reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 6 - TLDA AIRPORT LOAN ACT OF 1988 (§§ 4-31-601 — 4-31-615) › Section 4-31-615 - Provisions supplemental

(a)
This part shall be in addition and supplemental to any other law providing for financing by airport authorities or municipal airports and shall not be deemed to amend or repeal any other law.
(b)
No proceedings by an airport authority or municipal airport shall be required for loan agreements hereunder, except as provided by this part, any law to the contrary notwithstanding.
(c)
No other requirements or restrictions applicable to borrowing by any airport authority or municipal airport contained in any other law shall be applicable to loans under this part.
Acts 1988, ch. 820, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-701 - Short title

This part shall be known and may be cited as the "Tennessee Local Development Authority Mental Health and Mental Retardation Facilities Act of 1990."
Acts 1990, ch. 975, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-702 - Legislative intent

(a)
The general assembly finds and declares that the provision of care, rehabilitation and treatment for mental illness, intellectual and developmental disabilities, or alcohol or drug abuse or dependency is a public purpose.
(b)
The general assembly further finds and declares that, to the extent that financing the construction of facilities used in connection with the provision of mental health, intellectual and developmental disabilities, and alcohol and drug programs and services can be accomplished less expensively through the pooling together of needs and the use of less costly borrowing techniques, providers of such programs and services would be better able to construct these facilities and to provide essential programs and services for the benefit of the citizens of the state.
(c)
It is accordingly in furtherance of the interests and welfare of all Tennesseans that the Tennessee local development authority be empowered to issue its revenue bonds and to make the proceeds available for loans to mental health, intellectual and developmental disabilities, and alcohol and drug facilities for capital projects, at interest rates lower than would otherwise be obtainable from private industry.
(d)
It is intended that the Tennessee local development authority be vested with all powers necessary to accomplish these purposes.
Acts 1990, ch. 975, §1; 2011 , ch. 158, § 3.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-703 - Part definitions

As used in this part, unless the context otherwise requires:
(1)
"Commissioner" means the commissioner of mental health and substance abuse services when referenced in provisions relating to mental health facilities or centers and means the commissioner of intellectual and developmental disabilities when referenced in provisions relating to intellectual and developmental disabilities facilities or centers;
(2)
"Construction" means construction, acquisition, reconstruction, improvement, equipping, furnishing, bettering or extension of a facility, including paying engineering, fiscal, architectural and legal expenses incurred in connection therewith;
(3)
"Department" means the department of mental health and substance abuse services when referenced in provisions relating to mental health facilities or centers and means the department of intellectual and developmental disabilities when referenced in provisions relating to developmental disabilities facilities or centers;
(4)
"Facility" means "facility" as defined in §
33-2-402
;
(5)
"Grantee" means a nonprofit,
26 U.S.C. § 501(c)(3)
corporation that is licensed under §§
33-2-402
- 33-2-415 and §§
68-11-201
- 68-11-250, that is under a grant contract with the department, and that has the primary purpose of delivering mental health, developmental disabilities or alcohol and drug services; and
(6)
"Project" means the facility or portion of a facility, the construction of which is being financed or refinanced by a loan pursuant to this part.
Acts 1990, ch. 975, § 1; 1993, ch. 234, § 29; 2000, ch. 947, §§6, 8M; 2009 , ch. 186, § 1; 2010 , ch. 1100, §§ 15, 16; 2012 , ch. 575, §§ 1, 2.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-704 - Issuance and sale of bonds and notes - Loans - Authorization

(a)
In addition to the powers otherwise granted by law, the authority has the power and is authorized to issue and sell bonds and notes, the proceeds of which may be used to make loans to any grantee for the construction or the refinancing of the construction of a facility pursuant to a loan agreement between the grantee, the department and the authority.
(b)
Such loans shall be made from the proceeds of bonds or notes issued by the authority for the purpose of making such loans.
Acts 1990, ch. 975, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-705 - Repayment of loans

