reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 2 - ISSUANCE AND SALE OF BONDS (§§ 9-9-201 — 9-9-208) › Section 9-9-205 - Sale of bonds - Appropriation of funds in lieu of sale of bonds

(a)
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.
(b)
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.
(c)
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.
Amended by 2016 Tenn. Acts, ch. 849,s 1, eff. 4/19/2016.
Acts 1957, ch. 186, § 3; 1977, ch. 3, § 9; T.C.A., § 9-923; Acts 1982, ch. 833, §§ 1, 2; 1998, ch. 582, § 3; 2003, ch. 10, § 1; 2009, ch. 4, § 1; 2010, ch. 982, § 3; 2012, ch. 572, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 2 - ISSUANCE AND SALE OF BONDS (§§ 9-9-201 — 9-9-208) › Section 9-9-206 - Application of law to other statutes

(a)
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.
(b)
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.
Acts 1957, ch. 186, §§ 4, 5; 1977, ch. 3, § 10; T.C.A., § 9-924; Acts 1989, ch. 190, § 9.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 2 - ISSUANCE AND SALE OF BONDS (§§ 9-9-201 — 9-9-208) › Section 9-9-207 - Issuance of refunding bonds

(a)
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:
(1)
To accomplish cost savings to the public;
(2)
For the administrative convenience of the board;
(3)
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
(4)
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.
(b)
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.
(c)
Refunding bonds may be sold as determined by the funding board, at public or private sale, in accordance with this chapter.
Amended by 2013 Tenn. Acts, ch. 176,s 9, eff. 7/1/2013.
Acts 1937, ch. 165, § 13 (Williams, § 1811.24); modified; impl. am. Acts 1959, ch. 9, § 8; Acts 1977, ch. 3, § 4; T.C.A. (orig. ed.), § 9-914; Acts 1998, ch. 582, § 4.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 2 - ISSUANCE AND SALE OF BONDS (§§ 9-9-201 — 9-9-208) › Section 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:
(1)
The project has been financed with commercial paper and the commercial paper has been retired in whole or in part without issuance of bonds;
(2)
The project was authorized to be financed with bonds but was financed in whole or in part with current funds;
(3)
The bonds were authorized but are no longer necessary for a governmental purpose; or
(4)
The amount of the remaining authorization is de minimis and as such will not be utilized.
Amended by 2014 Tenn. Acts, ch. 824,s 1, eff. 4/29/2014.
Acts 2009, ch. 311, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 3 - TAX REVENUE ANTICIPATION NOTES (§ 9-9-301) › Section 9-9-301 - Issuance and sale - Interest - Guidelines

(a)
Pending the receipt of tax revenues during any fiscal year, the state of Tennessee, acting by resolutions of its funding board, is hereby authorized and empowered to issue and sell, either at public or private sale, at not less than par and accrued interest, its interest-bearing revenue anticipation note or notes. Such note or notes shall be authorized by resolution of the funding board, shall bear such date or dates, and shall mature at such time or times, including any renewals thereof, as such resolution or resolutions may provide, but shall mature within the fiscal year of their issuance. Such notes shall bear interest at such rate or rates, be in such denominations, be in such form, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places and be subject to such terms of redemption and contain such other terms and provisions, and the state may otherwise provide with respect to the authorization, sale and issuance of such notes, as such resolution or resolutions may provide.
(b)
Any resolution or resolutions of the state funding board authorizing the issuance of such tax revenue anticipation note or notes shall provide that the same are issued in anticipation of the tax revenue within the then current fiscal year and shall further provide that the full faith and credit of the state of Tennessee are pledged to the payment of such note or notes. The state funding board shall provide for the payment of the principal of and interest on all notes issued under this section as the same shall become due, out of revenues and funds available for such purposes.
(c)
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 section, and is also authorized to pay all necessary expenses and incidental expenses. All such expenses may be funded by notes issued under this section.
Renumbered from T.C.A. s 9-10-101 and amended by 2013 Tenn. Acts, ch. 176,s 10, eff. 7/1/2013.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 4 - CITIZENS BONDS (§§ 9-9-401 — 9-9-406) › Section 9-9-401 - Small-denominations bonds authorized - Terms and sale - Limitations

