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 8 - TAX ANTICIPATION NOTES (§§ 9-21-801 — 9-21-803) › Section 9-21-801 - Authorization, security, and retirement of tax anticipation notes

The governing body of a local government may issue interest-bearing tax anticipation notes for the purpose of meeting appropriations made for the current fiscal year in anticipation of the collection of taxes and revenues of that fiscal year in amounts not exceeding sixty percent (60%) of such appropriation; provided, that the sale of the notes shall first be approved by the comptroller of the treasury or the comptroller's designee. The notes may be renewed from time to time and money may be borrowed from time to time for the payment of any indebtedness evidenced thereby, but all such notes shall mature not later than the close of the current fiscal year. If taxes and revenues are found to be overestimated and it becomes impossible to pay the notes prior to the close of the current fiscal year, application shall be made to the comptroller of the treasury or the comptroller's designee within ten (10) days prior to the close of the current fiscal year for permission to issue funding bonds to cover the unpaid note balances in the manner provided by chapter 11 of this title, or as otherwise provided for in a manner approved by the comptroller of the treasury or the comptroller's designee.
Acts 1986, ch. 770, § 8-1; 1987, ch. 77, § 12; 2010, ch. 868, § 63.
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 8 - TAX ANTICIPATION NOTES (§§ 9-21-801 — 9-21-803) › Section 9-21-802 - Terms of tax anticipation notes

Tax anticipation notes shall be sold at not less than par value and accrued interest. Tax anticipation notes may be sold in one (1) or more series, may bear such date or dates, may bear interest at such rate or rates (which may vary from time to time), may be payable at such time or times, may be in such denomination or denominations, may be in such form, either coupon or registered, may be payable at such place or places, may be executed in such manner, may be payable in such medium of payment, may be subject to such terms of redemption, without a premium, all as may be provided by resolution of the governing body of the local government.
Acts 1986, ch. 770, § 8-2.
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 8 - TAX ANTICIPATION NOTES (§§ 9-21-801 — 9-21-803) › Section 9-21-803 - Method of sale of tax anticipation notes

Tax anticipation notes may be sold in such manner either at a competitive public sale or at a private negotiated sale as the governing body of the local government may direct.
Acts 1986, ch. 770, § 8-3.
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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-901 - Authorization to issue general obligation refunding bonds - Modification of outstanding obligation

(a)
Any local government has the power and is authorized to issue, by resolution, general obligation refunding bonds to refund outstanding obligations heretofore or hereafter lawfully issued or assumed by the local government, and to provide for the rights of the holders thereof and to secure such bonds as provided in this part and part 1 of this chapter.
(b)
General obligation refunding bonds issued hereunder and secured by the full faith and credit and unlimited taxing power of the local government shall be for the purpose of:
(1)
Refunding outstanding obligations which are secured by a pledge of the full faith and credit and unlimited taxing power of the local government;
(2)
Refunding outstanding obligations secured by a pledge of revenues in addition to the full faith and credit pledge; or
(3)
Refunding outstanding obligations secured solely by the revenues of a public works project.
(c)
General obligation refunding bonds may be issued to refinance more than one (1) issue of outstanding obligations, notwithstanding that such obligations may have been issued at different times.
(d)
The resolution authorizing general obligation refunding bonds may also provide for other bonds to be issued jointly with such refunding bonds.
(e)
For purposes of this chapter, the modification of an outstanding obligation must be deemed a refunding of the modified obligation, and such refunding must be required to comply with this chapter, if the modification is of such significance that the obligation would be deemed to be reissued for federal tax law purposes, whether or not the outstanding obligation is tax-exempt for purposes of federal tax laws. However, an outstanding obligation is not significantly modified and does not rise to the level of a state law reissuance if the obligation allows for and contemplates a modification of the rate of interest of the outstanding obligation at any time during its existence.
Amended by 2022 Tenn. Acts, ch. 822, s 4, eff. 4/14/2022.
Amended by 2021 Tenn. Acts, ch. 128, s 21, eff. 4/13/2021.
Acts 1986, ch. 770, § 9-1.
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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-902 - Determination by governing body to be conclusive

