Levy of ad valorem tax to pay principal and interest of certificates and bonds.
Memphis Charter, art. 53, § 532
in effectSec. 532. - Levy of ad valorem tax to pay principal and interest of certificates and bonds.
In the event of the issuance of bonds as in this Act pro-vided, or in the event of the issuance of certificates of indebtedness, as provided in said chapter 341 of the Acts of 1907, or as provided in said chapter 341 as amended by this Act, or in the event of the issuance of some bonds and some certificates of indebtedness, the power and authority to levy assessments as provided in said chapter 341 of the Acts of 1907, or as provided in this Act, as the case may be, shall continue to exist, and the proceeds arising from the collection of assessments shall be and are hereby pledged for the payment of such bonds and interest or such certificates and interest, as the case may be, and shall be applied to that purpose. It shall be the duty of the legislative body of the municipality to ascertain in due season, in advance of the time for the payment of the principal or interest, or both of any and all such certificates of indebtedness already issued or hereinafter issued, and in advance of the time for the payment of the principal or interest, or both, of any such bonds, whether or not there is or will be sufficient moneys provided by the assessments levied and actually collected and in the treasury of the municipality set apart for the payment of the principal and interest of such certificates of indebtedness and bonds as the same, respectively, from time to time become due; and it shall be the duty of the legislative body of the municipality in due season, in advance, to levy an ad valorem tax upon all the taxable property in the municipality sufficient to pay the principal and interest of such certificates and such bonds as they respectively become due from time to time, or to pay such part or parts thereof as are not or will not be fully provided for by the assessments levied and actually collected and in the treasury of the municipality in season for the payment of the principal and interest of such certificates of indebtedness and bonds as the same, respectively, from time to time become due. In case the municipality shall levy and collect ad valorem taxes for the purpose of paying the principal and interest of any certificates of indebtedness or bonds, or any part thereof, the municipality shall nevertheless have the power and authority to proceed with the levy and collection of assessments, and such assessments or part thereof sufficient for the purpose shall be paid into the treasury of the municipality to reimburse the treasury for the amount thus paid out of such ad valorem taxes, and such money thus reimbursed to the treasury shall be used under the direction of the legislative body of the municipality for any lawful corporate purpose for which ad valorem taxes may legally be levied and collected.
(Acts 1909, ch. 109, § 9)
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_S532LEADVATAPAPRINCEBOFetched: 10/28/2026