Tennessee HB 2930: Bond Issues - As enacted, authorizes the state, acting by resolution of its funding board, to issue and sell its interest-bearing bonds and bond anticipation notes for certain purposes. -

Bill Text

Senate Finance, Ways, and Means Committee 1
Amendment No. 1 to SB2935

Watson
Signature of Sponsor

AMEND Senate Bill No. 2935* House Bill No. 2930

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by deleting all language immediately after the caption and substituting instead the following:
WHEREAS, the General Assembly recognizes the importance to the economic welfare and
prosperity of the State of promoting economic growth, employment, and community development in the
State and has in the past created the Department of Economic and Community Development to further
such development and authorized the department to seek businesses to locate in the State; and
WHEREAS, the department intends to enter into agreements with Volkswagen Group of America
Chattanooga Operations, LLC, to locate a new facility in Hamilton County; and
WHEREAS, this new facility will provide a substantial number of jobs and promote further
economic growth, employment, and community development not only in Hamilton County but in the State
as a whole; and
WHEREAS, the General Assembly finds that making grants to the Industrial Development Board
of the City of Chattanooga, Tennessee, for acquisition of equipment and acquisition, site preparation,
erection, construction, and equipment of sites and buildings, and infrastructure improvements and
development in support of the location of Volkswagen Group of America Chattanooga Operations, LLC, in
Tennessee, in accordance with agreements with them to be entered into and approval of the project by
the State Building Commission, will serve the public purpose of promoting economic and community
development in the State and for its inhabitants as a body, and is related to the function of the
Department of Economic and Community Development in furthering such growth; and
WHEREAS, the department intends to enter into agreements with Amazon.com Services LLC., to
locate a new facility in Davidson County; and
WHEREAS, this new facility will provide a substantial number of jobs and promote further
economic growth, employment, and community development not only in Davidson County but in the State
as a whole; and

Senate Finance, Ways, and Means Committee 1
Amendment No. 1 to SB2935

Watson
Signature of Sponsor

AMEND Senate Bill No. 2935* House Bill No. 2930

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WHEREAS, the General Assembly finds that making grants to the Industrial Development Board
of the Metropolitan Government of Nashville and Davidson County, Tennessee, for acquisition of
equipment and acquisition, site preparation, erection, construction, and equipment of sites and buildings,
and infrastructure improvements and development in support of the location of Amazon.com Services
LLC., in Tennessee, in accordance with agreements with them to be entered into and approval of the
project by the State Building Commission, will serve the public purpose of promoting economic and
community development in the State and for its inhabitants as a body, and is related to the function of the
Department of Economic and Community Development in furthering such growth; now, therefore,
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. The state of Tennessee, acting by resolutions of its funding board, is hereby
authorized and empowered to issue and sell direct general obligation bonds of the state of Tennessee in
amounts not to exceed one hundred sixty-seven million eighty-five thousand dollars ($167,085,000) to
effectuate the purposes specified in Section 4 of this act. Further, the funding board is authorized to sell
bonds in amounts not to exceed two and one-half percent (2.5%) of the amounts specified above and
authorized in Section 4, for the purpose of funding discount and costs of issuance. Such bonds may be
issued and sold in one (1) block or in several installments and separately or together with other general
obligation bonds of the state of Tennessee as the board may determine, either at public or private sale as
provided by law.
SECTION 2. The bonds and the interest bearing coupons attached thereto, if any, shall be in
such form, mature at such time or times within twenty (20) years from the date of their issuance subject to
Section 7 of this act, be executed in such manner, be payable at such place or places both as to principal
and interest, and be in such denominations and bear such rate or rates of interest, payable in such
manner, as the funding board shall by resolution direct; provided, however, that the maximum rate
determined by the funding board in no instance shall exceed the legal rate as provided in Tennessee

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Code Annotated, Section 47-14-103. The bonds and interest payable thereon shall be exempt from
taxation by the state of Tennessee or by any county, municipality, or taxing district of the state except
inheritance, transfer, and estate taxes.
SECTION 3. When the bonds are so issued and sold, they shall be direct general obligations of
the state of Tennessee for the payment of which well and truly