House Bill 6006 establishes the Tennessee Transportation Financing Authority to enhance the financing of transportation projects in Tennessee. The bill amends Tennessee Code Annotated by adding a new subdivision under Section 4-29-248(a) to recognize this authority, which is created under Section 54-8-102, and connects it to the office of the comptroller of the treasury for administrative purposes. It introduces a new chapter that defines key terms related to the authority, such as "bonds," "cost," and "transportation facilities." The authority is granted various powers, including the ability to issue bonds without limitation, borrow money, and accept federal and private funds, while ensuring that the bonds do not constitute a general obligation of the state or any political subdivision.

The bill further clarifies the authority's powers regarding bond issuance and management, allowing it to pledge revenues to secure bond payments and create trust agreements with corporate trustees. It emphasizes that the bonds are exempt from state and local taxation, except for inheritance, transfer, and estate taxes. Additionally, the bill outlines the handling of user fee revenues from facilities developed under concession agreements, ensuring these revenues are deposited into designated funds. The act is designed to streamline the financing process for transportation infrastructure 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