Tennessee § 64-1-711 - Contracts — Bidding — Conveyances — Appraisals — Bonds and notes.

§ 64-1-711. Contracts — Bidding — Conveyances — Appraisals — Bonds and notes.

Notwithstanding this part to the contrary, all purchases of and contracts for purchases of goods and/or services or contracts for the conveyance of agency land in excess of two thousand dollars ($2,000) entered into by the Tellico Reservoir development agency shall be based on competitive bidding. The agency shall solicit sealed bids by public notice, setting out in detail the goods and/or services or agency land to be bid on, published at least twice in a newspaper or newspapers of general circulation in the counties served by the agency. All sealed bids shall be opened publicly at the time and place fixed in the public notice; and, in cases involving goods and/or services, the bidder making the best and lowest bid who is qualified to perform the contract shall be awarded the contract, while in cases involving conveyance of agency land, the bidder making best bid who is qualified to perform the contract shall be awarded the contract. Each bid with the name and address of the bidder shall be entered on a record and each record with the names of the bidders, the amount of their bids and the name of the successful bidder indicated thereon shall, after the award of the contract, be open for public inspection. This subsection (a) does not apply to any contract for the conveyance of agency land for industrial development. The fair market value of such land, as of the time of the conveyance, shall be determined by at least two (2) independent, qualified appraisers, wholly disconnected from state government or any other legal governmental entity, and such property shall not be conveyed at a figure that is less than the average of the two (2) appraisals. This subsection (a) does not apply to any project submitted by the agency for Tennessee Valley authority approval prior to May 31, 1984. Notwithstanding this part to the contrary, all notes and bonds of the Tellico Reservoir development agency shall be sold at public sale, at not less than ninety-eight percent (98%) of par value thereof and accrued interest, after not less than three (3) days' advertisement thereof in a newspaper or newspapers of general circulation in the counties served by the agency and in a financial newspaper published in the city of New York, New York or Chicago, Illinois with national circulation. Such notice shall be published at least ten (10) days prior to such sale. No bond or note of the agency shall be issued until a memorandum detailing the bonds or notes to be issued together with a statement as of the beginning of the then current fiscal year, which statement shall show in detail the total outstanding bonds, notes, warrants, refunding bonds and other evidences of indebtedness of the agency, together with the maturity dates thereof, interest rates, special provisions for payment, the project to be funded by the bonds, the current operating financial statement of the agency and any other pertinent financial information, shall be submitted to the comptroller of the treasury or the comptroller's designee for review. The comptroller of the treasury or the comptroller's designee may report thereon to the agency within fifteen (15) days from the date the plan is received and shall immediately acknowledge receipt in writing of the proposed bond issue statement and information. The report thus received by the agency shall be published once in a newspaper of general circulation in the counties served by the agency during the week following its receipt. After receiving the report of the comptroller of the treasury or the comptroller's designee, and after publication of such report, or after the expiration of fifteen (15) days from the date the statement and information is received by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the agency may take such action with reference to the proposed bond or note issue as it deems advisable. Such report of the comptroller of the treasury or the comptroller's designee shall also be made a part of the bond transcript. Acts 1984, ch. 913, §§ 2, 3; 1985, ch. 142, §§ 1, 2; 2010, ch. 868, § 79.