2010 Tennessee Code
Title 7 - Consolidated Governments
Chapter 34 - Municipal Utilities
7-34-113 - Lien on public works revenue.
7-34-113. Lien on public works revenue.
(a) All bonds of the same issue shall, subject to the prior and superior rights of outstanding bonds, claims or obligations, have a prior and paramount lien on the revenue of the public works for which the bonds have been issued, over and ahead of all bonds of any issue payable from the revenue that may be subsequently issued, and over and ahead of any claims or obligations of any nature against the revenue subsequently arising or subsequently incurred; provided, that the proceedings authorizing any issue of bonds may provide for the issuance of additional bonds on a parity with the bonds.
(b) All bonds of the same issue shall be equally and ratably secured without priority by reason of number, date of bonds, of sale, or execution, or of delivery, by a lien on the revenue in accordance with the provisions of this chapter and the resolution or resolutions authorizing the bonds.
[Acts 1935 (E.S.), ch. 33, § 8; C. Supp. 1950, § 4406.49 (Williams, § 4406.41); Acts 1967, ch. 256, § 1; T.C.A. (orig. ed.), § 6-1313.]
Disclaimer: These codes may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