(a)
Notwithstanding any other law to the contrary, whenever the state funding board is authorized to issue and sell bonds of the state, it may by resolution authorize the issuance and sale of all or any portion of such bonds in denominations of less than five thousand dollars ($5,000), to be known as "Tennessee citizens bonds," hereinafter referred to as "citizens bonds." Such bonds shall be issued and sold by the state funding board through the state treasurer either at public or private sale, maturing in such amounts and upon such dates, at such interest rate or rates, payable at such time and in such manner, at par or at discount, in bearer or registered form, and upon such other terms and conditions as shall be determined to be in the best interests of the state in accordance with a plan approved by resolution of the funding board. It is the legislative intent that the interest rate set by the funding board on the sale of citizens bonds shall be approximately the same yield to the investor as was available from the most recent sale of general obligation bonds.
(b)
Not more than two million dollars ($2,000,000) principal amount of citizens bonds shall be sold by the state treasurer in any one (1) fiscal year. If sold at discount, the discount of such bonds may not exceed thirty percent (30%) of the bond's value at maturity, and the principal amount shall be the discounted value for which the bonds are sold. The face value of citizens bonds sold at discount will be the principal amount and all interest which will be owed on the bond if it is held to full maturity. The maximum rate of interest in no instance shall exceed the legal rate as provided in §
47-14-103
. No citizens bond shall mature more than five (5) years after its date of issue. Each citizens bond shall provide that it will be redeemed by the state, upon due presentation by the appropriate person on any business day after its date of sale by the state treasurer, at such price as the state treasurer shall determine according to a schedule established with respect to each issue of citizens bonds prior to the sale thereof.
(c)
It is the legislative intent that the aggregate principal amount of citizens bonds sold to an individual purchaser should not exceed five thousand dollars ($5,000) of the primary sale during any fiscal year. Citizens bonds shall be executed in the name of the state by the state treasurer, either manually or by facsimile signature and shall be countersigned by the secretary of state, with the great seal of the state or a facsimile thereof attached thereto. The secretary of state may direct that the secretary of state's signature be placed on citizens bonds by mechanical or electronic device at the time of issuance.
Acts 1980, ch. 480, § 1; 1981, ch. 46, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 4 - CITIZENS BONDS (§§ 9-9-401 — 9-9-406) › Section 9-9-402 - Application of part

This part shall be applicable to all general obligation bonds which have been authorized but which remain unissued on February 22, 1980, and all subsequent authorizations for general obligation bonds.
Acts 1980, ch. 480, § 2.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 4 - CITIZENS BONDS (§§ 9-9-401 — 9-9-406) › Section 9-9-403 - Bonds and interest tax-exempt - Exceptions

Citizens bonds and the interest payable thereon are exempt from taxation by the state of Tennessee and each county, municipality and taxing district of the state, except inheritance, transfer and estate taxes.
Acts 1980, ch. 480, § 3.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 4 - CITIZENS BONDS (§§ 9-9-401 — 9-9-406) › Section 9-9-404 - Issuance and sale to conform to other laws

Except as otherwise authorized by this part, citizens bonds shall be issued and sold in conformity with the terms and conditions specified in this chapter and the provisions of the law authorizing the particular bond issue for which such citizens bonds are authorized by the funding board.
Acts 1980, ch. 480, § 4.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 4 - CITIZENS BONDS (§§ 9-9-401 — 9-9-406) › Section 9-9-405 - Redemption of citizens bonds

Whenever the state treasurer is authorized pursuant to §
9-9-401
to sell citizens bonds, the state treasurer is also specifically authorized to redeem those citizens bonds, whenever under the terms of the bond sale they are lawfully presented to the state treasurer, from funds available to the state treasurer and be reimbursed for such redemptions from available funds in the state's debt service fund.
Acts 1980, ch. 480, § 5; 2003, ch. 10, § 2.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 9 - FUNDING OF STATE DEBT (§§ 9-9-101 — 9-9-406) › Part 4 - CITIZENS BONDS (§§ 9-9-401 — 9-9-406) › Section 9-9-406 - Rules and regulations

The state treasurer is authorized to promulgate rules and regulations which are consistent with the plan approved by the state funding board pursuant to §
9-9-401
to effectuate the purposes of this part. All such rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Acts 1980, ch. 480, § 6.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-101 - Short title

