Unless the outstanding obligations are retired at the time of delivery of the revenue refunding bonds, then the revenue refunding bonds shall not be issued to refund the outstanding obligations unless the outstanding obligations shall mature by their terms or shall be subject to redemption and be called for redemption within ten (10) years from the date of delivery of the revenue refunding bonds. However, this time limitation shall not apply if the comptroller of the treasury or the comptroller's designee approves a greater period in the comptroller of the treasury's or the comptroller's designee's report on the proposed refunding plan.
Structure 2021 Tennessee Code
Chapter 21 - Local Government Public Obligations Act of 1986
Part 10 - Revenue Refunding Bonds
§ 9-21-1002. Determination by Governing Body to Be Conclusive
§ 9-21-1004. Maximum Amount of Principal for Which Revenue Refunding Bonds May Be Issued
§ 9-21-1005. Sale of Revenue Refunding Bonds at Below Par Value
§ 9-21-1007. Limitation on Maturity of Bonds to Be Refunded
§ 9-21-1009. Installment Sales or Exchanges
§ 9-21-1010. Notice of Refunding
§ 9-21-1011. Notice of Redemption
§ 9-21-1013. Powers to Secure and to Covenant as to Revenue Refunding Bonds
§ 9-21-1014. Revenue Refunding Bonds of the Same Issue Shall Be Equally and Ratably Secured
§ 9-21-1015. Rates Prescribed Sufficient to Produce Sufficient Revenues