69-5-917 - Disposition of receipts Maintenance or administration certificates. - Tennessee Statutes

69-5-917. Disposition of receipts Maintenance or administration certificates.

After each monthly settlement has been filed and approved as provided in §§ 69-5-915 and 69-5-916, the board of directors of the drainage district shall ascertain what part or portion of the money, bonds, coupons, or credit memorandums were received for the preceding month, or prior to that time, on the maintenance or administration assessments, or both, and when so ascertained it shall certify the amount thereof to the county mayor, and the county legislative body is hereby given jurisdiction and authority, upon application of the board of directors, to make such disposition thereof as may seem just and equitable for the benefit and protection of the district and bondholders. The county legislative body may authorize the directors to issue and sell transferable maintenance or administration certificates, or both, against that portion or part of the bonds, coupons or credit memorandums belonging to the maintenance or administration fund as so ascertained by the directors and reported to the county mayor. The certificates, when so authorized, issued and sold, may be tendered to the trustee in settlement of drainage assessments of the district, and it is the duty of the trustee, to whom tender is made, to receive such certificates at face value in the same manner as now provided by law for paying assessments with coupons or bonds, or both.

[Acts 1935, ch. 159, § 3; C. Supp. 1950,§ 4292.7 (Williams, § 4244.3); impl. am. Acts 1978, ch. 934, §§ 7, 16, 36; T.C.A. (orig. ed.), § 70-1417; Acts 2003, ch. 90, § 2; T.C.A. § 69-6-917.]