(a) When a local government is granted a loan guarantee, any costs as determined and approved by the state funding board which are associated with providing the loan guarantee or technical assistance, including, but not limited to, the services of the comptroller of the treasury or the comptroller’s designee and other personnel, shall be borne by such local government; provided, that such costs shall not exceed five percent (5%) of the amount of the loan guarantee.

Terms Used In Tennessee Code 9-13-209

  • Loan guarantee: means the guarantee by the state, acting through the state funding board under this part, of a loan to a local government from a lender other than the state. See Tennessee Code 9-13-203
  • Local government: means any incorporated city or town, metropolitan government, or county, including enterprise funds of such government entity, or utility district for purposes of §. See Tennessee Code 9-13-203
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) The comptroller of the treasury shall provide any staff necessary to administer this part; provided, that, whenever possible and feasible, the comptroller of the treasury or the comptroller’s designee will utilize employees of such local government, county technical assistance service, or municipal technical advisory service to assist in the administrative tasks.
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