann. § 9-21-130 — TN Code / Title 9 / Chapter 21 / Section 9-21-130
Guidelines and rules and regulations relating to contracts and agreements authorized - Compliance with
Status: in_force

(a) The state funding board shall establish guidelines, rules or regulations with respect to the agreements and contracts authorized in §§ 9-21-213(d) , 9-21-302(b) , 9-21-305(c) , 9-21-602(c) , 9-21-907(c) , 9-21-910(d) , 9-21-1006(c) and 9-21-1008(c) , which may include, but shall not be limited to, the following: (1) The conditions under which such agreements or contracts can be entered into; (2) The methods by which such contracts are to be solicited and procured; (3) The form and content such contracts shall take; (4) The aspects of risk exposure associated with such contracts; (5) The standards and procedures for counterparty selection, including rating criteria; (6) The procurement of credit enhancement, liquidity facilities, or the setting aside of reserves in connection with such contracts or agreements; (7) The methods of securing the financial interest in such contracts; (8) The methods to be used to reflect such contracts in the local government's financial statements; (9) Financial monitoring and periodic assessment of such contracts by the local government; (10) The application and source of non-periodic payments; and (11) Educational requirements for officials of any local government responsible for approving any such contract or agreement. (b) Prior to the adoption by the governing body of the local government of a resolution authorizing such contract or agreement, a request shall be submitted to the comptroller of the treasury or the comptroller's designee for a report finding that such contract or agreement is in compliance with the guidelines, rules or regulations of the state funding board. Within fifteen (15) days of receipt of the request, the comptroller of the treasury or the comptroller's designee shall determine whether the contract or agreement substantially complies with the guidelines, rules or regulations and shall report thereon to the local government. If the report of the comptroller of the treasury or the comptroller's designee finds that the contract or agreement complies with the guidelines, rules or regulations of the state funding board or the comptroller of the treasury shall fail to report within the fifteen-day period, then the local government may take such action with respect to the proposed contract or agreement as it deems advisable in accordance with this section and the guidelines, rules or regulations of the state funding board. If the report of the comptroller of the treasury or the comptroller's designee finds that such contract or agreement is not in compliance with the guidelines, rules or regulations, then the local government is not authorized to enter into such contract or agreement. The guidelines, rules or regulations shall provide for an appeal process to a determination of noncompliance. Acts 1999, ch. 432, § 2.
(a) The state funding board shall establish guidelines, rules or regulations with respect to the agreements and contracts authorized in §§ 9-21-213(d) , 9-21-302(b) , 9-21-305(c) , 9-21-602(c) , 9-21-907(c) , 9-21-910(d) , 9-21-1006(c) and 9-21-1008(c) , which may include, but shall not be limited to, the following: (1) The conditions under which such agreements or contracts can be entered into; (2) The methods by which such contracts are to be solicited and procured; (3) The form and content such contracts shall take; (4) The aspects of risk exposure associated with such contracts; (5) The standards and procedures for counterparty selection, including rating criteria; (6) The procurement of credit enhancement, liquidity facilities, or the setting aside of reserves in connection with such contracts or agreements; (7) The methods of securing the financial interest in such contracts; (8) The methods to be used to reflect such contracts in the local government's financial statements; (9) Financial monitoring and periodic assessment of such contracts by the local government; (10) The application and source of non-periodic payments; and (11) Educational requirements for officials of any local government responsible for approving any such contract or agreement.
(1) The conditions under which such agreements or contracts can be entered into;
(2) The methods by which such contracts are to be solicited and procured;
(3) The form and content such contracts shall take;
(4) The aspects of risk exposure associated with such contracts;
(5) The standards and procedures for counterparty selection, including rating criteria;
(6) The procurement of credit enhancement, liquidity facilities, or the setting aside of reserves in connection with such contracts or agreements;
(7) The methods of securing the financial interest in such contracts;
(8) The methods to be used to reflect such contracts in the local government's financial statements;
(9) Financial monitoring and periodic assessment of such contracts by the local government;
(10) The application and source of non-periodic payments; and
(11) Educational requirements for officials of any local government responsible for approving any such contract or agreement.
(b) Prior to the adoption by the governing body of the local government of a resolution authorizing such contract or agreement, a request shall be submitted to the comptroller of the treasury or the comptroller's designee for a report finding that such contract or agreement is in compliance with the guidelines, rules or regulations of the state funding board. Within fifteen (15) days of receipt of the request, the comptroller of the treasury or the comptroller's designee shall determine whether the contract or agreement substantially complies with the guidelines, rules or regulations and shall report thereon to the local government. If the report of the comptroller of the treasury or the comptroller's designee finds that the contract or agreement complies with the guidelines, rules or regulations of the state funding board or the comptroller of the treasury shall fail to report within the fifteen-day period, then the local government may take such action with respect to the proposed contract or agreement as it deems advisable in accordance with this section and the guidelines, rules or regulations of the state funding board. If the report of the comptroller of the treasury or the comptroller's designee finds that such contract or agreement is not in compliance with the guidelines, rules or regulations, then the local government is not authorized to enter into such contract or agreement. The guidelines, rules or regulations shall provide for an appeal process to a determination of noncompliance.
Acts 1999, ch. 432, § 2.
