(a) The proceeds received from the sale of bonds or notes issued under this chapter by a local government shall be deposited with, in the case of counties, the county trustee or, in the case of municipalities or metropolitan governments, with the official designated by law as custodian of the funds, or be deposited as provided in the resolution authorizing the bonds or notes.

Terms Used In Tennessee Code 9-21-113

  • Bonds: means bonds or interim certificates issued pending preparation or delivery of definitive bonds of a local government issued pursuant to this chapter. See Tennessee Code 9-21-105
  • Law: means any act or statute, general, special or local, of this state, including, but not limited to, any local government charter. See Tennessee Code 9-21-105
  • Local government: means any county, municipality or metropolitan government in this state. See Tennessee Code 9-21-105
  • Notes: means notes or interim certificates issued pending preparation or delivery of definitive notes of a local government issued pursuant to this chapter. See Tennessee Code 9-21-105
  • Trustee: A person or institution holding and administering property in trust.
(b) The official designated as custodian of the funds shall not receive extra compensation for handling the funds.
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