(a) The governing body shall be authorized to dissolve the district upon written petition filed by the owners of either seventy-five percent (75%) of the assessed value of the property in the district, based on the most recent certified city property tax rolls, or fifty percent (50%) of the owners of record within the district.

Terms Used In Tennessee Code 7-84-629

  • Assessed value: means value as assessed for municipal property tax purposes. See Tennessee Code 7-84-603
  • 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
  • Governing body: means the council, commission, board or other body exercising general legislative power in the municipality. See Tennessee Code 7-84-603
  • Municipality: means any incorporated city, town or metropolitan government of this state exercising general governmental functions in the state. See Tennessee Code 7-84-603
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) The district may not be dissolved if the municipality has outstanding any bonds, notes or other obligations payable solely from the special assessment revenues levied on the property within the district, and such dissolution may occur only at such time as such bonded indebtedness has been repaid in full or the municipality pledges to the payment of such indebtedness its full faith and credit and unlimited taxing power.
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