(a) All bonds and notes issued under this chapter shall be limited obligations of the county issuing the bonds or notes payable solely out of the revenues and receipts derived from the home mortgages or from any notes or other obligations of lending institutions with respect to which such bonds or notes are issued.

Terms Used In Tennessee Code 7-60-209

  • County: means any county or any metropolitan form of government in this state having a population of two hundred thousand (200,000) or more, according to the 1980 federal census or any subsequent federal census, that by resolution has made the findings and determinations required by §. See Tennessee Code 7-60-103
  • Home: means residential housing, including real property and improvements on real property, consisting of one (1) or more dwelling units, including, but not limited to, condominium units, owned by one (1) person or family of lower or moderate income that occupies or intends to occupy one (1) of such units. See Tennessee Code 7-60-103
  • notes: means the bonds and notes respectively authorized to be issued by counties under this chapter. See Tennessee Code 7-60-103
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • State: means the state of Tennessee. See Tennessee Code 7-60-103
(b) No holder of any bonds or notes issued under this chapter shall have the right to compel any exercise of taxing power of a county to pay the bonds or notes, the interest or redemption premium, if any, on the bonds or notes, and the bonds or notes shall not constitute an indebtedness of any county or a loan of credit of the county within the meaning of any constitutional or statutory provisions, nor shall the bonds or notes be construed to create any moral obligation on the part of any county, the state, or any political subdivision of the county or state, with respect to the payment of such bonds or notes.
(c) It shall be plainly stated on the face of each bond or note that it has been issued under this chapter and that it does not constitute an indebtedness of the county issuing the bonds or notes or a loan of credit of the county within the meaning of any constitutional or statutory provision.
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