Tennessee Code 9-21-606 – Refunding of capital outlay notes with general obligation refunding bonds or public building authority loans
Terms Used In Tennessee Code 9-21-606
- 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
- Notes: means notes or interim certificates issued pending preparation or delivery of definitive notes of a local government issued pursuant to this chapter. 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.
- 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
Capital outlay notes may be refunded with general obligation refunding bonds as provided in part 9 of this chapter or with public building authority loans as provided in title 12, chapter 10; provided, however, that if the final maturity of the refunding bonds or public building authority loans exceeds the final maturity of the capital outlay notes being refunded, then an initial resolution authorizing general obligation refunding bonds or public building authority loans must be adopted in conformance with § 9-21-205 or § 12-10-116, and must conform to § 9-21-206, requiring publication of the resolution and the notice required by that section, as applicable. Sections 9-21-207 and 9-21-209 – 9-21-212, governing election requirements and procedures, and § 9-21-215, governing the adoption of a tax resolution by the governing body of the local government, also apply.