Tenn. Code Ann. § 9-21-403 — TN Code / Title 9 / Chapter 21 / Section 9-21-403
Annual budget - Biennial budget - Resolution or budget ordinance - Balanced budget
Status: in_force

(a) (1) In order for the current available funding of a local government to be sufficient to meet current expenditures, an annual budget must be required of the local government by the comptroller of the treasury or the comptroller's designee. The annual budget must be on the same basis of accounting as required by generally accepted accounting principles and prepared in a form consistent with accepted governmental standards and as approved by the comptroller of the treasury or the comptroller's designee. The comptroller of the treasury shall provide guidance to the form of the budget, including supplemental schedules, as necessary, to demonstrate local governments have adequate cash to meet its current obligations, including principal and interest, as applicable. (2) (A) Notwithstanding subdivision (a)(1), the comptroller of the treasury may authorize a municipality to submit a biennial budget if the comptroller of the treasury or the comptroller's designee determines that the municipality operates with sufficient financial resources to more than adequately service its issued debt. In such case, the comptroller of the treasury or the comptroller's designee may approve the municipality for a biennial budget as authorized by § 4-3-305 . (B) The comptroller of the treasury or the comptroller's designee may revoke the authority of a municipality to submit a biennial budget in its discretion at any time and for any reason. If a municipality utilizes short-term financing to meet operating expenses, then the authority to submit a biennial budget shall be automatically revoked. (C) A municipality that operates under a biennial budget shall submit any budget amendments adopted by the municipality and such reports as may be required to the comptroller of the treasury or the comptroller's designee. (3) As used in subdivision (a)(2), "biennial budget" means the adoption of two (2) annual budgets every two (2) years. (b) After receiving the annual budget estimate, the governing body shall prepare an appropriation resolution or budget ordinance, consistent with its form of government, using the budget estimate as a basis, but appropriating such sums as the governing body may deem proper for current operating expenses, whether greater or less than the budget estimate set forth. However, an appropriation recommended by the budget estimate for interest on the indebtedness of the local government, for sinking funds, and for principal of debt maturing during the fiscal year shall not be reduced below scheduled requirements by the governing body. The taxes levied for such appropriation may be over and above all other taxes authorized or limited by law. Immediately after the passage of the appropriation resolution or budget ordinance, the governing body shall pass a resolution or ordinance levying upon all property subject to taxation, a tax rate sufficient to produce the sum necessary to balance the budget. (c) The comptroller of the treasury or the comptroller's designee shall require any periodic information from a local government that has issued debt under this chapter or under prior authorizing statutes or is subject to the budget requirements of § 4-3-305 and make such audits as the comptroller of the treasury or the comptroller's designee may deem necessary, to the end that it may be ascertained that the budget is kept balanced during the life of the debt. The annual budget of each local government must be submitted to the comptroller of the treasury or the comptroller's designee immediately upon its adoption. The comptroller of the treasury or the comptroller's designee shall thereupon determine whether or not the budget will be in balance in accordance with this chapter. If the budget does not comply with this chapter, then the comptroller of the treasury or the comptroller's designee shall have the power and the authority to direct the governing body of the local government to adjust its estimates, to reduce expenditures, or to make additional tax levies sufficient to comply with this chapter. Any budget adopted by the governing body of a local government must be submitted for approval by the comptroller of the treasury or the comptroller's designee. The comptroller of the treasury or the comptroller's designee shall approve the budget only when the comptroller of the treasury or the comptroller's designee is satisfied that it complies with this chapter. Amended by 2021 Tenn. Acts, ch. 256, Secs.s5, s6 eff. 4/28/2021. Amended by 2016 Tenn. Acts, ch. 626, s 1, eff. 3/22/2016. Amended by 2014 Tenn. Acts, ch. 766, s 4, eff. 7/1/2014. Amended by 2014 Tenn. Acts, ch. 766, s 3, eff. 7/1/2014. Acts 1986, ch. 770, § 4-3; 2010 , ch. 868, § 48.
(a) (1) In order for the current available funding of a local government to be sufficient to meet current expenditures, an annual budget must be required of the local government by the comptroller of the treasury or the comptroller's designee. The annual budget must be on the same basis of accounting as required by generally accepted accounting principles and prepared in a form consistent with accepted governmental standards and as approved by the comptroller of the treasury or the comptroller's designee. The comptroller of the treasury shall provide guidance to the form of the budget, including supplemental schedules, as necessary, to demonstrate local governments have adequate cash to meet its current obligations, including principal and interest, as applicable. (2) (A) Notwithstanding subdivision (a)(1), the comptroller of the treasury may authorize a municipality to submit a biennial budget if the comptroller of the treasury or the comptroller's designee determines that the municipality operates with sufficient financial resources to more than adequately service its issued debt. In such case, the comptroller of the treasury or the comptroller's designee may approve the municipality for a biennial budget as authorized by § 4-3-305 . (B) The comptroller of the treasury or the comptroller's designee may revoke the authority of a municipality to submit a biennial budget in its discretion at any time and for any reason. If a municipality utilizes short-term financing to meet operating expenses, then the authority to submit a biennial budget shall be automatically revoked. (C) A municipality that operates under a biennial budget shall submit any budget amendments adopted by the municipality and such reports as may be required to the comptroller of the treasury or the comptroller's designee. (3) As used in subdivision (a)(2), "biennial budget" means the adoption of two (2) annual budgets every two (2) years.
(1) In order for the current available funding of a local government to be sufficient to meet current expenditures, an annual budget must be required of the local government by the comptroller of the treasury or the comptroller's designee. The annual budget must be on the same basis of accounting as required by generally accepted accounting principles and prepared in a form consistent with accepted governmental standards and as approved by the comptroller of the treasury or the comptroller's designee. The comptroller of the treasury shall provide guidance to the form of the budget, including supplemental schedules, as necessary, to demonstrate local governments have adequate cash to meet its current obligations, including principal and interest, as applicable.
