Tennessee § 9-21-209 - Election resolution.

§ 9-21-209. Election resolution.

If it is necessary to hold an election on the proposition to issue general obligation bonds or if the governing body decides to hold an election to ascertain the will of the electorate even if no petition has been filed, then the election shall be called by the governing body of the local government. Such election shall be held as an election on a question by the county election commission pursuant to § 2-3-204 . The governing body shall adopt a resolution (herein called the “election resolution”) which shall supersede by its adoption, and immediately upon its adoption, the initial resolution, if any. The election 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; 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; A proposition to issue the general obligation bonds as it is to appear on the ballot, including the maximum amount of such bonds to be authorized and the public works project or projects for which such bonds are to be issued; and That the county election commission is to hold the election. Acts 1986, ch. 770, § 2-9; 1998, ch. 618, § 1. Attorney General Opinions. Special elections on general obligation bonds for school purposes, OAG 99-034, 1999 Tenn. AG LEXIS 17 (2/18/99). If a county commission authorizes the issuance of general obligation bonds, a petition protesting issuance of the bonds is filed, and the county commission then rescinds its resolution authorizing the bonds, the county is not required to hold an election on the proposition to issue the bonds. OAG 13-87, 2013 Tenn. AG LEXIS 88 (11/6/13). If a local government rescinds a resolution authorizing the issuance of general obligation bonds—on which a referendum election would have been required—and instead adopts a different debt financing plan—on which a referendum election would not normally be required—the local government does not have to hold an election. OAG 18-41, 2018 Tenn. AG LEXIS 40 (9/4/2018).