(a) Prior to the issuance of any revenue bonds pursuant to this part and part 1 of this chapter, the governing body of the local government shall adopt a resolution (herein referred to as the “initial resolution”) determining to issue the revenue bonds.

Terms Used In Tennessee Code 9-21-304

  • Bonds: means bonds or interim certificates issued pending preparation or delivery of definitive bonds of a local government issued pursuant to this chapter. See Tennessee Code 9-21-105
  • Governing body: means the legislative body of any local government of this state or any other authority charged with the governing of the affairs of any local government in this state. See Tennessee Code 9-21-105
  • Local government: means any county, municipality or metropolitan government in this state. See Tennessee Code 9-21-105
  • Public works project: includes any one (1) or any combination of the following: acquisitions of land for the purpose of providing or preserving open land. See Tennessee Code 9-21-105
  • Revenues: means all fees, rents, tolls, rates, rentals, interest earnings, or other charges received or receivable by the local government from any public works project or enterprise then existing or thereafter to be constructed, including any revenues derived or to be derived by a local government from a lease, agreement or contract with any other local government, local government instrumentality, the state, or a state or federal agency for the use of or in connection with a public works project or enterprise, or all other charges to be levied and collected in connection with and all other income and receipts of whatever kind or character derived by the local government from the operation of any public works project or enterprise or arising from any public works project or enterprise. See Tennessee Code 9-21-105
  • State: means the state of Tennessee. See Tennessee Code 9-21-105
(b) The initial resolution shall state in substance:

(1) The amount or maximum amount of revenue bonds to be issued;
(2) The public works project or projects for which the revenue bonds are to be issued, but if the bonds are to be issued for more than one (1) project, the initial resolution need not state the amount which will be used for each project;
(3) The rate or maximum rate of interest which the revenue bonds are to bear; and
(4) A brief concise statement that the revenue bonds will be payable exclusively from revenues of the public works project or projects.
(c) The initial resolution shall be published in full once in a newspaper of general circulation in the local government.
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