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30,219 statutes · page 1,496 of 1,511
United States — Tennessee
1 provisions
Revenue bond holders cannot look to a local government’s general funds, full faith and credit, or taxing power for payment; repayment is limited to pledged revenues.
United States — Tennessee
1 provisions
Bondholders or their trustee may use lawsuits and other legal proceedings to enforce their rights against the local government and related officials, subject to any contract limits.
United States — Tennessee
1 provisions
If a local government defaults on revenue bond payments or related obligations, bondholders or a trustee may seek a receiver for the public works project, and the court must appoint one if holders of 25% of the outstanding principal apply.
United States — Tennessee
1 provisions
The receiver must act under the appointing court’s supervision and follow its orders; the court may also remove the receiver.
United States — Tennessee
1 provisions
A receiver must take possession of the public works project and manage, maintain, repair, fund, and account for its revenues, with court approval required for charges and court direction for revenue use.
United States — Tennessee
1 provisions
A receiver may not sell, assign, mortgage, or otherwise dispose of assets belonging to the local government or its instrumentality and used for the public works project.
United States — Tennessee
1 provisions
The court may order the receiver to give the public works project back to the local government after debts are paid and defaults are cured. If there is another default later, revenue bond holders have the same right to seek appointment of a receiver.
United States — Tennessee
1 provisions
Bondholders and trustees can use remedies cumulatively, and waiver or delay does not give up later rights.
United States — Tennessee
1 provisions
This section says the rules in this part and part 1 of the chapter apply to local-government authorization and issuance of debt under the chapter.
United States — Tennessee
1 provisions
Local governments must follow additional statutory requirements before issuing certain notes to finance industrial parks or business parks, and larger local governments are exempt from needing a certificate of public purpose and necessity.
United States — Tennessee
1 provisions
Local governments with debt must have budgets approved by the comptroller of the treasury or the comptroller’s designee, and municipalities may get biennial budget approval in limited cases.
United States — Tennessee
1 provisions
If a local government does not submit a proper budget on time, the comptroller of the treasury or the comptroller's designee must publish a notice in a newspaper for two straight weeks.
United States — Tennessee
1 provisions
This provision defines “period” for this part and parts 5-8 of the chapter as any number of time portions so long as their total does not exceed the length of the period.
United States — Tennessee
1 provisions
If an obligation is nonconforming, the comptroller must start a notice-and-response process, and a local government must respond in writing within 10 business days.
United States — Tennessee
1 provisions
Noteholders may sue to enforce their rights and stop unlawful acts, but noteholders paid only from public works revenues cannot force tax levies to pay the notes.
United States — Tennessee
1 provisions
Local governments may make interfund loans, but only under specified procedures. Funds from the sale of a private act hospital may be used for interfund loans under § 9-21-604(b), and cannot be spent for a purpose contrary to law or a court order.
United States — Tennessee
1 provisions
The local government’s governing body may, by resolution, issue and sell interest-bearing bond anticipation notes for the allowed bond purposes.
United States — Tennessee
1 provisions
Bond anticipation notes must be sold for at least 99% of par value plus accrued interest, subject to directions from the local government's governing body.
United States — Tennessee
1 provisions
Bond anticipation notes may be sold by competitive public sale or private negotiated sale, as directed by the local government’s governing body.
United States — Tennessee
1 provisions
A local government may secure bond anticipation notes with certain revenues and may levy a special tax to create a sinking fund to retire the notes with interest.