(a)
The authority shall establish a repayment schedule to be made by a grantee under a loan agreement.
(b)
Such repayments shall be in such amounts as will be at least sufficient, together with other funds available therefor, to pay the principal of, and interest on, authority bonds and notes issued for the purpose of providing loans pursuant to this part and as may be necessary for the authority to maintain a reserve for debt service and to pay costs of administration.
Acts 1990, ch. 975, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-706 - Issuance of bonds or notes - Limitations - Deficiency

(a)
(1)
Bonds or notes issued pursuant to this part shall not be issued and sold as part of an issue of bonds or notes of the authority issued pursuant to any other provision of this chapter or law.
(2)
The authority shall not issue bonds and notes under this part in an aggregate principal amount at any one (1) time outstanding exceeding fifty million dollars ($50,000,000), excluding bonds or notes for the payment of redemption of which there has been or will be set aside and held in trust either moneys or direct and general obligations of, or obligations guaranteed by, the United States, or obligations secured by such obligations, or any combination thereof, that are or will be sufficient to pay when due the principal or applicable redemption price and all accrued interest thereon and, if such bonds or notes are to be redeemed, for which notice of redemption has been given or satisfactory provision has been made for the giving of such notice.
(b)
Each issue of its notes or bonds issued pursuant to this part shall be limited special obligations of the authority payable solely from, and secured by amounts derived by, the authority from loans made pursuant to this part.
(c)
(1)
At the end of each calendar year, the authority shall certify to the governor and the commissioner the amount of deficiency, if any, in the debt service reserve account for bonds and notes issued pursuant to this part to mental health or developmental disabilities facilities.
(2)
The commissioner shall transfer to the authority the amount of the deficiency from state funds appropriated to the department by the general assembly.
(d)
(1)
At the end of each calendar year the authority shall certify to the governor and the commissioner the amount of the deficiency, if any, in the debt service reserve account for bonds and notes issued pursuant to this part to alcohol and drug treatment facilities.
(2)
The commissioner shall transfer to the authority the amount of the deficiency from state funds appropriated to the department by the general assembly.
(e)
The authorization to issue additional bonds pursuant to this section is terminated. The authority and the department are authorized and directed to enter into a memorandum of understanding with the state funding board providing for the monitoring and servicing of all outstanding loan agreements entered into under this part. Upon the issuance of debt by the state funding board, refunding and defeasing all outstanding authority debt previously issued pursuant to this part, the authority may transfer all payments received from grantees, as directed by the state funding board.
Acts 1990, ch. 975, § 1; 1993, ch. 234, § 30; 1998, ch. 846, §1; 2009 , ch. 186, § 2; 2010 , ch. 1100, § 17.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-707 - Administration of loans - Loan agreement - Security

(a)
(1)
The authority shall administer loans made under this part.
(2)
In so doing, the authority may adopt rules and regulations necessary for the effective administration of this part.
(b)
The loan agreements into which the authority enters with grantees may include such provisions as may be agreed upon by the authority and the grantees and shall include an agreement by the grantee to:
(1)
Proceed expeditiously with, and complete, the project in accordance with the loan agreement;
(2)
Pledge any available sources of revenues, income and charges and make payments according to the repayment schedule;
(3)
Authorize the commissioner of finance and administration, in the event of a failure by the grantee to make a timely payment of amounts due under a loan agreement, to withhold grant funds pursuant to this part;
(4)
(A)
Establish and maintain adequate financial records for the project, including maintaining an inventory;
(B)
Cause to be made an annual audit of the financial records and transactions covering each fiscal year in accordance with generally accepted government auditing standards; and
(C)
Furnish a copy of such audits to the comptroller of the treasury;
(5)
Prepare and submit a plan of operation as required by this part;
(6)
Operate the project in accordance with law;
(7)
Reapply for or renegotiate its grant with the department for so long as the loan with the authority is outstanding; and
(8)
Not contract with any other entity, nonprofit corporation, corporation for profit, private person or firm for the operation of the facility without prior written permission of both the department and the authority.
(c)
The authority has the right to enter into further agreements with a grantee and require such further guarantees or securities as it may see fit prior to, or simultaneously with, the issuance of bonds or to refuse to issue bonds until such agreements or securities, in any form that the authority may elect, are agreed to or are obtained.
(d)
The loan agreement is subject to the approval by the attorney general and reporter as to form; each loan agreement is subject to approval by the commissioner of finance and administration as to funding. All pay requests shall be on vouchers approved by the authority, and payments to grantees shall be subject to audit at any time.
(e)
The authority shall require any type of security that it deems reasonable and necessary, including, but not limited to, a lien (deed of trust or mortgage) on the project; the authority shall be exempt from payment of indebtedness tax that would otherwise be due in connection with the perfection of the authority's lien.
Acts 1990, ch. 975, § 1; 1995, ch. 30, § 2.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-708 - Notice of failure to remit funds - Withholding of funds

