reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-114 - Fees for reselling bonds or notes forbidden

(a)
It is unlawful and deemed a misappropriation of public funds for any official to pay a fee other than underwriting discount to any person, group of persons, firm, company or corporation for selling bonds or notes issued by such official's local government after such bonds or notes have been sold. Nothing in this section shall be construed to prohibit the payment of fees for legal and fiscal services in connection with the issuance of bonds or notes. Nothing in this section shall be construed to prohibit the payment of a remarketing fee to a remarketing agent for remarketing services in connection with the resale of bonds or notes subject to repurchase on demand of the owner or subject to repurchase on demand of the local government.
(b)
Any local government official who unlawfully misappropriates public funds, in the manner set forth in subsection (a), shall be personally liable to the local government for the total amount of such unlawful misappropriation and reasonable attorney fees incident to the collection of such amount. A suit to recover the total amount for which a local government official is personally liable may be filed by any person who is a resident and taxpayer of the local government for general obligation bonds or notes, or by any person who is a user of the service provided in the case of revenue bonds or notes of the local government.
Acts 1986, ch. 770, § 1-14.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-115 - State control of public works projects

This chapter shall not otherwise operate to dispense with the approval by a state department, board, officer or commission of a public works project where such approval under existing law must be obtained before a local government may construct a public works project.
Acts 1986, ch. 770, § 1-15.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-116 - Hotel and motel projects subject to tax

In local governments of this state where a tax is imposed on hotel and motel accommodations, any hotel or motel built as a public works project under this chapter shall be subject to the collection of such a tax.
Acts 1986, ch. 770, § 1-16.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-117 - Tax exemption

Any bonds or notes issued by a local government pursuant to this chapter and the income therefrom shall be exempt from all state, county and municipal taxation except for inheritance, transfer and estate taxes, and except as otherwise provided in this code.
Acts 1986, ch. 770, § 1-17.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-118 - Recital of issuance pursuant to this chapter

A resolution authorizing bonds or notes under this chapter may provide that such bonds or notes shall contain a recital that they are issued pursuant to this chapter, which recital shall be conclusive evidence of their validity and the regularity of their issuance.
Acts 1986, ch. 770, § 1-18.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-119 - Validity of bonds and notes unaffected by certain irregularities

The validity of the authorization and issuance of the bonds or notes authorized under this chapter shall not be dependent on or affected in any way by proceedings taken for the construction of any public works project or enterprise or contracts made in connection with the construction of any public works project or enterprise or by a failure to obtain the approval referred to in §
9-21-115
.
Acts 1986, ch. 770, § 1-19.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-120 - Bond and note issues validated

(a)
All bonds and notes issued prior to July 1, 1986, and all proceedings theretofore taken to authorize the issuance of bonds or notes by any local government of this state for any purpose which is designated a public works project by this chapter, are hereby ratified, validated and confirmed, and such bonds and notes are hereby declared to be valid and legally binding obligations payable in accordance with their terms, notwithstanding any lack of power of the governing body of the local government to authorize and issue such bonds or notes and to provide for the payment thereof in the manner stated in such bonds or notes and in the proceedings authorizing their issuance, and further notwithstanding any defects or irregularities in any such proceedings, or the failure of any such proceedings, authorizing any such bonds or notes, to comply with any of the provisions of this chapter or with any of the provisions of any other applicable section or chapter or any applicable general or special law or charter.
(b)
The disposition of proceeds of all capital outlay notes issued prior to January 15, 1998, for school purposes, by a county or metropolitan government which contains within its boundaries a special school district and/or incorporated town or city maintaining a public school system separate from the county or metropolitan government public school system, is hereby declared to be valid and legally binding unless proceedings which challenge the disposition of such proceeds have been instituted in any court in this state before January 15, 1998.
Acts 1986, ch. 770, § 1-20; 1998, ch. 903, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-121 - Impairment of contract

