9-21-201 - Authorization for the issuance of general obligation bonds. - Tennessee Statutes

9-21-201. Authorization for the issuance of general obligation bonds.

(a)  (1)  Any local government is authorized to issue general obligation bonds under this part and part 1 of this chapter for a public works project.

     (2)  “General obligation bonds” mean those bonds in which the local government incurs a definite and absolute obligation by pledging the full faith, credit and unlimited taxing power of the local government as to all taxable property in the local government or of a portion of the local government, if applicable, to the payment of the principal of and interest on such bonds.

(b)  The bonds may be sold in such blocks as the governing body may by resolution determine.

[Acts 1986, ch. 770, § 2-1.]