(a) Subject to subsection (b), any local government may, by resolution duly adopted by its governing body, authorize and direct the paying agent for its bonds, notes and coupons, or other person in possession of its bonds, notes and coupons, to destroy all bonds, notes and coupons duly paid and cancelled.

Terms Used In Tennessee Code 9-21-123

  • 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Governing body: means the legislative body of any local government of this state or any other authority charged with the governing of the affairs of any local government in this state. 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
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) Such bonds, notes and coupons duly paid and cancelled during any fiscal year may be destroyed only after the fiscal audit of the local government covering the fiscal year has been completed and the appropriate local government official shall have properly posted all bonds, notes and coupons duly paid and cancelled to the local government bond, note and coupon records on a current basis. If the audit reflects that all bonds, notes and coupons duly paid and cancelled have been properly accounted for, then the paying agents or other persons who have the local government’s bonds, notes and coupons in their possession shall, at the direction of the local government, destroy the same and furnish a certified list of bonds, notes and coupons duly paid and cancelled by issue showing the bond, note and coupon number, the amount of each, the date paid and such additional information as the governing body may require. The governing body shall cause the certified list of bonds, notes and coupons duly paid and cancelled to be recorded in the official minutes of the governing body.
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