Nothing in this chapter shall be deemed in any way to alter the terms of any agreements made with the holders of any outstanding bonds or notes of the local government or to authorize the local government to alter the terms of any such agreements, or to impair, or to authorize the local government to impair, the rights and remedies of any creditors of the local government.
Acts 1986, ch. 770, § 1-21.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-122 - Authorization to cancel bonds, notes and coupons

Whenever any bonds, notes, or interest coupons shall be paid and discharged, they shall be cancelled by stamping and punching, immediately upon their redemption. The cancelled bonds, notes, and coupons shall be retained and be available for examination in annual audits subject to §
9-21-123
.
Acts 1986, ch. 770, § 1-22.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-123 - Authorization to destroy bonds, notes and coupons

(a)
Subject to subsection (b), any local government may, by resolution duly adopted by its governing body, authorize and direct the paying agent for its bonds, notes and coupons, or other person in possession of its bonds, notes and coupons, to destroy all bonds, notes and coupons duly paid and cancelled.
(b)
Such bonds, notes and coupons duly paid and cancelled during any fiscal year may be destroyed only after the fiscal audit of the local government covering the fiscal year has been completed and the appropriate local government official shall have properly posted all bonds, notes and coupons duly paid and cancelled to the local government bond, note and coupon records on a current basis. If the audit reflects that all bonds, notes and coupons duly paid and cancelled have been properly accounted for, then the paying agents or other persons who have the local government's bonds, notes and coupons in their possession shall, at the direction of the local government, destroy the same and furnish a certified list of bonds, notes and coupons duly paid and cancelled by issue showing the bond, note and coupon number, the amount of each, the date paid and such additional information as the governing body may require. The governing body shall cause the certified list of bonds, notes and coupons duly paid and cancelled to be recorded in the official minutes of the governing body.
Acts 1986, ch. 770, § 1-23.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-124 - Supplementary nature - Transitional provisions - Interest rate agreements

(a)
The powers conferred by this chapter shall be in addition and supplemental to the powers conferred by any other law and not in substitution for the powers conferred by any other law; however, to the extent this law conflicts with any other law or is inconsistent with any other law, this chapter shall prevail with respect to all bonds and notes issued under this chapter. Bonds or notes may be issued hereunder for any public works project, notwithstanding that any other law may provide for the issuance of bonds or notes for like purposes and without regard to the requirements, restrictions or procedural provisions contained in any other law or any home rule charter, and notwithstanding any other provisions to the contrary contained in any other law or laws. Any proceedings heretofore taken by any local government relating to the subject matters hereof, whether or not commenced under any other law, may be continued hereunder, or at the option of the governing body, may be discontinued and new proceedings instituted under this chapter.
(b)
Prior to the adoption or promulgation by the state funding board of guidelines, rules or regulations with respect to the contracts and agreements authorized in §§
9-21-213(d)
,
9-21-302(b)
,
9-21-305(c)
,
9-21-602(c)
,
9-21-907(c)
,
9-21-910(d)
,
9-21-1006(c)
and
9-21-1008(c)
, a local government may enter into such contracts or agreements to the extent otherwise authorized in this chapter or in any other law notwithstanding §§
9-21-213(d)
,
9-21-302(b)
,
9-21-305(c)
,
9-21-602(c)
,
9-21-907(c)
,
9-21-910(d)
,
9-21-1006(c)
and
9-21-1008(c)
. Nothing in §§
9-21-213(d)
,
9-21-302(b)
,
9-21-602(c)
,
9-21-907(c)
,
9-21-910(d)
,
9-21-1006(c)
and
9-21-1008(c)
is intended to alter any existing authority in this chapter or in any other law otherwise providing authority for a local government to enter into the contracts or agreements described in §§
9-21-213(d)
,
9-21-302(b)
,
9-21-305(c)
,
9-21-602(c)
,
9-21-907(c)
,
9-21-910(d)
,
9-21-1006(c)
and
9-21-1008(c)
heretofore entered into or entered into prior to the adoption or promulgation by the state funding board of guidelines, rules or regulations.
Acts 1986, ch. 770, § 1-24; 1999, ch. 432, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-125 - Effectiveness and priority of pledges and liens