(2) (A) Notwithstanding subdivision (a)(1), the comptroller of the treasury may authorize a municipality to submit a biennial budget if the comptroller of the treasury or the comptroller's designee determines that the municipality operates with sufficient financial resources to more than adequately service its issued debt. In such case, the comptroller of the treasury or the comptroller's designee may approve the municipality for a biennial budget as authorized by § 4-3-305 . (B) The comptroller of the treasury or the comptroller's designee may revoke the authority of a municipality to submit a biennial budget in its discretion at any time and for any reason. If a municipality utilizes short-term financing to meet operating expenses, then the authority to submit a biennial budget shall be automatically revoked. (C) A municipality that operates under a biennial budget shall submit any budget amendments adopted by the municipality and such reports as may be required to the comptroller of the treasury or the comptroller's designee.
(A) Notwithstanding subdivision (a)(1), the comptroller of the treasury may authorize a municipality to submit a biennial budget if the comptroller of the treasury or the comptroller's designee determines that the municipality operates with sufficient financial resources to more than adequately service its issued debt. In such case, the comptroller of the treasury or the comptroller's designee may approve the municipality for a biennial budget as authorized by § 4-3-305 .
(B) The comptroller of the treasury or the comptroller's designee may revoke the authority of a municipality to submit a biennial budget in its discretion at any time and for any reason. If a municipality utilizes short-term financing to meet operating expenses, then the authority to submit a biennial budget shall be automatically revoked.
(C) A municipality that operates under a biennial budget shall submit any budget amendments adopted by the municipality and such reports as may be required to the comptroller of the treasury or the comptroller's designee.
(3) As used in subdivision (a)(2), "biennial budget" means the adoption of two (2) annual budgets every two (2) years.
(b) After receiving the annual budget estimate, the governing body shall prepare an appropriation resolution or budget ordinance, consistent with its form of government, using the budget estimate as a basis, but appropriating such sums as the governing body may deem proper for current operating expenses, whether greater or less than the budget estimate set forth. However, an appropriation recommended by the budget estimate for interest on the indebtedness of the local government, for sinking funds, and for principal of debt maturing during the fiscal year shall not be reduced below scheduled requirements by the governing body. The taxes levied for such appropriation may be over and above all other taxes authorized or limited by law. Immediately after the passage of the appropriation resolution or budget ordinance, the governing body shall pass a resolution or ordinance levying upon all property subject to taxation, a tax rate sufficient to produce the sum necessary to balance the budget.
(c) The comptroller of the treasury or the comptroller's designee shall require any periodic information from a local government that has issued debt under this chapter or under prior authorizing statutes or is subject to the budget requirements of § 4-3-305 and make such audits as the comptroller of the treasury or the comptroller's designee may deem necessary, to the end that it may be ascertained that the budget is kept balanced during the life of the debt. The annual budget of each local government must be submitted to the comptroller of the treasury or the comptroller's designee immediately upon its adoption. The comptroller of the treasury or the comptroller's designee shall thereupon determine whether or not the budget will be in balance in accordance with this chapter. If the budget does not comply with this chapter, then the comptroller of the treasury or the comptroller's designee shall have the power and the authority to direct the governing body of the local government to adjust its estimates, to reduce expenditures, or to make additional tax levies sufficient to comply with this chapter. Any budget adopted by the governing body of a local government must be submitted for approval by the comptroller of the treasury or the comptroller's designee. The comptroller of the treasury or the comptroller's designee shall approve the budget only when the comptroller of the treasury or the comptroller's designee is satisfied that it complies with this chapter.
Amended by 2021 Tenn. Acts, ch. 256, Secs.s5, s6 eff. 4/28/2021.
Amended by 2016 Tenn. Acts, ch. 626, s 1, eff. 3/22/2016.
Amended by 2014 Tenn. Acts, ch. 766, s 4, eff. 7/1/2014.
Amended by 2014 Tenn. Acts, ch. 766, s 3, eff. 7/1/2014.
Acts 1986, ch. 770, § 4-3; 2010 , ch. 868, § 48.
Tenn. Code Ann. § 9-21-108 — TN Code / Title 9 / Chapter 21 / Section 9-21-108
Governing body authorized to act by resolution - Procedure for adoption of resolutions
Status: in_force

All actions required or authorized to be taken under this chapter by the governing body of a local government may be by resolution. The resolution may be adopted at the meeting, regular or special, of the governing body at which the resolution is introduced, and shall take effect immediately upon adoption. Except as otherwise provided in this chapter, no resolution under this chapter need be published or posted, nor shall any such resolution be subject to veto by the chief executive officer or presiding officer of the governing body, nor shall any such resolution require for its passage more than a majority vote of all the members of the governing body then in office. The resolution may delegate authority to the chief executive officer of the local government to sell notes or bonds under this chapter. Acts 1986, ch. 770, § 1-8; 1994, ch. 806, § 6.
All actions required or authorized to be taken under this chapter by the governing body of a local government may be by resolution. The resolution may be adopted at the meeting, regular or special, of the governing body at which the resolution is introduced, and shall take effect immediately upon adoption. Except as otherwise provided in this chapter, no resolution under this chapter need be published or posted, nor shall any such resolution be subject to veto by the chief executive officer or presiding officer of the governing body, nor shall any such resolution require for its passage more than a majority vote of all the members of the governing body then in office. The resolution may delegate authority to the chief executive officer of the local government to sell notes or bonds under this chapter.
