Establishes the Tennessee transportation financing authority to finance transportation projects.

The bill creates the Tennessee transportation financing authority to finance and refinance transportation facilities. The authority can issue bonds, enter into contracts, and receive grants. It can pledge revenues to secure bonds, which are exempt from state and local taxes except for inheritance, transfer, and estate taxes. The authority can also apply for federal credit assistance. The authority's bonds are not a debt or pledge of the state's credit. The authority's remaining assets will inure to the benefit of the state upon dissolution.

Establishes the Tennessee transportation financing authority to finance transportation projects.

The bill creates the Tennessee transportation financing authority to finance and refinance transportation facilities. The authority can issue bonds, enter into contracts, and receive grants. It can pledge revenues to secure bonds, which are exempt from state and local taxes except for inheritance, transfer, and estate taxes. The authority can also apply for federal credit assistance. The authority's bonds are not a debt or pledge of the state's credit. The authority's remaining assets will inure to the benefit of the state upon dissolution.