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Tennessee Code Title 9. Public Finances § 9-21-205

Current as of January 02, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Tennessee Code Title 9. Public Finances § 9-21-205 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-9-public-finances/tn-code-sect-9-21-205/

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