[{"_1":2,"_88":-5,"_89":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6563166,"mediaKeyId","3233638-3865862ee726823603cfb9cba0bdcba2","parentId",3233638,"title","New Tennessee transportation finance authority adopts bylaws, public-comment rules, hires special counsel and names assistant secretary","audioSeconds",78,"startMs",122000,"endMs",200000,"viewUrl","/Search/View?dp=1&key=3233638-3865862ee726823603cfb9cba0bdcba2&start=122&end=200","thumbnailUrl","https://assets.pipeline.soar.com/3233638-3865862ee726823603cfb9cba0bdcba2/thumbnail_122000.jpg","articleUrl","/articles/6563166/Tennessee/New-Tennessee-transportation-finance-authority-adopts-bylaws-public-comment-rules-hires-special-counsel-and-names-assistant-secretary","mediaUrl","https://secure.pipeline.soar.com/6563166-37c3b0586b07ce0046037cccb8a1df52/orig.mp4?Expires=1771123972&Signature=DRnmCy6KHzeF2SV50POiEhOHe9PQxfEKa9UxxxFRr8o~zKJaQ4bKtCzK2PvHCIXD9MY5v7~cTEX3L6LOQJ4aUk9CeASgJp80GptqB3yX2Q6eMweSamuKicaRtZvufr5kngTrnC-dzDhZdHONbSlF6CGcqhpkpHjIfr3vo5UbW2MNmeU6AquSMuFti5N5ra1Y-9f3mVVR29wbD-PVkhQH4xyOumUecMwRKs-Vk-QL9SlyrBkQHOCMiOoI5Prv2UHw17yfZP5Jw6CIHnM8RgOKTAnKERvC6Ql-BzXSmvbwlS8UdKAMEx-e9QHwsF~SGv5YxNmByMETVTKcARgfPji6ug__&Key-Pair-Id=KUT5TJCACFTXG","author","Comptroller of the Treasury","date","2025-05-08T18:50:43Z","article","The Tennessee Transportation Financing Authority on May 8 adopted its draft bylaws and written public-comment guidelines, authorized retention of Hawkins Delafield & Wood LLP as special counsel, and appointed Sandy Thompson as assistant secretary to the authority. Each item was adopted by voice vote during the authority’s inaugural meeting.

The bylaws, presented by Rachel Buckley of the Office of the Comptroller of the Treasury, set routine governance provisions for the new authority, including that the board may be convened by the chair or vice chair; members must comply with applicable ethics laws; the board may designate an assistant secretary; bylaws may be suspended by unanimous consent; and the bylaws require review at least every three years. \"I wanted to keep it short, but I am happy to answer any questions you may have about the bylaws,\" Buckley said.

The authority also adopted written public-comment guidelines to comply with Tennessee Code Annotated section 8-44-112. Buckley said the guidelines mirror those used by similar state bodies: a two-minute limit per speaker per agenda item, a maximum of two proponents and two opponents by default, and discretionary authority for the chair to extend time or the number of speakers when circumstances warrant.

On legal services, Sandy Thompson, director of the Office of State and Local Finance, asked the authority to authorize the engagement of Hawkins Delafield & Wood LLP as special counsel to assist the comptroller in administering TTFA activities. The authority approved the engagement by voice vote.

Comptroller Mumpower, participating virtually, asked whether the board needed to take official action to appoint an assistant secretary under the bylaws and moved to appoint Sandy Thompson to that role. The authority approved the appointment by voice vote.

What the board did: The authority approved the draft bylaws, adopted public-comment guidelines to satisfy TCA 8-44-112, authorized Hawkins Delafield & Wood LLP as special counsel, and appointed Sandy Thompson assistant secretary. Each approval was taken by voice vote with a physical quorum present.

