4-31-710 - Certificate filed by commissioner. - Tennessee Statutes

4-31-710. Certificate filed by commissioner.

(a)  Prior to the issuance of bonds or notes pursuant to this part, the commissioner shall file with the authority a certificate to the effect that:

     (1)  The project to be financed from the proceeds of such bonds or notes constitutes a facility in accordance with § 33-2-402;

     (2)  Assisting the grantee in financing such project is in furtherance of the public purpose of the provision of mental health, mental retardation, and alcohol and drug programs and services; and

     (3)  The costs of the project are reasonable and the revenues of the grantee will be sufficient to cover the costs of operation and maintenance of the facility, including depreciation and debt service.

(b)  Such certificate by the commissioner shall be conclusive evidence that the projects to be financed from the proceeds of such bonds or notes are facilities that may properly be financed from the proceeds of such bonds or notes; however, such certificate shall not constitute a guarantee of the success of the project or of the loan obligation of the grantee.

[Acts 1990, ch. 975, § 1; 1993, ch. 234, § 31; 2000, ch. 947, § 8M; 2009, ch. 186, § 3.]