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§ 13-20-413. Housing projects -- Operation not for profit.

TN Code § 13-20-413 (2019) (N/A)
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(1) Pay, as the same become due, the principal of and interest on the bonds of the authority;

(2) Meet the cost of, and to provide for, maintaining and operating the projects, including the cost of any insurance on its property or bonds, and the administrative expenses of the authority; and

(3) Create, during not less than the six (6) years immediately succeeding its issuance of any bonds, a reserve sufficient to meet the largest principal and interest payments which will be due on such bonds in any one (1) year thereafter and to maintain such reserve.

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§ 13-20-414. Action of city or municipality by resolution.