(a) Each municipality having entered into a loan agreement shall remit to the authority such amounts and at such times as shown in the amortization schedule established by the authority.

Terms Used In Tennessee Code 68-221-511

  • Amortization: Paying off a loan by regular installments.
  • Authority: means the Tennessee local development authority, a public agency, created by title 4, chapter 31, or its successor. See Tennessee Code 68-221-502
  • Municipality: means any county, metropolitan government, incorporated town or city, or special district of this state empowered to provide water services, or any combination of two (2) or more of the foregoing acting jointly, in connection with an eligible project. See Tennessee Code 68-221-502
  • Waterworks: includes all or any part of the following: source of supply, pumping facilities, purification works, collection and storage facilities and distribution system for water, together with all necessary parts and appurtenances for proper operation. See Tennessee Code 68-221-502
(b) Such funds shall be placed in a special trust fund of the authority created to provide for the payment of principal of, and interest on, bonds and notes issued by the authority for the purpose of providing waterworks loans to municipalities.
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