Tennessee Code 68-11-609 – Bonds secured by lien on rentals
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Terms Used In Tennessee Code 68-11-609
- Governing body: includes the body or board by whatever name it may be known, charged with the governing of a municipality. See Tennessee Code 68-11-602
- Lien: A claim against real or personal property in satisfaction of a debt.
- Medical arts building: means any building or buildings, including the site of the building or buildings, providing space suitable for the use of physicians or dentists, or both, as office space, emergency treatment rooms, laboratories, examining rooms, therapy rooms or other uses in connection with the practice of medicine or dentistry and the provision of health care, but does not include hospital facilities or overnight or extended care facilities. See Tennessee Code 68-11-602
All bonds issued under this part and the interest on the bonds shall be secured by a lien upon the rentals from the medical arts building for which the bonds have been issued, and the governing body may provide in the bond resolution for additional bonds to be equally and ratably secured by a lien upon the rentals or may provide that the lien upon the rentals for future bonds shall be subordinate.