§ 4-31-410. Tax Levy to Meet Payments
In the event the funds pledged shall be insufficient to meet the payments as established by the authority for its loan, the local government unit shall levy a tax on property sufficient to make such payments, which shall be in addition to all other taxes authorized or limited by law.
§ 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, […]
§ 4-31-408. Preparation and Approval of Agreements — Approval of Funding — Payments Subject to Audit
The authority shall prepare, and the attorney general and reporter shall approve, a form of loan agreement to be used to evidence loans made to local government units pursuant to this part. All loan agreements entered into pursuant to this part shall be subject to approval by the commissioner of finance and administration as to […]
§ 4-31-409. Allocation of Funds — Criteria
In allocating loan funds to local government units, the authority shall give consideration to, and apply, the following standards and criteria: The need and desirability for capital projects; and The ability of the local government unit to secure borrowed money from other sources and costs thereof.
§ 4-31-401. Short Title
This part shall be known and may be cited as the “Tennessee Local Development Authority Capital Projects Loan Act of 1990.”
§ 4-31-402. Legislative Intent
The general assembly finds and declares that: Financing costs incurred by local governments in connection with capital projects are a significant factor in the ability of the local governments to meet the needs of their communities; and To the extent that financing of capital projects can be accomplished less expensively through the pooling together of […]