State Codes and Statutes
Statutes > Tennessee > Title-9 > Chapter-21 > Part-6 > 9-21-6049-21-604. Three-year capital outlay notes subject to periodic renewals.
Capital outlay notes issued pursuant to this section may be issued for a period not to exceed the end of the third fiscal year following the fiscal year in which the notes were issued; provided, that, with the approval of the state director of local finance, the maturity date of such notes may be extended or renewed for not more than two (2) additional periods not exceeding three (3) years each. Each fiscal year that any such original or such extension or renewal notes are outstanding following the fiscal year in which notes are issued, the local government shall retire a portion thereof equal to not less than one ninth (1/9) of the original principal amount of the notes. The resolution authorizing any such issue of notes shall provide for the principal of the notes to be payable annually, either by maturity or by mandatory redemption. The resolution authorizing such notes may provide that the notes shall be subject to redemption prior to maturity at the option of the local government. The state director of local finance, in approving any such notes, may waive the requirement of periodic retirement.
[Acts 1986, ch. 770, § 6-4; 1987, ch. 77, § 8; 1993, ch. 514, §§ 3, 4; 1994, ch. 806, § 4; 2005, ch. 393, § 4.]
