Terms Used In Tennessee Code 49-3-1209

  • Authority: means the Tennessee state school bond authority created by §. See Tennessee Code 49-3-1202
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105

The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the authority, in consideration of the acceptance of and payment for the notes and bonds, that the notes and bonds of the authority, issued pursuant to this part, and the income from the notes and bonds, and all its fees, charges, gifts, grants, revenues, receipts and other moneys received or to be received, pledged to pay or secure the payment of the notes or bonds, shall at all times be free from taxation by the state or any county, municipality or political subdivision of the state, except for estate and gift taxes and taxes on transfers.