Tennessee Code 7-36-125 – Assets after cessation of existence of authority
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Terms Used In Tennessee Code 7-36-125
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Associated municipality: means a municipality that is located in a county having a population of three hundred thirty-five thousand (335,000) or less, according to the 2010 federal census or any subsequent federal census, and that, as of the date an authority is formed under this chapter, operates an electric system under the authority of chapter 52 of this title. See Tennessee Code 7-36-102
- Authority: means an authority created pursuant to this chapter. See Tennessee Code 7-36-102
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- System: means any plant, works, facility, property, or parts thereof, together with all appurtenances thereto, used or useful in connection with the furnishing of any of the services and commodities authorized to be provided in this chapter, including generation or production facilities, transmission facilities, storage facilities, and distribution facilities, and all real and personal property of every nature comprising part of or used or useful in connection with a "system" and all appurtenances, contracts, leases, franchises, and other intangibles relating to a "system". See Tennessee Code 7-36-102
If the authority ceases to exist, or in the event of the sale of all or substantially all of the assets of the electric system of the authority, all of its assets remaining after all of its obligations and liabilities have been satisfied or discharged shall pass to, and become the property of, the associated municipality.