The governing body of the municipality may dispose of all or substantially all of the electric plant acquired by means of bonds issued under this part, but only with the approval of the supervisory body and a majority of those voting in an election held as follows:

Terms Used In Tennessee Code 7-52-132. Disposition of plant -- Election resolution -- Notice -- Ballot -- Election

  • Dispose: means to sell, lease, or otherwise transfer any interest in property. See
  • Electric plant: means generating, transmission, or distribution systems, together with all other facilities, equipment and appurtenances necessary or appropriate to any such systems for the furnishing of electric power and energy for lighting, heating, power or any other purpose for which electric power and energy can be used. See
  • Governing body: means the county legislative body, board, body or commission having general charge of the municipality. See
  • Municipality: means any county, metropolitan government, incorporated city or town in the state of Tennessee. See
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • 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 governing body of the municipality shall adopt a resolution, which shall state in substance:

(A) That the supervisory body has approved the proposed disposition;

(B) A full description of the property to be disposed of;

(C) The purchaser or purchasers of the property;

(D) The purchase price;

(E) The terms or conditions of sale if such disposition is not for cash, payable in full at the time of such disposition;

(F) The date on which such election will be held;

(G) The place or places where votes may be cast; and

(H) The hours between which such voting places may be open; and

(2) At such election the ballot shall contain the words “For the disposition of the electric plant” and “Against the disposition of the electric plant.”

[Acts 1935, ch. 32, § 22; C. Supp. 1950, § 3708.22; T.C.A. (orig. ed.), § 6-1532.]