Whenever the commissioner of education is authorized by the state board of education to take responsibility for the operation of any local school system or school that has been placed on probation pursuant to title 49, chapter 1, part 6, the state acting under the authority of the state building commission may issue debt necessary to fund school building improvements, demolition or new construction as approved by the commissioner and the state board of education. Such debt may be required to be repaid from any funds available to such local school system.
Structure 2021 Tennessee Code
Chapter 21 - Local Government Public Obligations Act of 1986
Part 1 - General Provisions Applicable to All Bonds and Notes Issued by Local Governments
§ 9-21-103. No Indebtedness Limit
§ 9-21-105. Chapter Definitions
§ 9-21-106. Rate Discrimination Prohibited
§ 9-21-107. Powers of Local Governments
§ 9-21-108. Governing Body Authorized to Act by Resolution — Procedure for Adoption of Resolutions
§ 9-21-109. Determination of Costs of Public Works Projects
§ 9-21-110. Appointment of a Fiscal Agent
§ 9-21-112. Interim Certificates
§ 9-21-115. State Control of Public Works Projects
§ 9-21-116. Hotel and Motel Projects Subject to Tax
§ 9-21-118. Recital of Issuance Pursuant to This Chapter
§ 9-21-119. Validity of Bonds and Notes Unaffected by Certain Irregularities
§ 9-21-121. Impairment of Contract
§ 9-21-122. Authorization to Cancel Bonds, Notes and Coupons
§ 9-21-126. Advertisements for Sale of Bonds or Notes
§ 9-21-128. Debt Necessary to Fund School Building Improvements, Demolition or New Construction
§ 9-21-131. Agreements Concerning Rights and Remedies of Parties — Jurisdiction — Applicable Law