Moneys and funds of one division may be loaned to another; restriction.
Memphis Charter, art. 65, § 689
in effectSec. 689. - Moneys and funds of one division may be loaned to another; restriction.
Notwithstanding any other provisions of this Act, the moneys and funds of any division (electric, gas and water) from time to time may be loaned to another division in such amounts and upon such terms as the board of Light, Gas and Water Commissioners may authorize and approve; provided, that no such loan shall be made by any division in excess of the principal sum of $100,000.00, nor which will increase the aggregate principal amount of any loan or loans then owing to the lending division by the borrowing division to more than $100,000.00, unless the Board of Commissioners of the City of Memphis shall first approve the same by resolution.
(Priv. Acts 1939, ch. 381, § 17)
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_ART65LIGAWADI_S689MOFUONDIMABELOANREFetched: 10/28/2026