48-101-309 - Terms of contracts. - Tennessee Statutes

48-101-309. Terms of contracts.

Any lease, sale contract or loan agreement with respect to a project entered into pursuant to the provisions of this part shall be for a term not shorter than the longest maturity of any bonds issued to finance such project, and shall provide for revenues adequate to pay principal of and interest on such bonds as the same falls due and to pay such portion of the operating expenses of the corporation as the board of directors shall determine to be necessary.

[Acts 1969, ch. 333, § 8; 1975, ch. 29, § 4; 1976, ch. 514, § 3; 1982, ch. 629, §§ 2, 3; 1982, ch. 947, § 6; 1983, ch. 76, §§ 2, 3; T.C.A., §§ 48-1908, 48-3-309.]