§ 4-31-403. “Construction” Defined
As used in this part, unless the context otherwise requires, “construction” means the building, reconstruction, creation, replacement, extension, repairing, betterment, improvement, alteration, equipment, extension or acquisition of capital projects, including, but not limited to, the acquisition of land and of rights in land, the engineering, architectural designs, plans, working drawings, specifications, procedures and other action […]
§ 4-31-404. Loans for Capital Projects Authorized for Local Government Units Receiving State-Shared Taxes — Schedule of Payments
In addition to the powers otherwise granted by law, the authority has the power and is authorized to make loans to any local government unit for the construction of capital projects pursuant to a loan program agreement between the local government and the authority. Such loans shall be made from the proceeds of bonds or […]
§ 4-31-405. Administration of Loans
The authority shall administer loans made under this part. In so doing, the authority may adopt rules and regulations necessary for the effective administration of this part, including the promulgation of prerequisites that must be fulfilled by the local government unit in order to be eligible for a loan, procedures to be followed in making […]
§ 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 […]
§ 4-31-407. Further Agreements and Guarantees
The authority has the right to enter into such further agreements with a local government unit and require such further guarantees or securities as it may see fit prior to, or simultaneously with, the issuance of bonds or to refuse to issue bonds until such agreements or securities, in any form that the authority may […]
§ 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 […]
§ 4-31-301. Short Title
This part shall be known and may be cited as the “Industrial Development Loan Program of 1981.”
§ 4-31-302. Program Established
There is hereby established the industrial development loan program, with the purpose of providing loans to small communities in order to finance public facilities that will support industrial development and generate manufacturing jobs in Tennessee.
§ 4-31-303. Participation in Program
Participation in the program shall be limited to: Local governments of less than twenty-five thousand (25,000) population, according to the latest certified census; and County governments if the largest community within the county does not exceed fifty thousand (50,000) population, according to the latest certified census, that have unemployment rates that have exceeded the state […]
§ 4-31-304. Loans — Priority
Loans under this program shall be made only for projects that are designed to stimulate the growth of manufacturing jobs. The first priority for loans shall be projects that are related to an industrial location or expansion. Second priority projects shall be those that create the conditions for future industrial growth. Eligible projects shall be […]