In case of failure to pay any assessment or installment provided for under this part on or before the date prescribed by the governing body for such payment, there shall be added to the assessment both interest of one percent (1%) per month and a penalty of one percent (1%) per month of the amount of such assessment or installment.
Tenn. Code Ann. § 7-84-628
Penalty for late payment
Known as the Central Business Improvement District Act
The act spans §§ 7–7 (102 sections).
Acts 2003, ch. 195, § 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.