54-2-203 - Surplus lands access improvement fund. - Tennessee Statutes

54-2-203. Surplus lands access improvement fund.

(a)  Whenever the state has any surplus lands that are sold or conveyed, the proceeds from the sale of the lands shall be set aside by the state treasurer in a special fund to be known as the surplus lands access improvement fund.

(b)  The funds shall be made available in the form of loans to political subdivisions of the state to finance or assist in financing access improvement projects in accordance with this part.

(c)  No loan for an access improvement project or projects shall be made in an amount greater than the amount received for the sale of surplus lands benefited by the access improvement plan.

[Acts 1971, ch. 262, § 3; T.C.A., § 54-215.]