Tenn. Comp. R. & Regs. 0500-02-02-.13

Current through January 8, 2025

Section 0500-02-02-.13 - PROCEDURE OF COMMITTEE IN REVIEWING CERTIFICATE

(1) Application for Certificates of Public Purpose and Necessity (12 copies) must be received by the Building Finance Committee at least fifteen (15) days prior to the date on which the application is to be considered.

(2) Each application for a. Certificate of Public Purpose and Necessity will be submitted to the Attorney General and the Comptroller of the Treasury for analysis prior to the Committee meeting.

(3) At each hearing the Chairman of the Committee shall read or explain Section 7-53-307 or Section 755-106 of the Industrial Building Bond Act of 1955, and the Rules and Regulations which the Committee has adopted, to representatives of the municipality or county and the industry involved.

(4) The Comptroller of the Treasury or a member of his staff selected by him will be invited to attend each meeting as an advisor to the Committee.

(5) The Committee will review all evidence and documents presented and on the basis of these facts and, before a Certificate is issued, must favorably find that the industrial building and enterprise:

(a) Are well conceived,

(b) Have a reasonable prospect of success,

(c) Will provide proper economic development and employment, and

(d) Will not become a burden upon the taxpayers.

(6) Before a Certificate is issued the Committee must fix and determine:

(a) The extent and amount to which a municipality or county may issue bonds or make expenditures for such industrial building,

(b) What property may be acquired therefore,

(c) Terms upon which such acquisition may be had,

(d) What expenditures may be made and for what purposes, and

(e) Method of lease, rental and operation of said building by said municipality or county.

(7) The Committee may reject any application completely or may return same to the municipality or county with suggestions as to the changes required.

(8) Copies of minutes of each meeting and each Certificate shall be mailed to all members of the Committee, whether present or not, as soon as possible after each meeting.

Tenn. Comp. R. & Regs. 0500-02-02-.13

Original Rule filed November 8, 1977, effective December 8, 1977.

Authority: TCA §§ 6-2906; TCA 6-2813.