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TN Code § 9-9-103 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-103. Debt Service Payments

 There is hereby appropriated to the state funding board on a direct and continuing basis a sum sufficient for payment of debt service (principal, interest and premium, if any) on outstanding bonds and other debt obligations (including notes), amounts due on contracts or agreements authorized under this chapter, and necessary related expenses. The state funding board is authorized to make debt service payments on outstanding bonds and other debt obligations (including notes), and make payments due under contracts and agreements authorized under this chapter, and necessary related expenses, as provided in this section from any funds held in the state treasury not otherwise legally restricted, independent of an appropriation bill as contemplated by chapter 4, part 51 of this title.
TN Code § 9-9-104 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-104. Pledge of Revenues — Covenants for Protection of Bondholders

  For the payment of the principal of and interest on the bonds of the state of Tennessee issued under this chapter outstanding as of July 1, 2013, there is hereby pledged the annual proceeds of a tax of not less than five cents (5¢) per gallon upon gasoline, the annual proceeds of the special tax on petroleum products provided for by § 67-3-203, one-half (½) of the annual proceeds of motor vehicle registration fees now or hereafter required to be paid to the state, and the entire annual proceeds of franchise taxes imposed by the franchise tax law, compiled in title 67, chapter 4, part 21. This pledge shall not extend to any bonds issued under this chapter after July 1, 2013.   As long as any bonds issued under this chapter that were outstanding as of July 1, 2013 remain outstanding, the state of Tennessee hereby covenants with the persons who now or may hereafter hold such bonds that it will not decrease by legislative action any of the fees or taxes that constitute the special revenues pledged by this section, or eliminate from the requirement to pay such fees or taxes any substance, motor vehicle or corporation on account of which the payment of such fees or taxes is now required, and that it will levy a tax of not less than five cents (5¢) per gallon upon gasoline or other motor vehicle fuel, unless the state funding board shall certify that all payments due the state funding board under this chapter have been made in full, that the state is not in default in the payment of any outstanding debt or in the payment of interest thereon, and that such fees and taxes at lower rates to be specified by the state funding board, in such year or years (not exceeding two (2) years), will be sufficient to provide funds adequate to meet all payments required to be made by the state funding board in such year or years, as well as to provide for the other obligations and expenses of the state for such year or years, to be defrayed therefrom, in which event the state of Tennessee shall be under no obligation to charge or levy in such year or years fees or taxes in excess of the rates so certified by the state funding board.   In no event shall the pledge and covenants set forth in this section extend past or be effective after June 30, 2033.
TN Code § 9-9-105 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-105. Bonds Constitute Direct State Obligations — Debt Obligations Constitute a Charge and Lien — Satisfaction of Debt Service Coverage Test

  All bonds issued (and to be issued) under this chapter, all notes issued (and to be issued) in anticipation of such bonds, and all tax revenue anticipation notes issued (and to be issued) under this chapter shall constitute direct general obligations of the state of Tennessee for the payment of the principal of and premium, if any, and interest on which there is also pledged the full faith and credit of the state of Tennessee. Subject only to § 9-9-104(a), all such debt obligations shall constitute a charge and lien upon the entire fees, taxes and other revenues and funds allocated to the general fund, the debt service fund, and the highway fund; and, if necessary, upon the first such fees, taxes, revenues and funds thereafter received and allocated to such funds, except only such fees, taxes, revenues and funds as may be otherwise legally restricted.   The state of Tennessee hereby covenants with the persons who now or may hereafter hold any debt obligations described in § 9-9-105(a) that it will raise fees, taxes and other revenues sufficient, together with funds on hand derived from all sources, to pay the principal of and premium, if any, and interest on such obligations as and when due and payable.    The state of Tennessee hereby covenants with the persons who now or may hereafter hold any bonds issued under this chapter that no bonds shall be issued under this chapter after July 1, 2013, unless the following debt service coverage test is satisfied: the amount necessary to pay the maximum annual debt service payable in the then current or any future fiscal year, is not greater than ten percent (10%) of the amount of total state tax revenue allocated to the general fund, to the debt service fund, and to the highway fund for the immediately preceding fiscal year.   For purposes of satisfying this test, “state tax revenues” are defined as those taxes, licenses, fees, fines, and permits collected by the department of revenue and allocated to the general fund, the debt service fund, and the highway fund excluding the portion of those taxes shared with local governments.   “Debt service”, for this purpose, means and includes principal of and interest on all outstanding bonds issued under this chapter and the bonds then proposed to be issued under this chapter, in the aggregate; provided, that in determining the outstanding bonds, there shall be excluded any outstanding bonds the payment of which has been fully provided for by funds or securities (including expected income therefrom), or both, set aside for that purpose.
TN Code § 9-9-106 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-106. Certification of Amount Necessary for Payment of Debt Obligations

