When any bonds authorized to be issued pursuant to this chapter are held by any federal or state governmental authority or agency, such bonds, to the extent of the principal and interest on the bond outstanding at any time, may be recalled with the consent of such authority or agency and reamortized or refinanced upon such terms as are agreed upon by such authority or agency and as are incorporated in the resolution of the board of commissioners authorizing such reamortization or refinancing. The lien in favor of any holders of such reamortized or refinanced bonds shall continue in favor of such holders with the same priority as existed in favor of such holders prior to such reamortization or refinancing.
Tenn. Code Ann. § 7-82-507
Reamortization and refinancing
Known as the Utility District Law
The act spans §§ 7–7 (62 sections).
Applied in 1 court decision — leading case The Commissioners of the Powell-Clinch Utility District v. Utility Management Review Board (2013)
Most recently applied in The Commissioners of the Powell-Clinch Utility District v. Utility Management Review Board (July 2013)
Acts 1978, ch. 668, § 1; T.C.A., § 6-2640.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.