An eligible municipality in which a district is located is authorized to delegate to any industrial development corporation within the county or counties where the municipality is located the authority to carry out all or part of the project, to issue revenue bonds to finance a project within a district, and to incur cost for the project. The municipality may enter into an agreement with an industrial development corporation in which the municipality agrees to promptly pay to the industrial development corporation the tax revenues received pursuant to this chapter sufficient to service the repayment of the bonds and costs incurred by the industrial development corporation for the project. Upon receipt, that portion of tax revenues must be held in trust by the municipality for the benefit of the industrial development corporation.
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 41 - Regional Retail Tourism Development District Act
§ 7-41-102. Purpose of Chapter
§ 7-41-103. Chapter Definitions
§ 7-41-105. Annual Adjustments to Sales and Use Tax Revenues Collected in District
§ 7-41-107. Delegation to Industrial Development Corporation
§ 7-41-109. Debt Amortization Schedule for Bonds
§ 7-41-110. Limitations, Conditions, or Provision of Incentives or Financial Support in District
§ 7-41-111. Exercise of Powers and Rights Granted by Chapter