68-11-606 - Approval of bond issue at election. - Tennessee Statutes

68-11-606. Approval of bond issue at election.

(a)  The governing body of any county or municipality desiring to issue bonds as  authorized in this part shall declare its intention of issuing the bonds by adopting an initial resolution calling for their issuance and providing that prior to the delivery of and payment for any bonds authorized under the provisions of this part, a three-fourths (¾) majority of the registered voters of the municipality voting at an election on the special question of issuing the bonds shall approve of the bond issue; provided, that no election shall be necessary in connection with the authorization of refunding bonds under the provisions of this part.

(b)  The governing body shall, by resolution, direct the county election commission to hold an election on the question of issuing the bonds.

(c)  The question submitted to the voters shall include the maximum amount of bonds to be issued, the purpose for the bonds and a statement as to whether the bonds shall be payable exclusively from the income and revenues derived from the medical arts buildings, or from the income and revenues and, in the event of a deficiency of income and revenues, from general ad valorem taxes.

(d)  It is the duty of the governing body of the county or municipality to enter upon its minutes the results and returns of the election, and after the delivery of any bonds voted upon at the election and payment therefor, the entry upon the minutes shall be conclusive evidence of the result of the election, and thereafter no suit, action or other proceeding contesting the validity of the election shall be entertained in any of the courts of the state.

(e)  If the election results unfavorably to the proposition, then no second or other election shall be ordered or held until the governing body again determines that an election may be held.

[Acts 1974, ch. 601, § 6; T.C.A., § 53-5906.]