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Memphis Charter art. 81, div. II
in effect

Memphis Charter, art. 81, § 1040 School taxation and revenue generally.

Sec. 1040. - School taxation and revenue generally. All revenue arising from assessments on real and personal property, privileges and polls, levied on account of public schools or public education in the [City], shall be for the use and benefit of the public schools in the [City], and when the tax is collected it shall be paid over weekly to the treasurer of the board of education of the [City]. (Acts 1879, ch. 84, § 11)

Memphis Charter, art. 81, § 1042 State school fund to be paid to treasurer.

Sec. 1042. - State school fund to be paid to treasurer. All moneys accruing from the state school fund to those civil districts of Shelby County which embrace within their boundaries any portion of the City of Memphis shall be paid directly by the State Superintendent to the Treasurer of the Board of Education in the proportion to which those portions are entitled by their amount of scholastic population; provided, that no school moneys shall be paid over by the State Superintendent of instruction to said City School Treasurer until said City Board of Education shall have returned to him the scholastic population and made all other reports required by them in accordance with the general school laws of the State. (Priv. Acts 1868-69, ch. 30, § 9)

Memphis Charter, art. 81, § 1043 Apportionment of County school funds.

Sec. 1043. - Apportionment of County school funds. In all counties of this State having a population of 350,000 or more inhabitants by the Federal Census of 1940, or any subsequent Federal Census, all school funds collected or received by the County officers or other authorities of said County, whether from State apportionment or apportionments made by the Federal Government, shall be divided between the County boards of education and any incorporated boards of education of any cities, towns, or taxing districts in such County, upon a per capita basis for each and every child in average daily attendance in the elementary and high schools in such counties, cities, towns or taxing districts. In all counties of this State coming within the classification of this Act, all school funds collected or received by the County officers or other authorities of such counties, whether from County levy, poll taxes, circuit or County Court Clerk's collections, or escheats, or any other source of whatever nature, shall be divided between the County boards of education and any incorporated boards of education of any cities, towns, or taxing districts in such counties fifty percent (50%) to the County boards of education and fifty percent (50%) to such incorporated boards of education of cities, towns or taxing districts located in such counties, such division of school funds from local tax collection only to become effective July 1, 1955. Should the County boards of education and the incorporated boards of education of such cities, towns or taxing districts desire by agreement to vary the above divisions and apportionments, full power and authority is hereby conferred upon said respective boards to contract with and bind each other as to the division or apportionment of the aforesaid school funds, or any of them, between said respective boards of education, and as to the manner and control of the disposition of said funds. (Priv. Acts 1947, ch. 711; Priv. Acts 1955, ch. 351, § 1)

Memphis Charter, art. 81, § 1044 Revenue and refunding bonds and notes generally.

Sec. 1044. - Revenue and refunding bonds and notes generally. Incorporated boards of education in cities or taxing districts of one-hundred sixty thousand inhabitants, or over, according to the Federal Census of 1920, or any future Federal Census, are hereby invested, in addition to powers already possessed by them, with the powers, rights and authority contained in this and the succeeding sections of this Act [sections 1044—1053] to wit: Said incorporated boards of education shall have the power from time to time to borrow money and issue revenue bonds or notes bearing interest at not more than six percent per annum and maturing not more than one year from their date, for the purpose of providing funds in anticipation of the collection of school taxes, and revenues of the current calendar year in which said revenue bonds or notes are issued, said bonds or notes to be issued, for the purposes for which said taxes and revenues are collected, and also to issue refunding bonds or notes with like limitations upon interest and maturity, where such refunding notes or bonds shall be necessary to provide for the payment of any of such revenue notes or bonds at their maturity. At no time shall the total amount outstanding of (1) such revenue notes or bonds issued [in] anticipation of revenues, and (2) such refunding bonds or notes exceed seventy-five percent of the revenues of such board of education derived from taxes for general school purposes of the previous fiscal year, exclusive of any taxes levied for the purpose of paying the principal and interest of the bonded debt of such board of education; provided, that where refunding notes or bonds have been issued or have been ordered issued for the purpose of refunding any of said revenue notes or bonds, the said original notes or bonds so ordered to be refunded shall not be included in estimating the total amount of revenue notes or bonds outstanding, but for that purpose, shall be treated as having been refunded and retired by such refunding notes or bonds; provided, however, that said power shall not be exercised unless the consent of the Board of Commissioners or other governing body of said cities or taxing districts shall first be obtained to the exercise of said power, and this consent shall be evidenced by a resolution regularly passed and entered upon the minutes of such governing body. (Priv. Acts 1921, ch. 5, § 1)

Memphis Charter, art. 81, § 1045 Sale and form of bonds and notes.

