Tennessee § 9-21-505 - Approval of bond anticipation notes and application for their extension or renewal.
Full text of Tennessee Tennessee Code Annotated § 9-21-505 — Approval of bond anticipation notes and application for their extension or renewal., with citation guidance and answers to common questions.
§ 9-21-505. Approval of bond anticipation notes and application for their extension or renewal.
The sale of bond anticipation notes shall first be approved by the comptroller of the treasury or the comptroller's designee, and the notes shall be issued for the express purpose of providing funds in anticipation of the sale of bonds. All such notes shall be issued for a period not to exceed two (2) years from the date of issue; provided, that with the approval of the comptroller of the treasury or the comptroller's designee the notes may be extended or renewed for not more than two (2) additional periods not exceeding two (2) years each. Each year that extension or renewal notes are outstanding, the local government shall retire a portion thereof equal to not less than one-twentieth (1/20) of the original principal amount of the notes, and to that end, the resolution authorizing any such issue of extension or renewal notes shall provide for the notes to mature serially, and may provide that the notes shall be subject to redemption prior to maturity at the option of the local government. In approving any issue of extension or renewal notes, the comptroller of the treasury or the comptroller's designee may waive the requirement of periodic retirement. Application to the comptroller of the treasury or the comptroller's designee for the extension or renewal of any such notes shall be by resolution of the governing body. Notwithstanding this section, the comptroller of the treasury or the comptroller's designee shall not be required to approve the issuance or extension of any bond anticipation note issued in anticipation of the issuance of a bond or other debt obligation to a state or federal agency. Acts 1986, ch. 770, § 5-5; 1987, ch. 77, § 7; 2005, ch. 393, § 2; 2010, ch. 868, § 51.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 9-21-505
What does Tennessee Code Annotated § 9-21-505 cover?
Section 9-21-505 ("Approval of bond anticipation notes and application for their extension or renewal.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 9-21-505?
A common citation format is "Tennessee Code Annotated § 9-21-505" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 9-21-505 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.