 The state funding board shall certify to the commissioner of finance and administration from time to time, but not less than annually, the amount necessary, together with funds on hand derived from all sources, to enable the board to provide for the payment of the principal of and premium, if any, and interest on all debt obligations described in § 9-9-105(a) as and when the same shall become due and payable.
TN Code § 9-9-107 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-107. Payments by State Funding Board

 The state funding board shall provide for the payment of the principal of and premium, if any, and interest on all bonds issued under this chapter, all notes issued in anticipation of such bonds and all tax revenue anticipation notes issued under this chapter, amounts due on contracts or agreements described in § 9-9-202(g) and (h) or other contracts or agreements relating to such debt obligations, and necessary related expenses incurred under this chapter as the same shall become due, out of the fees, taxes and other revenues and funds available for such purposes.
TN Code § 9-9-108 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-108. State Funding Board's Authority to Deposit or Transfer Funds

 The state funding board may:   Deposit funds and revenues paid to it in the pooled investment fund authorized by § 9-4-603 or in a deposit account at a bank or trust company located within or without this state, which will give such security for such deposit of the kind and type now required by law for the deposit of other state funds; or   Transfer cash, pending its application to the payment of the principal of or interest on the outstanding obligations of the state, into a fiduciary or trust account with a bank or trust company located within or without this state, under terms as the board may require to ensure the safety of the funds.
TN Code § 9-9-109 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-109. Custodian for Securities

 The state funding board is expressly authorized to contract with a bank or trust company located within or without this state to act as a custodian for securities held by or for the benefit of the board, including collateral pledged pursuant to § 9-9-108(1), under terms as the board may require to ensure the safety of the securities.
TN Code § 9-9-110 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-110. Investment of Cash Not Immediately Required

 Cash in the hands of the state funding board not immediately required for the payment of the principal of or interest on outstanding obligations of the state and held as provided by § 9-9-108 may be invested, in the board's discretion, in general obligation debt of the state of Tennessee or in any other obligations which are legal for the investment of funds of the state of Tennessee, with such yield and maturity as determined by the board after consultation with the state treasurer.
TN Code § 9-9-111 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-111. Vested Rights of Holders of Debt Obligations

 The holders of all debt obligations of the state of Tennessee described in § 9-9-105(a) and all persons who may hereafter purchase such obligations shall have, and are hereby declared to have, a vested right in the performance of the covenants and pledges contained in this chapter, and the performance of the duties imposed upon any officer or agency of the state of Tennessee by or pursuant to this chapter may be enforced by the holder of any such obligation by appropriate proceedings; provided, that no such holders or purchasers of debt obligations issued after July 1, 2013, shall have any such rights with respect to § 9-9-104.
TN Code § 9-9-112 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-112. Exemption From Taxes

 Principal of and interest on debt obligations issued under this chapter shall be exempt from taxation by the state, or by any county, municipality or taxing district of the state, except inheritance, transfer and estate taxes.
TN Code § 9-9-113 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-113. Bond Term Not to Exceed Lifetime of Item Financed — Tax Exempt Status

