(a) So long as a municipality owns any public works, the property and revenue of such public works shall be exempt from all state, county and municipal taxation.

Terms Used In Tennessee Code 7-34-116

  • Municipality: means any county or incorporated city or town of the state. See Tennessee Code 7-34-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Public works: means any one (1) or combination of two (2) or more of the following: water, sewerage, gas or electric heat, light or power works, plants and systems or parking facilities, together with all parts thereof and appurtenances thereto, including, but not limited to, supply and distribution systems, electrical power purchased from the Tennessee Valley authority or similar governmental agencies, on a current or long-term purchase basis, reservoirs, dams, sewage treatment and disposal works and generating plants. See Tennessee Code 7-34-102
  • 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
(b) Bonds and the income from bonds issued pursuant to this chapter shall be exempt from all state, county and municipal taxation, except inheritance, transfer and estate taxes.
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