(a)
(1)
Any pledge of, or lien on, revenues, fees, rents, tolls or other charges received or receivable by any local government to secure the payment of any bonds or notes issued by a local government pursuant to this chapter, and the interest thereon, shall be valid and binding from the time that the pledge or lien is created or granted and shall inure to the benefit of the holder or holders of any such bonds or notes until the payment in full of the principal thereof and premium and interest thereon.
(2)
The priority of any pledge or lien with respect to competing pledges or liens shall be determined by the date such pledge or lien is created or granted.
(3)
Neither the resolution nor any other instrument granting, creating, or giving notice of the pledge or lien need be filed or recorded to preserve or protect the validity or priority of such pledge or lien.
(b)
This section applies to all pledges of and liens on revenues, fees, rents, tolls or other charges received or receivable by any local government to secure the payment of any bonds or notes issued by a local government, whether created or granted before or after May 22, 1991, except such application does not affect the rights of persons to the extent their relative priorities were intended to be fixed by reference to any other provision of law prior to May 22, 1991.
Acts 1991, ch. 403, §§ 1, 2.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-126 - Advertisements for sale of bonds or notes

An advertisement for sale of bonds or notes under this chapter may omit the date and time of sale, and in such event, the advertisement for sale shall set forth the manner in which the date and time of sale shall be subsequently published, which may be either by publication:
(1)
In the same financial journal and/or newspaper where the advertisement for sale is published; or
(2)
Via electronic communication systems deemed proper by the local government which is generally available to the financial community, in either case at least forty-eight (48) hours prior to the time fixed for such sale.
Acts 1994, ch. 806, § 10.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-127 - Bonds for certain unfunded pension obligations

(a)
Local governments may issue general obligation bonds or revenue bonds under this part and parts 2 and 3 of this chapter for certain unfunded pension obligations or for not greater than fifty percent (50%) of the value of certain unfunded other post-employment benefits if such is approved by the state funding board after receiving a recommendation by the comptroller of the treasury or the comptroller's designee.
(b)
[Deleted by 2021 amendment.]
(c)
Notwithstanding any provisions of this chapter to the contrary, any bonds issued pursuant to this section shall mature at such time or times not exceeding thirty (30) years from their respective dates and the proceeds from any bonds issued for certain unfunded other post-employment benefits shall be invested in accordance with an investment trust established pursuant to title 8, chapter 50, part 12.
Amended by 2021 Tenn. Acts, ch. 128, s 6, eff. 4/13/2021.
Amended by 2013 Tenn. Acts, ch. 467, s 5, eff. 5/20/2013.
Acts 1997 , ch. 390, § 3; 2008 , ch. 991, § 2; 2010 , ch. 868, § 42.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-128 - Debt necessary to fund school building improvements, demolition or new construction

Whenever the commissioner of education is authorized by the state board of education to take responsibility for the operation of any local school system or school that has been placed on probation pursuant to title 49, chapter 1, part 6, the state acting under the authority of the state building commission may issue debt necessary to fund school building improvements, demolition or new construction as approved by the commissioner and the state board of education. Such debt may be required to be repaid from any funds available to such local school system.
Acts 1998, ch. 737, § 2.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-129 - Proceeds to be shared among municipal or special school district systems

