Steele v. Industrial Development Board of the Metropolitan Government of Nashville & Davidson County

OPINION

REID, Judge.

Pursuant to Rule 23, Rules of the Tennessee Supreme Court, the Court has accepted the following question of law certified by the United States District Court for the Middle District of Tennessee:

Whether bonds which contain a “liquidity demand” provision, giving bondholders the right to collect the face value of the bonds upon giving seven (7) days notice, are bonds “maturing in six (6) months or less *347from the date of issuance” within the meaning of Tenn.Code Ann. § 67-2-101(l)(B)(i), such that the interest on the bonds is exempt from the Tennessee “Hall Income Tax” under…