§ 4-31-511. Failure to Make Payments — Withholding of State-Shared Revenues Authorized
In the event any county having entered into a loan agreement shall fail 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 county. In the event the county […]
§ 4-31-512. Authority to Establish Rural Fire Protection Equipment Fund — Disposition of Funds
The authority is hereby authorized to establish in the state treasury a separate special trust fund of the authority for each separate issue of bonds or notes that is similarly secured, to be known as the “rural fire protection equipment fund,” and to bear such additional designation as the authority deems appropriate to properly identify […]
§ 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 […]