(a)
In the event any grantee having entered into a loan agreement shall fail to remit funds in accordance with the annual repayment schedule established by the authority, the commissioner of finance and administration shall deliver by certified mail or other means of verified delivery written notice of such failure to the grantee within five (5) business days of such failure.
(b)
In the event the grantee shall fail to remit the amount set forth in the notice within ten (10) business days of the receipt of the notice, the commissioner shall, without further authorization, withhold such sum or part of such sum from any state grant funds that are otherwise available to such grantee for the benefit of the authority.
(c)
A grantee shall have no claims to grant funds withheld as permitted under the terms of this part.
Acts 1990, ch. 975, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-709 - Enforcement

The authority has the right, in addition to all other rights, by appropriate suit, action or proceeding in any court of competent jurisdiction, to require the grantee, its governing body, or any proper officer, agent or employee to carry out any agreements and to perform its and their duties under this part or under any rule or regulation of the authority adopted pursuant thereto.
Acts 1990, ch. 975, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-710 - Certificate filed by commissioner

(a)
Prior to the issuance of bonds or notes pursuant to this part, the commissioner shall file with the authority a certificate to the effect that:
(1)
The project to be financed from the proceeds of such bonds or notes constitutes a facility in accordance with §
33-2-402
;
(2)
Assisting the grantee in financing such project is in furtherance of the public purpose of the provision of mental health, intellectual disabilities, and alcohol and drug programs and services; and
(3)
The costs of the project are reasonable and the revenues of the grantee will be sufficient to cover the costs of operation and maintenance of the facility, including depreciation and debt service.
(b)
Such certificate by the commissioner shall be conclusive evidence that the projects to be financed from the proceeds of such bonds or notes are facilities that may properly be financed from the proceeds of such bonds or notes; however, such certificate shall not constitute a guarantee of the success of the project or of the loan obligation of the grantee.
Acts 1990, ch. 975, § 1; 1993, ch. 234, § 31; 2000, ch. 947, §8M; 2009 , ch. 186, § 3; 2010 , ch. 1100, § 18.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 7 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY MENTAL HEALTH AND MENTAL RETARDATION FACILITIES ACT OF 1990 (§§ 4-31-701 — 4-31-711) › Section 4-31-711 - Grantee's plan of operation

(a)
At least ninety (90) days prior to the beginning of each state fiscal year, the grantee shall submit a plan of operation for review and approval to the commissioners of mental health and substance abuse services, intellectual and developmental disabilities, health and finance and administration and the comptroller of the treasury. The plan of operation shall be in such form as may be required by the department and shall include, but not be limited to:
(1)
A budget for operating and capital expenditures;
(2)
Contracts for services;
(3)
Appropriate policies and procedures adopted by the grantee to govern the expenditure of funds; and
(4)
Other items as required by the department through rules and regulations.
(b)
The plan of operation may be amended during a fiscal year with the written approval of the commissioners of mental health and substance abuse services, intellectual and developmental disabilities, health and finance and administration and the comptroller of the treasury.
Acts 1990, ch. 975, § 1; 1993, ch. 234, §32; 2010 , ch. 1100, § 19; 2012 , ch. 575, § 2.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-801 - Short Title

