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TN HB1407
Bill
Status
5/27/2025
Primary Sponsor
William Lamberth
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AI Summary
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Authorizes Tennessee to issue up to $1,034,547,000 in general obligation bonds, plus an additional 2.5% for discount and issuance costs
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Allocates $820,547,000 to the Department of Finance and Administration for equipment acquisition, construction, building improvements, and grants to local governments approved by the State Building Commission
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Allocates $134,000,000 to the state office buildings and support facilities revolving fund for construction and building improvements
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Allocates $80,000,000 to the Department of Transportation for highway construction and bridge repair, replacement, or rehabilitation
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Bonds must mature within 20 years of issuance, are exempt from state and local taxation (except inheritance/estate taxes), and require General Assembly appropriation of first-year principal and interest before issuance
Legislative Description
AN ACT to authorize the state of Tennessee, acting by resolutions of its funding board, to issue and sell its bonds and bond anticipation notes to provide for acquisition of equipment and sites, and erection, construction, and equipment of sites and buildings, expressly including the acquisition of existing structures for expansion, improvements, betterments, and extraordinary repairs to existing structures, for construction of highways, and repair, replacement, or rehabilitation of bridges, and for grants to any county, metropolitan government, incorporated town, city, special district of the state, or any governmental agency or instrumentality of any of them; to make grants to industrial development corporations to provide for acquisition of equipment and acquisition, site preparation, erection, construction, and equipment of sites and buildings; and infrastructure improvements and development; to issue its debt in excess of the authorized amount to fund discount and costs of issuance; and to provide for the expenditure of said funds. This act makes appropriations for an indefinite period of time for the purpose of allocating the proceeds of the bonds and notes authorized by this act.
Bond Issues
Last Action
Effective date(s) 05/21/2025
5/27/2025