Tennessee Statutes
§ 5-3-121 — Debt reorganization - Payment of unfunded debt
Tennessee·Title 5
(a)Any floating indebtedness or bonded indebtedness of an absorbed county, not funded or refunded under §§ 5-3-113 - 5-3-121, shall be paid out of a tax levied against the property of the absorbed county.
(b)This tax levy shall be such proportion of the tax levy, levied by the absorbed county for bonds and interest during the past fiscal year, as the outstanding bonds of the absorbed county bears to the outstanding bonds of the absorbed county prior to consolidation.
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Tennessee § 5-3-121 (Debt reorganization - Payment of unfunded debt) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1939, ch. 225, § 8; C. Supp. 1950, § 136.17 (Williams, §136.19); T.C.A. (orig. ed.), § 5-321.
Nearby Sections
15
§ 5-1-101
Enumeration of counties§ 5-1-102
Jurisdiction over boundary waters§ 5-1-103
Corporate capacity§ 5-1-104
County officers - Filling vacancies§ 5-1-105
Suits against counties§ 5-1-106
Suits for use of counties§ 5-1-107
Mandamus to enforce county duties§ 5-1-108
Division into districts§ 5-1-109
Continuation of existing districts§ 5-1-110
District maps and boundaries