(a)
Proceeds from the sale of bonds or notes issued pursuant to this chapter by a county or metropolitan government for school capital outlay purposes shall be shared with any municipal or special school district system within the county or metropolitan government on the same basis as is provided in §
49-3-1003
. The trustee of the county or the treasurer of the metropolitan government shall pay over to the treasurer of the municipality or the special school district that amount of the proceeds which bears the same ratio to the entire amount of proceeds, net of all costs of issuance and sale of the bonds or notes, as the average daily attendance of the year ending June 30 immediately preceding the receipt of the proceeds of the respective municipality or special school district bears to the average daily attendance for the year ending June 30 immediately preceding the receipt of the proceeds of the entire county or metropolitan government.
(b)
The governing body of such municipality or special school district may, by regularly adopted resolution, waive its right to all or a part of any funds due under this section and return the funds to the trustee of the county or the treasurer of the metropolitan government for the purposes originally provided.
(c)
The proceeds of any bonds or notes issued for school capital outlay purposes shall not be required to be shared if the county or metropolitan government elects to pay for such bonds or notes pursuant to any applicable provision of §
49-3-1005(b) or (c)
.
(d)
Proceeds required to be shared pursuant to this section shall be shared at the time of the issuance of the bonds or notes.
(e)
The proceeds of any refunding bonds and notes issued pursuant to part 9 of this chapter to refund bonds or notes issued for school capital outlay purposes, the proceeds of bonds issued to retire capital outlay notes issued for school capital outlay purposes pursuant to part 6 of this chapter, the proceeds of bonds issued to retire bond anticipation notes issued for school capital outlay purposes, and notes issued to renew other notes issued for school capital outlay purposes, shall not be required to be shared as provided herein, unless the bonds or notes to be refunded, refinanced, renewed or extended are payable from taxes levied only upon a portion of the property in a county or metropolitan government as provided in §
49-3-1005(b)
, or are payable as provided in §
49-3-1005(c)
, and the instruments issued to accomplish such refinancing are payable from taxes to be levied on all taxable property in the county or metropolitan government.
Acts 1998, ch. 903, § 2.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-131 - Agreements concerning rights and remedies of parties - Jurisdiction - Applicable law

When entering into any contracts or agreements authorized under this chapter, including contracts or agreements providing for liquidity and credit enhancement and reimbursement agreements relating thereto, interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings or both, other interest rate hedging agreements, evidencing a transaction bearing a reasonable relationship to this state and also to another state or nation, the local government may agree in the written contract or agreement that the rights and remedies of the parties thereto shall be governed by the laws of this state or the laws of such other state or nation; provided, that jurisdiction over any local government against which an action on such a contract or agreement is brought shall lie solely in a court located in Tennessee which would otherwise have jurisdiction of actions brought in contract against such local government.
Acts 1999, ch. 432, § 2.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 1 - GENERAL PROVISIONS APPLICABLE TO ALL BONDS AND NOTES ISSUED BY LOCAL GOVERNMENTS (§§ 9-21-101 — 9-21-134) › Section 9-21-132 - Petition for permission to sell specific bonds at private sale

(a)
[Deleted by 2021 amendment.]
(b)
[Deleted by 2021 amendment.]
(c)
Any local government may petition the state funding board for permission to sell specific bonds determined to be required to be sold at taxable interest rates at private sale upon terms and conditions that the local government determines and upon approval by the governing body of the local government.
Amended by 2021 Tenn. Acts, ch. 128, s 7, eff. 4/13/2021.
Acts 2009 , ch. 223, § 1; 2010 , ch. 982, § 5; 2012 , ch. 601, §§ 1-3.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-201 - Authorization for the issuance of general obligation bonds

(a)
(1)
Any local government is authorized to issue general obligation bonds under this part and part 1 of this chapter for a public works project.
(2)
"General obligation bonds" mean those bonds in which the local government incurs a definite and absolute obligation by pledging the full faith, credit and unlimited taxing power of the local government as to all taxable property in the local government or of a portion of the local government, if applicable, to the payment of the principal of and interest on such bonds.
(b)
The bonds may be sold in such blocks as the governing body may by resolution determine.
Acts 1986, ch. 770, § 2-1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-202 - Sale of general obligation bonds at below par value

