(a) Upon the adoption of any county of this chapter, the legislative body of such county may appropriate an amount of money from the general fund of the county in carrying out its powers and duties, and it may levy or cause to be levied an annual tax, in addition to all other taxes, which tax shall be collected by the county trustee as other taxes are collected, and shall be paid into a separate and distinct fund to be known as the “county conservation fund,” to be paid out upon the warrants drawn by the county mayor or other county fiscal officer upon requisition of the county conservation board for the payment of expenses incurred in carrying out the powers and duties of the board.
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Terms Used In Tennessee Code 11-21-106
- Contract: A legal written agreement that becomes binding when signed.
- County mayor: means and includes "county executive" unless the context clearly indicates otherwise. See Tennessee Code 1-3-105
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Trustee: A person or institution holding and administering property in trust.
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
“Shall ____________________ County, Tennessee, issue its bonds in the amount of ______________ for the purpose of ____________________ ?”
The expenses incurred in connection with the conduct of such election shall be paid by the board from the county conservation fund. If the vote in favor of issuing the bonds is equal to at least sixty percent (60%) of the total votes cast for and against the proposition, the county legislative body shall issue the bonds in the amount voted, and shall provide for the levy of an annual tax, within the limits of the special tax hereinbefore authorized, sufficient to pay the bonds and the interest thereon as the same respectively become due. The bonds shall mature in not more than twenty (20) years, shall bear interest at such rate or rates and shall be in such form as the county legislative body shall by resolution provide, and shall be payable as to both principal and interest from the proceeds of the annual tax levy hereinbefore authorized to be levied for recreation and conservation purposes, or so much thereof as will be sufficient to pay the principal thereof and interest thereon, and prior to the authorization and issuance of such bonds, the county legislative body may, with or without notice, negotiate and enter into an agreement or agreements with any bank, investment banker, trust company or insurance company or group thereof whereunder the marketing of such bonds may be assured and consummated. The proceeds of such bonds shall be deposited in a special fund, to be kept separate and apart from all other funds of the county, and shall be paid out upon warrants drawn by the county mayor or other fiscal officer of the county, upon requisition of the board to pay the cost of acquiring land and developing the same for recreation and conservation purposes as specified in the election proposition.
(d) Nothing herein contained shall be construed to limit the authority of the county legislative body to levy the recreation and conservation tax, but if and to whatever extent the tax is levied in any year in excess of the amount of the principal and interest falling due in such year on the bonds, the first available proceeds thereof, to an amount sufficient to meet maturing installments of principal of and interest on such bonds, shall be paid into the sinking fund for such bonds before any of such taxes are deposited in the county conservation fund or are otherwise made available to the board, and the amount required to be annually set aside to pay the principal of and interest on the bonds shall constitute a first charge upon all of the proceeds of such annual special tax, which tax shall be pledged to pay the bonds and the interest thereon.
(e) This chapter shall be construed as supplemental and in addition to existing statutory authority and as providing an independent method of financing the cost of acquiring land and developing the same for public park, parkway, preserve, playground, or other recreation or conservation purposes, and for the issuance and sale of bonds in connection therewith, and shall not be construed as subject to any other law. The fact that a county may have bonds previously issued and outstanding under authority of this chapter shall not prevent such county from issuing additional bonds hereunder.
