Tennessee § 9-13-106 Consideration by funding board - Manner of making loan - Repayment - Interest

Tennessee Statutes

§ 9-13-106 — Consideration by funding board - Manner of making loan - Repayment - Interest

Tennessee § 9-13-106

Title9

This text of Tennessee § 9-13-106 (Consideration by funding board - Manner of making loan - Repayment - Interest) 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. § 9-13-106 (2026).

Text

(a)The funding board shall independently consider any application for loan assistance as herein provided, and, on the concurrence of two-thirds (2/3) of its membership, authorize the board of equalization to lend to a municipality or county an amount not to exceed eighty percent (80%) of the local revenues shown to be lost as a result of such circumstances. Such loans shall be made only upon notes executed by the chief executive officer of the municipality or county showing on their face the concurrence of three-fourths (¾) of the governing body of the municipality or county and evidencing an attested copy of the official minutes showing such concurrence.

(b)The loans shall be repayable with interest at the rate of two percent (2%) in equal installments commencing two (2) years following

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(a) The funding board shall independently consider any application for loan assistance as herein provided, and, on the concurrence of two-thirds (2/3) of its membership, authorize the board of equalization to lend to a municipality or county an amount not to exceed eighty percent (80%) of the local revenues shown to be lost as a result of such circumstances. Such loans shall be made only upon notes executed by the chief executive officer of the municipality or county showing on their face the concurrence of three-fourths (¾) of the governing body of the municipality or county and evidencing an attested copy of the official minutes showing such concurrence. (b) The loans shall be repayable with interest at the rate of two percent (2%) in equal installments commencing two (2) years following the date of the note and extending not more than five (5) years from the day of the first payment.