Tennessee 2023-2024 Regular Session

Tennessee Senate Bill SB0117

Caption

AN ACT to authorize the state of Tennessee, acting by resolutions of its funding board, to issue and sell its bonds and bond anticipation notes to provide for acquisition of equipment and sites, and erection, construction, and equipment of sites and buildings, expressly including the acquisition of existing structures for expansion, improvements, betterments, and extraordinary repairs to existing structures, for construction of highways, and repair, replacement, or rehabilitation of bridges, and for grants to any county, metropolitan government, incorporated town, city, special district of the state, or any governmental agency or instrumentality of any of them; to make grants to industrial development corporations to provide for acquisition of equipment and acquisition, site preparation, erection, construction, and equipment of sites and buildings; and infrastructure improvements and development; and to provide for the expenditure of said funds; to issue its debt in excess of the authorized amount to fund discount and costs of issuance; and to provide for the expenditure of said funds. This act makes appropriations for an indefinite period of time for the purpose of allocating the proceeds of the bonds and notes authorized by this act.

Impact

The bill is set to significantly impact state laws governing public financing and capital projects. By enabling the issuance of direct general obligation bonds, the state can finance construction and improvements in higher education as well as broader public infrastructure. The allocation of funds is handled by the Tennessee higher education commission and governmental bodies, ensuring that fiscal resources are directed toward pressing community needs, such as facility upgrades and maintenance.

Summary

Senate Bill 117 (SB0117) aims to authorize the state of Tennessee to issue and sell bonds and bond anticipation notes totaling up to thirty million dollars ($30,000,000). This financial instrument is intended to provide funding for various public projects, which include the acquisition of equipment and construction of sites and buildings, specifically geared towards highways and bridges. Additionally, the bill allows for grants to local governments and industrial development corporations to facilitate improvements in infrastructure, thereby supporting regional development and public services.

Sentiment

General sentiment around SB0117 appears to be supportive, particularly among those advocating for increased funding for public infrastructure and education. Proponents argue that such financing is crucial for improving state facilities and ensuring they meet modern standards. However, there may be concerns among fiscal conservatives regarding the increased state debt, and whether the benefits justify the long-term financial commitments involved.

Contention

Notable points of contention may arise concerning the mechanisms of how these funds will be allocated and spent. Critics could question the efficiency and effectiveness of such grant programs, alongside the appropriateness of issuing substantial debt. There may be apprehensions regarding the projected economic returns versus the burgeoning liabilities from bond issuance, highlighting a classic debate between investing in public goods and maintaining fiscal prudence.

Companion Bills

TN HB0147

Crossfiled AN ACT to authorize the state of Tennessee, acting by resolutions of its funding board, to issue and sell its bonds and bond anticipation notes to provide for acquisition of equipment and sites, and erection, construction, and equipment of sites and buildings, expressly including the acquisition of existing structures for expansion, improvements, betterments, and extraordinary repairs to existing structures, for construction of highways, and repair, replacement, or rehabilitation of bridges, and for grants to any county, metropolitan government, incorporated town, city, special district of the state, or any governmental agency or instrumentality of any of them; to make grants to industrial development corporations to provide for acquisition of equipment and acquisition, site preparation, erection, construction, and equipment of sites and buildings; and infrastructure improvements and development; and to provide for the expenditure of said funds; to issue its debt in excess of the authorized amount to fund discount and costs of issuance; and to provide for the expenditure of said funds. This act makes appropriations for an indefinite period of time for the purpose of allocating the proceeds of the bonds and notes authorized by this act.

Previously Filed As

TN SB1392

AN ACT to authorize the state of Tennessee, acting by resolutions of its funding board, to issue and sell its bonds and bond anticipation notes to provide for acquisition of equipment and sites, and erection, construction, and equipment of sites and buildings, expressly including the acquisition of existing structures for expansion, improvements, betterments, and extraordinary repairs to existing structures, for construction of highways, and repair, replacement, or rehabilitation of bridges, and for grants to any county, metropolitan government, incorporated town, city, special district of the state, or any governmental agency or instrumentality of any of them; to make grants to industrial development corporations to provide for acquisition of equipment and acquisition, site preparation, erection, construction, and equipment of sites and buildings; and infrastructure improvements and development; and to provide for the expenditure of said funds; to issue its debt in excess of the authorized amount to fund discount and costs of issuance; and to provide for the expenditure of said funds. This act makes appropriations for an indefinite period of time for the purpose of allocating the proceeds of the bonds and notes authorized by this act.

