Disposition of revenue; authority of commission to issue bonds, notes, etc.; liability of City in case of deficit; special tax.
Memphis Charter, art. 61, § 636
in effectSec. 636. - Disposition of revenue; authority of commission to issue bonds, notes, etc.; liability of City in case of deficit; special tax.
The revenue received from the operation of the Memphis and Shelby County Port Commission shall be used as follows:
(1) The net revenue from all properties now owned by the City of Memphis and/or the Harbor Commission of the City of Memphis used in connection with the purposes set forth herein shall, until such time as the City of Memphis and the County of Shelby shall agree upon the acquisition thereof by the Memphis and Shelby County Port Commission, as herein provided, be used for the reduction of the outstanding bonded indebtedness, and the remainder, if any, paid into the general funds of the City of Memphis. Separate records shall be kept of these transactions and the moneys and securities shall be placed in separate funds until such time as the said commission shall acquire such properties as above set forth.
(2) All other revenue received each year from the operation of said commission shall be used for the following purposes and in the order named:
(a) For the payment of all operating expenses of said commission, for interest accruals and sinking fund accruals on bonds or mortgages issued by the County of Shelby and City of Memphis for the benefit of said commission.
(b) For all expenditures incident to the extension and/or development of said harbor and port as provided for and authorized herein.
(c) Any revenues thereafter remaining shall be paid into the general funds of the County of Shelby and City of Memphis in a sum equal in amount to what would be the City and County taxes on the properties owned by the City of Memphis and County of Shelby and managed and controlled by said commission.
Said commission shall have no authority to issue bonds or notes, or any other obligations constituting a lien upon the properties managed, controlled, or owned, or hereafter to be acquired by it, except by and with the consent of the Board of Commissioners of the City of Memphis and the Board of County Commissioners of Shelby County.
In the event a deficit should result by reason of the ownership, operation, maintenance or development of said harbor and port, the City of Memphis shall pay one-half (½) of any such amount, from its general funds, to said Memphis and Shelby County Port Commission.
The City of Memphis shall be authorized to levy and collect, if necessary, an annual tax, in addition to all other taxes authorized by law, for the purpose of paying its part of the expenses incident to the ownership, operation, maintenance and development of the harbor and port authorized and provided for herein.
(Priv. Acts 1947, ch. 500, § 5)
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_ART61MESHCOPOCO_S636DIREAUCOISBONOETLICADESPTAFetched: 10/28/2026