Establishes the Tennessee transportation financing authority to finance transportation projects.

The bill creates the Tennessee transportation financing authority to provide financing and refinancing for transportation projects. The authority can issue bonds, accept federal and state funds, and enter into contracts. Bonds are exempt from state and local taxes except for inheritance, transfer, and estate taxes. The authority can pledge revenues to secure bonds but bonds do not constitute a debt or obligation of the state. The authority is exempt from taxation as it performs a public function. The authority's remaining assets after dissolution inure to the benefit of the state.

Establishes the Tennessee transportation financing authority to finance transportation projects.

The bill creates the Tennessee transportation financing authority to provide financing and refinancing for transportation projects. The authority can issue bonds, accept federal and state funds, and enter into contracts. Bonds are exempt from state and local taxes except for inheritance, transfer, and estate taxes. The authority can pledge revenues to secure bonds but bonds do not constitute a debt or obligation of the state. The authority is exempt from taxation as it performs a public function. The authority's remaining assets after dissolution inure to the benefit of the state.