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.
Tenn. Code Ann. § 7-36-125
Assets after cessation of existence of authority
Known as the Municipal Energy Authority Act
The act spans §§ 7–7 (32 sections).
Acts 2016, ch. 995, § 1.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.