§ 4-31-411. Failure to Make Payments — Withholding of Shared Revenues Authorized
In the event any local government unit having entered into a loan agreement fails to remit funds in accordance with the annual repayment schedule established by the authority, the commissioner, within five (5) days of such failure, shall deliver by certified mail a written notice of such failure to the local government unit. In the […]
§ 4-31-412. Enforcing of Agreement by Court Action
The authority has the right, in addition to all other rights, by mandamus or other suit, action or proceeding in any court of competent jurisdiction, to require the local government unit and the governing body and any proper officer, agent or employee of the local government unit to carry out any agreements and to perform […]
§ 4-31-413. Debt Limit Not Applicable
Local government units may enter into loan agreements under this part notwithstanding and without regard to any limit on indebtedness provided by law.
§ 4-31-414. Actions of Governing Body by Resolution
All action required or authorized to be taken under this part by the governing body of any local government unit may be by resolution, which resolution may be adopted at the meeting of the governing body at which such resolution is introduced, and shall take effect immediately upon its adoption.
§ 4-31-415. Provisions Supplemental
This part shall be in addition and supplemental to any other law providing for the financing of capital projects by local government units and shall not be deemed to amend or repeal any other law. No proceedings by a local government unit shall be required for loan agreements hereunder, except as provided by this part, […]
§ 4-31-501. Short Title
This part shall be known and may be cited as the “Tennessee Local Development Authority Rural Fire Protection Equipment Act of 1986.”
§ 4-31-502. Intent
It is in the interest and welfare of the people of Tennessee that the Tennessee local development authority be empowered to issue its revenue bonds, and to make the proceeds available for loans to counties for the purchase of equipment for the use of county or volunteer fire departments serving unincorporated areas of the county, […]
§ 4-31-503. Part Definitions
As used in this part, unless the context otherwise requires: “Equipment” means fire engines, ladders, hooks, hoses and all other equipment necessary for the containing and extinguishing of fires; and “Loan agreement” means a contractual arrangement by and between a county and the authority pursuant to and in accordance with this part.
§ 4-31-504. Loans for the Purchase of Equipment for the Use of County or Volunteer Fire Departments by Counties Receiving State-Shared Taxes — Schedule of Payments
For the purpose of providing moneys to fund loans authorized by this part, the authority, in addition to the powers otherwise created by law, has the power and is hereby authorized to issue from time to time negotiable bonds and notes of the authority in an amount not to exceed ten million dollars ($10,000,000) in […]
§ 4-31-406. Loan Agreements
Subject to § 4-31-405 and subject to any existing contractual obligations of the local government, the authority may enter into loan agreements with any local government unit and any local government unit may enter into loan agreements with the authority for loans for capital projects described in this part. Any loan agreement may include such […]