TN HB1403

AN ACT to authorize the state of Tennessee, acting by resolutions of its funding board, to issue and sell its bonds and bond anticipation notes to provide for acquisition of equipment and sites, and erection, construction, and equipment of sites and buildings, expressly including the acquisition of existing structures for expansion, improvements, betterments, and extraordinary repairs to existing structures, for construction of highways, and repair, replacement, or rehabilitation of bridges, and for grants to any county, metropolitan government, incorporated town, city, special district of the state, or any governmental agency or instrumentality of any of them; to make grants to industrial development corporations to provide for acquisition of equipment and acquisition, site preparation, erection, construction, and equipment of sites and buildings; and infrastructure improvements and development; and to provide for the expenditure of said funds; to issue its debt in excess of the authorized amount to fund discount and costs of issuance; and to provide for the expenditure of said funds. This act makes appropriations for an indefinite period of time for the purpose of allocating the proceeds of the bonds and notes authorized by this act.

TN HB1407

AN ACT to authorize the state of Tennessee, acting by resolutions of its funding board, to issue and sell its bonds and bond anticipation notes to provide for acquisition of equipment and sites, and erection, construction, and equipment of sites and buildings, expressly including the acquisition of existing structures for expansion, improvements, betterments, and extraordinary repairs to existing structures, for construction of highways, and repair, replacement, or rehabilitation of bridges, and for grants to any county, metropolitan government, incorporated town, city, special district of the state, or any governmental agency or instrumentality of any of them; to make grants to industrial development corporations to provide for acquisition of equipment and acquisition, site preparation, erection, construction, and equipment of sites and buildings; and infrastructure improvements and development; to issue its debt in excess of the authorized amount to fund discount and costs of issuance; and to provide for the expenditure of said funds. This act makes appropriations for an indefinite period of time for the purpose of allocating the proceeds of the bonds and notes authorized by this act.

TN SB1430

AN ACT to authorize the state of Tennessee, acting by resolutions of its funding board, to issue and sell its bonds and bond anticipation notes to provide for acquisition of equipment and sites, and erection, construction, and equipment of sites and buildings, expressly including the acquisition of existing structures for expansion, improvements, betterments, and extraordinary repairs to existing structures, for construction of highways, and repair, replacement, or rehabilitation of bridges, and for grants to any county, metropolitan government, incorporated town, city, special district of the state, or any governmental agency or instrumentality of any of them; to make grants to industrial development corporations to provide for acquisition of equipment and acquisition, site preparation, erection, construction, and equipment of sites and buildings; and infrastructure improvements and development; to issue its debt in excess of the authorized amount to fund discount and costs of issuance; and to provide for the expenditure of said funds. This act makes appropriations for an indefinite period of time for the purpose of allocating the proceeds of the bonds and notes authorized by this act.

TN SB2692

AN ACT to authorize the state of Tennessee, acting by resolutions of its funding board, to issue and sell its bonds and bond anticipation notes to provide for acquisition of equipment and sites, and erection, construction, and equipment of sites and buildings, expressly including the acquisition of existing structures for expansion, improvements, betterments, and extraordinary repairs to existing structures, for construction of highways, and repair, replacement, or rehabilitation of bridges, and for grants to any county, metropolitan government, incorporated town, city, special district of the state, or any governmental agency or instrumentality of any of them; to make grants to industrial development corporations to provide for acquisition of equipment and acquisition, site preparation, erection, construction, and equipment of sites and buildings; and infrastructure improvements and development; to issue its debt in excess of the authorized amount to fund discount and costs of issuance; and to provide for the expenditure of said funds. This act makes appropriations for an indefinite period of time for the purpose of allocating the proceeds of the bonds and notes authorized by this act.

