9-9-112 - Direct state obligations Tax exemption.
9-9-112. Direct state obligations Tax exemption.
The full faith and credit of the state are hereby pledged to the payment of the principal of and interest on all bonds issued under authority of this chapter and chapter 165 of the Public Acts of 1937, according to the tenor and effect of such bonds, and when issued they shall be direct, general obligations of the state of Tennessee, payable as to both principal and interest from any funds or moneys of the state, from whatever source derived, further secured by the pledges of special revenues as provided in § 9-9-103, and all obligations issued under such chapters shall be exempt from taxation by the state, or by any county, municipality or taxing district of the state, except inheritance, transfer and estate taxes.
[Acts 1937, ch. 165, § 15 (Williams, § 1811.26); 1977, ch. 3, § 6; T.C.A. (orig. ed.), § 9-917.]