This chapter shall be known and cited as the "Tennessee Insurance Guaranty Association Bond Act of 1995."
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-802 - Legislative findings and declarations

The general assembly finds and declares that if a natural disaster, as defined herein, causes, in whole or in part, an insolvency resulting in covered claims in excess of the association's capacity to pay from the assessments under §
56-12-107(a)(3)
, it is proper to authorize the authority to issue bonds to expedite the handling and payment of covered claims against insolvent insurers operating in this state. It is determined to be in the best interest of and necessary for the protection of public health, safety, and general welfare of the residents of this state, and is hereby declared to be an essential public purpose to permit such actions as will provide relief to claimants and policyholders having covered claims against insolvent insurers operating in this state, by expediting the handling and payment of covered claims.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-803 - Part definitions

As used in this part, unless the context otherwise requires:
(1)
"Association" means the Tennessee insurance guaranty association;
(2)
"Bonds" means all bonds, notes or other obligations issued by the authority under this part;
(3)
"Claim" or "claims" means a covered claim as defined in §
56-12-104
, to be paid from the issuance of bonds under this part in the event of insolvencies as described in §
56-12-107(b)(3)
; and
(4)
"Natural disaster" means any hurricane, tornado, storm, flood, high water, wind-driven water, tidal wave, tsunami, earthquake, volcanic eruption, landslide, mudslide, snowstorm, ice storm, drought, fire, explosion, civil disturbance or other catastrophe that causes or may cause substantial damage or injury to property.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-804 - Issuance of bonds - Limitations on bond amounts - Source of funds

The authority may issue bonds in an amount not to exceed the ability of the association to repay the bond indebtedness from assessments assessed pursuant to §§
56-12-103(3)
and
56-12-107(b)(3)
, with the proceeds of such bond issuance to fund a loan to the association in accordance with the provisions of the bond documents under which the bonds are issued, and the association shall expend such loan funds for the purpose of paying to claimants or policyholders covered claims, as such term is defined in §
4-31-803
, arising through an insolvency. Any bonds issued by the authority under this section may all be payable from and secured by moneys received by or on behalf of the authority from assessments levied under §
56-12-107(b)(3)
, and assigned and pledged under §
56-12-107(b)(3)
, to or on behalf of the authority for the benefit of the holders of such bonds in connection with such assistance program. The funds, credit, property, and taxing power of the state shall not be pledged for the payment of such bonds.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-805 - Review by commissioner of commerce and insurance

Prior to the issuance of bonds to pay covered claims in the event of an insolvency, the commissioner of commerce and insurance shall recommend the amount of unpaid covered claims to be paid from the bond issuance. In making its recommendation, the commissioner shall review whether the amount of assessments proposed by the association could service repayment of the bond indebtedness and whether the insurers have the ability to pay the assessments to be levied.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-806 - Negotiable bonds and notes

For the purpose of providing moneys to fund loans authorized by this part, the authority, in addition to the powers otherwise created by law, has the power and is hereby authorized to issue from time to time negotiable bonds and notes of the authority in accordance with the following terms:
(1)
The authority shall establish a repayment schedule to be made under a loan agreement. The repayments shall be in such amounts as will be at least sufficient, together with other funds available therefor, to pay the principal of, and interest on, bonds and notes issued by the authority for the purpose of providing loans to the association for the payment of covered claims as defined in §
4-31-803
in the event of an insolvency, and as may be necessary for the authority to maintain a reserve for debt service. The authority may collect a reasonable administrative fee in addition to such repayment schedule in an amount as may be set forth in the loan agreement;
(2)
The annual repayment schedule for each loan shall be, in cases prior to the funding of such loans or where such loans have been financed on an interim basis other than by bonds, an estimated annual repayment schedule showing debt service requirements under the loan agreement as if the bonds to be issued to fund such loans will bear interest at a rate per annum and mature in such manner as the authority shall establish at the time of the approval of each such loan and, in cases where bonds have been issued to fund such loan, the actual debt service requirements on such bonds.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-807 - Administration of loans

