(a)

Terms Used In Tennessee Code 9-21-201

  • 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
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Taxable property: means all property subject to ad valorem taxation within the local government, or any portion of the local government, if applicable. See Tennessee Code 9-21-105
(1) Any local government is authorized to issue general obligation bonds under this part and part 1 of this chapter for a public works project.
(2) “General obligation bonds” mean those bonds in which the local government incurs a definite and absolute obligation by pledging the full faith, credit and unlimited taxing power of the local government as to all taxable property in the local government or of a portion of the local government, if applicable, to the payment of the principal of and interest on such bonds.
(b) The bonds may be sold in such blocks as the governing body may by resolution determine.
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