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Bond Issues - Historical Notes

Tennessee Code Annotated
Tennessee Attorney General Opinions

Building - Memorials

  1. Private Acts of 1927, Chapter 237, authorized a bond issue of $60,000 to be used for remodeling or repairing the county courthouse. These bonds were to be issued subject to voter approval, with a maximum interest rate of 6% and a maturity date within thirty years.
  2. Private Acts of 1937, Chapter 685, authorized a bond issue of $50,000 with a maximum interest rate of 6% and a maturity date within twenty-five years. The proceeds from the sale of these bonds were to be used for constructing a combination jail/poorhouse/workhouse, which would be "livable" and "sanitary", with proper sewage, light, and water facilities. This act was amended by Private Acts of 1939, Chapter 337, which amendment specifically affected the Tipton County Institutions Commission created by the original act, said commission being empowered to control and supervise the work authorized by the original act. Both of these acts were repealed by Private Acts of 1977, Chapter 43, which was properly ratified by the quarterly county court.
  3. Private Acts of 1937 (2nd Ex. Sess.), Chapter 31, was in essence, the same as the previous act, and appears to have merely corrected the Section numbering of said act. This act was repealed expressly and entirely by Private Acts of 1977, Chapter 50.

Debts

  1. Private Acts of 1929, Chapter 478, authorized a bond issue of $200,000, to be used to pay off county indebtedness. These bonds were to bear a maximum interest rate of 6% and were to mature within thirty years. This act also specified that the county trustee's commission was to be 1/20 of 1% for receiving funds and an additional 1/20 of 1% for disbursing funds.
  2. Private Acts of 1931, Chapter 588, authorized the board of education of Tipton County to issue interest-bearing time warrants in an aggregate amount not to exceed $20,000, and to be used for paying overdrafts on the costs of repairing school buildings and purchasing school equipment. These bonds were to be short-term, with maturity dates of no longer than five years and bearing a maximum interest rate of 6%.
  3. Private Acts of 1931 (Ex. Sess.), Chapter 29, authorized Tipton County to issue bonds in the aggregate amount of $100,000 in order to fund outstanding county indebtedness. These bonds, like most others, were to bear a maximum interest rate of 6% and were to mature within thirty years.
  4. Private Acts of 1933, Chapter 348, authorized a bond issue of $125,000, bearing a maximum interest rate of 6%, maturing within thirty years, and to be used for paying off the outstanding floating indebtedness of Tipton County. The quarterly county court was to annually levy a tax on all taxable property to pay the interest on said bonds.
  5. Private Acts of 1947, Chapter 194, authorized a bond issue of $100,000, bearing a maximum interest rate of 6%, and maturing within twenty years. These bonds were to be sold for road purposes, specifically paying an existing deficit of $43,963.78, and the remainder was to be used in constructing, repairing and maintaining Tipton County roads.

Refunding

  1. Private Acts of 1913, 1st Extra Session, Chapter 26, was the authority for the issuance $50,000 of bonds to be used for refunding bonds issued for general county purposes. These bonds were to bear a maximum interest rate of 6% and were to mature within thirty years.
  2. Private Acts of 1939, Chapter 338, authorized a bond issue of $28,000, to be used for funding the outstanding warrants of the Tipton County Institution Commission, equipping and financing the operation of its penal farm and for repairing its courthouse. These bonds were to be short term, maturing within ten years of issuance at a maximum interest rate of 4%.