All general obligation bonds issued by any local government under the authority of this part and part 1 of this chapter shall be sold for not less than ninety-eight percent (98%) of par value and accrued interest as the governing body of the local government may direct. Nothing in this chapter shall be construed to prevent the sale of particular bonds constituting a part of a single issue or series of bonds at a price below that herein specified, as long as the total price paid by the purchaser for the entire issue or series of bonds offered for sale on any given date shall be not less than ninety-eight percent (98%) of par value of the entire issue or series of bonds and accrued interest; provided, that if any part of such issue or series of such general obligation bonds is to be sold at a zero (0) rate of interest or at an original issue discount, such bonds may be sold at not less than ninety-eight percent (98%) of the original reoffering price of such discount bonds and accrued interest.
Acts 1986, ch. 770, § 2-2.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-203 - Sale of general obligation bonds - Notices

Any local government proposing to sell general obligation bonds, under parts 1 and 2 of this chapter, is authorized to sell such bonds at a competitive public sale. The local government shall publish a notice of sale at least five (5) days prior to the date on which the bonds are to be sold, either in a financial newspaper having national circulation, or via an electronic communication system that is generally available to the financial community. The notice of sale shall set forth the time, date and place of sale, the maximum amount of bonds to be sold, the maximum interest rate, the maximum discount, if any, that will be permitted, in dollars or as a percentage of par value, and the basis upon which the bonds will be awarded. If the principal amount of general obligation bonds to be sold is not greater than five million dollars ($5,000,000), then the notice of sale may be published either as set forth in this section, or in a newspaper having general circulation in the local government.
Acts 1986, ch. 770, § 2-3; 1995, ch. 67, § 1; 2005, ch. 393, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-204 - Sale of general obligation bonds to a state or federal agency

If any general obligation bonds are to be sold pursuant to a commitment of a state or federal agency to purchase the same, such bonds may be sold at a private negotiated sale to the state or federal agency without the necessity of any public advertisement of the sale or of the approval of the comptroller of the treasury or the comptroller's designee.
Acts 1986, ch. 770, § 2-4; 2005, ch. 393, § 3; 2010, ch. 868, § 44.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-205 - Initial resolution for general obligation bonds

(a)
Prior to the issuance of general obligation bonds pursuant to this part and part 1 of this chapter, the governing body of the local government shall adopt a resolution (herein referred to as the "initial resolution") determining to issue the general obligation bonds. The resolution must state in substance:
(1)
The amount or maximum amount of general obligation bonds to be issued;
(2)
The public works project or projects for which the general obligation bonds are to be issued;
(3)
The rate or maximum rate of interest which the general obligation bonds are to bear; and
(4)
A brief concise statement that the general obligation bonds will be payable:
(A)
From ad valorem taxes levied upon all the taxable property in the local government or a portion of the local government, if applicable, and, if the latter, then a brief statement or description of such portion of the local government;
(B)
From revenues and, in the event of a deficiency in such revenues, from taxes; or
(C)
From taxes, and additionally secured by a pledge of revenues.
(b)
Notwithstanding subsection (a), the governing body of the local government is not required to adopt an initial resolution for general obligation bonds if the public works project for which the bonds are being issued is a mandated project, and the governing body of a county is not required to adopt an initial resolution for general obligation bonds if the public works project for which the bonds are being issued is a school project.
Amended by 2021 Tenn. Acts, ch. 128, s 9, eff. 4/13/2021.
Acts 1986, ch. 770, § 2-5.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-206 - Publication of notice

The initial resolution, together with a notice in substantially the following form, shall be published in full once in a newspaper of general circulation in the local government:
NOTICE
The foregoing resolution has been adopted. Unless within twenty (20) days from the date of the publication hereof, a petition signed by at least ten percent (10%) of the registered voters of the local government, (or the portion thereof being taxed for the bonds) shall have been filed with the (official charged with maintaining the records of the local government) protesting the issuance of the general obligation bonds, such bonds will be issued as proposed.
Acts 1986, ch. 770, § 2-6; 1993, ch. 514, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-207 - When an election is necessary

