(a) Whenever the period or term, including any renewal term or extension period, of any contract, lease, or lease-purchase agreement for any real property is to be for less than five (5) years, under the authority of § 7-51-902 or § 7-51-903, or for tangible personal property, regardless of the period or term, such contract, lease or lease-purchase agreement shall first be approved by resolution or ordinance duly adopted by the governing body of the municipality, and no such contract, lease, or lease-purchase agreement shall be entered into by a municipality without such approval.

Terms Used In Tennessee Code 7-51-904

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Governing body: means the board or body in which the general legislative powers of the municipality are vested. See Tennessee Code 7-51-901
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Municipality: means any county or incorporated city or town of the state of Tennessee. See Tennessee Code 7-51-901
  • Notice of meeting: means the notice of meeting referred to in this part. See Tennessee Code 7-51-901
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • Resolution: means any resolution duly adopted by a governing body pursuant to this part. See Tennessee Code 7-51-901
(b) Whenever the period or term, including any renewal term or extension period, of any contract, lease or lease-purchase agreement for any real property is to be for five (5) years or more under the authority of § 7-51-902 or § 7-51-903, a notice of meeting shall be published relative to the meeting at which such contract, lease or lease-purchase agreement will be considered by the governing body of the municipality at least seven (7) days prior to the date set for such meeting. Such notice of meeting shall identify the real property to be considered, the term or terms of such contract, lease or lease-purchase agreement and the contracting party. Such contract, lease or lease-purchase agreement shall be approved by resolution or ordinance adopted by the governing body of the municipality, and no such contract, lease or lease-purchase agreement shall be entered into by a municipality without such approval.
(c) No other or further approval shall be required for any contract, lease or lease-purchase agreement entered into pursuant to this part.
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