Tennessee § 56-13-119 - Authority for expenditure of public funds.

§ 56-13-119. Authority for expenditure of public funds.

Any municipality, metropolitan government, county, authority, utility district, or other public body generally classified as a governmental body or governmental entity, whether organized by private act or public act of the general assembly, or otherwise, or any agency, board, or commission of any municipality, metropolitan government, county, authority, utility district, or other public body generally classified as a governmental body or governmental entity, may expend public funds other than local tax revenues for the purchase of capital stock in a captive insurance company or to provide guaranty capital in a mutual captive insurance company; provided, that at the time of authorization of expenditure of public funds adequate insurance markets in the United States are not available to cover the risks, hazards and liabilities of the public body or that the needed coverage is only available at excessive rates or with unreasonable deductibles. Acts 2011, ch. 468, § 1. Compiler's Notes. Former chapter 13, §§ 56-13-101 — 56-13-133 (Acts 1978, ch. 616, §§ 1-30; 1979, ch. 147, §§ 1-6; T.C.A., §§ 56-4501 — 56-4529; Acts 1981, ch. 299, §§ 1-15; 1982, ch. 645, §§ 1-3; 1982, ch. 706, §§ 2, 3; Acts 1983, ch. 85, § 2; Acts 1983, ch. 246, § 1; 1986, ch. 723, §§ 1-7; Acts 1987, ch. 298, §§ 1, 3; 1989, ch. 266, §§ 1-8; Acts 1989, ch. 591, §§ 1-6; Acts 1992, ch. 790, § 1; Acts 2005, ch. 499, § 25; 2010, ch. 848, § 2), concerning the Tennessee Captive Insurance Company Act, was repealed by Acts 2011, ch. 468, § 1, effective September 1, 2011.