This chapter may be cited as the "Cash Basis Law of 1937."
Acts 1937, ch. 300, § 1; C. Supp. 1950, § 3516.11; T.C.A. (orig. ed.), § 9-1101.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-102 - Chapter definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Bond order," as applied to a city, means the ordinance authorizing the issuance of bonds of the city, and, as applied to a county, means the order of resolution authorizing the issuance of bonds of the county;
(2)
"Clerk" means the officer acting as clerk of the governing body;
(3)
"Funding bonds" means bonds issued to pay or to extend the time of payment of debt not evidenced by bonds;
(4)
"Governing body," as applied to a county, means the county legislative body, and, as applied to a city, means the city council, board of commissioners, board of mayor and aldermen or the board or body in which the general legislative powers of the city are vested;
(5)
"Refunding bonds" means bonds issued to pay or to extend the time of payment of debts evidenced by bonds; and
(6)
"Unit" includes each county and city in the state, which shall issue bonds under this chapter.
Acts 1937, ch. 300, § 2; C. Supp. 1950, § 3516.12; impl. am. Acts 1959, ch. 9, § 8; impl. am. Acts 1978, ch. 934, §§ 7, 36; T.C.A. (orig. ed.), §9-1102; Acts 2010 , ch. 868, § 30.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-103 - Issuance of funding bonds

In order that the fiscal affairs of the counties and cities in the state may be placed on a cash basis, each such unit is authorized and empowered to issue at one (1) time or from time to time bonds of the unit for the following purposes:
(1)
Funding any or all warrants, notes or other indebtedness of such unit not evidenced by bonds, and interest accrued thereon, which shall be outstanding at the close of the fiscal year immediately preceding the authorization of such funding bonds;
(2)
Refunding any or all bonds of the unit, and interest accrued thereon, whether such unit issued such bonds or assumed or became liable therefor, including bonds not matured if the unmatured bonds be then redeemable or if the holders thereof be willing to surrender the same for retirement, and including bonds belonging to the sinking fund of such unit; and
(3)
Paying any redemption premium upon bonds so refunded and also such expenses as the governing body may deem reasonable and proper for carrying out this chapter.
Acts 1937, ch. 300, § 3; C. Supp. 1950, § 3516.13; T.C.A. (orig. ed.), § 9-1103.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-104 - Contents of bond order

All bonds issued by a unit under this chapter shall be authorized by a bond order passed by the governing body of the unit. Notwithstanding any public or private statute relating to the unit, such bond order may be finally passed at the meeting at which the same shall be introduced. The bond order shall state:
(1)
A brief description of the indebtedness to be funded or refunded sufficient to identify such indebtedness, and the amount of redemption premium, if any, to be paid upon bonds refunded and the amount of expenses, if any, to be paid from the proceeds of bonds;
(2)
The maximum aggregate principal amount of bonds to be issued;
(3)
That a tax sufficient to pay the principal of and interest on the bonds shall be annually levied upon all taxable property in the unit; and
(4)
That the bond order shall take effect upon its passage and shall not be submitted to the voters of the unit.
Acts 1937, ch. 300, § 4; C. Supp. 1950, § 3516.14; T.C.A. (orig. ed.), § 9-1104.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-105 - Publication of bond order

A bond order shall be published once in each of two (2) consecutive weeks after its final passage. Such publication shall be made in a newspaper published in the unit. If there is no such newspaper, the bond order shall be posted at the door of the building in which the governing body usually holds its meetings and at three (3) other public places in the unit. A notice in substantially the following form (the blanks being first properly completed), with the printed or written signature of the clerk appended thereto, shall be published with the bond order:
"The foregoing order (ordinance) was passed on the ____________________ day of ______________, 20 ____________________, and was first published (posted) on the ______________ day of ______________, 20 ____________________.
"Any action or proceeding questioning the validity of the order (ordinance) or the indebtedness to be funded (or refunded) or the tax to be levied for the payment of the principal and interest of such bonds, must be commenced within thirty (30) days after its first publication (or posting).
______________Clerk."
Acts 1937, ch. 300, § 6; C. Supp. 1950, § 3516.16; T.C.A. (orig. ed.), § 9-1105.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-106 - Limitation of actions to invalidate bonds