A determination by the governing body that any refunding is advantageous or necessary to the local government, or that any of the amounts provided in §
9-21-904
should be included in such refunding, or that any of the outstanding obligations should be called for redemption on the first or any subsequent available redemption date or permitted to remain outstanding until their respective dates of maturity, shall be conclusive. However, the determination as to whether the general obligation refunding bonds can be sold at a private negotiated sale is subject to §
9-21-910(c)
.
Acts 1986, ch. 770, § 9-2.
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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-904 - Maximum amount of principal for which general obligation refunding bonds may be issued

(a)
The principal amount of any issue of general obligation refunding bonds shall not exceed the sum of the following:
(1)
The principal amount of the outstanding obligations to be refunded; provided, that general obligation refunding bonds may be issued in such amounts to permit any part of the bonds to reflect a zero (0) rate of interest on an original issue discount;
(2)
The redemption premium, if any, thereon;
(3)
The interest due and payable on such outstanding obligations to and including the first or any subsequent available redemption date or dates selected, in its discretion, by the governing body, or to the date or dates of maturity, whichever shall be determined by the governing body to be most advantageous or necessary to the local government; and
(4)
Any expenses of the issuance and sale of such general obligation refunding bonds, including bond discount, credit enhancement, engraving, printing, and advertising fees, the creation of initial debt service reserve funds, and reasonable and necessary fees of financial and legal advisors deemed by the governing body to be necessary for the issuance of the general obligation refunding bonds.
(b)
Any money in a sinking or reserve fund or other fund for the obligations to be refunded may be used for the purposes stated in subdivisions (a)(1)-(4) or may be deposited in a sinking fund or reserve fund or other fund for the refunding bonds.
Acts 1986, ch. 770, § 9-4; 1987, ch. 77, § 13.
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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-905 - Initial resolution and election requirements - When required

If the general obligation refunding bonds shall be payable from ad valorem taxes without limitation of rate or amount and the outstanding obligations to be refunded are secured solely by the revenues of a public works project, then an initial resolution authorizing general obligation refunding bonds shall be adopted in conformance with §
9-21-205
and shall conform to §
9-21-206
requiring publication of the resolution and the notice therein required. Sections
9-21-207
and
9-21-209
- 9-21-212, governing election requirements and procedures, and §
9-21-215
, governing the adoption of a tax resolution by the governing body of the local government, shall also apply. If the refunding bonds will be secured in the same manner as the bonds being refunded, an initial resolution need not be adopted.
Acts 1986, ch. 770, § 9-5; 1987, ch. 77, § 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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-906 - Sale of general obligation refunding bonds at below par value

All general obligation refunding 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 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 general obligation refunding bonds are 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, § 9-6.
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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-907 - Terms of general obligation refunding bonds

(a)
The general obligation refunding bonds may be sold in one (1) or more series, may bear such date or dates, shall mature at such time or times not exceeding forty (40) years from their respective dates, may bear interest at a zero (0) rate or at such other rate or rates (which may vary from time to time), may be payable at such time or times, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment at such place or places, may be subject to such terms of redemption with or without a premium, and may provide for the replacement of mutilated, destroyed, stolen, or lost bonds, all as may be provided by resolution of the governing body.
(b)
A general obligation refunding bond issue may be delivered as an installment bond payable as to principal and interest in equal or approximately equal installments for the term of the installment bond issue in accordance with the resolution authorizing the bond issue. The authorizing resolution shall stipulate the annual principal and interest requirements during the full term of the bond issue.
(c)
With respect to all or any portion of any issue of general obligation refunding bonds issued or anticipated to be issued hereunder, at any time during the term of the general obligation refunding bonds, and upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the contracts and agreements authorized herein are in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board, as set forth in §
9-21-130
, a local government by resolution may authorize and enter into interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings or both, and other interest rate hedging agreements under such terms and conditions as the governing body of the local government may determine, including, without limitation, provisions permitting the local government to pay to or receive from any person or entity any loss of benefits under such agreement upon early termination thereof or default under such agreement.
Acts 1986, ch. 770, § 9-7; 1999, ch. 432, § 7; 2001, ch. 253, § 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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-908 - Limitation on maturity of bonds to be refunded

