School bond and tax elections in Tennessee

From Ballotpedia
Revision as of 20:22, 4 December 2012 by BaileyL (Talk | contribs)

(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search
School bonds
& taxes
Portal:School Bond and Tax Elections
Bond elections
2014201320122011
201020092008
All years and states
Property tax elections
2014201320122011
201020092008
All years and states
How voting works
Other
State comparisons
County evaluations
Approval rates
School bond and tax elections in Tennessee are not required in the state and its one of a few that does not mandate ballot questions to approve new bonds or to extend bonds. Also, ballot questions are not required for tax levy limits in the State of Tennessee.

Laws affecting school finance

Tennessee bond issue law

In Tennessee, the issuance and approval of new bonds comes by the approval of county governments in where the school district is located. In Tennessee, all bonds must be sold at ninety-eight (98%) percent of its value or higher. The bonds must be approved by a majority of the members of the county government where the school district is located. All bonds are exempt from any taxation in the State of Tennessee and must come with a zero (0%) percent interest rate with a maturity of 40 years from the date of issuance of the bonds.[1]

All bonds in Tennessee must be approved by the Tennessee State Funding Board. This board takes into account the needs of a school district along with examining the school district's credit worthiness in terms of its current bond rating before a county government can issue a resolution calling for new bonding.[2]

School bonds are put in a special school fund in the State of Tennessee. School districts are allowed to use bonds for the construction of new school buildings, repairs and renovations of existing buildings, making payments on previous bond obligations, or judgments against a school district.[3]

Also a separate bond for purchasing bonds is allowed in Tennessee. This will allow school districts to have bonds issued for purchasing new school buses. This can be done with other bonds, but the maturity rate allowed for school bus bonds is eight years from the date of issuance.[4]

Tennessee levy law

Under Tennessee law, there are two mandated levy caps for school districts. The first is called the general fund levy that covers all grades in the school district, the second levy cap is for transportation fund purposes. All levies must be certified on a quarterly basis by county government officials; as part of the certification process, county government officials certifies that the levies are paid properly to the school districts and all state funding is accounted for.[5]

See also

BallotpediaAvatar bigger.png
Suggest a link

External links

References

  1. "Michie Resources" Code of Tennessee(Referenced Statute 49-3-1002 (1)(a)-(d) Code of Tennessee)
  2. "Michie Resources" Code of Tennessee(Referenced Statute 49-3-1002 (1)(i)-(j) Code of Tennessee)
  3. "Michie Resources" Code of Tennessee(Referenced Statute 49-3-1004(a) Code of Tennessee)
  4. "Michie's Legal Resources" Tennessee School Bond Law(Referenced Statute 49-3-1006 Code of Tennessee)
  5. "Tennessee General Assembly" Tennessee School Levy Law(Referenced Statute 49-3-315 Code of Tennessee)