(a)

Terms Used In Tennessee Code 4-31-505

  • Authority: means the Tennessee local development authority. See Tennessee Code 4-31-503
  • Department: means the department of environment and conservation, or, if the department shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the department shall be given by law. See Tennessee Code 4-31-102
  • Equipment: includes , but is not limited to:
    (A) For firefighters, uniforms, fire engines and other vehicles, ladders, hooks, hoses, and all other equipment necessary for containing and extinguishing fires. See Tennessee Code 4-31-503
  • Loan agreement: means a contractual relationship by and between a county and the authority pursuant to and in accordance with this part. See Tennessee Code 4-31-503
  • State: means the state of Tennessee. See Tennessee Code 4-31-102
(1) The authority shall administer loans made under this part.
(2) In so doing, the authority may adopt rules and regulations necessary for the effective administration of this part, including the promulgation of prerequisites that must be fulfilled by the county in order to be eligible for a loan, procedures to be followed in making loan applications to the authority, procedures to be followed in the disbursement of loan funds, and procedures for enforcing agreements entered into by a county with the authority.
(b) A county entering into a loan agreement with the authority must state in the loan application, in addition to those requirements established by the authority pursuant to rules, that the purchase of the equipment for firefighters is reasonably calculated to result in a reduction of fire insurance premium rates for businesses and residents within the unincorporated area of the county served by the county or volunteer fire department.
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