(a) Prior to the adoption by the governing body of the resolution authorizing the issuance of general obligation refunding bonds, a plan of refunding shall be submitted for review to the comptroller of the treasury or the comptroller's designee, who shall immediately acknowledge receipt in writing of the proposed plan of refunding. If the sole purpose of the plan of refunding is to provide cost savings to the public, a computation of projected cost savings shall also be submitted to the comptroller of the treasury or the comptroller's designee as a part of the plan of refunding. The comptroller of the treasury or the comptroller's designee may report thereon to the governing body within fifteen (15) days after receipt of the plan. After receiving a report of the comptroller of the treasury or the comptroller's designee on the plan of refunding or after the expiration of fifteen (15) days from the date the plan of refunding is received by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the governing body may take such action with reference to the proposed plan of refunding as it deems advisable in accordance with this part.(b) If the sole ller's designee, whichever date is earlier, the governing body may take such action with reference to the proposed plan of refunding as it deems advisable in accordance with this part.(b) If the sole purpose of the plan of refunding is to provide cost savings to the public and if the state funding board has established guidelines with respect to such cost savings, the comptroller of the treasury or the comptroller's designee shall determine whether the plan of refunding substantially complies with the guidelines, and shall so state in the report on the plan of refunding. After receiving a report of the comptroller of the treasury or the comptroller's designee stating that the plan of refunding complies substantially with such guidelines or after the expiration of fifteen (15) days from the date the plan of refunding is received by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the governing body may take such action with reference to the proposed plan of refunding as it deems advisable in accordance with this part.(c) If a report of the comptroller of the treasury or the comptroller's designee states that the plan of refunding does not oposed plan of refunding as it deems advisable in accordance with this part.(c) If a report of the comptroller of the treasury or the comptroller's designee states that the plan of refunding does not substantially comply with the guidelines, if any, a notice in substantially the following form shall be published prior to the sale of such bonds once in a newspaper having general circulation in the local government: NOTICEThe following report has been received from the comptroller of the treasury or the comptroller's designee:(full text of report)Unless within ten (10) days from the date of publication hereof a petition signed by at least ten percent (10%) of the registered voters of the local government (or the portion thereof being taxed for the bonds) shall have been filed with the (official charged with maintaining the records of the issuer) protesting the issuance of the general obligation refunding bonds, such general obligation refunding bonds may be issued as the governing body deems advisable.Acts 1986, ch. 770, § 9-3; 2010, ch. 868, § 64.
Tennessee Legal Code