5-3-122 - State consolidation grants Funding. - Tennessee Statutes

5-3-122. State consolidation grants Funding.

(a)  The state funding board is authorized to issue at one (1) time or from time to time bonds of the state of Tennessee in an amount not to exceed one million dollars ($1,000,000).

(b)  These bonds shall be issued under the authority of title 9, chapter 9, according to the conditions and limitations set forth in § 9-9-208 [repealed].

(c)  All bonds issued under the authority of this section and §§ 5-3-123 5-3-125 shall be issued by the state funding board upon request of the state consolidation committee.

(d)  These bonds, after issuance, shall constitute general obligations of the state for the payment of which its full faith and credit are hereby pledged and shall be further secured by the pledges of special revenue as provided for in title 9, chapter 9.

(e)  Any and all bonds that may be sold by the state funding board pursuant to this section and §§ 5-3-123 5-3-125 shall be sold in the same manner and subject to the same conditions as prescribed by § 9-9-208 [repealed].

[Acts 1939, ch. 226, § 1; C. Supp. 1950, § 136.18 (Williams, § 136.21); T.C.A. (orig. ed.), § 5-322.]