Sec. 1045. - Sale and form of bonds and notes. Said revenue notes or bonds and said refunding notes or bonds shall be sold by said board of education in such manner and upon such terms as they may elect, either at public or private sale, but shall not be sold for less than par, except by a vote of at least two-thirds of the members of such board of education, and then at a price of not less than $99.00 on the $100.00. The said notes or bonds, shall be in such form as may be prescribed by such board of education and shall be the absolute, direct and general obligation of such board of education. The proceeds of said revenue notes or bonds shall be paid into the treasury of such board of education to the credit of the general fund or any special fund against which they shall have been issued. (Priv. Acts 1921, ch. 5, § 2)

Memphis Charter, art. 81, § 1046 Payment of tax receipts to bond and note holders; enforcement of holder's rights.

Sec. 1046. - Payment of tax receipts to bond and note holders; enforcement of holder's rights. The said boards of education are hereby clothed and vested with the irrepealable power and authority to pay the holders of said notes or bonds, as their interest may appear, the receipts from taxes collected by the governing bodies of cities wherein said boards of education so issuing said notes or bonds have their situs for the account of said boards of education, and likewise the receipts from taxes levied and collected by the tax levying and collecting machinery of the State and County, wherein said boards of education have their situs. The said boards of education shall pay said notes or bonds and the refunding notes or bonds and the interest on same as same mature and any lawful holder of any such note or bond or any refunding note or bond shall be entitled to enforce his rights thereunder by legal process. (Priv. Acts 1921, ch. 5, § 3)

Memphis Charter, art. 81, § 1047 Borrowing money for payment of interest on bonded indebtedness.

Sec. 1047. - Borrowing money for payment of interest on bonded indebtedness. Such incorporated boards of education shall likewise have full power and authority to borrow money every year from time to time as needed for the purpose of providing for the payment of interest upon any of the bonded indebtedness of such boards of education, in anticipation of the collection of taxes already levied or to be levied for that purpose and may issue temporary notes or bonds therefor, but the total amount of such temporary notes or bonds shall at no time exceed seventy-five percent of the taxes levied for the payment of such interest, and said temporary notes or bonds shall be issued and sold subject to all restrictions and limitations as to maturity rate of interest, and price at which the same may be sold, as are stated in the preceding sections hereof [sections 1044—1046] with reference to other notes or bonds issued in anticipation of collection of revenue; provided, however, that said power shall not be exercised unless the consent of the Board of Commissioners or other governing body of said cities or taxing districts shall first be obtained to the exercise of said power, and this consent shall be evidenced by a resolution regularly passed and entered upon the minutes of the governing body. (Priv. Acts 1921, ch. 5, § 4)

Memphis Charter, art. 81, § 1048 Authority to prescribe maturity form, etc. of bonds and notes.

Sec. 1048. - Authority to prescribe maturity form, etc. of bonds and notes. Such incorporated boards of education shall have authority by resolution to provide for and cause the issuance of any of the notes or bonds hereinbefore mentioned and to prescribe the form, maturity, method of sale and all other matters connected with the issuance and sale of said notes and bonds, subject only to the restrictions hereinbefore stated. (Priv. Acts 1921, ch. 5, § 5)

Memphis Charter, art. 81, § 1049 Temporary building or improvement bonds and notes.