Unless the outstanding obligations are retired at the time of delivery of the general obligation refunding bonds, then the general obligation refunding bonds shall not be issued to refund the outstanding obligations unless the outstanding obligations shall mature by their terms, or shall be subject to redemption and be called for redemption within ten (10) years from the date of delivery of the general obligation refunding bonds. However, this time limitation shall not apply if the comptroller of the treasury or the comptroller's designee approves a greater period in the comptroller of the treasury's or the comptroller's designee's report on the proposed refunding plan.
Acts 1986, ch. 770, § 9-8; 2010, ch. 868, § 65.
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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-909 - Installment sales and exchanges

General obligation refunding bonds may be sold or exchanged in installments at different times or an entire issue or series may be sold or exchanged at one (1) time. Any issue or series of general obligation refunding bonds may be exchanged in part or sold in part in installments at different times or at one (1) time. The general obligation refunding bonds may be sold or exchanged at any time on, before, or after the maturity of any of the outstanding obligations to be refunded.
Acts 1986, ch. 770, § 9-9.
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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-911 - Sale of general obligation refunding bonds to a state or federal agency

(a)
If any general obligation refunding 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.
(b)
Any general obligation refunding bonds that are issued pursuant to subsection (a) are not subject to the requirements of§ 9-21-903 if:
(1)
The general obligation refunding bonds will repay a public building authority loan authorized in title 12, chapter 10 ; and
(2)
The public building authority loan that the general obligation refunding bonds will repay was used as interim financing for the general obligation refunding bonds.
(c)
When a public building authority loan is used as interim financing for a general obligation refunding bond issued pursuant to subsection (a), the general obligation refunding bond resolution required by§ 9-21-901 must be adopted prior to or simultaneously with the resolution authorizing the public building authority loan.
Amended by 2024 Tenn. Acts, ch. 690,s 1, eff. 4/11/2024.
Acts 1986, ch. 770, § 9-11; 2005, ch. 393, § 11; 2010 , ch. 868, § 67.
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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-912 - Notice of refunding

If, at the time of delivery of the general obligation refunding bonds, the obligations to be refunded will not be retired or a valid and timely notice of redemption of the outstanding obligations is not given in accordance with the resolution, indenture or other instrument governing the redemption of the outstanding obligations, then, prior to the issuance of the general obligation refunding bonds, the governing body shall cause to be given a notice of its intention to issue the general obligation refunding bonds. The notice shall be given either by mail to the owners of all the outstanding obligations to be refunded at their addresses shown on the bond registration records for the outstanding obligations or given by publication one (1) time each in a newspaper having a general circulation in the local government and in a financial newspaper published in New York, New York, having a national circulation. The notice shall set forth the estimated date of delivery of the general obligation refunding bonds and identify the obligations, or the individual maturities thereof, proposed to be refunded; provided, that if portions of individual maturities are proposed to be refunded, the notice shall identify the maturities subject to partial refunding and the aggregate principal amount to be refunded within each maturity. If the issuance of the general obligation refunding bonds does not occur as provided in the notice, the governing body shall cause notice thereof to be given as provided above. Except as otherwise set forth in this section, the notice required pursuant to this section shall be given whether or not any of the obligations to be refunded are to be called for redemption.
Acts 1986, ch. 770, § 9-12; 1994, ch. 806, § 7.
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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-913 - Notice of redemption

