TCA § 9-9-111 — Vested rights of holders of debt obligations

The holders of all debt obligations of the state of Tennessee described in § 9-9-105(a) and all persons who may hereafter purchase such obligations shall have, and are hereby declared to have, a vested right in the performance of the covenants and pledges contained in this chapter, and the performance of the duties imposed upon any officer or agency of the state of Tennessee by or pursuant to this chapter may be enforced by the holder of any such obligation by appropriate proceedings; provided, that no such holders or purchasers of debt obligations issued after July 1, 2013, shall have any such rights with respect to § 9-9-104 . Acts 1937, ch. 165, § 12 (Williams, § 1811.23); impl. am. Acts 1949, ch. 52, § 1; modified; impl. am. Acts 1959, ch. 9, § 8; Acts 1977, ch. 3, § 5; T.C.A. (orig. ed.), § 9-916; Acts 1998, ch. 582, § 10; 2013, ch. 176, § 6. Compiler's Notes. Section 67-3-911 deemed this section to be applicable to and to include the special tax on petroleum products levied by § 67-3-904 , in lieu of the fees for inspection of volatile substances, so as not to effect a decrease by legislative action of the fees or taxes required by law to be paid at the time of enactment of the covenants. For codification of Acts 1937, ch. 165, see the Session Law Disposition Tables in Volume 13 of the Tennessee Code Annotated. Acts 1998, ch. 582, § 11 provided that if any court of last resort should determine the tax levied by Acts 1997, ch. 316 to be invalid, then immediately upon the effective date of the court's order, the prior sections amended by Acts 1998, ch. 582, §§ 7-10 shall be revived as in effect prior to January 1, 1998, and the reference in Acts 1998, ch. 582, § 1 to § 67-3-1303 shall be deleted and § 67-3-904 shall be substituted instead. Acts 1998, ch. 582, § 13 provided that the amendments by §§ 7-11 of that act apply retroactively to January 1, 1998. Acts 2013, ch. 176, § 1 provided that the act, which amended this section, shall be known and may be cited as the “Hawkins-Wilson Act.” Acts 2013, ch. 176, § 11 provided that nothing in the act, which amended this section, shall be construed so as to impair the obligation of any contract made by the state of Tennessee upon any bond of the state issued under title 9, chapter 9 outstanding as of July 1, 2013.