(a)
The authority shall administer loans made under this part.
(b)
In so doing, the authority may adopt rules and regulations necessary for the effective administration of this part, including the promulgation of prerequisites that must be fulfilled by the association in order to be eligible for a loan, procedures to be followed in making loan applications to the authority, procedures to be followed in the disbursement of loan funds, and procedures for enforcing loan agreements entered into by the association with the authority.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-808 - Loan agreements

(a)
Any loan agreement may include such provisions as may be agreed upon by the authority and the association and shall include, in substance, the following:
(1)
The amount of the loan as determined by the authority; and
(2)
An agreement by the association to:
(A)
Proceed expeditiously with and complete payment of the claims in accordance with the loan agreement approved pursuant to this part;
(B)
Pledge any assessments and make payments according to the repayment schedule established by the authority; and
(C)
Establish and maintain adequate financial records for the payment of claims, cause to be made an annual audit of the financial records and transactions covering each fiscal year in accordance with generally accepted accounting principles, and furnish a copy of such audits to the comptroller of the treasury.
(b)
In addition to the foregoing, the authority shall administer loans made under this part only after it has determined that the association has the ability to repay the amount loaned.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-809 - Approval of agreements - Audits

All loan agreements entered into pursuant to this part shall be subject to approval by the attorney general and reporter as to form and by the commissioner of finance and administration; all payments made pursuant to such loan agreement shall be approved by the authority, as to funding. All payments made to the association under the loan agreements are to be requested on forms approved by the authority in amounts consistent with the loan amount, and such payments shall be subject to audit at any time.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-811 - Tennessee insurance guaranty association fund

(a)
The authority is hereby authorized to establish in the state treasury a special trust fund of the authority to be known as the "Tennessee insurance guaranty association fund."
(b)
(1)
The state hereby covenants and agrees that from and after the issuance of any bonds or notes under and pursuant to this part, moneys derived by the state from payments made pursuant to loan agreements with the association as permitted under the terms of the loan agreements that are pledged to the payment of such bonds or notes shall be paid into the particular fund established for the issuance of bonds or notes to which such moneys are pledged.
(2)
Such moneys shall be accounted for separately from all other moneys in the treasury and shall be applied by the authority solely for the purpose of paying principal of and interest and premium, if any, on such issue of bonds and notes issued pursuant to this section, refunding moneys due to the association where appropriate, and paying all other costs incidental to the administration of the authority in connection with the loan agreements and the issuance of such issue of bonds and notes.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-812 - Powers of the authority

The authority has the right, in addition to all other rights, by mandamus or other suit, action or proceeding in any court of competent jurisdiction, to require the association and the board of directors and any proper officer, agent or employee of the association to carry out any agreements and to perform its and their duties under this part or under any rule or regulation of the authority adopted pursuant thereto.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 8 - TENNESSEE INSURANCE GUARANTY ASSOCIATION BOND ACT OF 1995 (§§ 4-31-801 — 4-31-813) › Section 4-31-813 - Applicability

(a)
This part shall be in addition and supplemental to any other law providing for financing by the association and shall not be deemed to amend or repeal any other law.
(b)
No proceedings by the association shall be required for loan agreements hereunder, except as provided by this part, any law to the contrary notwithstanding.
(c)
Any requirements or restrictions applicable to borrowing by the association contained in any other law shall not be applicable to loans under this part.
Acts 1995, ch. 240, § 1.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 9 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY LEAKING UNDERGROUND STORAGE FUNDING ACT OF 1997 (§§ 4-31-901 — 4-31-904) › Section 4-31-901 - Short title