If any of the obligations to be refunded are to be called for redemption, the governing body shall cause the notice of redemption to be given in the manner and at the time required by the resolution or ordinance authorizing such outstanding obligations.
Acts 1986, ch. 770, § 9-13.
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 9 - GENERAL OBLIGATION REFUNDING BONDS (§§ 9-21-901 — 9-21-916) › Section 9-21-916 - Remedies of general obligation refunding bondholders

Any holder of general obligation refunding bonds issued pursuant to this part and part 1 of this chapter shall have all rights provided in §
9-21-216
, in addition to all other rights provided by law.
Acts 1986, ch. 770, § 9-16.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1001 - Authorization to refinance and to issue revenue refunding bonds

(a)
Any local government has the power and is authorized to issue by resolution revenue refunding bonds to refinance outstanding obligations heretofore or hereafter issued or lawfully assumed by the local government which are payable solely from all or any part of the revenues of one (1) or more enterprises, or from a combination of such revenues and taxes, to refinance any enterprise or combination of enterprises, and for such purpose or purposes to combine or divide any two (2) or more enterprises, and to provide for the rights of the holders thereof and to secure such bonds as provided in this part and part 1 of this chapter.
(b)
Revenue refunding bonds shall not be issued under this part and part 1 of this chapter, unless the governing body of the local government makes a finding, which finding shall be conclusive, that one (1) or more of the following purposes will be accomplished:
(1)
Cost savings to the public;
(2)
Removal or modification of one (1) or more restrictive covenants;
(3)
Elimination or mitigation of risk due to interest rate changes; or
(4)
Payment or discharge of all or any part of an issue or series of outstanding obligations, including any interest thereon, in arrears or to become due and for the payment of which sufficient funds are not available.
(c)
Revenue refunding bonds may be issued to refinance more than one (1) issue of outstanding obligations, notwithstanding that such outstanding obligations may have been issued at different times and may be secured by the revenues of different enterprises; and any such enterprises may be operated as a single enterprise, subject to contract rights vested in the holders of obligations being refinanced.
(d)
The resolution authorizing revenue refunding bonds may also provide for other bonds to be issued jointly with the revenue refunding bonds.
(e)
For purposes of this chapter, the modification of an outstanding obligation is deemed a refunding of the modified obligation, and such refunding must comply with this chapter, if the modification is of such significance that the obligation would be deemed to be reissued for federal tax law purposes, regardless of whether the outstanding obligation is tax-exempt for purposes of federal tax laws.
Amended by 2022 Tenn. Acts, ch. 663, s 1, eff. 3/16/2022.
Amended by 2021 Tenn. Acts, ch. 128, s 22, eff. 4/13/2021.
Acts 1986, ch. 770, § 10-1.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1002 - Determination by governing body to be conclusive

A determination by the governing body that any refunding is advantageous or necessary to the local government, or that any of the amounts provided in §
9-21-1004
should be included in such refunding, or that any of the outstanding obligations should be called for redemption on the first or any subsequent available redemption date or permitted to remain outstanding until their respective dates of maturity, shall be conclusive.
Acts 1986, ch. 770, § 10-2.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1004 - Maximum amount of principal for which revenue refunding bonds may be issued

The principal amount of any issue of revenue refunding bonds shall not exceed the sum of the following:
(1)
The principal amount of the outstanding obligations being refinanced;
(2)
The redemption premium, if any, thereon;
(3)
Unpaid interest on the outstanding obligations being refinanced to the date of delivery or exchange of the revenue refunding bonds;
(4)
The interest due and payable on such outstanding obligations, to and including the first or any subsequent available redemption date or dates selected, in its discretion, by the governing body of the local government, or to the date or dates of maturity, whichever shall be determined by the governing body of the local government to be most advantageous or necessary to the local government;
(5)
A reasonable reserve for the payment of principal of and interest on the revenue refunding bonds; and
(6)
Any expenses of the issuance and sale of the revenue refunding bonds, including bond discount, credit enhancement, engraving, printing, and advertising fees, and reasonable and necessary fees of financial and legal advisors, deemed by the governing body to be necessary for the issuance of the revenue refunding bonds.
Acts 1986, ch. 770, § 10-4.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1005 - Sale of revenue refunding bonds at below par value

