Tennessee Code 9-21-905 – Initial resolution and election requirements – When required
Terms Used In Tennessee Code 9-21-905
- 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.
- Obligations: means bonds, notes and any other evidence of indebtedness lawfully issued or assumed by a local government. 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
- 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
- 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
If the general obligation refunding bonds shall be payable from ad valorem taxes without limitation of rate or amount and the outstanding obligations to be refunded are secured solely by the revenues of a public works project, then an initial resolution authorizing general obligation refunding bonds shall be adopted in conformance with § 9-21-205 and shall conform to § 9-21-206 requiring publication of the resolution and the notice therein required. 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, shall also apply. If the refunding bonds will be secured in the same manner as the bonds being refunded, an initial resolution need not be adopted.