No holder or holders of any bonds issued under this chapter shall ever have the right to compel any exercise of taxing power of the municipality to pay the bonds or the interest on the bonds and the bonds shall not constitute an indebtedness of the municipality or a loan of credit of the bond within the meaning of any constitutional or statutory provision. It shall be plainly stated on the face of each bond that it has been issued under this chapter, and that it does not constitute an indebtedness of the municipality or a loan of credit of the bond within the meaning of any constitutional or statutory provision.
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 37 - Industrial Building Revenue Bond Act of 1951
§ 7-37-102. Chapter Definitions
§ 7-37-103. Purpose of Chapter
§ 7-37-104. Powers of Municipalities
§ 7-37-106. Improvements and Bonds Authorized
§ 7-37-109. Bonds Not General Obligation
§ 7-37-110. Election — Questions Submitted — Declaration of Result
§ 7-37-112. Interim Financing — Certificates
§ 7-37-114. Tax Exemption of Bonds