Tennessee § 54-9-204 County highway bond account - Expenditure of funds

Tennessee Statutes

§ 54-9-204 — County highway bond account - Expenditure of funds

Tennessee § 54-9-204

Title54

This text of Tennessee § 54-9-204 (County highway bond account - Expenditure of funds) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 54-9-204 (2026).

Text

In accordance with the bond resolution, the county trustee shall place in a special account, known as the county highway bond account, the amounts of state-aid road funds and state aid funds received for county highway purposes, but not exceeding fifty percent (50%) of the state aid funds, pledged to the payment of the principal of and interest on the bonds. The funds shall be expended for no other purpose. When an amount has been accumulated sufficient to pay the principal amount of the bonds, plus interest, the county trustee shall not place additional funds in the account.

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In accordance with the bond resolution, the county trustee shall place in a special account, known as the county highway bond account, the amounts of state-aid road funds and state aid funds received for county highway purposes, but not exceeding fifty percent (50%) of the state aid funds, pledged to the payment of the principal of and interest on the bonds. The funds shall be expended for no other purpose. When an amount has been accumulated sufficient to pay the principal amount of the bonds, plus interest, the county trustee shall not place additional funds in the account.