Tennessee Code Title 9. Public Finances § 9-21-609

If capital outlay notes are authorized to be sold by an informal bid process, the local government or its designee shall contact at least three (3) financial institutions by telephone or letter to request such financial institutions to provide a rate or rates of interest for the term or terms of such notes. If the informal bid process is used, the local government or its designee shall provide the comptroller of the treasury or the comptroller's designee a summary of the rate quotes received from financial institutions with its request for approval of the sale of the capital outlay notes. Any recurring fees that will be included as part of the interest rate over and above the bank rate must be identified.