Proceeds of bonds other than refunding bonds issued by the authority may be used solely for the purpose of constructing, acquiring, reconstructing, improving, equipping, furnishing, bettering, or extending any project or projects, including the payment of interest on the bonds during construction of any such project and for six (6) months after the estimated date of completion, the payment of engineering, fiscal, architectural and legal expenses incurred in connection with such project and the issuance of the bonds, and the establishment of a reasonable reserve fund for the payment of principal of and interest on such bonds in the event of a deficiency in the revenues and receipts available for such payment.
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 65 - Parking Authority Act
§ 7-65-102. Chapter Definitions
§ 7-65-112. Security for Bonds
§ 7-65-114. Use of Bond Proceeds
§ 7-65-115. Exemption From Taxation
§ 7-65-116. Nonliability of Municipality
§ 7-65-118. Nonprofit Corporation — Disposition of Earnings
§ 7-65-119. Completion of Corporate Purpose — Dissolution
§ 7-65-121. Law Complete in Itself
§ 7-65-123. Powers Additional to Those Granted by Other Laws