(a)
No election upon a proposition for the issuance of general obligation bonds shall be necessary:
(1)
If the general obligation bonds are to be issued for water works or sewerage purposes and if the governing body, by a vote of three-fourths (3/4) of its members then in office, determine and declare in the initial resolution that an emergency requires the issuance of such bonds, which determination and declaration shall be conclusive; or
(2)
In any case where a petition has not been filed within the time limit specified in §
9-21-206
.
(b)
If a petition protesting the issuance of the general obligation bonds signed by at least ten percent (10%) of the registered voters of the local government, determined as of the date of publication of the notice required in §
9-21-206
, or that portion, if applicable, which is liable to be taxed therefor, is filed with the official charged with maintaining the records of the local government within twenty (20) days from the publication of the initial resolution, then no general obligation bonds shall be issued without the assent of the majority of the registered voters in the local government or a portion of the local government, if applicable, voting upon a proposition for the issuance of the general obligation bonds in the manner provided by §§
9-21-209
and
9-21-210
. The county election commission shall certify to the local government within fifteen (15) days of receipt by the county election commission of any petition filed hereunder, the total number of registered voters as of the date of publication of the notice and the total number of valid signatures of registered voters signing the petition. Registered voters shall not withdraw their signatures from a petition after signing the petition.
Acts 1986, ch. 770, § 2-7; 1993, ch. 514, § 2.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-208 - Voluntary election

If the governing body of the local government makes a decision to issue general obligation bonds for a public works project, and concurrently decides to hold an election for ascertaining the will of the electorate, then it need not adopt and publish an initial resolution and notice, but it shall adopt an election resolution in accordance with §
9-21-209
and it shall hold an election in accordance with §
9-21-210
. A governing body may also hold an election for ascertaining the will of the electorate after adoption and publication of an initial resolution, even if no petition has been filed.
Acts 1986, ch. 770, § 2-8.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-209 - Election resolution

If it is necessary to hold an election on the proposition to issue general obligation bonds or if the governing body decides to hold an election to ascertain the will of the electorate even if no petition has been filed, then the election shall be called by the governing body of the local government. Such election shall be held as an election on a question by the county election commission pursuant to §
2-3-204
. The governing body shall adopt a resolution (herein called the "election resolution") which shall supersede by its adoption, and immediately upon its adoption, the initial resolution, if any. The election resolution shall state in substance:
(1)
The amount or maximum amount of general obligation bonds to be issued;
(2)
The public works project or projects for which the general obligation bonds are to be issued;
(3)
The rate or maximum rate of interest which the general obligation bonds are to bear;
(4)
A brief concise statement that the general obligation bonds will be payable:
(A)
From ad valorem taxes levied upon all the taxable property in the local government or a portion of the local government, if applicable, and if the latter, then a brief statement or description of such portion of the local government;
(B)
From revenues and, in the event of a deficiency in such revenues, from taxes; or
(C)
From taxes, and additionally secured by a pledge of revenues;
(5)
A proposition to issue the general obligation bonds as it is to appear on the ballot, including the maximum amount of such bonds to be authorized and the public works project or projects for which such bonds are to be issued; and
(6)
That the county election commission is to hold the election.
Acts 1986, ch. 770, § 2-9; 1998, ch. 618, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-210 - Eligibility to vote

(a)
For general obligation bonds issued by a local government which are payable from taxes levied upon all taxable property in the local government, any registered voter in the local government may vote in the election.
(b)
For general obligation bonds issued by a local government which are payable from taxes levied on only a portion of the local government, any registered voter in that portion of the local government may vote in the election.
(c)
Upon receipt of the statement of the votes in the election from the county election commission, the governing body at or before its next regular meeting shall again canvass the returns and determine and declare the results of the election.
Acts 1986, ch. 770, § 2-10.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-211 - Limitation on election contests