  No funds obtained through the sales of any bonds or notes of the state of Tennessee as provided for by this chapter shall be used to purchase or otherwise obtain any equipment, goods, or services, unless the equipment, goods, or services shall have a reasonably anticipated lifetime of use equal to or greater than the period of time for which the bonds or notes are issued and during which interest is payable for them. The “reasonably anticipated lifetime” within the meaning of this section shall be determined by the state building commission for projects under its jurisdiction and by other appropriate authority designated by the state funding board for all projects or programs not under the jurisdiction of the state building commission. Architectural, engineering, and other like services, which are determined by the state building commission or other appropriate authority designated by the state funding board to be a normal part of the project or program cost are not precluded by this section from funding from bond or note proceeds.   For the purpose of ensuring that the bonds, notes and other obligations issued after September 1, 1986, pursuant to this chapter maintain their tax-exempt status as may be provided by the Internal Revenue Code of 1986 (26 U.S.C.), as amended, no state officer or employee or user of a project or program shall authorize or allow any change, amendment or modification to a project or program financed or refinanced with the proceeds of such obligations which change, amendment or modification would affect the tax-exempt status of such obligations unless the change, amendment, or modification shall have received the prior approval of the office of state and local finance in the office of the comptroller of the treasury and the state funding board. Failure to receive such approval shall render any change, amendment, or modification null and void.
TN Code § 9-9-114 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-114. Records of State Obligations Payments

 The secretary of the funding board shall keep, or cause to be kept, appropriate records concerning the payment of obligations of the state issued under this chapter, including information regarding items redeemed.
TN Code § 9-9-115 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-115. Destruction of Paid or Cancelled Bonds by Paying Agent

  The state of Tennessee, acting by resolution of the state funding board, may authorize and direct the paying agent for its bonds, notes and coupons, or other person in possession of its bonds, notes and coupons, to destroy all bonds, notes and coupons duly paid and cancelled.   Such bonds, notes and coupons duly paid and cancelled during any fiscal year beginning July 1 and ending on the following June 30 may be destroyed only after the fiscal audit of the appropriate state agency covering the fiscal year has been completed, and the department of audit will notify the state funding board that due account has been made of such duly paid and cancelled bonds, notes and coupons. The paying agent or other person in possession of the state's bonds, notes and coupons shall furnish a certified list of bonds, notes and coupons duly paid and cancelled, showing for each issue of bonds and notes: the bond, note and coupon number, the amount, the date paid, and such additional information as the state funding board by resolution may require.   This section shall be in addition to any other law. Where this section is in conflict with other law, this section shall prevail.
TN Code § 9-9-116 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-116. Technical Advice — Expenses of Carrying Out Chapter

 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.
TN Code § 9-9-117 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-117. State Immunity Preserved

 Nothing in this chapter shall be construed as either waiving the immunity of the state of Tennessee from suit or as extending its consent to be sued, notwithstanding any other portion or portions of this chapter to the contrary.
TN Code § 9-9-118 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 1 - General Provisions|§ 9-9-118. Authority to Establish Guidelines, Rules and Regulations

 The state funding board is authorized to establish guidelines, rules or regulations with respect to certain agreements and contracts facilitating the issuance and sale of debt by governmental entities established by private act, including contracts or agreements providing for liquidity and credit enhancement and reimbursement agreements relating thereto, interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings or both, other interest rate hedging agreements, and agreements with the purchaser of the debt when such agreements and contracts have been authorized under the private act subject to guidelines of the state funding board.
TN Code § 9-9-201 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 2 - Issuance and Sale of Bonds|§ 9-9-201. Obligations Subject to Funding

 All general obligation bonds already issued or which may hereafter be issued by the state of Tennessee shall be subject to financing, refinancing and retirement under this chapter.
TN Code § 9-9-203 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 2 - Issuance and Sale of Bonds|§ 9-9-203. Authority to Offer Bonds for Sale and Determine Interest Rates — Delivery Periods

  The funding board is hereby authorized, empowered and directed to offer for sale any and all bonds heretofore or hereafter authorized to be issued by the funding board, and to determine by resolution the maximum rate or rates of interest which such bonds shall bear.   The funding board may enter into an agreement to sell its bonds under this chapter providing for delivery of its bonds not more than five (5) years or such greater period of time if recommended by the comptroller of the treasury or the comptroller's designee, from the date of execution of such agreement or, in the case of refunding bonds, the earlier of the first date on which the bonds being refunded can be optionally redeemed resulting in cost savings or be optionally redeemed at par.
TN Code § 9-9-204 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 2 - Issuance and Sale of Bonds|§ 9-9-204. Removal of Statutory Limitations on Interest Rates

