Notwithstanding any other law to the contrary, the legislative body of any local government is hereby authorized to issue notes which may mature beyond the close of the fiscal year in which such notes are issued, when such notes either:

(1) Are approved by the comptroller of the treasury or the comptroller’s designee and guaranteed by the state funding board; or
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Terms Used In Tennessee Code 9-13-206

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Local government: means any incorporated city or town, metropolitan government, or county, including enterprise funds of such government entity, or utility district for purposes of §. See Tennessee Code 9-13-203
  • 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
(2) Approved by the comptroller of the treasury or the comptroller’s designee in the case of economic distress due to natural disaster certified by the federal emergency management agency (FEMA).
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