(a) The governing body of the municipality issuing bonds pursuant to this part shall prescribe and collect rentals for each medical arts building, and shall revise the rentals from time to time whenever necessary, so that the income and revenues to be derived from the rentals will always be sufficient to pay when due all bonds and interest on the bonds for the payment of which the revenues are pledged, including reserve for the bonds if any, and to provide for all expenses of operation and maintenance, of the medical arts buildings, and for an adequate depreciation account, if desired, in connection with the medical arts building.
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Terms Used In Tennessee Code 68-11-608

  • Governing body: includes the body or board by whatever name it may be known, charged with the governing of a municipality. See Tennessee Code 68-11-602
  • Medical arts building: means any building or buildings, including the site of the building or buildings, providing space suitable for the use of physicians or dentists, or both, as office space, emergency treatment rooms, laboratories, examining rooms, therapy rooms or other uses in connection with the practice of medicine or dentistry and the provision of health care, but does not include hospital facilities or overnight or extended care facilities. See Tennessee Code 68-11-602
(b) All funds arising under this part shall be kept separate and apart from other funds of the municipality.
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