All revenue refunding 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 shall be 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 refunding bonds are 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-seven percent (97%) of the original reoffering price of such discount bonds and accrued interest.
Acts 1986, ch. 770, § 10-5.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1006 - Terms of revenue refunding bonds - Interest rate agreements

(a)
The revenue refunding bonds may be sold in one (1) or more series, may bear such date or dates, shall mature at such time or times not exceeding forty (40) years from their respective dates, may bear interest at a zero (0) rate or at such other rate or rates (which may vary from time to time), may be in such denomination or denominations, may be payable at such time or times, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment at such place or places, may be subject to such terms of redemption, with or without a premium, and may provide for the replacement of mutilated, destroyed, stolen or lost bonds, all as may be provided by resolution of the governing body.
(b)
The revenue refunding bond issue may be delivered as an installment bond payable as to principal and interest in equal or approximately equal installments for the term of the bond issue in accordance with the resolution authorizing the bond issue. The authorizing resolution shall stipulate the annual principal and interest requirements during the full term of the installment bond issue.
(c)
With respect to all or any portion of any issue of revenue refunding bonds issued or anticipated to be issued hereunder, at any time during the term of the revenue refunding bonds, and upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the contracts and agreements authorized herein are in compliance with the guidelines, rules or regulations adopted or promulgated by the state funding board, as set forth in §
9-21-130
, a local government by resolution may authorize and enter into interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings or both, and other interest rate hedging agreements under such terms and conditions as the governing body of the local government may determine, including, without limitation, provisions permitting the local government to pay to or receive from any person or entity any loss of benefits under such agreement upon early termination thereof or default under such agreement.
Acts 1986, ch. 770, § 10-6; 1999, ch. 432, § 9; 2001, ch. 253, § 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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1007 - Limitation on maturity of bonds to be refunded

Unless the outstanding obligations are retired at the time of delivery of the revenue refunding bonds, then the revenue refunding bonds shall not be issued to refund the outstanding obligations unless the outstanding obligations shall mature by their terms or shall be subject to redemption and be called for redemption within ten (10) years from the date of delivery of the revenue refunding bonds. However, this time limitation shall not apply if the comptroller of the treasury or the comptroller's designee approves a greater period in the comptroller of the treasury's or the comptroller's designee's report on the proposed refunding plan.
Acts 1986, ch. 770, § 10-7; 2010, ch. 868, § 70.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1008 - Sale or exchange of revenue refunding bonds - Agreements to sell

(a)
Any local government, proposing to sell revenue refunding bonds for any authorized purpose under this part and part 1 of this chapter, is authorized to sell the revenue refunding bonds either at a competitive public sale or at a private negotiated sale, as the governing body of the local government may determine.
(b)
If the governing body determines to exchange any revenue refunding bonds, those refunding bonds may be exchanged privately for and in payment and discharge of any of the outstanding obligations being refunded. The refunding bonds may be exchanged for a like or greater principal amount of the obligations being exchanged therefor, except that the principal amount of the revenue refunding bonds may exceed the principal amount of the obligations exchanged therefor only to the extent determined by the governing body to be necessary or advisable to fund redemption premiums and unpaid interest to the date of exchange not provided for otherwise. The holder or holders of the obligations being refunded need not pay accrued interest on the refunding bonds if and to the extent that interest is due or accrued and unpaid on the obligations being refunded and to be surrendered.
(c)
The governing body of a local government may enter into an agreement to sell its revenue refunding bonds under this part providing for delivery of its revenue refunding bonds on a date greater than ninety (90) days and not greater than the first optional redemption date on which the obligations being refunded can be optionally redeemed resulting in cost savings or at par, whichever is earlier, only upon receipt of a report of the comptroller of the treasury or the comptroller's designee finding that the agreement or contract of a local government to sell its revenue refunding bonds as authorized in this subsection (c) 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 refunding bonds for delivery ninety (90) days or less from the date of execution of the agreement to sell the revenue refunding bonds do not require a report of the comptroller of the treasury or the comptroller's designee.
Acts 1986, ch. 770, § 10-8; 1999, ch. 432, § 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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1009 - Installment sales or exchanges

