Bond bill HB1407, including added funding for MTSU’s Murphy Center, moves to full finance

The Finance, Ways, and Means Subcommittee voted 13-0 on April 15, 2025, to advance House Bill 1407 — the state bond authorization bill — to the full Finance committee after adopting an amendment that added $25 million for Middle Tennessee State University’s Murphy Center.

Leader Lambert introduced the bill and Chairman Hicks described the projects included in the bond authorization. Hicks said the amendment expanded the bond amount to include an additional $25 million of general-obligation bonds for MTSU’s Murphy Center. He listed projects the bill authorizes bonds for, including DCS facilities, Woodland Hills and Wilder security facilities, a new emergency operations center in TEMA, renovations and construction projects at institutions such as ETSU (Brown Hall renovation), Tennessee Tech (construction manufacturing building), University of Memphis (research modernization), UT Knoxville (chemistry building), UT Martin (College of Business and Global Affairs), and TCAT Memphis (aviation campus replacement). The bill also includes AOC library and archives renovation for the court system and TDOT bond authorization language.

Hicks explained the general practice for bond bills: the legislature authorizes bonds and appropriates recurring funds equal to roughly 11% of the principal amount of unissued general-obligation bonds to cover assumed debt service. He said Tennessee’s annual debt service under the proposed authorization would remain low — about 1.7% of tax revenue — and that the state remains among the lowest-debt states. Deputy Speaker Zachary reiterated the point, saying the state’s indebtedness remains lower than at the start of the current administration.

The subcommittee approved amendment drafting code 6,615 and voted to move HB1407 to full Finance; the clerk recorded 13 ayes and 0 no votes.