No suit, action or other proceeding contesting the validity of the bond election shall be entertained in any of the courts of this state unless such suit, action or other proceeding is commenced within ten (10) days from the date of canvassing of the returns and the determination and declaration of the results thereof by the governing body, whichever is later.
Acts 1986, ch. 770, § 2-11.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-212 - Waiting period for new election

If an election on the proposition to issue general obligation bonds is had and a majority of the registered voters voting on the proposition do not vote in favor of the issuance of the general obligation bonds in question, then the proposition shall not again be the subject of an initial resolution until three (3) months have expired from the date of such election.
Acts 1986, ch. 770, § 2-12.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-215 - Tax resolution - Levy for payment of general obligation bonds

(a)
At any time before delivering any general obligation bonds to be issued pursuant to this part and part 1 of this chapter, the governing body shall adopt a resolution (herein called the "tax resolution") which shall recite in substance that adequate provision will be made for raising annually by tax upon the taxable property in the local government or a portion of the local government, if applicable, of a sum sufficient to pay the principal of and interest on the general obligation bonds as the same shall become due.
(b)
A tax sufficient to pay when due the principal of and interest on the general obligation bonds shall be levied annually and assessed, collected and paid, in like manner with the other taxes of the local government and shall be in addition to all other taxes authorized or limited by law. It is the duty of the governing body to include in the annual levy a tax sufficient to pay the principal of and interest on the general obligation bonds as the same become due; provided, that if the bonds are payable from taxes and additionally secured by a pledge of revenues, and if the tax resolution shall so provide, then the tax to be levied and assessed by the governing body may be reduced by such amount and under such conditions as may be determined in the tax resolution. When any part of the principal of or interest on any general obligation bonds issued by any local government pursuant to this part and part 1 of this chapter, not payable exclusively from the revenues of a public works project, are not paid when due, there shall be levied and assessed by the governing body and collected by the proper collecting officers at the first assessment, levy and collection of taxes in the local government after such omission or failure, a tax sufficient to pay the same.
(c)
If the general obligation bonds are issued to finance the cost of a public works project pursuant to a plan of improvement for a central business improvement district created pursuant to the Central Business Improvement District Act of 1971, compiled in title 7, chapter 84, the local government may, nevertheless, proceed to levy and collect assessments pursuant to the Central Business Improvement District Act; and the proceeds of such assessments when collected, other than amounts required to pay the principal of and interest on the bonds, shall be paid into the treasury of the local government and used to reimburse the treasury for any amounts paid out of the treasury to pay the principal of and interest on such bonds; and such moneys reimbursed to the treasury may be used, under the direction of the governing body of the local government, for any lawful corporate purpose for which taxes may be legally levied and collected.
Acts 1986, ch. 770, § 2-15.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 2 - GENERAL OBLIGATION BONDS (§§ 9-21-201 — 9-21-216) › Section 9-21-216 - Remedies of general obligation bondholders

Any holder of general obligation bonds issued pursuant to parts 1 and 2 of this chapter has the right, in addition to all other rights:
(1)
By mandamus or other suit, action or proceeding in any court of competent jurisdiction to enforce such holder's rights against the local government, the governing body of the local government and any officer, agent, or employee of the local government, including, but not limited to, the right to require the local government, the governing body and any proper officer, agent or employee of the local government to assess, levy and collect taxes, and to fix and collect fees, rents, tolls, or other charges adequate to carry out any agreement as to, or pledge of, such taxes, fees, rents, tolls, or other charges, and to require the local government, the governing body of the local government and any officer, agent or employee of the local government to carry out any other covenants and agreements and to perform its and their duties under this chapter. No holder or holders of bonds payable exclusively from the revenues of a public works project shall ever have the right to compel the levying and collection of taxes to pay such bonds and the interest thereon; and
(2)
By action or suit in equity, to enjoin any acts or things which may be unlawful or a violation of the rights of such holder or holders of general obligation bonds.
Acts 1986, ch. 770, § 2-16.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 3 - REVENUE BONDS (§§ 9-21-301 — 9-21-316) › Section 9-21-301 - Authorization for the issuance of revenue bonds

