(a) If any general obligation refunding bonds are to be sold pursuant to a commitment of a state or federal agency to purchase the same, such bonds may be sold at a private negotiated sale to the state or federal agency without the necessity of any public advertisement of the sale or of the approval of the comptroller of the treasury or the comptroller’s designee.

Terms Used In Tennessee Code 9-21-911

  • 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
  • Federal agency: includes the United States, the president of the United States, or any agency, instrumentality or corporation of the United States, which has heretofore been or may hereafter be designated, created or authorized by or pursuant to any act or acts or joint resolutions of the congress of the United States, to make loans or grants, or which may be owned or controlled, directly or indirectly, by the United States. 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
  • State: means the state of Tennessee. See Tennessee Code 9-21-105
(b) Any general obligation refunding bonds that are issued pursuant to subsection (a) are not subject to the requirements of§ 9-21-903 if:

(1) The general obligation refunding bonds will repay a public building authority loan authorized in title 12, chapter 10 ; and
(2) The public building authority loan that the general obligation refunding bonds will repay was used as interim financing for the general obligation refunding bonds.
(c) When a public building authority loan is used as interim financing for a general obligation refunding bond issued pursuant to subsection (a), the general obligation refunding bond resolution required by§ 9-21-901 must be adopted prior to or simultaneously with the resolution authorizing the public building authority loan.
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