If the authority ceases to exist, or in the event of the sale of all or substantially all of the assets of the electric system of the authority, all of its assets remaining after all of its obligations and liabilities have been satisfied or discharged shall pass to, and become the property of, the associated municipality.
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 36 - Municipal Energy Authority Act
§ 7-36-102. Chapter Definitions
§ 7-36-108. Independent Operation of Utility System
§ 7-36-116. Rights and Remedies of Bondholders
§ 7-36-117. Bond Not Debt of State, Municipality, or Other Political Subdivision of State
§ 7-36-122. Payments in Lieu of Taxes
§ 7-36-124. Investment of Funds
§ 7-36-125. Assets After Cessation of Existence of Authority
§ 7-36-126. Authority as Political Subdivision for Purposes of Regulation of Public Utilities
§ 7-36-127. Board as Governing Body for Purposes of Open Meetings Act
§ 7-36-128. Authority as Governmental Entity for Purposes of Governmental Tort Liability Act
§ 7-36-129. Authority as Public Agency for Purposes of Interlocal Cooperation Act
§ 7-36-131. Powers Conferred by Chapter Additional to Other Powers