Tennessee Code 69-5-917 – Disposition of receipts – Maintenance or administration certificates
Terms Used In Tennessee Code 69-5-917
- County mayor: means and includes "county executive" unless the context clearly indicates otherwise. See Tennessee Code 1-3-105
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Month: means a calendar month. See Tennessee Code 1-3-105
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
After each monthly settlement has been filed and approved as provided in §§ 69-5-915 and 69-5-916, the board of directors of the drainage district shall ascertain what part or portion of the money, bonds, coupons, or credit memorandums were received for the preceding month, or prior to that time, on the maintenance or administration assessments, or both, and when so ascertained it shall certify the amount thereof to the county mayor, and the county legislative body is hereby given jurisdiction and authority, upon application of the board of directors, to make such disposition thereof as may seem just and equitable for the benefit and protection of the district and bondholders. The county legislative body may authorize the directors to issue and sell transferable maintenance or administration certificates, or both, against that portion or part of the bonds, coupons or credit memorandums belonging to the maintenance or administration fund as so ascertained by the directors and reported to the county mayor. The certificates, when so authorized, issued and sold, may be tendered to the trustee in settlement of drainage assessments of the district, and it is the duty of the trustee, to whom tender is made, to receive such certificates at face value in the same manner as now provided by law for paying assessments with coupons or bonds, or both.