House Bill 6006 establishes the Tennessee Transportation Financing Authority, which will oversee the financing and refinancing of transportation projects in the state. The bill outlines the authority's governance structure, which includes a board of key state officials, and grants it the power to issue bonds, make loans, and enter into contracts necessary for its operations. It introduces specific definitions related to the authority's functions and allows for the issuance of bonds without limitations on amount or maximum interest rates. The authority is also permitted to accept federal and private funding and manage its revenues independently, aiming to streamline the financing process for transportation infrastructure development in Tennessee.

Additionally, the bill amends existing laws to clarify the authority's powers regarding bond issuance and management. It specifies that the authority can pledge revenues to secure bond payments and establishes that bonds issued do not constitute state debt and are exempt from most state and local taxes. The legislation also addresses the handling of user fee revenues from facilities developed under concession agreements, ensuring proper allocation of these funds. The act emphasizes the need for a liberal interpretation to fulfill its objectives and is set to take effect immediately upon becoming law, highlighting its urgency for public welfare.

Statutes affected:
Introduced: 4-29-248(a), 4-29-248, 54-3-103, 54-3-105