(a) For the purposes of this part, the following definitions shall apply:
Terms Used In Tennessee Code 4-31-1101
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Authority: means the Tennessee local development authority, a public agency and instrumentality of the state, created by this chapter, or if such authority shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the authority shall be given by law. See Tennessee Code 4-31-102
Department: means the department of environment and conservation, or, if the department shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the department shall be given by law. See Tennessee Code 4-31-102
(1) “Authority”, “construction”, and “education project” as defined in § 4-31-1003;(2) “Available local capital outlay funds” means, with respect to any LGU or LEA, the state share of the capital outlay portion of the nonclassroom component of the BEP funding as set forth in the formula model established or revised by the state board of education, or any replacement funding, approved by the general assembly from time to time, that the LGU or LEA is entitled to receive;(3) [Deleted by 2022 amendment.](4) “Education debt” means debt issued, together with any debt issued to renew or refund the debt, by any LGU to finance the construction of education projects subject to an agreement entered into pursuant to this part;(5) “Enhancement program” means the program established pursuant to this part;(6) “Local education agency” or “LEA” has the same meaning as defined in § 49-3-104;(7) “Local government unit” (LGU), as defined in § 4-31-102; and(8) “Tennessee investment in student achievement formula” or “TISA” has the same meaning as defined in § 49-3-104.(b) Only LGUs funding the local share of the TISA for an LEA shall be eligible to participate in the program under this part.(c) The authority, in conjunction with the department of education, is empowered and is authorized to develop an enhancement program under which legally available state funds and available local capital outlay funds assigned or pledged by the LGU or LEA may be applied to one (1) or more of the following purposes for education debt issued by LGUs:
(1) To pay the debt service on or to provide for the payment of debt service on such debt; or(2) To provide reserves for such debt.(d) The department of education, in conjunction with the authority, shall develop an application and review procedure for requests under this enhancement program. The department of education shall review each proposed education project and shall make recommendations to the authority as to the applications. The department shall monitor education projects during the term of the agreements required by § 4-31-1102.