 Whenever the interest rate or rates determined by resolution of the funding board exceed those contained in the act or acts authorizing the issuance of such bonds, the rate or rates determined by the funding board shall prevail, it being the legislative intent to remove all statutory limitations regarding maximum interest rates and all such limitations are hereby expressly removed; provided, that the maximum rate determined by the funding board in no instance shall exceed the rate as provided by § 47-14-103.
TN Code § 9-9-205 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 2 - Issuance and Sale of Bonds|§ 9-9-205. Sale of Bonds — Appropriation of Funds in Lieu of Sale of Bonds

  Any and all bonds issued by the funding board shall be sold in such manner and at such times as may be approved by the funding board.   If there are unappropriated funds in the general fund, highway fund or state debt service fund of the state sufficient to defray the cost of the betterments, improvements, buildings, and projects for which bonds shall have been authorized, or any part thereof, then the funding board may request an allocation from such unappropriated funds in lieu of issuing bonds in such amount. There is hereby appropriated upon any such request of the funding board from the general fund, highway fund or state debt service fund a sum sufficient to pay the cost, or any part thereof, of such betterments, improvements, buildings, and projects, as the funding board shall have been authorized to finance through the issuance of bonds. For the purposes of this section, the use of highway funds shall be limited to highway projects.   Notwithstanding the foregoing, if there are notes of the state outstanding that were issued in anticipation of the issuance of bonds that mature without having been funded by the issuance of bonds, the funding board shall, without further authorization, apply funds appropriated to the state debt service fund for amortization of authorized and unissued bonds not required for the payment of principal of and interest on bonds which have been issued to the retirement of a like amount of principal or interest on such notes. There is hereby appropriated from such funds in the state debt service fund a sum sufficient to retire the principal of and interest on such notes, and, upon the retirement of such principal, the authorization for the issuance of such principal amount of the bonds for the purposes for which the notes were issued shall become void.
TN Code § 9-9-206 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 2 - Issuance and Sale of Bonds|§ 9-9-206. Application of Law to Other Statutes

  Parts 1 and 2 of this chapter shall be applicable to existing statutes authorizing the issuance of bonds, as well as acts of this and subsequent general assemblies.   Notwithstanding any other general law, parts 1 and 2 of this chapter shall prevail. However, bonds heretofore or hereafter authorized by the general assembly to be issued by the state funding board may be sold pursuant to the Baccalaureate Education Savings for Tennessee Act, compiled in title 49, chapter 7, part 9.
TN Code § 9-9-207 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 2 - Issuance and Sale of Bonds|§ 9-9-207. Issuance of Refunding Bonds

  The funding board may issue general obligation refunding bonds to refund outstanding obligations previously issued under the authority of this chapter, upon the determination by the board that such bonds are necessary:  To accomplish cost savings to the public;   For the administrative convenience of the board;   To pay or discharge all or any part of an issue or series of bonds, including any interest thereon, in arrears or to become due and for the payment of which sufficient funds are not available; or   To eliminate bond covenants that have been determined to be burdensome to the state due to a change in circumstances if such elimination is not otherwise prohibited by law. Such determination shall be clearly stated in any resolution authorizing such refunding bonds and shall be conclusive.     The refunding bonds may be issued to pay or provide for the payment of principal, redemption premium, and accrued interest on the bonds to be refunded, and expenses related to the issuance of the refunding bonds, including discount and costs of issuance.   Refunding bonds may be sold as determined by the funding board, at public or private sale, in accordance with this chapter.
TN Code § 9-9-208 (2021)
2021 Tennessee Code|Title 9 - Public Finances|Chapter 9 - Funding of State Debt|Part 2 - Issuance and Sale of Bonds|§ 9-9-208. Authorization to Cancel Bonds — Factors in Determination

 The funding board is authorized, empowered and directed to cancel bonds authorized to be issued by the funding board upon its determination by resolution that one (1) of the following has occurred and the canceled amount of that bond authorization is no longer needed to fund the authorized project:   The project has been financed with commercial paper and the commercial paper has been retired in whole or in part without issuance of bonds;   The project was authorized to be financed with bonds but was financed in whole or in part with current funds;   The bonds were authorized but are no longer necessary for a governmental purpose; or   The amount of the remaining authorization is de minimis and as such will not be utilized.