The municipality shall not, in any event, be liable for the payment of the principal of or interest on any bonds of the corporation, or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever that may be undertaken by the corporation, and none of the bonds of the corporation or any of its agreements or obligations shall be construed to constitute an indebtedness of the municipality within the meaning of any constitutional or statutory provision whatsoever. The municipality may pledge its full faith and credit as surety to the payment of the principal of and interest on the bonds in the following manner:
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 53 - Industrial Development Corporations
§ 7-53-301. Board of Directors
§ 7-53-306. Municipal Liability — Submission to Voters — Remedies of Bondholders
§ 7-53-309. Bonds as Legal Investments and Lawful Security
§ 7-53-310. Acquisition and Transfer of Project Sites
§ 7-53-311. Lease or Lease-Purchase Agreement With Municipality Authorized — Tax Levy
§ 7-53-315. Authority for Municipality to Aid or Provide Assistance for Certain Projects