Whenever used in this part, unless the context otherwise requires:

(1) “Capital improvement property” means any real or tangible property needed for a governmental purpose and having a useful life of one (1) year or more, and any real or tangible personal property with respect to which capital outlay notes can be legally authorized and issued by a municipality;
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Terms Used In Tennessee Code 7-51-901

  • Contract: A legal written agreement that becomes binding when signed.
  • Governing body: means the board or body in which the general legislative powers of the municipality are vested. See Tennessee Code 7-51-901
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Municipality: means any county or incorporated city or town of the state of Tennessee. See Tennessee Code 7-51-901
  • Notice of meeting: means the notice of meeting referred to in this part. See Tennessee Code 7-51-901
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Resolution: means any resolution duly adopted by a governing body pursuant to this part. See Tennessee Code 7-51-901
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(2) “Contracting party” means any party to a contract, lease or lease-purchase agreement other than a municipality, and can include individuals, corporations, partnerships, other government agencies, and other business entities;
(3) “Governing body” means the board or body in which the general legislative powers of the municipality are vested;
(4) “Municipality” means any county or incorporated city or town of the state of Tennessee;
(5) “Notice of meeting” means the notice of meeting referred to in this part; and
(6) “Resolution” means any resolution duly adopted by a governing body pursuant to this part.
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