Tennessee § 9-21-911 Sale of general obligation refunding bonds to a state or federal agency

Tennessee Statutes

§ 9-21-911 — Sale of general obligation refunding bonds to a state or federal agency

(a)If any general obligation refunding bonds are to be sold pursuant to a commitment of a state or federal agency to purchase the same, such bonds may be sold at a private negotiated sale to the state or federal agency without the necessity of any public advertisement of the sale or of the approval of the comptroller of the treasury or the comptroller's designee.

(b)Any general obligation refunding bonds that are issued pursuant to subsection (a) are not subject to the requirements of § 9-21-903 if:

(1)The general obligation refunding bonds will repay a public building authority loan authorized in title 12, chapter 10; and (2) The public building authority loan that the general obligation refunding bonds will repay was used as interim financing for the general obligation refunding bonds

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(a) If any general obligation refunding bonds are to be sold pursuant to a commitment of a state or federal agency to purchase the same, such bonds may be sold at a private negotiated sale to the state or federal agency without the necessity of any public advertisement of the sale or of the approval of the comptroller of the treasury or the comptroller's designee. (b) Any general obligation refunding bonds that are issued pursuant to subsection (a) are not subject to the requirements of § 9-21-903 if: (1) The general obligation refunding bonds will repay a public building authority loan authorized in title 12, chapter 10; and (2) The public building authority loan that the general obligation refunding bonds will repay was used as interim financing for the general obligation refunding bonds. (c) When a public building authority loan is used as interim financing for a general obligation refunding bond issued pursuant to subsection (a), the general obligation refunding bond resolution required by § 9-21-901 must be adopted prior to or simultaneously with the resolution authorizing the public building authority loan.

Tennessee § 9-21-911 (Sale of general obligation refunding bonds to a state or federal agency) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.