Tennessee Code 68-211-912 – Counties and municipalities – Liability
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Terms Used In Tennessee Code 68-211-912
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
No county or municipality shall be liable for the payment of the principal or interest on any bonds, notes or other instruments evidencing indebtedness of the authority except as provided in this part. Neither shall any county or municipality be liable for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the authority except as provided in this part.