(a) The municipality has the authority and power to borrow money and issue bonds, notes or other obligations for the purpose of paying the costs of public improvements made pursuant to the establishment ordinance, or the refunding or refinancing of any such bonds, notes or obligations, under and pursuant to all the procedures and requirements set forth in the Local Government Public Obligations Act of 1986, compiled in title 9, chapter 21.
Terms Used In Tennessee Code 7-84-518
District: means the central business district created by ordinance or resolution by a municipality, or a corridor of central business districts created by joint agreement of two (2) or more municipalities. See Tennessee Code 7-84-103
Municipality: means any incorporated city, town or metropolitan government of this state exercising general governmental functions in the state. See Tennessee Code 7-84-503
(b) The municipality is further authorized to pledge to the payment of principal of and premium and interest on such bonds, notes or other obligations, and use for the payment thereof, the special assessment revenues authorized to be collected by the municipality pursuant to this part in the same manner as revenues may be pledged pursuant to the Local Government Public Obligations Act of 1986.(c) “Public works project,” as contained in the Local Government Public Obligations Act of 1986, includes all public improvements made within the district and the proceeds of any such bonds, notes or other obligations may be used for any purpose for which bond proceeds may be used under the Local Government Public Obligations Act of 1986.(d) “Revenues,” as contained in the Local Government Public Obligations Act of 1986, includes the special assessment revenues described in this part.
