§ 54-6-114 — Federal, state, or local assistance-Grants, milestone payments, or loans

Tennessee § 54-6-114

• Jurisdiction: Tennessee
• Title: 54

Text

(a) The responsible public entity may take any action to obtain federal, state, or local assistance for a qualifying transportation facility that serves the public purpose of this chapter and may enter into any contracts required to receive such federal, state, or local assistance; provided, that any federal funds available to or received by the state and other state funds for the purposes of this chapter shall be subject to appropriation by the general assembly in accordance with § 54-6-113(a) . The responsible public entity may determine that it serves the public purpose of this chapter for all or any portion of the costs of a qualifying transportation facility to be paid, directly or indirectly, from the proceeds of a grant or loan made by the federal, state, or local government. (b) The responsible public entity may agree to make grants, milestone payments, or loans for the development, redevelopment, or operation of the qualifying transportation facility from amounts received from the federal government or other public entity. Prior to adoption by the responsible public entity of any action authorizing such grants, milestone payments, or loans, the public entity shall submit a plan of financing to the comptroller of the treasury or the comptroller's designee for approval. The comptroller of the treasury or the comptroller's designee may request any additional information as may be required to properly review the proposed plan of financing. The comptroller of the treasury or the comptroller's designee shall evaluate each plan of financing based on the plan's particular circumstances and shall approve the plan only if a determination is made that the repayment structure is in the public's interest.

Legislative History

Added by 2016 Tenn. Acts, ch. 975, s 1, eff. 10/1/2016.