5-3-121 - Debt reorganization Payment of unfunded debt.
5-3-121. Debt reorganization Payment of unfunded debt.
(a) Any floating indebtedness or bonded indebtedness of an absorbed county, not funded or refunded under the provisions of §§ 5-3-113 5-3-121, shall be paid out of a tax levied against the property of the absorbed county.
(b) This tax levy shall be such proportion of the tax levy, levied by the absorbed county for bonds and interest during the past fiscal year, as the outstanding bonds of the absorbed county bears to the outstanding bonds of the absorbed county prior to consolidation.
[Acts 1939, ch. 225, § 8; C. Supp. 1950, § 136.17 (Williams, § 136.19); T.C.A. (orig. ed.), § 5-321.]