§ 68-221-512. Tax Levy to Meet Payments
In the event the revenues of a waterworks project are insufficient to meet the payments as established by the authority, any county, metropolitan government, incorporated town or city may levy a tax on property sufficient to make such payments, which shall be in addition to all other taxes authorized or limited by law.
§ 68-221-513. Failure of Municipality to Comply With Payment Schedule — Withholding of State Funds — Rate Increases
In the event any municipality, having entered into a loan agreement, shall fail to remit funds in accordance with the amortization schedule established by the authority, the commissioner of finance and administration shall deliver by certified mail a written notice of such failure to the municipality within five (5) days of the failure. In the […]
§ 68-221-504. Rules and Regulations
The department may adopt rules and regulations necessary for the effective administration of this part, including, but not limited to, the submission of plans, the procedures to be followed in applying for loans, and for enforcing agreements entered into by municipalities with the department with respect to such loans. Such rules and regulations shall require […]
§ 68-221-505. Appropriation of Funds
There are authorized to be appropriated to the department such funds as the general assembly may appropriate to enable the department to carry out its functions under this part.
§ 68-221-506. Loan Agreements With Municipalities — Provisions of Agreement
The state may enter into agreements with municipalities, and any municipality may enter into an agreement with the state for loans herein provided, subject, however, to any existing contractual obligations of the municipality. Any loan agreement may include such provisions as may be agreed upon by the parties thereto, and shall include, in substance, the […]
§ 68-221-507. Additional Agreements or Securities Required for Issuance of Bonds
The authority has the right to enter into such further agreements with a municipality 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 such bonds until such agreements or securities, in any form which the authority may elect, […]
§ 68-221-501. Short Title
This part shall be known and may be cited as the “Waterworks Construction Loan Act of 1974.”
§ 68-221-502. Part Definitions
As used in this part, unless the context otherwise requires: “Authority” means the Tennessee local development authority, a public agency, created by title 4, chapter 31, or its successor; “Construction” means the erection, building, acquisition, alteration, reconstruction, improvement or extension of waterworks, preliminary planning to determine the economic and engineering feasibility of waterworks, the engineering, […]
§ 68-221-503. Authorization for Loans to Municipalities for Waterworks — Funding — Conditions of Approval and Repayment — Loan Eligibility of Municipalities Not Receiving State-Shared Taxes
The state is authorized to make loans to any municipality for the construction of waterworks. Such loans shall be made from the proceeds of bonds or notes issued by the authority for the purpose of making such loans. The authority shall establish the repayment schedule for the repayment of the loan, and the loan agreement, […]