54-2-205 - Notice of funds available Acceptance or rejection by political subdivision Disposition of rejected funds. - Tennessee Statutes

54-2-205. Notice of funds available Acceptance or rejection by political subdivision Disposition of rejected funds.

(a)  Within forty-five (45) days after receipt of funds from the sale of surplus lands, the state treasurer shall notify the chief administrative official of the political subdivision wherein an eligible access improvement project is located that the lands have been sold. The notice shall state the date of conveyance, the amount of the proceeds of the sale and inquire as to whether or not the political subdivision plans to utilize the funds set aside in accordance with this part.

(b)  (1)  The political subdivision shall, within one hundred twenty (120) days after receipt of the notice, accept or reject the use of any or all portions of the funds and shall notify the state treasurer of its acceptance or rejection.

     (2)  Acceptance or rejection shall be by ordinance or resolution, as the case may be.

     (3)  Failure of the political subdivision to act within the time specified in this section shall be deemed rejection.

(c)  Whenever rejection is made of any funds to which a political subdivision is entitled under this part, the funds shall be made a part of the general fund of the state to be disbursed in accordance with law, or be made available to other political subdivisions that may be eligible for such a loan.

[Acts 1971, ch. 262, § 5; T.C.A., § 54-217.]