(a) Any floating indebtedness or bonded indebtedness of an absorbed county, not funded or refunded under §§ 5-3-113 – 5-3-121, shall be paid out of a tax levied against the property of the absorbed county.

Terms Used In Tennessee Code 5-3-121

  • 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.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(b) This tax levy shall be such proportion of the tax levy, levied by the absorbed county for bonds and interest during the past fiscal year, as the outstanding bonds of the absorbed county bears to the outstanding bonds of the absorbed county prior to consolidation.
  Previous section
Next section  
 Chapter 3 Contents