Tennessee Code 7-51-903 – Long-term contracts
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Terms Used In Tennessee Code 7-51-903
- 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
- Governing body: means the board or body in which the general legislative powers of the municipality are vested. 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
Except as otherwise authorized or provided by law, municipalities are hereby authorized to enter into long-term contracts for such period or duration as the municipality may determine for any purpose for which short-term contracts not extending beyond the term of the members of the governing body could be entered; provided, that § 7-51-902 shall govern the periods or terms of contracts, leases, and lease-purchase agreements with respect to capital improvement property.