Tennessee § 9-4-5118 State funds not to be expended to pay municipality's public indebtedness

Tennessee Statutes

§ 9-4-5118 — State funds not to be expended to pay municipality's public indebtedness

(a)No state funds shall be expended to pay the public indebtedness of any municipality; provided, however, that this subsection (a) does not preclude any municipality from utilizing its allocation of state-shared taxes for the purpose of paying its public indebtedness.

(b)As used in this section, unless the context otherwise requires:

(1)"Public indebtedness" means the bonds, notes or other evidence of indebtedness lawfully issued or assumed;

(2)"State departmental revenues" means:

(A)Earnings or charges for goods or services; or (B) Donations, contributions or participation by political subdivisions, foundations, corporations, firms or persons;

(3)"State funds" means state departmental revenues or state revenues;

(4)"State revenues" means the proceeds collected from taxes, licenses

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(a) No state funds shall be expended to pay the public indebtedness of any municipality; provided, however, that this subsection (a) does not preclude any municipality from utilizing its allocation of state-shared taxes for the purpose of paying its public indebtedness. (b) As used in this section, unless the context otherwise requires: (1) "Public indebtedness" means the bonds, notes or other evidence of indebtedness lawfully issued or assumed; (2) "State departmental revenues" means: (A) Earnings or charges for goods or services; or (B) Donations, contributions or participation by political subdivisions, foundations, corporations, firms or persons; (3) "State funds" means state departmental revenues or state revenues; (4) "State revenues" means the proceeds collected from taxes, licenses, fees, fines, forfeitures or other imposts laid specifically by law for state government; and (5) "State-shared taxes" means taxes imposed and collected by the state pursuant to law and allocated by law among units of local government. (c) This section shall not be construed as limiting the authority provided in chapter 13, part 2 of this title or chapter 21, part 7 of this title.

Tennessee § 9-4-5118 (State funds not to be expended to pay municipality's public indebtedness) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.