When the legislative body shall have ordered the construction of any improvement in accordance with the terms of chapter 32 of this title, the legislative body shall have the power, for the purpose of providing means to pay that portion of the cost of the improvement not chargeable to the municipality proper, to issue negotiable bonds of the municipality pursuant to the Local Government Public Obligations Law, compiled in title 9, chapter 21 to the amount in par value not exceeding two thirds (2/3) of the estimated cost of any such improvement or improvements, which cost shall, for this purpose, be estimated by the legislative body in the ordinance authorizing the issue of the bonds.
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 33 - Improvement Bonds
§ 7-33-101. Power to Issue Bonds to Pay Improvement Costs
§ 7-33-114. Assessments Set Aside for Payment of Bonds
§ 7-33-117. Collection of Assessments Notwithstanding Tax Levy
§ 7-33-118. Assessments and Bonds Unaffected by Irregularities
§ 7-33-119. Assessments Pledged for Payment of Bonds
§ 7-33-120. Segregation and Deposit of Assessment Collections