Roads

  1. Private Acts of 1911, Chapter 504, authorized a bond issue of $300,000, the bonds to bear a maximum interest rate of 5%, and to mature within forty years, for building and improving public roads. This act also appointed a good roads Commission of five members, to supervise the expenditure of the funds from the sale of these bonds.
  2. Private Acts of 1913 (1st Ex. Sess.), Chapter 9, was the authorization for a bond issue not to exceed $25,000, the proceeds from which were to be used to purchase materials for the construction of iron, steel or other metal bridges on the public roads. These bonds were to mature within twenty-five years and were to bear a maximum interest rate of 6%. Two citizens of the county and the county judge were to constitute a board of county bridge commissioners, which had the authority to expend the proceeds in the construction of bridges as provided for in the act.
  3. Private Acts of 1927, Chapter 236, authorized a bond issue of $50,000. These bonds were to bear a maximum interest rate of 6% and were to be used for constructing roads or bridges or both or purchase material for same, and to pay any indebtedness, exclusive of bonded indebtedness, then owed by Tipton County for road material.
  4. Private Acts of 1927, Chapter 557, authorized a bond issue of $1,000,000, to be used for constructing hard-surfaced roads in the county. These bonds were to bear a maximum interest rate of 6% and were to mature within thirty years. The act also provided for a referendum for voter approval before these bonds could be issued. Private Acts of 1929, Chapter 544, amended the original act, giving the board of highway commissioners the authority to appoint a superintendent of right of ways and foreman of construction work and the compensation therefor. Private Acts of 1929, Chapter 545, was also amendatory to the original 1927 bond issue act, providing that the members of the county board of highway commission were to receive an additional $25 per month for overseeing the expenditure of the bond monies. This act was amended a third time by Private Acts of 1929 (Ex. Sess.), Chapter 75, to provide that if there were any surplus funds after building this system of hard-surfaced roads, the surplus could be spent on graveling and improving other roads in the county.
  5. Private Acts of 1945, Chapter 332, authorized the issuance of the "Tipton County Highway Bonds, Series of 1945" in the amount of $100,000, bearing a maximum interest rate of 6%, maturing within twenty years. These funds were to be used for matching or supplementing federal and/or state funds received by the county for highway purposes.
  6. Private Acts of 1949, Chapter 708, authorized Tipton County another $100,000 bond issue, to be known as the “Tipton County Highway Bonds, Series of 1949", for the purpose of constructing, repairing and maintaining its highways. These bonds were to mature within twenty years, bearing a maximum interest rate of 6%.
  7. Private Acts of 1953, Chapter 199, authorized a bond issue of not more than $125,000 (bearing a maximum interest rate of 4½%, and maturing within twenty years), to pay exclusively for the rights of way which the county might be required to obtain for the building of State Highway 14.
  8. Private Acts of 1959, Chapter 15, was the last private act for Tipton County authorizing the issuance of bonds for road purposes. These bonds, to be issued in the amount of $150,000, bearing a maximum interest rate of 6%, and maturing within twenty years, were to be used to purchase necessary road machinery, tools and equipment for construction, repair and maintenance of roads or highways.

Schools

  1. Private Acts of 1915, Chapter 492, authorized the Tipton County Board of Education to issue interest-bearing time warrants in an amount not to exceed $15,000 to be used to construct and repair school buildings. They were to bear a maximum interest of 6%, and were issued for a period not longer than five years.
  2. Private Acts of 1923, Chapter 322, provided for interest-bearing time warrants to be issued by the Tipton County Board of Education in an amount not to exceed $25,000, for the purpose of building, erecting or repairing school buildings or purchasing school buildings. These time warrants were to mature within ten years of issuance and bear a maximum interest rate of 6%.
  3. Private Acts of 1929, Chapter 302, authorized the Tipton County Board of Education to issue bonds in an amount not to exceed $100,000, bearing a maximum interest rate of 6%, maturing within thirty years, and to be used to build, purchase grounds or buildings, repair, furnish and equip school houses for high school purposes.
  4. Private Acts of 1937, Chapter 248, provided for a bond issue in the amount necessary to pay off the outstanding high school warrants of Tipton County. These bonds were to mature within twenty years at a maximum interest rate of 4½%.
  5. Private Acts of 1945, Chapter 146, was a $100,000 bond issue, bonds bearing a maximum interest rate of 6%, maturing within thirty years, and to be used to build, repair and equip new school houses.
  6. Private Acts of 1947, Chapter 96, authorized the Tipton County Board of Education to issue interest-bearing coupon bonds in an amount not to exceed $100,000, to be used to construct, repair and equip school buildings. These bonds were to mature within thirty years, bearing a maximum interest rate of 6%.
  7. Private Acts of 1959, Chapter 51, authorized the quarterly county court to issue and sell negotiable interest-bearing coupon bonds in an amount not to exceed $1,200,000, the proceeds of which were to be used by the Tipton County Board of Education, exclusively, for the purpose of purchasing property for school purposes; to erect, add to or repair school buildings; and to furnish and equip school buildings in said county. The proceeds were to be paid to each city or town in the county based upon a ratio of the entire amount of sales in relation to the average daily school attendance of such city or town. This act was specifically repealed by Private Acts of 1995, Chapter 93.