In the event of default in the payment of any installment upon any loan made pursuant to this part, the board of equalization shall give notice of such default to the commissioner of finance and administration and the state treasurer. The commissioner shall thereupon withhold any distribution to the municipality or county of any funds otherwise distributable to it under the terms of any statute of this state until any and all arrearages have been paid by the municipality or county.
Structure 2021 Tennessee Code
Chapter 13 - Loans to Local Subdivisions in Emergencies
§ 9-13-101. Authority to Lend Appropriated Funds
§ 9-13-102. Reduction of Assessment of Utility Property as Prerequisite for Loan
§ 9-13-103. Application for Loan
§ 9-13-104. Determination of Necessity for Loan