Acts 1986, ch. 770, § 1-8; 1994, ch. 806, § 6.
Tenn. Code Ann. § 9-4-5609 — TN Code / Title 9 / Chapter 4 / Section 9-4-5609
Preparation of strategic plan
Status: in_force

(a) (1) Beginning August 15, 2013, and each year thereafter, each state agency subject to this part, shall submit a draft strategic plan and the agency's programs chosen for the program performance measures to the department of finance and administration for review, modification, and approval. Each strategic plan and program performance plan shall be submitted to the general assembly and the governor not later than September 30 of each year and shall cover the fiscal year in effect as of the date of the report. (2) The programs report shall include, but not be limited to, the following matters: (A) A clear statement of the purpose for each program; (B) A description of the program, when such information is needed to explain the program; (C) The funding amount of each program, when such information is identifiable by agency; (D) The outcomes or outputs produced by each program; and (E) The historical trends of outputs or outcomes of the program, when such information is available. (b) (1) (A) The Tennessee higher education commission shall submit to the commissioner of finance and administration a single strategic plan, with the advice of the University of Tennessee, the state university and community college system, and the Tennessee student assistance corporation. (B) The comptroller of the treasury, state treasurer, secretary of state, and attorney general and reporter shall prepare their strategic plans separately. (C) The administrative office of the courts shall prepare a strategic plan separately on behalf of the court system. Such plan shall include the court system, the district attorneys general conference, the district public defenders conference, and the office of post-conviction defender. (D) The joint legislative services committee shall prepare a strategic plan separately on behalf of the legislative department. (2) Each strategic plan shall be submitted to the general assembly and the governor not later than September 30 of each year and shall cover the fiscal year in effect as of the date of the report. Amended by 2013 Tenn. Acts, ch. 243,s 15, eff. 4/19/2013. Acts 2002, ch. 875, § 1.
(a) (1) Beginning August 15, 2013, and each year thereafter, each state agency subject to this part, shall submit a draft strategic plan and the agency's programs chosen for the program performance measures to the department of finance and administration for review, modification, and approval. Each strategic plan and program performance plan shall be submitted to the general assembly and the governor not later than September 30 of each year and shall cover the fiscal year in effect as of the date of the report. (2) The programs report shall include, but not be limited to, the following matters: (A) A clear statement of the purpose for each program; (B) A description of the program, when such information is needed to explain the program; (C) The funding amount of each program, when such information is identifiable by agency; (D) The outcomes or outputs produced by each program; and (E) The historical trends of outputs or outcomes of the program, when such information is available.
(1) Beginning August 15, 2013, and each year thereafter, each state agency subject to this part, shall submit a draft strategic plan and the agency's programs chosen for the program performance measures to the department of finance and administration for review, modification, and approval. Each strategic plan and program performance plan shall be submitted to the general assembly and the governor not later than September 30 of each year and shall cover the fiscal year in effect as of the date of the report.
(2) The programs report shall include, but not be limited to, the following matters: (A) A clear statement of the purpose for each program; (B) A description of the program, when such information is needed to explain the program; (C) The funding amount of each program, when such information is identifiable by agency; (D) The outcomes or outputs produced by each program; and (E) The historical trends of outputs or outcomes of the program, when such information is available.
(A) A clear statement of the purpose for each program;
(B) A description of the program, when such information is needed to explain the program;
(C) The funding amount of each program, when such information is identifiable by agency;
(D) The outcomes or outputs produced by each program; and
(E) The historical trends of outputs or outcomes of the program, when such information is available.
(b) (1) (A) The Tennessee higher education commission shall submit to the commissioner of finance and administration a single strategic plan, with the advice of the University of Tennessee, the state university and community college system, and the Tennessee student assistance corporation. (B) The comptroller of the treasury, state treasurer, secretary of state, and attorney general and reporter shall prepare their strategic plans separately. (C) The administrative office of the courts shall prepare a strategic plan separately on behalf of the court system. Such plan shall include the court system, the district attorneys general conference, the district public defenders conference, and the office of post-conviction defender. (D) The joint legislative services committee shall prepare a strategic plan separately on behalf of the legislative department. (2) Each strategic plan shall be submitted to the general assembly and the governor not later than September 30 of each year and shall cover the fiscal year in effect as of the date of the report.
(1) (A) The Tennessee higher education commission shall submit to the commissioner of finance and administration a single strategic plan, with the advice of the University of Tennessee, the state university and community college system, and the Tennessee student assistance corporation. (B) The comptroller of the treasury, state treasurer, secretary of state, and attorney general and reporter shall prepare their strategic plans separately. (C) The administrative office of the courts shall prepare a strategic plan separately on behalf of the court system. Such plan shall include the court system, the district attorneys general conference, the district public defenders conference, and the office of post-conviction defender. (D) The joint legislative services committee shall prepare a strategic plan separately on behalf of the legislative department.
(A) The Tennessee higher education commission shall submit to the commissioner of finance and administration a single strategic plan, with the advice of the University of Tennessee, the state university and community college system, and the Tennessee student assistance corporation.
(B) The comptroller of the treasury, state treasurer, secretary of state, and attorney general and reporter shall prepare their strategic plans separately.
(C) The administrative office of the courts shall prepare a strategic plan separately on behalf of the court system. Such plan shall include the court system, the district attorneys general conference, the district public defenders conference, and the office of post-conviction defender.
