Contract: A legal written agreement that becomes binding when signed.
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.
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
(1) The board is authorized to contract with the governing body of any county, or the governing body of any incorporated city or town, to furnish to any county or incorporated city or town such personnel, supplies, funds and technical assistance as may be needed to carry out a program of assessment, reassessment or equalization of property taxes.(2) Upon the petition by a municipality that lies within the boundaries of two (2) or more counties, the board may enter into a contract with such municipality to provide the assessment services allowed under § 67-1-513.(3) No contracts authorized by this section shall be entered into after January 1, 1974, by the board with any governing body other than those of counties, except that the board may enter into contracts with municipalities that lie within the boundaries of two (2) or more counties and who petition for assessment services allowed under § 67-1-513.(b) The board shall establish rules and regulations that shall constitute a part of every contract of assistance. Such rules and regulations shall provide that the over-all cost incurred by the board shall be repaid to the board and shall state the terms and conditions on which such assistance shall be rendered including the interest charge, if any, on loans made, and such other rules and regulations as will adequately ensure the satisfactory completion of such programs.(c) All funds appropriated to the board for the purpose of carrying out this section shall be kept in a special account by the board from which assistance shall be rendered, and funds repaid to the board under any contract shall be credited to the account and applied to any lawful obligation of the account.(d) In the event of a default by a county, town or city in the payment or repayment of funds due under a contract, the board shall notify the comptroller of the treasury of the default and the amount of the default; it shall then be the duty of the comptroller of the treasury to have paid over to the board out of any state-shared taxes due the defaulting county, city or town sums sufficient to pay the amount in arrears under the contract.(e) The assistance authorized by this section shall be supplemental to and administered separately from that authorized by title 4, chapter 3, part 51.
