Tennessee Code 7-37-115 – Rentals sufficient to pay bonds
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Terms Used In Tennessee Code 7-37-115
- Governing body: means bodies and boards, by whatsoever names they may be known, charged with the governing of a municipality. See Tennessee Code 7-37-102
- Municipality: means any incorporated city or town, county or a metropolitan government in this state. See Tennessee Code 7-37-102
The governing body of a municipality issuing bonds pursuant to this chapter shall prescribe and collect rentals for industrial buildings, and shall revise the rentals from time to time whenever necessary so that the income and revenues to be derived from such rentals will always be sufficient to pay when due all bonds and interest on the bonds for the payment of which such revenues are pledged, including reserves for the payment of the bonds and interest on the bonds.