Tennessee § 54-9-203 Bond resolution, contents

Tennessee Statutes

§ 54-9-203 — Bond resolution, contents

Tennessee § 54-9-203

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This text of Tennessee § 54-9-203 (Bond resolution, contents) 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. § 54-9-203 (2026).

Text

The bond resolution shall contain:

(1)The amount, or maximum amount, of the bonds to be issued;

(2)The purpose of the bond issued being for the construction of county highways, roads or bridges, as certified by the department;

(3)The rate, or maximum rate, of interest that the bonds shall yield; and (4) A concise statement as to the amount or percentage of state aid funds to be irrevocably pledged and whether the taxing power of the county shall be pledged for the payment of bonds, plus interest; but the amount irrevocably pledged from state aid funds, derived from the proceeds of the gasoline tax distributed to the counties, shall not exceed fifty percent (50%) of the state aid funds.

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The bond resolution shall contain: (1) The amount, or maximum amount, of the bonds to be issued; (2) The purpose of the bond issued being for the construction of county highways, roads or bridges, as certified by the department; (3) The rate, or maximum rate, of interest that the bonds shall yield; and (4) A concise statement as to the amount or percentage of state aid funds to be irrevocably pledged and whether the taxing power of the county shall be pledged for the payment of bonds, plus interest; but the amount irrevocably pledged from state aid funds, derived from the proceeds of the gasoline tax distributed to the counties, shall not exceed fifty percent (50%) of the state aid funds.