Temporary building or improvement bonds and notes.
Memphis Charter, art. 81, § 1049
in effectSec. 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)
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_DIVIIFIAF_S1049TEBUIMBONOFetched: 10/28/2026