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Senate Bill 781

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  • wcu_great_smoky_mtns-11085.jp2
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  • attendant benefits to the entire State, the State Treasurer is hereby authorized, empowerd, and directed to issue and sell not exceeding One Million Five Hundred Thousand Dollars of bonds of the State, to be designated "State of Tennessee Park Bonds". The said bonds shall mature at such time or times, not later than forty-five years after their date, and shall bear interest at such rate not exceeding five per cent per annum, payable semi-annually, as the Governor and Treasurer of the State may determine. Whenever the said Park Commission shall request the State Treasurer to make available a specified sum of money for the purposes for which bonds are herein authorized to be issued, it shall be the duty of the State Treasurer to issue bonds or bond anticipation note pursuant to this Act in an amount sufficient to raise the sum so requested, provided that the conditions specified in Section 18 of this Act shall have been fully complied with. SECTION 6. BE IT FURTHER ENACTED, That said bonds shall carry interest coupons which shall bear the signature of the State Treasurer, or a facsimile thereof, and said bonds shall be subject to registration, and be signed and sealed as is now or may hereafter be provided by law for State bonds, and the form and denomination thereof shall be such as the Governor and State Treasurer may determine in conformity with this Act. SECTION 7. BE IT FURTHER ENACTED, That before selling the bonds herein authorized to be issued the State Treasurer shall advertise the sale and invite sealed bids in such manner as in his judgment may seem most effectual to secure the best price. He is authorized to accept bids for the entire amount of said bonds, or any portion thereof, and when the conditions are equal, he shall give the preference of purchase to the citizens of Tennessee; and he is empowered to sell the bonds herein authorized in such manner as in his judgment will produce the best price, but not for less than par and accrued interest. —11—
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