7-52-106 - Preliminary expenses. - Tennessee Statutes

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7-52-106. Preliminary expenses.

(a) All expenses actually incurred by the governing body of any municipality in the making of surveys, estimates of cost and of revenues, employment of engineers, attorneys or other employees, the giving of notices, taking of options, selling of bonds, and all other preliminary expenses of whatever nature, that such governing body deems necessary in connection with or precedent to the acquisition or improvement of any electric plant and that it deems necessary to be paid prior to the issuance and delivery of the bonds issued pursuant to the provisions of this part, may be met and paid out of the general fund of the municipality not otherwise appropriated, or from any other available fund.

(b) All such payments from the general or other funds shall be considered as temporary loans and shall be repaid immediately upon sale and delivery of the bonds, and claim for such repayment shall have priority over all other claims against the proceeds derived from the sale of such bonds.

[Acts 1935, ch. 32, § 12; C. Supp. 1950, § 3708.12; T.C.A. (orig. ed.), § 6-1506.]

State Codes and Statutes

Statutes > Tennessee > Title-7 > Chapter-52 > Part-1 > 7-52-106

7-52-106. Preliminary expenses.

(a) All expenses actually incurred by the governing body of any municipality in the making of surveys, estimates of cost and of revenues, employment of engineers, attorneys or other employees, the giving of notices, taking of options, selling of bonds, and all other preliminary expenses of whatever nature, that such governing body deems necessary in connection with or precedent to the acquisition or improvement of any electric plant and that it deems necessary to be paid prior to the issuance and delivery of the bonds issued pursuant to the provisions of this part, may be met and paid out of the general fund of the municipality not otherwise appropriated, or from any other available fund.

(b) All such payments from the general or other funds shall be considered as temporary loans and shall be repaid immediately upon sale and delivery of the bonds, and claim for such repayment shall have priority over all other claims against the proceeds derived from the sale of such bonds.

[Acts 1935, ch. 32, § 12; C. Supp. 1950, § 3708.12; T.C.A. (orig. ed.), § 6-1506.]

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State Codes and Statutes

Statutes > Tennessee > Title-7 > Chapter-52 > Part-1 > 7-52-106

7-52-106. Preliminary expenses.

(a) All expenses actually incurred by the governing body of any municipality in the making of surveys, estimates of cost and of revenues, employment of engineers, attorneys or other employees, the giving of notices, taking of options, selling of bonds, and all other preliminary expenses of whatever nature, that such governing body deems necessary in connection with or precedent to the acquisition or improvement of any electric plant and that it deems necessary to be paid prior to the issuance and delivery of the bonds issued pursuant to the provisions of this part, may be met and paid out of the general fund of the municipality not otherwise appropriated, or from any other available fund.

(b) All such payments from the general or other funds shall be considered as temporary loans and shall be repaid immediately upon sale and delivery of the bonds, and claim for such repayment shall have priority over all other claims against the proceeds derived from the sale of such bonds.

[Acts 1935, ch. 32, § 12; C. Supp. 1950, § 3708.12; T.C.A. (orig. ed.), § 6-1506.]