MTAS Publications: Full Publications

Document Type

Report

Publication Date

3-1985

Abstract

Municipal governments in Tennessee are authorized by Tennessee Code Annotated, Title 7, Chapter 51, Part 9, to enter into lease and lease purchase agreements for the acquisition of capital improvement property. Such agreements are limited by T.C.A. 7-51-902 to the acquisition of "capital improvement property" for terms of up to 40 years or for the useful life of the property, whichever is less. The term "capital improvement property" is defined by T.C.A. 7-51-901(1) as "any real or tangible personal property needed for a governmental purpose and having a useful life of one (1) year or more, and any real or personal property with respect to which capital outlay notes can be legally authorized and issued by a municipality."

Comments

Tenn. Municipal Law Series Report No. 2

The MTAS publications provided on this website are archival documents intended for informational purposes only and should not be considered as authoritative. The content contained in these publications may be outdated, and the laws referenced therein may have changed or may not be applicable to your city or circumstances. For current information, please visit the MTAS website at: http://mtas.tennessee.edu

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