Revenue refunding bonds may be sold or exchanged in installments at different times or an entire issue or series may be sold or exchanged at one (1) time. Any issue or series of revenue refunding bonds may be exchanged in part or sold in part in installments at different times or at one (1) time. The revenue refunding bonds may be sold or exchanged at any time on, before, or after the maturity of any of the outstanding obligations to be refinanced by the revenue refunding bonds.
Acts 1986, ch. 770, § 10-9.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1010 - Notice of refunding

If, at the time of delivery of the revenue refunding bonds, the obligations to be refunded will not be retired or a valid and timely notice of redemption of the outstanding bonds is not given in accordance with the resolution, indenture or other instrument governing the redemption of the outstanding obligations, then, prior to the issuance of the revenue refunding bonds, the governing body shall cause to be given a notice of its intention to issue the revenue refunding bonds. The notice shall be given either by mail to the owners of all the outstanding obligations to be refunded at their addresses shown on the bond registration records for the outstanding obligations or given by publication one (1) time each in a newspaper having a general circulation in the local government and in a financial newspaper published in New York, New York, having a national circulation. The notice shall set forth the estimated date of delivery of the revenue refunding bonds and identify the obligations, or the individual maturities thereof, proposed to be refunded; provided, that if portions of individual maturities are proposed to be refunded, the notice shall identify the maturities subject to partial refunding and the aggregate principal amount to be refunded within each maturity. If the issuance of the revenue refunding bonds does not occur as provided in the notice, the governing body shall cause notice thereof to be given as provided above in this section. Except as otherwise set forth in this section, the notice required pursuant to this section shall be given whether or not any of the obligations to be refunded are to be called for redemption.
Acts 1986, ch. 770, § 10-10; 1994, ch. 806, § 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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1011 - Notice of redemption

If any of the obligations to be refunded are to be called for redemption, the governing body shall cause the notice of redemption to be given in the manner and at the time required by the resolution or ordinance authorizing the outstanding obligations.
Acts 1986, ch. 770, § 10-11.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1014 - Revenue refunding bonds of the same issue shall be equally and ratably secured

All revenue refunding bonds of the same issue shall be equally and ratably secured, without priority by reason of number, date of bonds, date of sale, date of execution or of delivery, by a lien upon the revenues of the enterprise, the revenues of which are pledged to the payment of such bonds, in accordance with this part and the resolution authorizing the issuance of the revenue refunding bonds.
Acts 1986, ch. 770, § 10-14.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1015 - Rates prescribed sufficient to produce sufficient revenues

The governing body of a local government issuing revenue refunding bonds pursuant to this part and part 1 of this chapter shall prescribe and collect reasonable rates, fees or charges for the services, facilities and commodities of the enterprise, and shall revise such rates, fees or charges from time to time whenever necessary so that the enterprise shall be and always remain self-supporting. The rates, fees or charges prescribed shall be at least sufficient to produce revenue to:
(1)
Provide for all expenses of operation and maintenance of the enterprise, including reasonable reserves therefor; and
(2)
Pay when due all bonds and interest thereon, for the payment of which such revenue is or shall have been pledged, charged or otherwise encumbered, including reasonable reserves therefor.
Acts 1986, ch. 770, § 10-15.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1016 - Recourse restricted to revenues

