Tennessee § 9-9-208 - Authorization to cancel bonds — Factors in determination.

§ 9-9-208. Authorization to cancel bonds — Factors in determination.

The funding board is authorized, empowered and directed to cancel bonds authorized to be issued by the funding board upon its determination by resolution that one (1) of the following has occurred and the canceled amount of that bond authorization is no longer needed to fund the authorized project: The project has been financed with commercial paper and the commercial paper has been retired in whole or in part without issuance of bonds; The project was authorized to be financed with bonds but was financed in whole or in part with current funds; The bonds were authorized but are no longer necessary for a governmental purpose; or The amount of the remaining authorization is de minimis and as such will not be utilized. Acts 2009, ch. 311, § 1; 2014, ch. 824, § 1. Compiler's Notes. Former § 9-9-208 (Acts 1937, ch. 165, § 13 (Williams, § 1811.24); modified; T.C.A. (orig. ed.), § 9-915; Acts 1981, ch. 128, § 2), concerning the sale of refunding bonds, was repealed by Acts 1998, ch. 582, § 5, effective March 3, 1998. Pursuant to Article III, Section 18 of the Constitution of Tennessee, Acts 2014, ch. 824 took effect on April 28, 2014.