Sale and form of bonds and notes.
Memphis Charter, art. 81, § 1045
in effectSec. 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)
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_S1045SAFOBONOFetched: 10/28/2026