Tennessee Code 54-9-204 – County highway bond account – Expenditure of funds
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Terms Used In Tennessee Code 54-9-204
- Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
- Road: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
- 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
- Trustee: A person or institution holding and administering property in trust.
In accordance with the bond resolution, the county trustee shall place in a special account, known as the county highway bond account, the amounts of state-aid road funds and state aid funds received for county highway purposes, but not exceeding fifty percent (50%) of the state aid funds, pledged to the payment of the principal of and interest on the bonds. The funds shall be expended for no other purpose. When an amount has been accumulated sufficient to pay the principal amount of the bonds, plus interest, the county trustee shall not place additional funds in the account.