9-21-127 - Bonds for certain unfunded pension obligations. - Tennessee Statutes

9-21-127. Bonds for certain unfunded pension obligations.

 

Local governments may issue general obligation bonds or revenue bonds under this part and parts 2 and 3 of this chapter for certain unfunded pension obligations or for not greater than fifty percent (50%) of the value of certain unfunded other post-employment benefits if such is approved by the state funding board after receiving a recommendation by the state director of local finance. Notwithstanding any provisions of this chapter to the contrary, any bonds issued pursuant to this section shall mature at such time or times not exceeding thirty (30) years from their respective dates and the proceeds from any bonds issued for certain unfunded other post-employment benefits shall be invested in accordance with the provisions of an investment trust established pursuant to title 8, chapter 50, part 12.

[Acts 1997, ch. 390, § 3; 2008, ch. 991, § 2.]