(a) Each municipality having entered into a loan agreement shall remit to the authority such amounts and at such times as shown in the amortization schedule established by the authority.(b) Such funds shall be placed in a special trust fund of the authority created to provide for the payment of principal of, and interest on, bonds and notes issued by the authority for the purpose of providing waterworks loans to municipalities.Acts 1974, ch. 671, § 11; 1978, ch. 843, § 11; T.C.A., § 53-2065; Acts 1989, ch. 233, § 32; T.C.A., § 68-13-511.
Tennessee Legal Code