Sec. 1049. - Temporary building or improvement bonds and notes. Said incorporated boards of education shall also have authority, temporarily to finance the carrying out of any purpose for which said boards of education have been or may be authorized by Act of General Assembly to issue its bonds, by borrowing money and issuing from time to time temporary building or improvement notes, or temporary building or improvement bonds, which shall state in general terms the purpose for which they are issued and shall mature in not exceeding one year from their date, and shall bear interest at not exceeding six percent per annum and shall be issued and sold at not less than par, exclusive of all commissions and brokerage. Such temporary notes or bonds may from time to time be renewed by the issuance of new temporary notes or bonds of similar maximum maturity and rate of interest, which renewal notes or bonds shall be subject to all the provisions of this section. Such renewal notes or bonds shall not be renewed after two years after the purpose for which they are issued has been carried out and the proceeds of any issue of bonds for such purpose, shall be first applied in the payment of any outstanding temporary notes or bonds issued, in respect thereof. Such temporary notes or bonds shall be authorized by resolution of such boards of education and shall be executed in such manner as shall be directed by such board and sold in such manner as they may prescribe; provided, however, that said power shall not be exercised unless the consent of the Board of Commissioners or other governing body of said cities or taxing districts shall first be obtained to the exercise of said power, and this consent shall be evidenced by a resolution regularly passed and entered upon the minutes of such governing body. (Priv. Acts 1921, ch. 5, § 6)

Memphis Charter, art. 81, § 1050 Powers granted by sections 1044—1049 cumulative.

Sec. 1050. - Powers granted by sections 1044—1049 cumulative. Nothing contained in this Act [sections 1044—1053] shall limit, qualify or affect any grant of power heretofore made to said boards of education to issue bonds for any purpose or to limit, qualify or affect any grant of power heretofore or hereafter made to such boards of education to enter into banking contracts covering its financial arrangements or to deprive said boards of education of the benefit of any general or special statute authorizing the issuance of bonds, notes or evidences of indebtedness, whether heretofore or hereafter passed. The purpose of this Act [sections 1044—1053] being to give said boards of education the powers hereinbefore stated in addition to any and all other powers they may have. (Priv. Acts 1921, ch. 5, § 7)

Memphis Charter, art. 81, § 1051 Bonds or notes not invalidated by interest of board member in purchasing bank; such member not to vote.

Sec. 1051. - Bonds or notes not invalidated by interest of board member in purchasing bank; such member not to vote. The fact that any member of such boards of education may be a director or stockholder in any bank or trust company purchasing any of the notes, bonds or evidences of indebtedness hereinbefore mentioned, or making any of the loans contemplated hereunder, shall not invalidate or affect the legality of any such transaction with said bank or trust company; provided, such member so interested in said bank or trust company shall not vote upon the matter of selling said notes, bonds or evidences of indebtedness to said bank or trust company, or the matter of contracting with said bank or trust company in that regard. (Priv. Acts 1921, ch. 5, § 8)

Memphis Charter, art. 81, § 1052 Obligation of City to pay bonds and notes.

Sec. 1052. - Obligation of City to pay bonds and notes. The obligation of boards of education to provide for the payment of the said notes or bonds together with the interest on same shall not, however, affect the liability of the said cities or taxing districts to pay the said notes or bonds as they severally mature, but the said cities and taxing districts shall be bound and obligated to pay the said notes or bonds and interest thereon, in case the same shall not be provided for by the boards of education in the manner herein set out, and the said bonds or notes shall be and constitute a general obligation of the said cities or taxing districts; provided however, that said notes or bonds shall have been issued as herein before provided; and provided further, that in case the boards of education shall make no effort to pay the interest upon said notes or bonds nor to pay said bonds or notes as they mature, then the governing authorities of said cities and taxing districts shall have the right to retain out of the taxes collected by them for the benefit of the boards of education a sufficient sum to pay the interest upon said notes or bonds and to pay said notes or bonds as they mature. (Priv. Acts 1921. ch. 5, § 10; Priv. Acts 1921, ch. 127, § 1)

Memphis Charter, art. 81, § 1053 Definitions of terms used in sections 1044—1052.

Sec. 1053. - Definitions of terms used in sections 1044—1052. Within the meaning of this statute [sections 1044—1052], the term "fiscal year" shall mean the period corresponding to the calendar year. As to the taxes and revenue arising from the levying and collection of taxes within the cities, wherein said board of education have their situs, this statute refers to taxes, the lien for which attaches on the 10th day of January of the year in which said notes are first issued; and as to the taxes and revenues arising from the levying and collection of taxes known as State and County taxes in the County, wherein said board of education has its situs, this statute refers to the taxes the lien for which attaches on the 10th day of January in the calendar year prior to that in which said notes or bonds are first issued. To be more specific, said State and County taxes being levied in 1920, under a lien attaching, January 10th, 1920, became delinquent March 1, 1921, and reach said board of education as common school funds during approximately the second quarter of the fiscal year, 1921, as herein defined. (Priv. Acts 1921, ch. 5, § 9)

Memphis Charter, art. 81, § 1054 Bank depositories.

