114th General Assembly

HB1407

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.

Tennessee HB1407 authorizes the state to issue bonds and notes for infrastructure projects and grants.

Tennessee HB1407 allows the state to issue bonds and bond anticipation notes for infrastructure projects, including highways, bridges, and building improvements. The act allocates funds to various departments for specific purposes, such as the Department of Transportation for highways and the Department of Finance and Administration for state office buildings. The act also authorizes grants to counties, cities, and other governmental entities for infrastructure improvements. The bonds and notes are exempt from state and local taxes, except for inheritance, transfer, and estate taxes.

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HB1407

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HB1407

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