Bill
Bill > SB1430
TN SB1430
TN SB1430AN 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
02/14/2025
02/14/2025
In Committee
Crossed Over
Passed
05/27/2025
05/27/2025
Dead
Signed/Enacted/Adopted
05/27/2025
05/27/2025
Introduced Session
114th General Assembly
Bill Summary
As enacted, authorizes the state to issue and sell bonds.
AI Summary
This bill authorizes the state of Tennessee to issue up to $1,034,547,000 in general obligation bonds, with an additional 2.5% allowed for issuance costs and discounts. The bonds will be divided among three main departments: the Department of Finance and Administration will receive $820,547,000 for acquiring equipment, constructing buildings, and making improvements to existing structures, including grants to local governments; $134,000,000 for state office buildings and support facilities; and the Department of Transportation will receive $80,000,000 for highway construction, equipment acquisition, and bridge repair. The bonds must be issued within 20 years, with interest rates not exceeding the legal limit, and are exempt from state and local taxes except for inheritance, transfer, and estate taxes. The full faith and credit of Tennessee are pledged to repay these bonds, and no bonds will be issued until the state has appropriated funds to cover the first year's principal and interest payments. The bill also allows for the issuance of bond anticipation notes and includes provisions ensuring civil rights compliance and severability of the act's provisions.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Comp. became Pub. Ch. 528 (on 05/27/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB1430&ga=114 |
| BillText | https://publications.tnsosfiles.com/acts/114/pub/pc0528.pdf |
| Amendment 1-0 to SB1430 | https://www.capitol.tn.gov/Bills/114/Amend/SA0424.pdf |
| Fiscal Memo for SA0424 (6615) | https://www.capitol.tn.gov/Bills/114/Fiscal/FM1241.pdf |
| Fiscal Note - SB1430 | https://www.capitol.tn.gov/Bills/114/Fiscal/SB1430.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/SB1430.pdf |
Loading...