Tennessee Code 68-205-116 – Consent of state or local government prior to approval of financing on leasehold – Approval of change to leasehold
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Terms Used In Tennessee Code 68-205-116
- Financing: means financing and refinancing for qualified projects under this chapter. See Tennessee Code 68-205-102
- Financing agreement: means the contract under which a property owner agrees to repay a capital provider for the C-PACER financing, including, but not limited to, details of finance charges, fees, debt servicing, accrual of interest and penalties, and terms relating to treatment of prepayment and partial payment, billing, collection, and enforcement of the C-PACER financing. See Tennessee Code 68-205-102
- Local government: means a county, metropolitan government, municipality, or other political subdivision of this state. See Tennessee Code 68-205-102
- 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
Notwithstanding this chapter to the contrary, prior to approval of financing on a leasehold owned by this state or a local government, but leased to a privately owned entity as described in § 68-205-102(2)(C), the consent of this state or the local government must be obtained. A change to the leasehold must be approved by this state or the local government, as applicable. This state or a local government must be held harmless if the privately owned entity to which the leasehold is leased defaults on a financing agreement for a leasehold changed in accordance with this section.