This part shall be known and may be cited as the "Tennessee Local Development Authority Leaking Underground Storage Funding Act of 1997."
Acts 1997, ch. 444, § 2.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 9 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY LEAKING UNDERGROUND STORAGE FUNDING ACT OF 1997 (§§ 4-31-901 — 4-31-904) › Section 4-31-902 - Legislative findings

(a)
The general assembly finds and declares that the costs incurred in connection with reasonable and safe cleanup with respect to petroleum sites within the state, as provided in title 68, chapter 215, part 1, are extensive and threaten the state's ability to meet its obligations with respect to the environment.
(b)
It is accordingly in furtherance of the interests and welfare of all Tennesseans that the Tennessee local development authority, referred to in this part as the "authority," be empowered to issue revenue bonds and notes and to make the proceeds available to the petroleum underground storage tank board for purposes of providing for the reimbursement of reasonable and safe cleanup of petroleum sites.
(c)
It is intended that the authority be vested with all powers necessary to accomplish these purposes.
Acts 1997, ch. 444, § 2.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 9 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY LEAKING UNDERGROUND STORAGE FUNDING ACT OF 1997 (§§ 4-31-901 — 4-31-904) › Section 4-31-903 - Bonds authorized

(a)
For the purpose of providing moneys for deposit with the petroleum underground storage tank board, the authority, in addition to the powers otherwise created by law, has the power and is hereby authorized to issue from time to time negotiable bonds and notes of the authority in an amount not to exceed fifteen million dollars ($15,000,000) in accordance with the terms of this part.
(b)
Bonds or notes issued pursuant to this part shall not be issued and sold as part of an issue of bonds or notes of the authority issued pursuant to any other provisions of this chapter or any other law; provided, that the foregoing shall not prohibit the issuance of separate issues of bonds or notes pursuant to this part.
(c)
In addition to powers otherwise granted by law, the authority has the power and is authorized to enter into a funding agreement with the petroleum underground storage tank board.
(d)
The authority shall determine the amount as will be at least sufficient, together with other funds available therefor, to pay the principal of, and interest on, bonds and notes issued by the authority and to fund a debt service reserve fund. The authority may collect an administrative fee in addition to such schedule for repayment of debt. Such schedule for repayment of debt shall be provided to the commissioners of finance and administration, revenue and environment and conservation.
(e)
Prior to the issuance of any debt, there shall be a determination by the authority as to the sufficiency of the tax collections to service such debt.
Acts 1997, ch. 444, § 2.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 9 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY LEAKING UNDERGROUND STORAGE FUNDING ACT OF 1997 (§§ 4-31-901 — 4-31-904) › Section 4-31-904 - Authorization by resolution - Payment

(a)
The bonds and notes shall be authorized by resolution of the authority, secured by the deposit of the assurance fee required under §
68-215-110
, under such terms and conditions as deemed appropriate by the authority; provided, that such debt, including any renewals or extensions, shall not be outstanding longer than twenty (20) years or the useful life for the funded cleanup, whichever is shorter.
(b)
Such bonds and notes of the authority shall not constitute a debt or a pledge of the faith and credit of the state, and the holders or owners of such bonds and notes shall have no right to have taxes levied by the general assembly, or any other taxing authority within the state for the payment of the principal, premium, if any, and interest on such bonds and notes, but such bonds and notes shall be payable solely from the revenues and moneys pledged for their payment.
Acts 1997, ch. 444, § 2.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1001 - Short title

This part shall be known and may be cited as the "Tennessee Lottery Funds for Education Projects Loan Act of 2003."
Acts 2003, ch. 298, § 5.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1002 - Legislative intent

