Tennessee § 68-221-513 Failure of municipality to comply with payment schedule - Withholding of state funds - Rate increases

Tennessee Statutes

§ 68-221-513 — Failure of municipality to comply with payment schedule - Withholding of state funds - Rate increases

Tennessee § 68-221-513

Title68

This text of Tennessee § 68-221-513 (Failure of municipality to comply with payment schedule - Withholding of state funds - Rate increases) 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. § 68-221-513 (2026).

Text

(a)In the event any municipality, having entered into a loan agreement, shall fail to remit funds in accordance with the amortization schedule established by the authority, the commissioner of finance and administration shall deliver by certified mail a written notice of such failure to the municipality within five (5) days of the failure.

(b)In the event the municipality shall fail to remit the amount set forth in the notice within sixty (60) days of the receipt of such notice, the commissioner shall, without further authorization, withhold such sum or part of such sum from any state-shared taxes which are otherwise apportioned to the municipality for the benefit of the authority.

(c)Furthermore, in the event any municipality having entered into a loan agreement shall fail to remit fun

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(a) In the event any municipality, having entered into a loan agreement, shall fail to remit funds in accordance with the amortization schedule established by the authority, the commissioner of finance and administration shall deliver by certified mail a written notice of such failure to the municipality within five (5) days of the failure. (b) In the event the municipality shall fail to remit the amount set forth in the notice within sixty (60) days of the receipt of such notice, the commissioner shall, without further authorization, withhold such sum or part of such sum from any state-shared taxes which are otherwise apportioned to the municipality for the benefit of the authority. (c) Furthermore, in the event any municipality having entered into a loan agreement shall fail to remit funds in accordance with the amortization schedule established by the authority, the municipality shall increase its fees, rates or charges for water service and/or pledge additional other available sources of revenue as are necessary to meet the obligation of the municipality according to the loan agreement.

Legislative History

Acts 1974, ch. 671, § 13; 1975, ch. 57, § 1; 1978, ch. 843, § 12; 1982, ch. 873, § 6; T.C.A., § 53-2067; Acts 1989, ch. 233, §§ 34, 36; T.C.A., § 68-13-513.