Revenue and refunding bonds and notes generally.
Memphis Charter, art. 81, § 1044
in effectSec. 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)
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_S1044REREBONOGEFetched: 10/28/2026