(a)
The general assembly finds and declares that:
(1)
Financing costs incurred by local governments in connection with education projects are a significant factor in the ability of the local governments to meet the kindergarten through grade twelve (K-12) educational needs of their communities; and
(2)
To the extent that financing of education projects can be accomplished less expensively through the pooling of needs and the use of less costly borrowing techniques, local governments would be better able to provide education projects, and other essential services for the benefit of their citizens and taxpayers.
(b)
(1)
It is accordingly in furtherance of the interests and welfare of all Tennesseans that the Tennessee local development authority shall be empowered and is authorized to issue its revenue bonds and to make the proceeds available for loans to local government units for capital projects for kindergarten through grade twelve (K-12) educational purposes.
(2)
It is intended that the Tennessee local development authority be vested with all powers necessary to accomplish these purposes.
Acts 2003, ch. 298, § 5.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1003 - Part definitions

As used in this part, unless the context otherwise requires:
(1)
"Authority" means the Tennessee local development authority;
(2)
"Construction" means the building, reconstruction, creation, replacement, extension, repairing, betterment, improvement, alteration, equipment, extension, or acquisition, including, but not limited to, the acquisition of land and of rights in land, the engineering, architectural designs, plans, working drawings, specifications, procedures, and other action necessary in the construction of such capital projects, and the inspection and supervision of such capital projects;
(3)
"Education project" means a capital outlay project for kindergarten through grade twelve (K-12) educational facilities; and
(4)
"Local education agency" or "LEA" has the same meaning as defined in §
49-3-104
.
Amended by 2022 Tenn. Acts, ch. 966, s 79, eff. 7/1/2023.
Acts 2003 , ch. 298, § 5.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1004 - Power and authority

(a)
In addition to the powers otherwise granted by law, the authority has the power and is authorized to make loans to any local government unit to finance the construction of education projects pursuant to a loan agreement between the local government unit and the authority. Such loans shall be made from the proceeds of bonds or notes issued by the authority pursuant to this chapter for the purpose of making such loans; provided, however, that the bonds and notes of the authority that may be outstanding at any time for such purpose shall not exceed seventy-five million dollars ($75,000,000). Such bonds or notes may be payable from or secured by the general shortfall reserve subaccount created by §
4-51-111
as the authority may provide in the indentures or resolutions authorizing and securing the authority's bonds and notes, which indentures and resolutions may include covenants with the holders of the bonds and notes with respect to the use, including limitations on such use, of such subaccount.
(b)
Only local government units funding the local share of the Tennessee investment in student achievement formula for a local education agency shall be eligible to participate in the loan program.
Amended by 2022 Tenn. Acts, ch. 966, s 80, eff. 7/1/2023.
Acts 2003 , ch. 298, § 5.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1006 - Levy and collection of tax to pay for loan

(a)
Whenever, and as often as, a local government unit enters into a loan agreement with the authority under this part, the governing body of such local government unit shall provide by resolution for the levy and collection of a tax upon all taxable property within the local government unit sufficient to pay when due all amounts payable under the loan agreement as and when such amounts become due and payable, including all fees and charges due the authority under such loan agreement and, furthermore, to pledge such tax and the full faith and credit of such local government unit to such payments; provided, however, that a special school district shall provide for the collection of such a tax upon the levy of the tax by the general assembly or shall pledge sufficient amounts from previously authorized taxes to cover all amounts due.
(b)
The tax provided for in subsection (a) shall be assessed, levied, collected, and paid in like manner as other taxes of the local government unit, except as provided in subsection (a).
(c)
The tax provided for in subsection (a) shall not be included within any statutory or other limitation of rate or amount for such local government, but shall be excluded therefrom and be in addition thereto and in excess thereof, notwithstanding and without regard to the prohibitions, restrictions, or requirements of any other law, whether public or private.
(d)
There shall be set aside from the tax levy into a special fund an amount sufficient for the payment of the annual amount due under any such loan agreement and such additional amounts as may be required by the loan agreement for reserves. The money in such funds shall be used exclusively for such purposes and shall not be used for any other purpose until such annual amount has been paid in full or such reserve requirement has been fully satisfied.
Acts 2003, ch. 298, § 5.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1007 - Failure to remit funds

