The municipality shall not, in any event, be liable for the payment of principal of or interest on any bonds of the authority, or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever that may be undertaken by the authority, and none of the bonds of the authority 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. In the event bonds of the authority are issued for a term greater than the life of the authority, the creating municipality shall assume the obligation of the bonds from and after the expiration of the period of duration of the authority.
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