Any action or proceedings in any court to set aside a bond order, or to obtain any other relief upon the ground that the order is invalid, or that the indebtedness to be funded or refunded is invalid, or that there is no authority for the levy of a tax to pay the principal of and interest on the bonds, must be commenced within thirty (30) days after the first publication of the notice aforementioned and the bond order referred to in the notice. After the expiration of such period of limitation, no right of action or defense founded upon the invalidity of the bond order or the indebtedness to be funded or refunded or the tax to be levied shall be asserted, nor shall the validity of the bond order or of the funding or refunding bonds to be issued or the tax to be levied for the payment of the principal of and interest thereon, be open to question in any court upon any ground whatever, except in an action or proceedings commenced within such period.
Acts 1937, ch. 300, § 7; C. Supp. 1950, § 3516.17; T.C.A. (orig. ed.), § 9-1106.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-107 - Resolution for issuance of bonds

(a)
At any time after the passage of the bond order, the governing body of a unit shall have full authority by resolution to provide for the issuance of the bonds authorized by such bond order. Such resolution providing for the issuance of the bonds may be introduced and finally passed at any regular or duly called special meeting of the governing body and shall be in force and effect from and after its passage.
(b)
The governing body shall by resolution determine the rate or rates of interest to be paid on the bonds, and the time or times of payment of such interest, and the maturity or maturities of the bonds, which shall be at a time or times not exceeding twenty (20) years from the date of the bonds in the case of funding bonds, and not exceeding thirty (30) years from the date of bonds in the case of refunding bonds; provided, that with the approval of the comptroller of the treasury or the comptroller's designee, funding bonds may be made to mature at any time or times not exceeding thirty (30) years from the date of the bonds and refunding bonds may be made to mature at any time or times not exceeding forty (40) years from the date of the bonds.
(c)
The governing body shall also by resolution determine the form of the bonds, the officers by whom they shall be executed and the place or places in Tennessee or in any other state at which the principal and interest shall be payable.
(d)
In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of such bonds, such signatures shall nevertheless be valid and sufficient for all purposes, the same as if they had remained in office until such delivery.
(e)
The bonds may be made registrable as to principal alone and as to both principal and interest, under such terms and conditions as may be determined by the governing body, and provisions may be made for the exchange of fully registered bonds for coupon bonds and of coupon bonds for fully registered bonds.
Acts 1937, ch. 300, § 8; C. Supp. 1950, § 3516.18; Acts 1969, ch. 283, § 3; T.C.A. (orig. ed.), §9-1107; Acts 2010 , ch. 868, § 31.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-108 - Annual statement by fiscal officer

Before any funding or refunding bonds shall be issued under this chapter, a fiscal officer of the unit shall prepare a statement as of the beginning of the then current fiscal year, which statement shall show in detail the total outstanding bonds, notes, warrants and other evidences of indebtedness of the unit, together with the maturity dates thereof, interest rates, special provisions for payment, together with a description of the indebtedness proposed to be funded or refunded by the issuance of bonds. Such statement shall also show in detail the total tax collections of the unit for the preceding year, the amount of delinquent taxes, and the amount of expenditures of all funds during the preceding fiscal year, the proposed maturity or maturities of the new funding or refunding bonds to be issued, and any and all other pertinent information which may be requested by the comptroller of the treasury or the comptroller's designee. Such statement shall be filed with the comptroller of the treasury or the comptroller's designee, together with an application from the governing body of the unit requesting that the issuance of the proposed bonds be approved. If the comptroller of the treasury or the comptroller's designee shall determine that, in the comptroller of the treasury's or the comptroller's designee's opinion, the unit can fulfill this chapter as hereinafter set forth, the comptroller of the treasury or the comptroller's designee shall so certify in writing to the unit, and such certificate shall be recorded in the minutes of the unit.
Acts 1937, ch. 300, § 14; C. Supp. 1950, § 3516.23 (Williams, § 3516.24); T.C.A. (orig. ed.), §9-1108; Acts 2010 , ch. 868, § 32.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-109 - Sale price - Exchange - Premiums and discount

The governing body may sell any or all of the bonds authorized under this chapter in such manner and for such price as it may determine to be for the best interest of the unit. Any or all of the bonds authorized under this chapter may be exchanged for the bonds to be refunded thereby or the evidences of indebtedness to be funded thereby, including bonds not matured or redeemable if the holder thereof be willing to surrender the same for retirement. Additional bonds may be authorized and sold under §
9-11-103(3)
, in an amount sufficient to pay:
(1)
Any redemption premium on bonds refunded; and
(2)
If such funding or refunding bonds shall be sold or delivered in exchange at a discount, the amount of such discount.
Acts 1937, ch. 300, § 9; C. Supp. 1950, § 3516.19; Acts 1969, ch. 283, § 4; T.C.A. (orig. ed.), § 9-1109.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-110 - Exercise of powers

