Tennessee § 9-21-610 - Application for extension or renewal of capital outlay notes issued for greater than three (3) years but not greater than twelve (12) years — Renewal of notes.

§ 9-21-610. Application for extension or renewal of capital outlay notes issued for greater than three (3) years but not greater than twelve (12) years — Renewal of notes.

Application to the comptroller of the treasury or the comptroller's designee for an extension or renewal of the maturity date of capital outlay notes described in § 9-21-608 shall be by resolution of the governing body of the local government, and such extension or renewal shall not extend the final maturity date of the notes beyond the end of the twelfth fiscal year following the first fiscal year in which the notes were issued. If the requested extension is for a period greater than three (3) years, then the local government must comply with § 9-21-609(b) and (c) prior to the issuance of the renewal or extension notes. No capital outlay notes shall be converted to bonds later than two (2) years following the date of original issuance of such notes without the approval of the comptroller of the treasury or the comptroller's designee; provided, that at or prior to the maturity date or extended maturity date of the capital outlay notes, any such notes then outstanding shall be retired from funds of the local government or be converted to bonds under chapter 11 of this title, or any other law, or be otherwise liquidated as approved by the comptroller of the treasury or the comptroller's designee. Acts 1986, ch. 770, § 6-10; 2005, ch. 393, § 8; 2010, ch. 868, § 58.