Every lease and sublease made by a municipality with a not-for-profit corporation under § 12-2-302(3) shall include a provision requiring such not-for-profit corporation to transfer and convey all of its right, title and interest in and to the project covered thereby immediately upon the payment and retirement of all bonds and other obligations issued by such not-for-profit corporation for the purpose of financing the cost of such project.
Structure 2021 Tennessee Code
Title 12 - Public Property, Printing and Contracts
Chapter 2 - Administration and Disposition of State Property
Part 3 - Sales and Leases by Municipalities to and From Not-for-Profit Corporations
§ 12-2-302. Powers and Duties of Municipality
§ 12-2-303. Municipality's Liability Under Lease — Actions by Not-for-Profit Corporations as Lessors
§ 12-2-304. Municipality's Obligations Not Within Debt Limitations
§ 12-2-305. Provision in Lease to Convey Title Upon Retirement of Obligations