Except as hereinafter provided, the authority conferred by this chapter may be exercised at any time and from time to time, and the authorization of funding or refunding bonds by one (1) bond order shall not prevent the authorization of additional funding or refunding bonds by subsequent bond order or orders. One (1) resolution providing for the issuance of funding or refunding bonds may provide for the issuance of two (2) or more separate series of such bonds, and each series or class may have different terms and provisions from the others, and the bonds of each series or class may bear interest at different rates.
Acts 1937, ch. 300, § 12; C. Supp. 1950, § 3516.21 (Williams, § 3516.22); T.C.A. (orig. ed.), § 9-1110.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-111 - Exemption from taxation

Any bonds issued pursuant to this chapter and the income therefrom are exempt from all state, county and municipal taxation except for inheritance, transfer and estate taxes and except as otherwise provided in this code.
Acts 1937, ch. 300, § 13; C. Supp. 1950, § 3516.22 (Williams, § 3516.23); T.C.A. (orig. ed.), § 9-1111; Acts 1988, ch. 750, § 41.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-112 - Tax levy and sinking fund provisions

All bonds issued under this chapter shall be direct and general obligations of the unit issuing the same, for the payment of which the full faith and credit of the unit shall be irrevocably pledged. In each fiscal year while any funding or refunding bonds issued under this chapter shall be outstanding, there shall be levied upon all taxable property in the unit an ad valorem tax sufficient to pay the interest thereon as it falls due and the principal of such bonds which shall then have matured or which shall mature within the same fiscal year, and any sinking fund payments which may be provided for by the bonds or by the resolution authorizing the same, as well as all deficits in such interest, principal and sinking fund payments arising from failure to comply with this chapter or by failure to collect the taxes levied or otherwise; provided, that the governing body, in its discretion, may levy in any fiscal year a tax sufficient to pay, in addition to the interest and principal which shall fall due in such fiscal year, any portion of the interest or principal which shall fall due in any succeeding fiscal year, and may also levy in any fiscal year a tax for sinking fund payments in addition to the tax required for such payments by the resolution authorizing any of such bonds. The governing body may provide in the resolution authorizing the issuance of any such funding or refunding bonds that any sinking fund provided for such bonds shall be used solely for the purpose of redemption of the bonds authorized by such resolution, and all bonds so purchased or redeemed shall be cancelled and shall not be reissued.
Acts 1937, ch. 300, § 10; C. Supp. 1950, § 3516.20; T.C.A. (orig. ed.), § 9-1112.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-114 - Appropriation ordinance

After receiving the annual budget estimate, the governing body of the unit shall prepare an appropriation ordinance or resolution, using the budget estimate as a basis, but appropriating such sums as the governing body may deem proper for the expenses listed under §
9-11-113(2)
, whether greater or less than the budget estimate set forth under such subdivision (2), but no appropriation recommended by the budget estimate under §
9-11-113(1) and (3)
shall be reduced by the governing body, and the taxes levied for such appropriations may be over and above all other taxes authorized or limited by law.
Acts 1937, ch. 300, § 15; C. Supp. 1950, § 3516.24 (Williams, § 3516.25); T.C.A. (orig. ed.), § 9-1114.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-115 - Tax levy for cash basis

Immediately after the passage of the appropriation ordinance or resolution, the governing body shall pass an ordinance or resolution levying upon all property subject to taxation within the unit and basing such levy upon the current tax collection experience of the preceding fiscal year, such rate of tax as may be required to produce the sum necessary to balance the budget upon a cash basis. The sum necessary to balance the budget shall be ascertained by deducting from the total cash appropriations made under §
9-11-113(1), (2) and (3)
, such cash receipts applicable to such cash appropriations as may be estimated under the limitations of §
9-11-113(4)(A)-(D)
. In order that the current tax levy so made shall be truly based upon the current tax collection experience of the preceding year, such current tax levy shall be determined by dividing the sum necessary to be raised in order to balance the budget by a percentage which does not exceed the percentage obtained by dividing the amount of current taxes collected in cash in the preceding fiscal year by the amount of the taxes levied and payable in such preceding fiscal year.
Acts 1937, ch. 300, § 16; C. Supp. 1950, § 3516.25 (Williams, § 3516.26); T.C.A. (orig. ed.), § 9-1115.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-116 - Enforcement power of the comptroller of the treasury or comptroller's designee

