(a)

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Terms Used In Tennessee Code 7-60-208

  • Contract: A legal written agreement that becomes binding when signed.
  • County: means any county or any metropolitan form of government in this state having a population of two hundred thousand (200,000) or more, according to the 1980 federal census or any subsequent federal census, that by resolution has made the findings and determinations required by §. See Tennessee Code 7-60-103
  • notes: means the bonds and notes respectively authorized to be issued by counties under this chapter. See Tennessee Code 7-60-103
  • Purposes of this chapter: means ameliorating the deterioration of counties by preserving and expanding employment opportunities in the construction and related industries and the tax base of counties by undertaking or assisting in the financing of home mortgages for persons and families of lower and moderate income. See Tennessee Code 7-60-103
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
  • State: means the state of Tennessee. See Tennessee Code 7-60-103
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) All moneys of a county derived in furtherance of the purposes of this chapter, except as otherwise authorized or provided in this chapter, shall be deposited as soon as practicable in a separate account or accounts in banks or trust companies doing business in or out of the state.
(2) The moneys in such accounts shall be paid out on checks signed by such officer or employee of the county as the county shall authorize.
(3) All deposits of such moneys shall, if required by the county, be secured by obligations of the United States or of the state or of the county of a market value equal at all times to the amount of the deposit, and all banks and trust companies are authorized to give such security for such deposits.
(4) Notwithstanding this section, a county shall have power to contract with the holders of any of its bonds or notes as to the custody, collection, securing, investment and payment of any moneys of the county derived in furtherance of the purposes of this chapter, and of any moneys held in a trust or otherwise for the payment of bonds or notes, and to carry out such contract.
(5) Moneys held in trust or otherwise for the payment of bonds or notes or in any way to secure bonds or notes and deposits of such moneys may be secured in the same manner as moneys of the county, and all banks and trust companies are authorized to give such security for such deposits.
(b) Subject to any contract with bondholders and noteholders, a county issuing bonds or notes pursuant to this chapter shall prescribe a system of accounts. All such accounts shall be kept separate from other accounts of the county and shall be used for the purposes of this chapter and for no other purpose.
(c) All accounts of a county established in furtherance of the purposes of this chapter shall be annually audited by the comptroller of the treasury, an independent public accountant or independent certified public accountant, selected by the county and approved by the comptroller of the treasury, and a report of such audit and the books and records of the county kept with respect to any action taken or account established under this chapter, including books and records pertaining to its receipts, disbursements, contracts, reserve funds, sinking funds and investments, shall be open to public inspection.
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