§ 54-12-426 — Surplus funds from assessments, bonds, or notes - Disposition

Tennessee § 54-12-426

• Jurisdiction: Tennessee
• Title: 54

Text

(a) When, in the making of any improvement for a road improvement district provided for in this chapter, bonds or notes of the districts have heretofore been made or hereafter sold for the purpose of providing funds for the improvement, and money is left over of the proceeds of the sale of the bonds or notes after the improvement has been paid for, for which the bonds or notes were issued and sold, the board of directors of the improvement district, with the approval of the entity exercising the former jurisdiction of the monthly county court having jurisdiction of the cause in which the district was created shall have the power to disburse the surplus funds for further improving the roads in the district as may be deemed best, or the surplus funds and money may be used by paying all or in part any assessment made on the lands of the district and not yet collected, in which event the particular assessment, or part of the assessment, need not be collected; or the surplus of funds may be used in purchasing and retiring any of the bonds or notes issued; provided, that they can be bought at not above par with any accrued interest on the bonds or notes. (b) The board of directors, with the approval of the court, has the right and power to dispose of surplus funds in any of the methods set out in subsection (a) that the board and the court may deem best for the district, the court to concur, by its order or decree, in the disposition.

Legislative History

Acts 1919, ch. 193, § 94; Shan. Supp., § 1682a108; Code 1932, § 2923; modified; T.C.A. (orig. ed.), § 54-1626; Acts 1988, ch. 750, § 64.