54-9-203 - Bond resolution, contents.
54-9-203. Bond resolution, contents.
The bond resolution shall contain:
(1) The amount, or maximum amount, of the bonds to be issued;
(2) The purpose of the bond issued being for the construction of county highways, roads or bridges, as certified by the department;
(3) The rate, or maximum rate, of interest that the bonds shall yield; and
(4) A concise statement as to the amount or percentage of state aid funds to be irrevocably pledged and whether the taxing power of the county shall be pledged for the payment of bonds, plus interest; but the amount irrevocably pledged from state aid funds, derived from the proceeds of the gasoline tax distributed to the counties, shall not exceed fifty percent (50%) of the state aid funds.
[Acts 1959, ch. 320, § 3; T.C.A., § 54-846; Acts 1983, ch. 320, § 8.]