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.
Tenn. Code Ann. § 7-37-115
Rentals sufficient to pay bonds
Known as the Industrial Building Revenue Bond Act
The act spans §§ 7–7 (16 sections).
Acts 1951, ch. 137, § 11 (Williams, § 4406.53k); 1959, ch. 152, § 4; T.C.A
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.