Sec. 1054. - Bank depositories. The Act entitled "An Act to Charter the Memphis City Schools", passed January 27, 1869, and being Chapter 30 of the Acts of 1869, and all amendments thereto, constituting the Charter of the Board of Education of the Memphis City Schools, be, and the same is hereby amended, so as to authorize said Board of Education of the Memphis City Schools to enter into contract or contracts with any solvent bank or banks for the purpose of providing banking facilities and financial arrangements for said board of education; provided, however, that no such contract shall be entered into for a period of more than one year at a time; and provided further, that such contract shall be submitted to and approved by the Board of Commissioners of the City of Memphis. Said Board of Education of the Memphis City Schools shall require that the contract or contracts with said bank or banks shall provide for interest on deposits of said board of education. Said board of education shall have authority to provide for advancement of funds to be made by said contracting bank or banks for payment of the drafts of said board of education pending the collection of school revenue for the current year; and for the payment by said board of education of interest upon such advancements at a rate not to exceed six percent (6%) per annum. Said board of education may enter into such banking contracts after advertising and receipt of bids, or it may make such contracts without advertisement and competitive bidding as the board of education may deem best and determined by resolution. The fact that any member of said board of education may be a director or stockholder in any bank shall not prevent said board of education from making such banking contract or contracts with such bank or invalidate such contract when made, provided no member of said board of education shall vote upon the making of such contract with any bank in which he is so interested. In making such banking contract or contracts, the Board of Education of the Memphis City Schools shall have power and authority, and it shall be their duty, to take from any bank receiving deposits of the funds of the board of education under such contract or contracts, a bond sufficient in the opinion of the board of education to protect the interests of said board of education; provided, however, that the board of education may permit the contracting bank or banks, in lieu of a bond, to place bonds of any State or any civil division subordinate thereto, or any other evidence of a substantial obligation thereof, which may be purchased or accepted as collateral by any Federal Reserve Bank, or any other gilt-edge securities which may be approved by the board of education and the secretary of said board, in escrow so conditioned as to make the collateral so deposited primarily subject to the claims of the Board of Education of the Memphis City Schools for the loss of any sum or sums deposited by it with said contracting bank or banks. In the event no contract is entered into by the Board of Education of the Memphis City Schools, as authorized herein, the board of education shall designate the bank or banks where all moneys belonging to and collected by the board of education shall be deposited, subject to the approval of the Board of Commissioners of the City of Memphis; and it shall be unlawful to deposit any moneys in banks other than those designated by the board of education and approved by the Board of Commissioners of the City of Memphis. (Priv. Acts 1935, ch. 521, §§ 1, 2; Priv. Acts 1941, ch. 43, § 1; Priv. Acts 1951, ch. 147, § 1)

Memphis Charter, art. 81, § 1055 Enumeration of bond issues.

Sec. 1055. - Enumeration of bond issues. [The Board of Education of the Memphis City Schools was by the following Acts authorized to issue bonds as follows]: Acts 1905, ch. 340 | $125,000 Acts 1907, ch. 41 | 300,000 Acts 1909, ch. 238 | 500,000 Priv. Acts 1911, ch. 486 | 250,000 Priv. Acts 1913, ch. 154 | 40,000 Priv. Acts 1913, ch. 185 | 50,000 Priv. Acts 1915, ch. 208 | 350,000 Priv. Acts 1917, ch. 61 | 325,000 Priv. Acts 1919, ch. 429 | 500,000 Priv. Acts 1921, ch. 6, as amended by Priv. Acts 1921, ch. 126 | 1,000,000 Priv. Acts 1923, ch. 265 | 1,250,000 Priv. Acts 1925, ch. 203 | 750,000 Priv. Acts 1927, ch. 453 | 750,000 Priv. Acts 1929, ch. 770 | 1,350,000 Priv. Acts 1937, ch. 118 | 500,000 Priv. Acts 1945, ch. 264 | 2,000,000 Priv. Acts 1947, ch. 502 | 5,250,000 Priv. Acts 1953, ch. 294 | 3,500,000 Priv. Acts 1955, ch. 89 | 5,000,000 Priv. Acts 1959, ch. 25 | 25,000,000
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_ART81CHBOEDMESC_DIVIIFIAFFetched: 10/28/2026

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