(a)
In the event any local government unit having entered into a loan agreement shall fail to remit funds in accordance with a loan agreement, the authority shall notify the commissioner of education who shall instruct the commissioner of finance and administration to deliver within five (5) days notice of such failure to the local government unit.
(b)
In the event the local government unit fails to remit the amount set forth in the notice within thirty (30) days of the receipt of the notice, the commissioner of finance and administration shall, without further authorization, withhold such sum or part of such sum from the amount pledged pursuant to §
4-31-1005(g)
, for the benefit of the authority issuing bonds or notes for the purposes referred to in this part.
(c)
In the event there are not sufficient funds pledged pursuant to §
4-31-1005(g)
still held by the commissioner of finance and administration for the local education agency to cure the deficiency in repayments to the authority, the commissioner shall transfer to the authority funds equal to the amount of the remaining payment deficiency from the general shortfall reserve subaccount of the lottery for education account as established by §
4-51-111
, subject to any limitations on the use of the subaccount established pursuant to §
4-31-1004(a)
. The commissioner of education shall instruct the commissioner of finance and administration to withhold from any funds allocated to such local education agency in the future that are eligible to be pledged pursuant to §
4-31-1005(g)
an amount to replenish the general shortfall reserve subaccount of the lottery for education account equal to the amount transferred to the authority.
Amended by 2022 Tenn. Acts, ch. 966, s 83, eff. 7/1/2023.
Amended by 2022 Tenn. Acts, ch. 966, s 82, eff. 7/1/2023.
Acts 2003 , ch. 298, § 5.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1008 - Rights of the authority

The authority has the right, in addition to all other rights, by mandamus or other suit, action, or proceeding in any court of competent jurisdiction, to require the local government unit, the governing body, and any proper officer, agent, or employee of the local government unit to carry out any agreements and to perform its and their duties under this part or under any rule or regulation of the authority adopted pursuant to this part.
Acts 2003, ch. 298, § 5.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1009 - Limits on indebtedness

Local government units may enter into loan agreements under this part notwithstanding and without regard to any limit on indebtedness provided by law.
Acts 2003, ch. 298, § 5.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1010 - Resolutions

All action required or authorized to be taken under this part by the governing body of any local government unit may be by resolution, which resolution may be adopted at the meeting of the governing body at which such resolution is introduced, and shall take effect immediately upon its adoption.
Acts 2003, ch. 298, § 5.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1011 - Provisions supplemental

(a)
This part shall be in addition to and supplemental to any other law providing for the financing of education projects by local government units.
(b)
Notwithstanding any law to the contrary, no proceedings by a local government unit or local education agency shall be required for loan agreements hereunder, except as provided by this part.
(c)
No requirements or restrictions applicable to borrowing by a local government unit contained in any other law shall be applicable to loans under this part.
Acts 2003, ch. 298, § 5.
2023 Tennessee Code › Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110) › Chapter 31 - TENNESSEE LOCAL DEVELOPMENT AUTHORITY ACT (§§ 4-31-101 — 4-31-1209) › Part 10 - TENNESSEE LOTTERY FUNDS FOR EDUCATION PROJECTS LOAN ACT OF 2003 (§§ 4-31-1001 — 4-31-1012) › Section 4-31-1012 - Pledges

(a)
Any pledge made by the authority pursuant to this chapter, or by a local government unit pursuant to a loan program agreement, or by a local education agency in connection therewith shall be valid and binding from the time when the pledge is made, the moneys or property so pledged and thereafter received by the authority or local government unit, as applicable, shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act. The lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, local government units, or local education agency as applicable, irrespective of whether such parties have notice of those claims.
(b)
Recording of the resolution or any other instrument by which a pledge is created is not required.
Acts 2003, ch. 298, § 5.