Tennessee Code 7-35-420 – Borrowing and bonds authorized
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Terms Used In Tennessee Code 7-35-420
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Sewerage system: means all or any part of the following:
(A) The collecting system. See Tennessee Code 7-35-401
For the purpose of defraying the cost of acquiring a waterworks or sewerage system or any extensions to the waterworks or sewage system either by purchase or construction, or both, any municipal corporation may borrow money and issue its bonds and notes pursuant to the Local Government Public Obligations Act of 1986, compiled in title 9, chapter 21.