Tennessee Code 7-51-902 – Capital improvement property
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Terms Used In Tennessee Code 7-51-902
- Capital improvement property: means any real or tangible property needed for a governmental purpose and having a useful life of one (1) year or more, and any real or tangible personal property with respect to which capital outlay notes can be legally authorized and issued by a municipality. See Tennessee Code 7-51-901
- Contracting party: means any party to a contract, lease or lease-purchase agreement other than a municipality, and can include individuals, corporations, partnerships, other government agencies, and other business entities. See Tennessee Code 7-51-901
- Municipality: means any county or incorporated city or town of the state of Tennessee. See Tennessee Code 7-51-901
- Property: includes both personal and real property. See Tennessee Code 1-3-105
Any municipality is authorized to enter into, with any contracting party or parties, contracts, leases or lease-purchase agreements with respect to capital improvement property for terms not to exceed forty (40) years or the useful life of the subject capital improvement property, whichever is less.