(a) In the event any county having entered into a loan agreement shall fail to remit funds in accordance with the annual repayment schedule established by the authority, the commissioner, within five (5) days of such failure, shall deliver by certified mail a written notice of such failure to the county.

Terms Used In Tennessee Code 4-31-511

  • Authority: means the Tennessee local development authority. See Tennessee Code 4-31-503
  • Loan agreement: means a contractual relationship by and between a county and the authority pursuant to and in accordance with this part. See Tennessee Code 4-31-503
  • State-shared taxes: means taxes imposed and collected by the state pursuant to law and allocated by law to local government units, whether allocated for a particular purpose or for the general use of such local government units. See Tennessee Code 4-31-102
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) In the event the county shall fail to remit the amount set forth in the notice within sixty (60) days of the receipt of the notice, the commissioner shall, without further authorization, withhold such sum or part of such sum from any state-shared taxes that are otherwise apportioned to such county for the benefit of the authority issuing bonds or notes for the purposes referred to in this part.
(c) A county shall not have any claims on state-shared taxes withheld as permitted under the terms of this part.
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