(D) The joint legislative services committee shall prepare a strategic plan separately on behalf of the legislative department.
(2) Each strategic plan shall be submitted to the general assembly and the governor not later than September 30 of each year and shall cover the fiscal year in effect as of the date of the report.
Amended by 2013 Tenn. Acts, ch. 243,s 15, eff. 4/19/2013.
Acts 2002, ch. 875, § 1.
Tenn. Code Ann. § 9-1-107 — TN Code / Title 9 / Chapter 1 / Section 9-1-107
Investments or deposits in federal savings banks or pooled investment fund - Deposits exceeding insurance limits
Status: in_force

(a) (1) Counties, municipalities, districts, and other public or quasi-public corporations and public officials, boards, agencies, or other public or quasi-public entities, other than the state, are expressly authorized and empowered to invest or deposit funds held by them, including sinking funds and pension and retirement funds in accounts of federal savings banks, whose deposits are insured by the federal deposit insurance corporation. (2) (A) Deposits in excess of the limits of insurance on such accounts are authorized where the collateral given is eligible collateral, as defined in § 9-4-103 , or where the collateral given is an irrevocable letter of credit issued by a federal savings bank. (B) If the security is released, or if the value of the security is impaired, the bank shall promptly substitute collateral meeting the requirements of this section sufficient to cover the deposits to be secured. (C) Deposits in excess of the limits of insurance are, as to each bank, limited to no more than five percent (5%) of the assets of such bank with respect to each depositor, and are limited to no more than ten percent (10%) of the assets of such association with respect to all depositors. (b) Counties, municipalities, districts and other public or quasi-public entities are authorized to deposit or invest funds in the local government investment pool under chapter 4, part 7 of this title. The governing body of such local government may delegate revocable investment authority to the financial officer charged with custody of the funds of the local government, who shall thereafter assume full responsibility for transactions with the local government investment pool. Amended by 2023 Tenn. Acts, ch. 83, s 1, eff. 7/1/2023. Acts 1969, ch. 181, § 1; 1977, ch. 205, § 1; 1979, ch. 111, §§ 1, 2; impl. am. Acts 1978, ch. 708, § 5.26; T.C.A., § 9-107; Acts 1984, ch. 627, § 1; 1985, ch. 118, § 4.
(a) (1) Counties, municipalities, districts, and other public or quasi-public corporations and public officials, boards, agencies, or other public or quasi-public entities, other than the state, are expressly authorized and empowered to invest or deposit funds held by them, including sinking funds and pension and retirement funds in accounts of federal savings banks, whose deposits are insured by the federal deposit insurance corporation. (2) (A) Deposits in excess of the limits of insurance on such accounts are authorized where the collateral given is eligible collateral, as defined in § 9-4-103 , or where the collateral given is an irrevocable letter of credit issued by a federal savings bank. (B) If the security is released, or if the value of the security is impaired, the bank shall promptly substitute collateral meeting the requirements of this section sufficient to cover the deposits to be secured. (C) Deposits in excess of the limits of insurance are, as to each bank, limited to no more than five percent (5%) of the assets of such bank with respect to each depositor, and are limited to no more than ten percent (10%) of the assets of such association with respect to all depositors.
(1) Counties, municipalities, districts, and other public or quasi-public corporations and public officials, boards, agencies, or other public or quasi-public entities, other than the state, are expressly authorized and empowered to invest or deposit funds held by them, including sinking funds and pension and retirement funds in accounts of federal savings banks, whose deposits are insured by the federal deposit insurance corporation.
(2) (A) Deposits in excess of the limits of insurance on such accounts are authorized where the collateral given is eligible collateral, as defined in § 9-4-103 , or where the collateral given is an irrevocable letter of credit issued by a federal savings bank. (B) If the security is released, or if the value of the security is impaired, the bank shall promptly substitute collateral meeting the requirements of this section sufficient to cover the deposits to be secured. (C) Deposits in excess of the limits of insurance are, as to each bank, limited to no more than five percent (5%) of the assets of such bank with respect to each depositor, and are limited to no more than ten percent (10%) of the assets of such association with respect to all depositors.
(A) Deposits in excess of the limits of insurance on such accounts are authorized where the collateral given is eligible collateral, as defined in § 9-4-103 , or where the collateral given is an irrevocable letter of credit issued by a federal savings bank.
(B) If the security is released, or if the value of the security is impaired, the bank shall promptly substitute collateral meeting the requirements of this section sufficient to cover the deposits to be secured.
(C) Deposits in excess of the limits of insurance are, as to each bank, limited to no more than five percent (5%) of the assets of such bank with respect to each depositor, and are limited to no more than ten percent (10%) of the assets of such association with respect to all depositors.
(b) Counties, municipalities, districts and other public or quasi-public entities are authorized to deposit or invest funds in the local government investment pool under chapter 4, part 7 of this title. The governing body of such local government may delegate revocable investment authority to the financial officer charged with custody of the funds of the local government, who shall thereafter assume full responsibility for transactions with the local government investment pool.
Amended by 2023 Tenn. Acts, ch. 83, s 1, eff. 7/1/2023.
Acts 1969, ch. 181, § 1; 1977, ch. 205, § 1; 1979, ch. 111, §§ 1, 2; impl. am. Acts 1978, ch. 708, § 5.26; T.C.A., § 9-107; Acts 1984, ch. 627, § 1; 1985, ch. 118, § 4.
