42-5-116 - Validation of prior acquisitions, actions and bond issues. - Tennessee Statutes

42-5-116. Validation of prior acquisitions, actions and bond issues.

(a)  Any acquisition of property previously made, within or without the limits of any municipality or the state, for the purposes authorized by this chapter, and any other action previously taken by a municipality in furtherance of those purposes, including, but not limited to, the making of appropriations, the expenditure of money, the incurring of debts, the acceptance and disbursement of federal, state or other grants or loans, the issuance and payment of bonds and notes, the execution of leases and contracts, which acquisition or action would have been authorized had this chapter been in effect at the time of the acquisition or action, is ratified and made valid.

(b)  All bonds and notes previously issued in furtherance of purposes authorized by this chapter and actions ratified by this section are confirmed as legal obligations of the municipality, and, without prejudice to the general powers granted to the municipality by this chapter, the municipality is authorized to issue further bonds and notes for such purposes up to the limit fixed in the original authorization therefor, which bonds and notes shall be legal obligations in accordance with their terms.

[Acts 1957, ch. 375, § 11; T.C.A., § 42-316.]