The comptroller of the treasury or the comptroller's designee shall require such periodic information from a unit operating under this chapter and make such audits as the comptroller of the treasury or the comptroller's designee deems necessary, to the end that it may be ascertained that the budget of the unit is kept balanced during the life of bonds issued under this chapter. The annual budget of each unit operating under this chapter shall be submitted to the comptroller of the treasury or the comptroller's designee at least three (3) weeks prior to its adoption. The comptroller of the treasury or the comptroller's designee must 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, the comptroller of the treasury or the comptroller's designee shall have the power and authority to direct the governing body of the unit to adjust its estimates or to make additional tax levies sufficient to comply with this chapter. No budget shall be adopted by the governing body of a unit which shall have issued bonds under this chapter until it shall have been approved 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.
Acts 1937, ch. 300, § 17; C. Supp. 1950, § 3516.26 (Williams, § 3516.27); T.C.A. (orig. ed.), §9-1116; Acts 2010 , ch. 868, § 34.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-117 - Tax anticipation notes

The governing body of any unit which shall have issued bonds under this chapter may issue tax anticipation notes under chapter 21 of this title.
Acts 1937, ch. 300, § 18; C. Supp. 1950, § 3516.27 (Williams, § 3516.28); T.C.A. (orig. ed.), § 9-1117; Acts 1982, ch. 580, § 2; 1988, ch. 750, § 42.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-118 - Remedies of bondholders

(a)
Any holder of bonds issued under this chapter, or any person or officer being a party in interest, may either at law or in equity by suit, action or mandamus, enforce and compel the performance of the duties required by this chapter of the governing body or any board or officer of the unit.
(b)
Inasmuch as the purpose of this chapter is to place and maintain the fiscal affairs of the counties and cities in the state on a cash basis, this chapter shall constitute an irrepealable contract with the holders of bonds issued under this chapter.
Acts 1937, ch. 300, § 19; C. Supp. 1950, § 3516.28 (Williams, § 3516.29); T.C.A. (orig. ed.), § 9-1118.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 11 - CASH BASIS LAW OF 1937 (§§ 9-11-101 — 9-11-119) › Section 9-11-119 - Nature and construction of chapter

No restriction, limitation, or provision contained in any other law, either public or private, relating to the issuance of bonds, notes, or other obligations of a unit, or limiting the amount of taxes which may be levied in a unit, shall apply to bonds or notes issued under this chapter. The powers granted by this chapter are in addition to all other powers heretofore granted to a unit, and nothing herein contained shall be construed as prohibiting a unit from issuing bonds or notes under any public or private statute applicable to such unit. Nothing in this chapter shall be construed as mandatory for any unit to issue funding or refunding bonds under the terms and conditions of this chapter.
Acts 1937, ch. 300, § 5; C. Supp. 1950, § 3516.15; T.C.A. (orig. ed.), § 9-1119; Acts 1982, ch. 580, § 3.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 1 - GENERAL PROVISIONS (§§ 9-13-101 — 9-13-107) › Section 9-13-101 - Authority to lend appropriated funds

The state board of equalization, with the approval of the funding board, is hereby authorized to lend state funds appropriated and made available for that purpose to municipalities and counties of the state upon terms and conditions hereinafter prescribed.
Acts 1966 (2nd Ex. Sess.), ch. 3, § 1; T.C.A., § 9-1301.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 1 - GENERAL PROVISIONS (§§ 9-13-101 — 9-13-107) › Section 9-13-102 - Reduction of assessment of utility property as prerequisite for loan

Such loans shall be made only to such municipalities or counties as can be shown to have incurred unanticipated losses of revenue necessitated or prompted by decrees or orders of competent courts reducing the assessments of railroad or public utility properties which are centrally assessed by the comptroller of the treasury and the state board of equalization.
Acts 1966 (2nd Ex. Sess.), ch. 3, § 2; T.C.A., § 9-1302; Acts 1995, ch. 305, § 95.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 1 - GENERAL PROVISIONS (§§ 9-13-101 — 9-13-107) › Section 9-13-103 - Application for loan