(a)
Any local government is authorized to issue revenue bonds under this part and part 1 of this chapter for a public works project. "Revenue bonds" are defined as those bonds which are payable exclusively from the revenues of one (1) or more public works projects.
(b)
The bonds may be sold in such blocks as the governing body may by resolution determine.
Acts 1986, ch. 770, § 3-1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 3 - REVENUE BONDS (§§ 9-21-301 — 9-21-316) › Section 9-21-302 - Sale of revenue bonds - Agreements regarding dates of delivery

(a)
Any local government proposing to sell revenue bonds under this part and part 1 of this chapter is authorized to sell such bonds either at a competitive public sale or at a private negotiated sale as the governing body of the local government may direct.
(b)
The governing body of a local government may enter into an agreement to sell its revenue bonds under this part providing for delivery of its bonds on a date greater than ninety (90) days and not greater than five (5) years (or such greater period of time if approved by the comptroller of the treasury or the comptroller's designee) from the date of execution of such agreement only upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that such an agreement or contract of a local government to sell its revenue bonds as authorized in this subsection (b) is in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board in accordance with §
9-21-130
. Agreements to sell revenue bonds for delivery ninety (90) days or less from the date of execution of the agreement to sell the revenue bonds do not require a report of the comptroller of the treasury or the comptroller's designee.
Acts 1986, ch. 770, § 3-2; 1999, ch. 432, § 4.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 3 - REVENUE BONDS (§§ 9-21-301 — 9-21-316) › Section 9-21-303 - Sale of revenue bonds at below par value

All revenue bonds issued by any local government under the authority of this part and part 1 of this chapter shall be sold for not less than ninety-seven percent (97%) of par value and accrued interest as the governing body of the local government may direct. Nothing in this chapter shall be construed to prevent the sale of particular bonds constituting a part of a single issue or series of bonds at a price below that herein specified, as long as the total price paid by the purchaser for the entire issue or series of bonds offered for sale on any given date is not less than ninety-seven percent (97%) of the par value of the entire issue or series of bonds and accrued interest; provided, that if any part of such issue or series of such revenue bonds is to be sold at a zero (0) rate of interest or at an original issue discount, such bonds may be sold at less than ninety-seven percent (97%) of the original reoffering price of such discount bonds and accrued interest.
Acts 1986, ch. 770, § 3-3.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 21 - LOCAL GOVERNMENT PUBLIC OBLIGATIONS ACT OF 1986 (§§ 9-21-101 — 9-21-1104) › Part 3 - REVENUE BONDS (§§ 9-21-301 — 9-21-316) › Section 9-21-304 - Initial revenue bond resolution

(a)
Prior to the issuance of any revenue bonds pursuant to this part and part 1 of this chapter, the governing body of the local government shall adopt a resolution (herein referred to as the "initial resolution") determining to issue the revenue bonds.
(b)
The initial resolution shall state in substance:
(1)
The amount or maximum amount of revenue bonds to be issued;
(2)
The public works project or projects for which the revenue bonds are to be issued, but if the bonds are to be issued for more than one (1) project, the initial resolution need not state the amount which will be used for each project;
(3)
The rate or maximum rate of interest which the revenue bonds are to bear; and
(4)
A brief concise statement that the revenue bonds will be payable exclusively from revenues of the public works project or projects.
(c)
The initial resolution shall be published in full once in a newspaper of general circulation in the local government.
Acts 1986, ch. 770, § 3-4; 1988, ch. 750, § 43.