Tennessee § 9-21-205 - Initial general obligation bond resolution.

§ 9-21-205. Initial general obligation bond resolution.

Prior to the issuance of general obligation bonds pursuant to this part and part 1 of this chapter, the governing body of the local government shall adopt a resolution (herein referred to as the “initial resolution”) determining to issue the general obligation bonds. The resolution shall state in substance: The amount or maximum amount of general obligation bonds to be issued; The public works project or projects for which the general obligation bonds are to be issued; The rate or maximum rate of interest which the general obligation bonds are to bear; and A brief concise statement that the general obligation bonds will be payable: From ad valorem taxes levied upon all the taxable property in the local government or a portion of the local government, if applicable, and, if the latter, then a brief statement or description of such portion of the local government; From revenues and, in the event of a deficiency in such revenues, from taxes; or From taxes, and additionally secured by a pledge of revenues. Acts 1986, ch. 770, § 2-5.