9-21-1007 - Limitation on maturity of bonds to be refunded. - Tennessee Statutes

9-21-1007. Limitation on maturity of bonds to be refunded.

Unless the outstanding obligations are retired at the time of delivery of the revenue refunding bonds, then the revenue refunding bonds shall not be issued to refund the outstanding obligations unless the outstanding obligations shall mature by their terms or shall be subject to redemption and be called for redemption within ten (10) years from the date of delivery of the revenue refunding bonds. However, this time limitation shall not apply if the state director of local finance approves a greater period in the state director's report on the proposed refunding plan.

[Acts 1986, ch. 770, § 10-7.]