Initial General Obligation Bond Resolution

1. Law
2. Tennessee Code
3. Public Finances
4. Local Government Public Obligations Act of 1986
5. General Obligation Bonds
6. Initial General Obligation Bond Resolution

Prior to the issuance of general obligation bonds pursuant to this part and part 1 of this chapter, the governing body of the local government shall adopt a resolution (herein referred to as the “initial resolution”) determining to issue the general obligation bonds. The resolution shall state in substance:

1. The amount or maximum amount of general obligation bonds to be issued;
2. The public works project or projects for which the general obligation bonds are to be issued;
3. The rate or maximum rate of interest which the general obligation bonds are to bear; and
4. A brief concise statement that the general obligation bonds will be payable:
   1. From ad valorem taxes levied upon all the taxable property in the local government or a portion of the local government, if applicable, and, if the latter, then a brief statement or description of such portion of the local government;
   2. From revenues and, in the event of a deficiency in such revenues, from taxes; or
   3. From taxes, and additionally secured by a pledge of revenues.

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