When the subscription so made becomes due, as provided, it is made the duty of the county legislative body, or municipal authorities, as the case may be, on the receipt of the certificates of stock, as provided in § 65-7-116, to levy, from time to time, such taxes upon the taxable property, privileges, and persons liable by law to taxation within the county or corporate limits, as the case may be, as will be sufficient and necessary to meet the maturing interest on the bonds of such county, town, or city, and to provide for the payment of the principal; provided, that no tax to pay such subscription exceeding twenty-five percent (25%) of the amount subscribed shall be levied in any one (1) year.
Structure 2021 Tennessee Code
Title 65 - Public Utilities and Carriers
Chapter 7 - Subscription to Railroad Stock by Counties and Municipalities
§ 65-7-101. Power of Locality to Become Stockholder
§ 65-7-102. Right to Subscribe to Stock
§ 65-7-104. Record of Application, Plan, and Amount — Ordering of Election
§ 65-7-105. County Election on Question — Order by Legislative Body
§ 65-7-106. City or Town Election on Question — Order by Governing Body
§ 65-7-107. Notice of Election
§ 65-7-108. Conduct of Election — Certificate of Result — Validity
§ 65-7-109. Election — Style of Ballot
§ 65-7-110. Action on Return of Commission
§ 65-7-112. Subscriptions — Time of Payment
§ 65-7-113. Bond Issue for Payment