(a)
No recourse shall be had for the payment of the revenue refunding bonds, or interest thereon, or any part thereof, against the general funds of any local government, nor shall the credit or taxing power of any local government be deemed to be pledged to the payment of the revenue refunding bonds.
(b)
The revenue refunding bonds, and interest thereon, shall not be a debt of the local government, nor a charge, lien or encumbrance, legal or equitable, upon any property of the local government or upon any income, receipts or revenues of the local government other than the revenues that shall have been pledged to the payment of the revenue refunding bonds. Every revenue refunding bond shall recite in substance that the bond, including interest thereon, is payable solely from the revenues pledged to the payment thereof and that the local government is under no obligation to pay the same, except from such revenues.
Acts 1986, ch. 770, § 10-16.
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 10 - REVENUE REFUNDING BONDS (§§ 9-21-1001 — 9-21-1017) › Section 9-21-1017 - Remedies of revenue refunding bondholders

Any holder of revenue refunding bonds issued pursuant to this part and part 1 of this chapter shall have all rights provided to the holders of revenue bonds in §§
9-21-310
,
9-21-311
and
9-21-316
. If a receiver is appointed for an enterprise pursuant to those provisions, then the powers and duties of the receiver shall be governed by §§
9-21-312
- 9-21-315.
Acts 1986, ch. 770, § 10-17.
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 11 - HEALTH CARE REVENUE ANTICIPATION NOTES (§§ 9-21-1101 — 9-21-1104) › Section 9-21-1101 - Authorization, security, and retirement of health care revenue anticipation notes

The governing body of a local government operating a nursing home is authorized to issue health care revenue anticipation notes under this part and part 1 of this chapter for the purpose of providing funds to be transferred to the state pursuant to an approved intergovernmental transfer agreement between the state and the local government. The principal amount of the notes shall not exceed an amount as determined by the commissioner of finance and administration, as specified in the intergovernmental transfer agreement. The sale of the notes shall first be approved by the comptroller of the treasury or the comptroller's designee. Such notes and any interest thereon shall be secured solely by the payments by the state to the local government pursuant to the intergovernmental transfer agreement, and any payments received from the state by the local government shall immediately be applied to the retirement of any health care revenue anticipation notes issued for such purpose, together with any interest accruing thereon, with any remainder being used in such manner as determined by the governing body of the local government.
Acts 2004, ch. 705, § 2; 2010, ch. 868, § 72.
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 11 - HEALTH CARE REVENUE ANTICIPATION NOTES (§§ 9-21-1101 — 9-21-1104) › Section 9-21-1102 - Terms of health care revenue anticipation notes

Health care revenue anticipation notes shall be sold at not less than par value plus accrued interest. Health care revenue anticipation notes may be sold in one (1) or more series, may bear such date or dates, may bear interest at such rate or rates, which may vary from time to time, may be payable at such time or times, may be in such denomination or denominations, may be in such form, either coupon or registered, may be payable at such place or places, may be executed in such manner, may be payable in such medium of payment, may be subject to such terms of redemption, without a premium, all as may be provided by resolution of the governing body of the local government. The notes shall mature no later than thirty (30) days from the date of issuance.
Acts 2004, ch. 705, § 2.
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 11 - HEALTH CARE REVENUE ANTICIPATION NOTES (§§ 9-21-1101 — 9-21-1104) › Section 9-21-1103 - Method of sale of health care revenue anticipation notes

Health care revenue anticipation notes may be sold in such manner either at a competitive public sale or at a private negotiated sale as the governing body of the local government may direct.
Acts 2004, ch. 705, § 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 11 - HEALTH CARE REVENUE ANTICIPATION NOTES (§§ 9-21-1101 — 9-21-1104) › Section 9-21-1104 - Interfund loans

Local governments are hereby authorized to make interfund loans in accordance with procedures for issuance of notes under this part.
Acts 2004, ch. 705, § 2.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 22 - PUBLIC PLEDGES AND LIENS (§§ 9-22-101 — 9-22-108) › Section 9-22-101 - Short title

This chapter shall be known and may be cited as the "Perfection, Priority and Enforcement of Public Pledges and Liens Act."
Acts 2001, ch. 290, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 22 - PUBLIC PLEDGES AND LIENS (§§ 9-22-101 — 9-22-108) › Section 9-22-102 - Intent

