Bill > SB0117

This bill authorizes the state of Tennessee, acting through its funding board, to issue and sell direct general obligation bonds and bond anticipation notes up to $30 million to fund capital outlay and maintenance projects for institutions of higher education. The bill specifies the terms and conditions of the bonds, including the interest rate, maturity, and tax-exempt status. It also allows the funding board to issue additional bonds to cover the costs of discount and issuance. The proceeds from the bond sales must be allocated to the Tennessee Higher Education Commission for the authorized purposes, and the proper authorities can proceed with the projects, subject to the approval of the State Building Commission. The bill also includes provisions related to bond anticipation notes and the severability of its provisions.