Tennessee Code 9-21-1007 – Limitation on maturity of bonds to be refunded
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Terms Used In Tennessee Code 9-21-1007
- Bonds: means bonds or interim certificates issued pending preparation or delivery of definitive bonds of a local government issued pursuant to this chapter. See Tennessee Code 9-21-105
- Obligations: means bonds, notes and any other evidence of indebtedness lawfully issued or assumed by a local government. See Tennessee Code 9-21-105
- Refunding bonds: means bonds issued to refund all or any part of bonds, notes or other obligations, except notes issued in anticipation of bonds, heretofore or hereafter issued or lawfully assumed by a local government pursuant to this chapter, or any other provision of this code or any other general or special law. See Tennessee Code 9-21-105
Unless the outstanding obligations are retired at the time of delivery of the revenue refunding bonds, then the revenue refunding bonds shall not be issued to refund the outstanding obligations unless the outstanding obligations shall mature by their terms or shall be subject to redemption and be called for redemption within ten (10) years from the date of delivery of the revenue refunding bonds. However, this time limitation shall not apply if the comptroller of the treasury or the comptroller’s designee approves a greater period in the comptroller of the treasury’s or the comptroller’s designee’s report on the proposed refunding plan.