Tennessee Code 6-22-128 – Certification of availability of funds to meet contract obligations
Terms Used In Tennessee Code 6-22-128
- Board: means the mayor and the aldermen. See Tennessee Code 6-1-101
- City: means any city or territory to be incorporated that may adopt chapters 30-36 of this title. See Tennessee Code 6-30-102
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Officer: means the mayor, aldermen, city attorney and city judge. See Tennessee Code 6-1-101
No contract, agreement, or other obligation involving the expenditure of money shall be entered into, nor shall any ordinance, resolution or order for the expenditure of money be passed by the board of commissioners or be authorized by any officer of the city, unless the finance director shall first certify to the board or the proper officer, as the case may be, that the money required for such contract, agreement, obligation or expenditure, is in the treasury or safely assured to be forthcoming and available in time to comply with, or meet such contract, agreement, obligation or expenditures; and no contract, agreement or other obligation involving the expenditure of money payable from the proceeds of bonds of the city shall be entered into until the issuance and sale of such bonds have been duly authorized in accordance with the provisions of this charter in reference to city bonds.