Tennessee § 6-51-408 Debts and liabilities - Bond funds

Tennessee Statutes

§ 6-51-408 — Debts and liabilities - Bond funds

Tennessee § 6-51-408

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This text of Tennessee § 6-51-408 (Debts and liabilities - Bond 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. § 6-51-408 (2026).

Text

(a)All outstanding debts and liabilities of the former municipalities shall be assumed by the consolidated municipality.

(b)All the territory included within the limits of the consolidated municipality shall be liable for the floating and bonded indebtedness, including interest, of all the territory included within the consolidated municipality.

(c)Whenever at the time of the merger, however, any of the respective municipalities have on hand any bond funds voted for public improvements not already appropriated or contracted for, this money shall be kept in a separate fund and devoted to public improvements in the territory for which the bonds were voted.

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(a) All outstanding debts and liabilities of the former municipalities shall be assumed by the consolidated municipality. (b) All the territory included within the limits of the consolidated municipality shall be liable for the floating and bonded indebtedness, including interest, of all the territory included within the consolidated municipality. (c) Whenever at the time of the merger, however, any of the respective municipalities have on hand any bond funds voted for public improvements not already appropriated or contracted for, this money shall be kept in a separate fund and devoted to public improvements in the territory for which the bonds were voted.