(a) The county shall pledge its full faith and credit for the repayment of a loan pursuant to this chapter.

Terms Used In Tennessee Code 41-8-112

  • Amortization: Paying off a loan by regular installments.
  • Certified: refers to whether any jail, workhouse or penal farm facility has been found to have met the minimum standards for local correctional facilities as provided for in §. See Tennessee Code 41-8-103
  • Commissioner: means the commissioner of correction or the commissioner's designee. See Tennessee Code 41-8-103
  • Contract: A legal written agreement that becomes binding when signed.
  • Loan: means those funds provided under this chapter by the state to the county for which the state does require repayment by the county. See Tennessee Code 41-8-103
  • 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 any county having entered into a loan contract pursuant to this chapter fails to remit funds in accordance with any amortization schedule established for the loan, the commissioner of finance and administration shall deliver by certified mail a written notice of the failure to the county. In the event the county fails to remit the amount set forth in the notice within sixty (60) days of the receipt of the notice, the commissioner of finance and administration may, without further authorization, withhold that sum or part of that sum from any state-shared taxes that are otherwise apportioned to the county.
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