Tenn. Code Ann. § 9-4-907 — TN Code / Title 9 / Chapter 4 / Section 9-4-907
Lease payments
Status: in_force

Lease payments for space occupied by state agencies, including the legislative and judicial branches, shall be established by policy issued by the commissioner of general services and approved by the state building commission; provided, however, that until such time as a policy shall be issued by the commissioner of general services and approved by the state building commission, the policy formerly issued by the commissioner of finance and administration and approved by the state building commission shall remain effective. The lease payments shall be paid to the fund. Amended by 2013 Tenn. Acts, ch. 454,s 39, eff. 5/16/2013. Acts 1993, ch. 332, § 1.
Lease payments for space occupied by state agencies, including the legislative and judicial branches, shall be established by policy issued by the commissioner of general services and approved by the state building commission; provided, however, that until such time as a policy shall be issued by the commissioner of general services and approved by the state building commission, the policy formerly issued by the commissioner of finance and administration and approved by the state building commission shall remain effective. The lease payments shall be paid to the fund.
Amended by 2013 Tenn. Acts, ch. 454,s 39, eff. 5/16/2013.
Acts 1993, ch. 332, § 1.
Tenn. Code Ann. § 9-21-132 — TN Code / Title 9 / Chapter 21 / Section 9-21-132
Petition for permission to sell specific bonds at private sale
Status: in_force

(a) [Deleted by 2021 amendment.] (b) [Deleted by 2021 amendment.] (c) Any local government may petition the state funding board for permission to sell specific bonds determined to be required to be sold at taxable interest rates at private sale upon terms and conditions that the local government determines and upon approval by the governing body of the local government. Amended by 2021 Tenn. Acts, ch. 128, s 7, eff. 4/13/2021. Acts 2009 , ch. 223, § 1; 2010 , ch. 982, § 5; 2012 , ch. 601, §§ 1-3.
(a) [Deleted by 2021 amendment.]
(b) [Deleted by 2021 amendment.]
(c) Any local government may petition the state funding board for permission to sell specific bonds determined to be required to be sold at taxable interest rates at private sale upon terms and conditions that the local government determines and upon approval by the governing body of the local government.
Amended by 2021 Tenn. Acts, ch. 128, s 7, eff. 4/13/2021.
Acts 2009 , ch. 223, § 1; 2010 , ch. 982, § 5; 2012 , ch. 601, §§ 1-3.
Tenn. Code Ann. § 9-24-101 — TN Code / Title 9 / Chapter 24 / Section 9-24-101
Short title
Status: in_force

This chapter is known and may be cited as the "Uniformity in Local Government Lease Financing Act of 2021." Added by 2021 Tenn. Acts, ch. 196, s 1, eff. 4/22/2021.
This chapter is known and may be cited as the "Uniformity in Local Government Lease Financing Act of 2021."
Added by 2021 Tenn. Acts, ch. 196, s 1, eff. 4/22/2021.
Tenn. Code Ann. § 9-4-5202 — TN Code / Title 9 / Chapter 4 / Section 9-4-5202
Reports of estimated rate of growth of economy - Duties of state funding board
Status: in_force

(a) At least once each year, and whenever requested to do so by the commissioner of finance and administration or by the joint request of the chairs of the finance, ways and means committees of the senate and house of representatives, the state funding board shall secure from the Tennessee econometric model a report of the estimated rate of growth of the state's economy. Such report shall include the major assumptions and the methodology used in arriving at such estimate. (b) Upon receiving the report specified in subsection (a), the state funding board shall make comments relating to the reasonableness of the estimate, including any different estimate the board deems necessary. The board shall also enclose a list identifying state tax revenue sources and nontax revenue sources, approved by the attorney general and reporter. The department of finance and administration shall provide to the board revenue estimates for each source. The department of revenue shall provide to the board estimates of growth in franchise and excise tax revenue and include in the estimates a description of whether the growth is nonrecurring or recurring. (c) In the event data from Tennessee econometric model is unavailable, the funding board, after consulting with the finance, ways and means committees of the senate and house of representatives, shall obtain and/or prepare a report of the estimated rate of growth of the state's economy. (d) The reports specified in subsections (a), (b) and (c) shall be forwarded to the commissioner of finance and administration and to each member of the general assembly, after review and definitive comment by the finance, ways and means committees of the senate and house of representatives. (e) (1) In November of each year, the state funding board shall conduct public hearings to develop estimates of state revenue for the upcoming fiscal year, as well as any revisions to the current fiscal year estimates, as the board deems appropriate. All estimates shall be adopted by a majority vote of the entire board. (2) The funding board shall request economic forecasts and revenue estimates from representatives of state higher education institution business centers located in each of the grand divisions and such other groups or persons as the funding board deems appropriate. (3) On December 1, or as soon thereafter as practical, the funding board shall present its state revenue estimates, together with a summary of the economic forecast upon which the estimates are based, to the governor and the chairs of the finance, ways and means committees of the senate and house of representatives. If, in the opinion of the funding board, circumstances warrant a review of state revenue estimates it has previously presented, or upon a request of the chairs, the funding board shall consider information it deems necessary and appropriate and may revise its state revenue estimates if appropriate. Any revision to its revenue estimates and reasons therefor shall be forwarded to the governor and chairs. (4) The funding board shall identify and report in its presentation of state revenue estimates whether any growth in franchise and excise tax revenue is nonrecurring or recurring. Amended by 2018 Tenn. Acts, ch. 1031,s 1, eff. 5/21/2018. Amended by 2015 Tenn. Acts, ch. 92,Secs.s1, s2 eff. 4/9/2015. Acts 1979, ch. 408, § 2; T.C.A., § 9-622; Acts 1993, ch. 303, § 1; T.C.A. § 9-6-202.
