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Bill > HB1700
TN HB1700
TN HB1700AN 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
summary
Introduced
01/11/2022
01/11/2022
In Committee
01/13/2022
01/13/2022
Crossed Over
Passed
Dead
04/28/2022
04/28/2022
Introduced Session
112th General Assembly
Bill Summary
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; and to provide for the expenditure of said funds; 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.
AI Summary
This bill authorizes the state of Tennessee, acting through its funding board, to issue and sell general obligation bonds and bond anticipation notes to provide funding for capital outlay and maintenance projects at institutions of higher education. The bill allows for up to $30 million in bonds to be issued, with an additional 2.5% of that amount to be used for funding discounts and issuance costs. The bonds will be repaid using the state's full faith and credit and taxing power. The proceeds of the bonds must be allocated to the Tennessee Higher Education Commission for the specified purposes, and the proper authorities are given the authority to carry out the approved projects. The bill also allows for the issuance of bond anticipation notes in anticipation of the bonds, and includes provisions for the severability of the act and its effective date.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Assigned to s/c Finance, Ways, and Means Subcommittee (on 01/18/2022)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1700&ga=112 | 01/12/2022 |
| Fiscal Note - HB1700 | https://www.capitol.tn.gov/Bills/112/Fiscal/HB1700.pdf | 01/22/2022 |
| BillText | https://www.capitol.tn.gov/Bills/112/Bill/HB1700.pdf | 01/12/2022 |
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