Amends TCA Section 9-21-911.

Present law provides that if any general obligation refunding bonds are to be sold pursuant to a commitment of a state or federal agency to purchase the same, then such bonds may be sold at a private negotiated sale to the state or federal agency without the necessity of any public advertisement of the sale or of the approval of the comptroller of the treasury or the comptroller's designee. This bill adds to the present law by providing that any general obligation refunding bonds that are issued pursuant to the above provision are not subject to the requirements of existing law requiring a plan of refunding to be submitted to the comptroller of the treasury if: (1) The general obligation refunding bonds will repay a public building authority loan authorized in existing law; and (2) The public building authority loan that the general obligation refunding bonds will repay was used as interim financing for the general obligation refunding bonds. This bill requires the general obligation refunding bond resolution required by existing law must be adopted prior to or simultaneously with the resolution authorizing the public building authority loan when a public building authority loan is used as interim financing for a general obligation refunding bond issued pursuant to the present law in the above provision.