Bonds may be sold in such manner and upon such terms as may be deemed advisable by the governing body; provided, that bonds for refunding purposes shall not be sold at less than ninety-seven percent (97%) of par value and accrued interest.
Sale of bonds
Tenn. Code Ann. § 7-37-111, under Industrial Building Revenue Bond Act of 1951.
Tenn. Code Ann. § 7-37-111