By authorizing the issuance of bonds, hedging agreements and ancillary agreements which are not a liability of the state, payable other than from user fee revenues and other moneys on deposit in the state user fee fund, the general assembly intends that such authorizations shall constitute:

(1) A direct and continuing appropriation to the state funding board of the user fee revenues and other moneys on deposit in the state user fee fund from time to time and to the state funding board a sum sufficient from the state user fee fund to satisfy obligations under the bonds and the resolutions or indentures authorizing the bonds, under hedging agreements, and under ancillary agreements; and
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 54-3-110

  • Ancillary agreements: means contracts or agreements facilitating the issuance and sale of bonds, including contracts or agreements providing for liquidity and credit enhancement and reimbursement agreements relating to the contracts or agreements providing for liquidity and credit enhancement. See Tennessee Code 54-3-103
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • board: means the board established in this chapter. See Tennessee Code 54-3-103
  • Bonds: means bonds, notes, renewal notes, refunding bonds, interim certificates, certificates of indebtedness, debentures, warrants, commercial paper, or other obligations or other evidence of indebtedness or evidence of borrowed money issued or entered into by or on behalf of the department to finance user fee facility projects. See Tennessee Code 54-3-103
  • fund: means each separate fund established in this chapter, or all such funds, as the context may require, and includes accounts and subaccounts in the fund or funds. See Tennessee Code 54-3-103
  • Hedging agreements: means interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings, or both, and other interest rate hedging agreements relating to bonds. See Tennessee Code 54-3-103
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • State funding board: means the state funding board established in §. See Tennessee Code 54-3-103
  • User fee: means a fee or charge for the use of a user fee facility. See Tennessee Code 54-3-103
(2) The authority to expend those funds in accordance with this chapter, subject to any resolutions or indentures authorizing bonds.
  Previous section
Next section  
 Chapter 3 Contents