(a) At least once each year, and whenever requested to do so by the commissioner of finance and administration or by the joint request of the chairs of the finance, ways and means committees of the senate and house of representatives, the state funding board shall secure from the Tennessee econometric model a report of the estimated rate of growth of the state's economy. Such report shall include the major assumptions and the methodology used in arriving at such estimate.
(b) Upon receiving the report specified in subsection (a), the state funding board shall make comments relating to the reasonableness of the estimate, including any different estimate the board deems necessary. The board shall also enclose a list identifying state tax revenue sources and nontax revenue sources, approved by the attorney general and reporter. The department of finance and administration shall provide to the board revenue estimates for each source. The department of revenue shall provide to the board estimates of growth in franchise and excise tax revenue and include in the estimates a description of whether the growth is nonrecurring or recurring.
(c) In the event data from Tennessee econometric model is unavailable, the funding board, after consulting with the finance, ways and means committees of the senate and house of representatives, shall obtain and/or prepare a report of the estimated rate of growth of the state's economy.
(d) The reports specified in subsections (a), (b) and (c) shall be forwarded to the commissioner of finance and administration and to each member of the general assembly, after review and definitive comment by the finance, ways and means committees of the senate and house of representatives.
(e) (1) In November of each year, the state funding board shall conduct public hearings to develop estimates of state revenue for the upcoming fiscal year, as well as any revisions to the current fiscal year estimates, as the board deems appropriate. All estimates shall be adopted by a majority vote of the entire board. (2) The funding board shall request economic forecasts and revenue estimates from representatives of state higher education institution business centers located in each of the grand divisions and such other groups or persons as the funding board deems appropriate. (3) On December 1, or as soon thereafter as practical, the funding board shall present its state revenue estimates, together with a summary of the economic forecast upon which the estimates are based, to the governor and the chairs of the finance, ways and means committees of the senate and house of representatives. If, in the opinion of the funding board, circumstances warrant a review of state revenue estimates it has previously presented, or upon a request of the chairs, the funding board shall consider information it deems necessary and appropriate and may revise its state revenue estimates if appropriate. Any revision to its revenue estimates and reasons therefor shall be forwarded to the governor and chairs. (4) The funding board shall identify and report in its presentation of state revenue estimates whether any growth in franchise and excise tax revenue is nonrecurring or recurring.
(1) In November of each year, the state funding board shall conduct public hearings to develop estimates of state revenue for the upcoming fiscal year, as well as any revisions to the current fiscal year estimates, as the board deems appropriate. All estimates shall be adopted by a majority vote of the entire board.
(2) The funding board shall request economic forecasts and revenue estimates from representatives of state higher education institution business centers located in each of the grand divisions and such other groups or persons as the funding board deems appropriate.
(3) On December 1, or as soon thereafter as practical, the funding board shall present its state revenue estimates, together with a summary of the economic forecast upon which the estimates are based, to the governor and the chairs of the finance, ways and means committees of the senate and house of representatives. If, in the opinion of the funding board, circumstances warrant a review of state revenue estimates it has previously presented, or upon a request of the chairs, the funding board shall consider information it deems necessary and appropriate and may revise its state revenue estimates if appropriate. Any revision to its revenue estimates and reasons therefor shall be forwarded to the governor and chairs.
(4) The funding board shall identify and report in its presentation of state revenue estimates whether any growth in franchise and excise tax revenue is nonrecurring or recurring.
Amended by 2018 Tenn. Acts, ch. 1031,s 1, eff. 5/21/2018.
Amended by 2015 Tenn. Acts, ch. 92,Secs.s1, s2 eff. 4/9/2015.
Acts 1979, ch. 408, § 2; T.C.A., § 9-622; Acts 1993, ch. 303, § 1; T.C.A. § 9-6-202.
Tenn. Code Ann. § 9-4-519 — TN Code / Title 9 / Chapter 4 / Section 9-4-519
Requirements for public depositors
Status: in_force

(a) Public depositors shall comply with the following requirements: (1) A public depositor shall ensure that the name of the public depositor is on the account or certificate provided to the public depositor by the qualified public depository in a manner sufficient to disclose the identity of the public depositor; and (2) A public depositor who sustained a loss occasioned by a default or insolvency of a qualified public depository that was not satisfied pursuant to § 9-4-512 shall notify the state treasurer of that fact within three (3) business days after receiving actual notice of the default from publications made pursuant to § 9-4-513(a) . (b) If a public depositor does not comply with subdivision (a)(1), the pool shall not be liable for the loss incurred to that particular account created by the public depositor. The waiver of immunity provided in § 9-4-520 shall be ineffective as to that public depositor for such account. Acts 1990, ch. 1043, § 1; 1991, ch. 438, § 2; 1997, ch. 217, § 6.
(a) Public depositors shall comply with the following requirements: (1) A public depositor shall ensure that the name of the public depositor is on the account or certificate provided to the public depositor by the qualified public depository in a manner sufficient to disclose the identity of the public depositor; and (2) A public depositor who sustained a loss occasioned by a default or insolvency of a qualified public depository that was not satisfied pursuant to § 9-4-512 shall notify the state treasurer of that fact within three (3) business days after receiving actual notice of the default from publications made pursuant to § 9-4-513(a) .
