Tennessee Code 54-9-201 – Bonds issued – State aid pledged
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Terms Used In Tennessee Code 54-9-201
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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
Any county may authorize the issuance of bonds pursuant to title 9, chapter 21, for the construction of county highways, roads and bridges and may irrevocably pledge, during each fiscal year, moneys received by way of state aid grants for rural roads, an amount not exceeding fifty percent (50%) of state aid funds derived from the distribution of the gasoline tax for rural roads, to the retirement of principal of and interest on the bonds, but in computing the amount of state grants, state funds used in matching federal funds shall be excluded.