Next steps: The board did not set a public date for its next meeting; staff said future meetings will be publicly posted and that interested parties should check the authority’s website for updates.","mediaType","Video","parentTitle","Tennessee Transportation Financing Authority Board - 5/8/2025","oneSentenceSummary","At its first meeting May 8, the Tennessee Transportation Financing Authority adopted bylaws and written public-comment guidelines, authorized engagement of Hawkins Delafield & Wood LLP as special counsel and appointed Sandy Thompson assistant secretary; all items passed by voice vote.","taxTitle","Comptroller of the Treasury, Agencies, Boards, Commissions, and Councils, Organizations, Executive, Tennessee","taxId",16844,"location","Tennessee","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6563171,"Tennessee transportation authority approves inducement resolution to seek private-activity bond allocation for I-24 Choice Lanes project",574,364000,938000,"/Search/View?dp=1&key=3233638-3865862ee726823603cfb9cba0bdcba2&start=364&end=938","https://assets.pipeline.soar.com/3233638-3865862ee726823603cfb9cba0bdcba2/thumbnail_364000.jpg","/articles/6563171/Tennessee/Tennessee-transportation-authority-approves-inducement-resolution-to-seek-private-activity-bond-allocation-for-I-24-Choice-Lanes-project","https://secure.pipeline.soar.com/6563171-5ab50bca3bf106f5df6100da5f6ddb99/orig.mp4?Expires=1771123972&Signature=VKJWW8gfh34xTxO6CIE4OtLerv1z~HTbM1Mmz8T~-vDW4zNgov8Ik-TyrHgbRcCqGY8baCEcTnGSJEA6joslpBcf1mDjqzH-xwULR~3xUjmJjsCZQrdpzCpHk5AjFPX7e7I8ifcZcNWhERM2kp3aNk5Be4KkY0Y4AsjnIGjamVj82HP4ci2rX7-AuMYZG9Zg2bAkTHN1K2STrb-aOx7~wwzeNVvesORIltTcGqgIxK53nieFOhfFCffahoMOR4zcWZZ-rXjEjpb6ejMw-WV~jWRu2JslKQD2BL-yuqAHAJHQZJU7TVnLGvfg1nGcberdxVyDonYQ69jy44AOmFFOMw__&Key-Pair-Id=KUT5TJCACFTXG","The Tennessee Transportation Financing Authority on May 8 voted to adopt an inducement resolution that allows the authority to seek a private-activity bond allocation and other federal financing instruments to support a proposed Choice Lanes project on I-24.

The inducement resolution, approved by voice vote, signals the authority’s intent to move forward with a developer-led public-private partnership (P3) financing plan that project staff said could cost between $3 billion and $4 billion for roughly 20 miles of new lanes. \"This the Transportation Modernization Act gave us the ability to use P3s and bring that resource to bear on our transportation needs in Tennessee,\" said Brian Ledford, assistant chief engineer for the Tennessee Department of Transportation, during a presentation to the board.

Why it matters: The resolution lets the authority file for an allocation of private-activity bond volume with the Build America Bureau and advance a package that could include a TIFIA loan, tax-exempt private activity bonds and private equity. Board members and TDOT staff said the step is necessary for the developer to access tax-favored bond financing and other capital that typically underpins large P3 toll projects.

TDOT and advisers described the proposed project as two new lanes in each direction on a stretch of I-24, beginning a bit south of Sam Ridley and extending near Fesslers Lane. Ledford said the arrangement under consideration would be a long-term revenue-risk concession — staff mentioned a 50-year concession period — and that the state’s public contribution, based on recent precedent, is expected to be “minimal.” The financing stack described by staff includes a TIFIA loan (to be maximized where possible), private-activity bonds allocated through the Build America Bureau, and private equity that would absorb first losses if revenue or cost projections fall short. \"The private equity is the first financing that takes the haircut. And that's really what brings value to a public-private partnership,\" Ledford said.

Board members and TDOT officials emphasized that the inducement resolution is a conduit, preliminary action: it does not obligate the state’s general fund or create a general obligation of the state. \"There are specific provisions that specify that any debt issued on a conduit basis shall be passed on to the developer and shall not be construed as a general obligation of the state,\" Ledford told the board before the vote.

The resolution was presented to the authority to secure a remaining allocation of private-activity bond volume (board materials described roughly $2 billion in remaining allocation out of a $30 billion cap referenced by staff) so the project team can include the allocation request in a submittal to the Build America Bureau later in the month. Staff said the bureau’s TIFIA instrument is typically capped between 33% and 49% of the financing stack and that developers generally seek the maximum TIFIA amount because of its favorable terms during construction and early operations.

What the board did: The authority voted by voice to adopt the inducement resolution. Staff and advisers said later, and the resolution itself states, that subsequent board actions will be required before any bonds are issued and before any state-level contractual obligations are executed.

Next steps: The authority will use the inducement resolution to file for private-activity bond allocation through the Build America Bureau; later, following project procurement and selection, the authority would consider formal bond issuance and related documents in subsequent meetings.","The Tennessee Transportation Financing Authority on May 8 adopted an inducement resolution to pursue private-activity bond allocation and other financing tools for a proposed 20-mile Choice Lanes project on I-24, estimated at $3–$4 billion; the resolution is a conduit step and does not create state debt.","actionData","errors"]

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New Tennessee transportation finance authority adopts bylaws, public-comment rules, hires special counsel and names assistant secretary

Tennessee transportation authority approves inducement resolution to seek private-activity bond allocation for I-24 Choice Lanes project