It is the intent and purpose of this chapter to clarify the statutory framework governing the perfection, priority and enforcement of pledges and liens made or granted in connection with the issuance of public obligations, and to preserve the customary practices with respect to these matters that have developed in the state of Tennessee among issuers and purchasers of public obligations. This chapter provides a uniform and comprehensive statutory framework governing the perfection, priority and enforcement of pledges and liens created by certain state and local governments, governmental entities, agencies and instrumentalities in connection with their issuance of debt obligations, and specifies the extent to which the perfection, priority and enforcement of such pledges and liens are excluded from title 47, chapter 9. If any statute of this state, other than title 47, chapter 9, imposes or authorizes a pledge or lien relating to any public obligations, then that statute, any official action entered into or adopted pursuant thereto, and this chapter, to the extent not in conflict with the foregoing, shall in all respects govern the creation, perfection, priority and enforcement of such pledges and liens, and title 47, chapter 9, shall not govern such matters.
Acts 2001, ch. 290, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 22 - PUBLIC PLEDGES AND LIENS (§§ 9-22-101 — 9-22-108) › Section 9-22-103 - Chapter definitions

In this chapter:
(1)
Except as provided in the following sentence, the term "collateral" means any revenues, operating income, fees, rents, tolls or other charges received or receivable by an issuer from any public works project or otherwise, rights to payment and other rights under agreements, rights to and receipts of tax collections and revenues, rights to and receipts of grants or contributions, any funds, moneys or accounts, and any other personal property that an issuer is authorized to pledge to or grant a lien on to secure the payment of a public obligation, excluding any "goods," as such term is defined in §
47-9-102(a)
. In the case of public corporations incorporated under title 7, chapter 82 or chapter 86, the term "collateral" includes, in addition to the foregoing, all other property, real and personal, including "goods," as such term is defined in §
47-9-102(a)
, comprising the systems owned and operated by such corporations;
(2)
"Interest rate agreement" means an interest rate swap or exchange agreement, an agreement establishing interest rate floors or ceilings, or both, and other interest rate hedging agreements that an issuer is authorized by statute to enter into;
(3)
"Issuer" means the state of Tennessee, authorities and agencies of the state of Tennessee and all political subdivisions and public instrumentalities of the state of Tennessee, including, without limitation: cities; towns; metropolitan governments; counties; authorities; districts; public corporations; authorities, agencies and instrumentalities of the foregoing; and other public entities. Notwithstanding the foregoing, for purposes of this chapter, the term "issuer" shall not include public corporations incorporated under title 7, chapter 53, or title 48, chapter 101, part 3;
(4)
"Official actions" means the actions, by statute, order, ordinance, charter, resolution, contract or other authorized means, by which an issuer provides for issuance of a public obligation; and
(5)
"Public obligation" means:
(A)
An agreement of an issuer to pay principal and any interest thereon, whether in the form of a contract to repay borrowed money, a lease, an installment purchase agreement or otherwise, and includes a share, participation or other interest in any such agreement; and
(B)
An agreement of an issuer to make payments, including termination or other non-periodic payments, pursuant to an interest rate agreement.
Acts 2001, ch. 290, § 1; 2004, ch. 589, §§ 6, 7.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 22 - PUBLIC PLEDGES AND LIENS (§§ 9-22-101 — 9-22-108) › Section 9-22-104 - Perfection of pledges or liens

The grant of a pledge or the creation of a lien on collateral by an issuer, which grant or creation is otherwise authorized under Tennessee law, 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 the public obligations with respect to which such pledge or lien was created or granted until the payment in full of the principal thereof and premium and interest thereon, and neither the official action nor any other instrument granting, creating, or giving notice of the pledge or lien need be publicly filed or recorded to preserve, protect or perfect the validity or priority of such pledge or lien.
Acts 2001, ch. 290, § 1.