9-9-103 - Pledge of revenues Debt service payments.
9-9-103. Pledge of revenues Debt service payments.
(a) For the payment of the principal and interest of the outstanding bonds and obligations of the state of Tennessee, there is hereby pledged pro rata with all obligations issued under the authority of this chapter, the annual proceeds of a tax to five cents (5¢) per gallon upon gasoline, the annual proceeds of the special tax on petroleum products provided for by § 67-3-1303, one half (½) of the annual proceeds of motor vehicle registration fees now or hereafter required to be paid to the state, and the entire annual proceeds of franchise taxes imposed by the franchise tax law, compiled in title 67, chapter 4, part 9. For the payment of the principal and interest of the outstanding bonds and obligations, there is also pledged the full faith and credit of the state.
(b) There is hereby appropriated to the state funding board on a direct and continuing basis a sum sufficient for payment of debt service (principal, interest and premium, if any) on outstanding bonds and other debt obligations (including notes), amounts due on contracts or agreements authorized under this chapter, and necessary related expenses. The state funding board is authorized to make debt service payments on outstanding bonds and other debt obligations (including notes), and make payments due under contracts and agreements authorized under this chapter, and necessary related expenses, as provided in this section from any funds held in the state treasury not otherwise legally restricted, independent of an appropriation bill as contemplated by title 9, chapter 4, part 51.
[Acts 1937, ch. 165, § 1 (Williams, § 1811.12); impl. am. Acts 1949, ch. 52, § 1; modified; T.C.A. (orig. ed.), § 9-904; Acts 1998, ch. 582, § 7; 2001, ch. 264, § 1.]