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6 Tennessee Attorney General Reports and Opinions 1 (1976-1977)

handle is hein.sag/sagtn0168 and id is 1 raw text is: STATE OF TENNESSEE OFFICE OF THE ATTORNEY GENERAL SUPREME COURT BUILDING NASHVILLE, TENNESSEE 37219 R. A. ASHLEY, JR. ATTORNEY GENERAL & REPORTER OPINION NO. 1 TO: Member of General Assembly DATE: June 23, 1976 QUESTION With regard to the use of municipal notes to pay off a municipal debt incurred as a result of the purchase of real property for sanitary land fill purposes. OPINION AND ANALYSIS The only statutory authority wherein a municipality can issue notes in order to satisfy A munici- pal obligation is found in T.C.A. §6-1603 (R), which reads in pertinent part as follows: To issue, by resolution, notes in anticipation of the collection of revenues for any one (1) or more years from any public works project or projects and to renew such notes from time to time. The maximum maturity of any such notes, including the renewals thereof, shall not exceed five (5) years from the original date of issue of any such notes. Such notes shall be fully negotiable for all purposes. The notes may be sold at public or private sale at not less than par and shall bear interest at a rate or rates which will not make the net interest costs thereof exceed six percent (6%) per annum. Such notes, in the discretion of the governing body, may be paid from the proceeds of bonds issued pursuant to this chapter. Therefore, it is the opinion of this office that where municipal notes are issued by resolution of the local governing body in anticipation of the collection of revenues for at least one (1) year from the particular public works project that the maximum maturity of any such note shall not exceed five (5) years from the original date of issue of said notes, nor shall the interest cost thereof exceed six percent (6%) per annum, but that the notes may be sold at public or private sale at not less than par value. CHIP AMES Assistant Attorney General

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