Any bonds, notes, refunding bonds, or other indebtedness relative to the cost of an economic development project must not be issued for a term longer than thirty (30) years, and the municipality or industrial development corporation may pledge all proceeds or taxes it receives pursuant to this chapter to the payment of principal and interest on the bonds, notes, or other indebtedness. The thirty-year period in this section runs concurrently with the time limitation established in § 7-41-106.
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