(a) In the event that the issuance of any series of bonds or the entering into of any contract by a municipality, other than a power district, pursuant to this chapter, would constitute the giving or loaning of the credit of such municipality to or in aid of any person, company, association or corporation, or would constitute such municipality becoming a stockholder with others in any company, association or corporation, then such bonds shall not be issued or such contract shall not be entered into unless the governing body of the municipality shall, by resolution spread upon its minutes, declare its intention of issuing such bonds or entering such contract and prior to the delivery and payment for any such bonds or entering into such contract, a three-fourths (3/4) majority of the registered voters of such municipality voting at an election on the special question of issuing such bonds or entering into such contract shall approve of such bond issue or contract; provided, that no such election shall be necessary in connection with the authorization of refunding bonds.

Terms Used In Tennessee Code 7-54-108

  • construction: means the erection, building, acquisition by purchase or condemnation, alteration, reconstruction, improvement, or extension of energy production facilities, the engineering, architectural designs, plans, working drawings, specifications, procedures, and other action necessary in the construction of such facilities, and the inspection and supervision of the construction of such facilities. See Tennessee Code 7-54-101
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Governing body: means the board or body charged by law with governing the municipality. See Tennessee Code 7-54-101
  • Municipality: means any town, city, metropolitan government, county or power district of this state, and for all purposes except in §. See Tennessee Code 7-54-101
  • Person: means any and all persons, natural or artificial, including any individual, firm or association, business trust, partnership, joint venture, municipality, and public, municipal, nonprofit, or private corporation organized or existing under the laws of this state or any other state, and any governmental agency or county of this state and any department, agency, or instrumentality of the executive, legislative, and judicial branches of the federal government. See Tennessee Code 7-54-101
  • Solid waste: means all municipal, commercial, or industrial solid waste, garbage, rubbish, refuse, and other such similar and related materials, including, without limitation, recyclable materials when they become discarded, except those excluded by the department of environment and conservation, which will designate as "special waste" any hazardous or other waste it determines should not be processed in an energy production facility for reasons of public health or safety or because the nature of the waste is such that it is not suitable for processing in an energy production facility. See Tennessee Code 7-54-101
  • 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) The governing body shall, by resolution, direct the county election commission to hold an election on the question of issuing the bonds or entering into such contract.
(c) It is not necessary to submit to the voters any questions other than the maximum amount of bonds to be issued and the purpose for the bonds or the nature of the contract and the purpose for the contract, as the case may be.
(d) It is the duty of the governing body of such municipality to enter upon its minutes the results and returns of such election, and thereafter such entry upon its minutes shall be conclusive evidence of the result of such election, and no suit, action or other proceeding contesting the validity of such election shall thereafter be entertained in any of the courts of the state.
(e) If such election results unfavorably to the proposition, then no second or other election shall be ordered or held until the governing body shall, by resolution, determine that such election may be held.
(f) Nothing contained in this section or other laws of the state shall be construed to prohibit or restrict municipalities from contracting with one another according to such terms as such municipalities shall agree are reasonable, necessary and appropriate to implement the purposes and intent of this chapter and other laws of the state pertaining to the collection and disposal of solid waste and the construction, operation and maintenance of energy production facilities.
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