Bill > SB1430

This bill authorizes the state of Tennessee to issue and sell bonds and bond anticipation notes totaling up to $1,034,547,000 for various capital projects and infrastructure improvements. * The Department of Finance and Administration will receive $820,547,000 for acquiring equipment and sites, constructing and equipping buildings, and acquiring existing structures for expansion, improvements, and repairs. This also includes funds for grants to local governments and other governmental agencies for approved projects. * The Department of Finance and Administration will also receive $134,000,000 for the state office buildings and support facilities revolving fund, for similar acquisition, construction, and improvement purposes. * The Department of Transportation will receive $80,000,000 for highway construction, acquisition of equipment and sites, construction and equipping of buildings, and repair, replacement, or rehabilitation of bridges. * An additional amount, not exceeding 2.5% of the total authorized bonds, can be issued for discount and costs of issuance, with allocation determined by the funding board. * Bonds mature within 20 years and are direct general obligations of the state, backed by its full faith and credit. * Bond anticipation notes can be issued, with repayment terms that must be retired no later than 25 years from the original note's issue date or 20 years from project completion, whichever is earlier. * No bonds can be issued until the General Assembly appropriates funds for the first year's principal and interest payments. * The bonds may be designated as "college savings bonds."