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Proceeds from collection of assessments to constitute separate funds; funds pledged for payment of certificates and interest coupons.

Memphis Charter, art. 53, § 515
in effect
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Sec. 515. - Proceeds from collection of assessments to constitute separate funds; funds pledged for payment of certificates and interest coupons. The proceeds arising from the collection of assessments levied for each improvement shall be and constitute a separate and distinct fund, and each such fund, together with its accumulations, is hereby pledged for the payment of the certificates and interest coupons issued for the improvement, from the assessment of which said fund arises, and shall be applied exclusively to the payment of said certificates and coupons. (Acts 1907, ch. 341, § 10)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/charter?nodeId=PTICHRELA_ART53STIMUNFRFOASLA_S515PRCOASCOSEFUFUPLPACEINCOFetched: 10/28/2026

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