(a) Prior to the adoption by the governing body of the resolution authorizing the issuance of revenue refunding bonds, a plan of refunding shall be submitted for review to the comptroller of the treasury or the comptroller’s designee, who shall immediately acknowledge receipt in writing of the proposed plan of refunding. If the sole purpose of the plan of refunding is to provide cost savings to the public, a computation of projected cost savings shall also be submitted to the comptroller of the treasury or the comptroller’s designee as a part of the plan of refunding. The comptroller of the treasury or the comptroller’s designee may report thereon to the governing body within fifteen (15) days after receipt of the plan. After receiving a report of the comptroller of the treasury or the comptroller’s designee on the plan of refunding or after the expiration of fifteen (15) days from the date the plan of refunding is received by the comptroller of the treasury or the comptroller’s designee, whichever date is earlier, the governing body may take such action with reference to the proposed plan of refunding as it deems advisable.

Terms Used In Tennessee Code 9-21-1003

  • 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
  • Refunding bonds: means bonds issued to refund all or any part of bonds, notes or other obligations, except notes issued in anticipation of bonds, heretofore or hereafter issued or lawfully assumed by a local government pursuant to this chapter, or any other provision of this code or any other general or special law. See Tennessee Code 9-21-105
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
  • State: means the state of Tennessee. See Tennessee Code 9-21-105
(b) If the sole purpose of the plan of refunding is to provide cost savings to the public and if the state funding board has established guidelines with respect to such cost savings, the comptroller of the treasury or the comptroller’s designee shall determine whether the plan of refunding substantially complies with the guidelines, and shall so state in the report on the plan of refunding. After receiving a report of the comptroller of the treasury or the comptroller’s designee stating that the plan of refunding complies substantially with such guidelines or after the expiration of fifteen (15) days from the date the plan of refunding is received by the comptroller of the treasury or the comptroller’s designee, whichever date is earlier, the governing body may take such action with reference to the proposed plan of refunding as it deems advisable.
(c) If a report of the comptroller of the treasury or the comptroller’s designee states that the plan of refunding does not substantially comply with the guidelines, if any, a notice in substantially the following form shall be published prior to the sale of such bonds once in a newspaper having general circulation in the local government:

NOTICE

The following report has been received from the comptroller of the treasury or the comptroller’s designee:

(full text of report)

Unless within ten (10) days from the date of publication hereof, a petition signed by at least ten percent (10%) of the registered voters shall have been filed with the (official charged with maintaining the records of the issuer) protesting the issuance of the revenue refunding bonds, such revenue refunding bonds may be issued as the governing body deems advisable.

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