Applications for such loans shall be made only in writing and through the chief executive officer of the county or municipality so applying upon the duly enacted resolution of the governing body of such county or municipality. The application shall be addressed to the state board of equalization and shall set forth such information as the board may by regulation require relative to the budget, revenues, obligations and governmental operations of such municipality or county.
Acts 1966 (2nd Ex. Sess.), ch. 3, § 3; T.C.A., § 9-1303.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 1 - GENERAL PROVISIONS (§§ 9-13-101 — 9-13-107) › Section 9-13-104 - Determination of necessity for loan

The state board of equalization shall consider the loan application and conduct such investigation of the fiscal condition of the applicant county or municipality as it may deem proper to determine the necessity for such financial assistance. To this end, the board is empowered to avail itself of the services of the comptroller of the treasury and the comptroller of the treasury's office. The board shall have the right to obtain any information pertinent to the subject matter from any department of the state government and any office or department or agency of the government of the applicant city or county. It shall specifically have the power to subpoena and require the testimony under oath of any officer or employee of the applicant, and to compel the production of any paper or record in the possession or custody of any such officer or employee.
Acts 1966 (2nd Ex. Sess.), ch. 3, § 4; T.C.A., § 9-1304; Acts 1995, ch. 305, § 96.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 1 - GENERAL PROVISIONS (§§ 9-13-101 — 9-13-107) › Section 9-13-105 - Certification to funding board

If following its investigation and consideration of the application the board of equalization shall deem the applicant municipality or county to require such financial assistance, it shall certify such finding in writing to the funding board for its approval.
Acts 1966 (2nd Ex. Sess.), ch. 3, § 5; T.C.A., § 9-1305.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 1 - GENERAL PROVISIONS (§§ 9-13-101 — 9-13-107) › Section 9-13-106 - Consideration by funding board - Manner of making loan - Repayment - Interest

(a)
The funding board shall independently consider any application for loan assistance as herein provided, and, on the concurrence of two-thirds (2/3) of its membership, authorize the board of equalization to lend to a municipality or county an amount not to exceed eighty percent (80%) of the local revenues shown to be lost as a result of such circumstances. Such loans shall be made only upon notes executed by the chief executive officer of the municipality or county showing on their face the concurrence of three-fourths (3/4) of the governing body of the municipality or county and evidencing an attested copy of the official minutes showing such concurrence.
(b)
The loans shall be repayable with interest at the rate of two percent (2%) in equal installments commencing two (2) years following the date of the note and extending not more than five (5) years from the day of the first payment.
Acts 1966 (2nd Ex. Sess.), ch. 3, § 6; T.C.A., § 9-1306.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 1 - GENERAL PROVISIONS (§§ 9-13-101 — 9-13-107) › Section 9-13-107 - Default - Withholding state funds

In the event of default in the payment of any installment upon any loan made pursuant to this part, the board of equalization shall give notice of such default to the commissioner of finance and administration and the state treasurer. The commissioner shall thereupon withhold any distribution to the municipality or county of any funds otherwise distributable to it under the terms of any statute of this state until any and all arrearages have been paid by the municipality or county.
Acts 1966 (2nd Ex. Sess.), ch. 3, § 7; T.C.A., § 9-1307.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 2 - EMERGENCY FINANCIAL AID TO LOCAL GOVERNMENTS (§§ 9-13-201 — 9-13-212) › Section 9-13-201 - Short title

This part shall be known and may be cited as the "Emergency Financial Aid to Local Government Law of 1995."
Acts 1984, ch. 996, § 3; 1995, ch. 63, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 2 - EMERGENCY FINANCIAL AID TO LOCAL GOVERNMENTS (§§ 9-13-201 — 9-13-212) › Section 9-13-202 - Legislative intent

The general assembly finds and declares that it is in the best interests of the citizens of this state that local governments be fiscally responsible and utilize sound financial management principles in serving their citizens. The general assembly notes that there are certain conditions and circumstances in which local governments must have emergency technical and financial assistance if they are to better serve their citizenry or, in the case of economic distress due to natural disaster, must have the financial flexibility to stabilize their financial condition. It is the intent of this part to provide procedures whereby local governments may acquire such emergency technical and financial assistance provided and guaranteed by the state or, in the case of natural disaster, may obtain adequate financing, thus enabling such local governments to stabilize their financial condition and to meet their current operational and debt service costs.
Acts 1984, ch. 996, § 1; 1995, ch. 63, § 1; 2010, ch. 1117, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 2 - EMERGENCY FINANCIAL AID TO LOCAL GOVERNMENTS (§§ 9-13-201 — 9-13-212) › Section 9-13-203 - Part definitions

