Tennessee § 4-31-120 Bonds and notes - Maintenance of tax-exempt status

Tennessee Statutes

§ 4-31-120 — Bonds and notes - Maintenance of tax-exempt status

Tennessee § 4-31-120

Title4

This text of Tennessee § 4-31-120 (Bonds and notes - Maintenance of tax-exempt status) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 4-31-120 (2026).

Text

For the purpose of ensuring that the bonds or notes authorized under this chapter and issued after March 8, 2016, maintain their tax-exempt status as may be provided by the Internal Revenue Code of 1986 (26 U.S.C.), as amended, no state officer or employee or user of a capital project, pollution control facility, or any other property financed or refinanced, directly or indirectly, with the proceeds of such bonds or notes, including, but not limited to, borrowers under a program loan agreement, shall authorize or allow any change, amendment, or modification to a project or program financed or refinanced, directly or indirectly, with the proceeds of such bonds or notes which change, amendment, or modification would affect the tax-exempt status of such bonds or notes unless the change, amend

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For the purpose of ensuring that the bonds or notes authorized under this chapter and issued after March 8, 2016, maintain their tax-exempt status as may be provided by the Internal Revenue Code of 1986 (26 U.S.C.), as amended, no state officer or employee or user of a capital project, pollution control facility, or any other property financed or refinanced, directly or indirectly, with the proceeds of such bonds or notes, including, but not limited to, borrowers under a program loan agreement, shall authorize or allow any change, amendment, or modification to a project or program financed or refinanced, directly or indirectly, with the proceeds of such bonds or notes which change, amendment, or modification would affect the tax-exempt status of such bonds or notes unless the change, amendment, or modification receives the prior approval of the office of state and local finance in the office of the comptroller of the treasury and the authority. Failure to receive such approval shall render any change, amendment, or modification null and void.