(1) A public depositor shall ensure that the name of the public depositor is on the account or certificate provided to the public depositor by the qualified public depository in a manner sufficient to disclose the identity of the public depositor; and
(2) A public depositor who sustained a loss occasioned by a default or insolvency of a qualified public depository that was not satisfied pursuant to § 9-4-512 shall notify the state treasurer of that fact within three (3) business days after receiving actual notice of the default from publications made pursuant to § 9-4-513(a) .
(b) If a public depositor does not comply with subdivision (a)(1), the pool shall not be liable for the loss incurred to that particular account created by the public depositor. The waiver of immunity provided in § 9-4-520 shall be ineffective as to that public depositor for such account.
Acts 1990, ch. 1043, § 1; 1991, ch. 438, § 2; 1997, ch. 217, § 6.
Tenn. Code Ann. § 9-19-102 — TN Code / Title 9 / Chapter 19 / Section 9-19-102
Chapter definitions
Status: in_force

As used in this chapter, unless the context otherwise requires: (1) "Book-entry form" means, with respect to public obligations, obligations that are not represented by an instrument but are evidenced and transferred on registration books maintained for that purpose by or on behalf of the issuer; (2) "Facsimile seal" means the reproduction by engraving, imprinting, stamping, or other means of the seal of the issuer, official or official body; (3) "Facsimile signature" means the reproduction by engraving, imprinting, stamping, or other means of the manual signature of an authorized officer; (4) "Financial intermediary" means a bank, broker, or clearing corporation or the nominee of any of them, or other person or nominee which in the ordinary course of its business maintains public obligation accounts for its customers, when so acting; (5) "Issuer" means any entity, department, or agency which under the laws of this state issues public obligations. "Issuer" may thus include the state of Tennessee, agencies of the state of Tennessee and all political subdivisions and public instrumentalities of the state of Tennessee, including, without limitation, cities, towns, metropolitan governments, counties, authorities, districts, and corporations or other public entities; (6) "Official" or "official body" means the officer or board that is empowered under the laws of this state to provide for original issuance of a public obligation of the issuer, by defining the obligation and its terms, conditions and other incidents, the successor or successors of any such official or official body, and such other person or group of persons as shall be assigned duties of such official or official body under applicable law from time to time; (7) "Official actions" means the actions by statute, order, ordinance, charter, resolution, contract, or other authorized means by which the issuer provides for issuance of a public obligation; and (8) "Public obligation" means an agreement of an issuer to pay principal and any interest thereon, whether in the form of a contract to repay borrowed money, a lease, an installment purchase agreement, or otherwise, and includes a share, participation, or other interest in any such agreement. Acts 1983, ch. 100, § 2.
As used in this chapter, unless the context otherwise requires:
(1) "Book-entry form" means, with respect to public obligations, obligations that are not represented by an instrument but are evidenced and transferred on registration books maintained for that purpose by or on behalf of the issuer;
(2) "Facsimile seal" means the reproduction by engraving, imprinting, stamping, or other means of the seal of the issuer, official or official body;
(3) "Facsimile signature" means the reproduction by engraving, imprinting, stamping, or other means of the manual signature of an authorized officer;
(4) "Financial intermediary" means a bank, broker, or clearing corporation or the nominee of any of them, or other person or nominee which in the ordinary course of its business maintains public obligation accounts for its customers, when so acting;
(5) "Issuer" means any entity, department, or agency which under the laws of this state issues public obligations. "Issuer" may thus include the state of Tennessee, agencies of the state of Tennessee and all political subdivisions and public instrumentalities of the state of Tennessee, including, without limitation, cities, towns, metropolitan governments, counties, authorities, districts, and corporations or other public entities;
(6) "Official" or "official body" means the officer or board that is empowered under the laws of this state to provide for original issuance of a public obligation of the issuer, by defining the obligation and its terms, conditions and other incidents, the successor or successors of any such official or official body, and such other person or group of persons as shall be assigned duties of such official or official body under applicable law from time to time;
(7) "Official actions" means the actions by statute, order, ordinance, charter, resolution, contract, or other authorized means by which the issuer provides for issuance of a public obligation; and
(8) "Public obligation" means an agreement of an issuer to pay principal and any interest thereon, whether in the form of a contract to repay borrowed money, a lease, an installment purchase agreement, or otherwise, and includes a share, participation, or other interest in any such agreement.
Acts 1983, ch. 100, § 2.
Tenn. Code Ann. § 9-4-906 — TN Code / Title 9 / Chapter 4 / Section 9-4-906
Deposits
Status: in_force

Notwithstanding any law to the contrary, there shall be deposited in the fund any and all appropriations made either in the general appropriations act, including any rents for leased state facilities covered by the fund, or in any other act which is for the purpose of funding the items listed in § 9-4-905 . Acts 1993, ch. 332, § 1.
Notwithstanding any law to the contrary, there shall be deposited in the fund any and all appropriations made either in the general appropriations act, including any rents for leased state facilities covered by the fund, or in any other act which is for the purpose of funding the items listed in § 9-4-905 .
Acts 1993, ch. 332, § 1.
Tenn. Code Ann. § 9-13-301 — TN Code / Title 9 / Chapter 13 / Section 9-13-301
Short title
Status: in_force

This part shall be known and may be cited as the "Financially Distressed Municipalities, Counties, Utility Districts and Education Agencies Act of 1993." Acts 1993, ch. 76, § 1.
This part shall be known and may be cited as the "Financially Distressed Municipalities, Counties, Utility Districts and Education Agencies Act of 1993."
Acts 1993, ch. 76, § 1.