TN HB2630

AN ACT to authorize the state of Tennessee, acting by resolutions of its funding board, to issue and sell its bonds and bond anticipation notes to provide for acquisition of equipment and sites, and erection, construction, and equipment of sites and buildings, expressly including the acquisition of existing structures for expansion, improvements, betterments, and extraordinary repairs to existing structures, for construction of highways, and repair, replacement, or rehabilitation of bridges, and for grants to any county, metropolitan government, incorporated town, city, special district of the state, or any governmental agency or instrumentality of any of them; to make grants to industrial development corporations to provide for acquisition of equipment and acquisition, site preparation, erection, construction, and equipment of sites and buildings; and infrastructure improvements and development; to issue its debt in excess of the authorized amount to fund discount and costs of issuance; and to provide for the expenditure of said funds. This act makes appropriations for an indefinite period of time for the purpose of allocating the proceeds of the bonds and notes authorized by this act.

TN HB1827

Bonds; authorize issuance to assist City of Itta Bena with heavy equipment acquisition.

TN HF226

State historic sites and museums capital improvement funding provided for grants for the preservation of historic structures, bonds issued, and money appropriated.

TN SB698

In grounds and buildings, further providing for acquisition of buildings, sites for school buildings and playgrounds, and disposing thereof; and, in charter schools, further providing for provisions applicable to charter schools and for applicability of other provisions of this act and of other acts and regulations.

TN HB1075

In property and buildings, further providing for price paid for acquisitions and improvements.

Similar Bills

TN HB2560

AN ACT to amend Tennessee Code Annotated, Title 4; Title 9; Title 13; Title 16; Title 39; Title 55; Title 58; Title 62; Title 65; Title 68 and Title 71, relative to emergency management.

TN SB2248

AN ACT to amend Tennessee Code Annotated, Title 4; Title 9; Title 13; Title 16; Title 39; Title 55; Title 58; Title 62; Title 65; Title 68 and Title 71, relative to emergency management.

TN SB0329

AN ACT to amend Tennessee Code Annotated, Title 1; Title 2; Title 3; Title 4; Title 5; Title 7; Title 8; Title 9; Title 10; Title 11; Title 12; Title 13; Title 16; Title 20; Title 22; Title 24; Title 31; Title 33; Title 36; Title 38; Title 39; Title 40; Title 43; Title 44; Title 45; Title 47; Title 48; Title 49; Title 50; Title 53; Title 54; Title 55; Title 56; Title 61; Title 62; Title 63; Title 64; Title 65; Title 66; Title 67; Title 68; Title 69 and Title 71, relative to electronic transmissions.

TN HB0321

AN ACT to amend Tennessee Code Annotated, Title 1; Title 2; Title 3; Title 4; Title 5; Title 7; Title 8; Title 9; Title 10; Title 11; Title 12; Title 13; Title 16; Title 20; Title 22; Title 24; Title 31; Title 33; Title 36; Title 38; Title 39; Title 40; Title 43; Title 44; Title 45; Title 47; Title 48; Title 49; Title 50; Title 53; Title 54; Title 55; Title 56; Title 61; Title 62; Title 63; Title 64; Title 65; Title 66; Title 67; Title 68; Title 69 and Title 71, relative to electronic transmissions.

TN HB1189

AN ACT to amend Tennessee Code Annotated, Title 4, Chapter 7; Title 8; Title 10; Title 33; Title 36; Title 37; Title 38; Title 39; Title 40; Title 49; Title 50; Title 57; Title 67; Title 68 and Title 70, relative to firearms.

TN SB1227

AN ACT to amend Tennessee Code Annotated, Title 4, Chapter 7; Title 8; Title 10; Title 33; Title 36; Title 37; Title 38; Title 39; Title 40; Title 49; Title 50; Title 57; Title 67; Title 68 and Title 70, relative to firearms.

TN HB0806

AN ACT to amend Tennessee Code Annotated, Title 4, Chapter 7; Title 8; Title 10; Title 33; Title 36; Title 37; Title 38; Title 39; Title 40; Title 49; Title 50; Title 57; Title 67; Title 68 and Title 70, relative to firearms.

TN SB1235

AN ACT to amend Tennessee Code Annotated, Title 4, Chapter 21; Title 9; Title 62; Title 63 and Title 68, relative to state entities.