As used in this part, unless the context otherwise requires:
(1)
"Emergency technical assistance" means direction, oversight, management, and approval of all financial dealings and transactions of a local government by the comptroller of the treasury or the comptroller's designee;
(2)
"Loan guarantee" means the guarantee by the state, acting through the state funding board under this part, of a loan to a local government from a lender other than the state; and
(3)
"Local government" means any incorporated city or town, metropolitan government, or county, including enterprise funds of such government entity, or utility district for purposes of §§
9-13-206
and
9-13-212
.
Acts 1984, ch. 996, § 4; 1995, ch. 63, § 1; 2010 , ch. 868, § 35; 2010 , ch. 1117, § 2.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 2 - EMERGENCY FINANCIAL AID TO LOCAL GOVERNMENTS (§§ 9-13-201 — 9-13-212) › Section 9-13-204 - Loan guarantees - Cutoff date for guarantee

In order to provide emergency technical and financial assistance to a local government, the state funding board is authorized to guarantee the payment of a loan made to a local government by another lender only under the following conditions:
(1)
A majority of all members constituting the local government legislative body, by resolution, has requested a loan guarantee from the state funding board;
(2)
The local government legislative body agrees in its resolution requesting a loan guarantee to accept the emergency technical assistance provided by the comptroller of the treasury or the comptroller's designee and to be bound by the decisions of the comptroller of the treasury or the comptroller's designee;
(3)
The state funding board has determined that current local government revenues are insufficient to pay the annual debt service and costs of operation of such local government or local government service; and
(4)
The local government legislative body shall submit a plan, subject to approval by the state funding board, for the efficient operations of government services including, where applicable, a plan for the consolidation of services within that local government. Such plan shall include local government tax revenues at least equal to one hundred percent (100%) of that local government's fiscal capacity as determined by the advisory commission on intergovernmental relations. If a local government has not levied taxes at this level, a plan to increase taxes to such level at the earliest practical date must be submitted to and approved by the state funding board. The board's guarantee of the payment of any loan under this part shall be conditioned upon the implementation of the plan required under this section.
Acts 1984, ch. 996, § 5; 1992, ch. 526, §§ 1-6; 1995, ch. 63, § 1; 2010, ch. 868, § 36.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 2 - EMERGENCY FINANCIAL AID TO LOCAL GOVERNMENTS (§§ 9-13-201 — 9-13-212) › Section 9-13-205 - Security for loans - Pledges - Disposition of proceeds - Withholding of state-shared taxes

The state funding board shall establish the terms and conditions of loan guarantees to local governments and may require such guarantees or security as it deems necessary to adequately secure the loans. The local government shall pledge the full faith and credit of the local government as security for any loan or loan guarantee. The local government shall also agree to pledge a sufficient amount of state-shared taxes to make principal and interest payments on the loan guaranteed by the state. The commissioner of finance and administration is authorized to withhold such sum or part of such sum from any state-shared taxes which are otherwise apportioned to the local government.
Acts 1984, ch. 996, § 6; 1992, ch. 526, § 7; 1995, ch. 63, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 13 - LOANS TO LOCAL SUBDIVISIONS IN EMERGENCIES (§§ 9-13-101 — 9-13-302) › Part 2 - EMERGENCY FINANCIAL AID TO LOCAL GOVERNMENTS (§§ 9-13-201 — 9-13-212) › Section 9-13-206 - Issuance of notes

Notwithstanding any other law to the contrary, the legislative body of any local government is hereby authorized to issue notes which may mature beyond the close of the fiscal year in which such notes are issued, when such notes either:
(1)
Are approved by the comptroller of the treasury or the comptroller's designee and guaranteed by the state funding board; or
(2)
Approved by the comptroller of the treasury or the comptroller's designee in the case of economic distress due to natural disaster certified by the federal emergency management agency (FEMA).
Acts 1984, ch. 996, § 7; 1995, ch. 63, § 1; 2010, ch. 868, § 37; 2010, ch. 1117, § 3.