Tennessee § 6-1-306 - Liquidation of affairs.

§ 6-1-306. Liquidation of affairs.

If the property and funds are more than sufficient to meet the municipality's obligations, the surplus shall be paid into the treasury of the county to become a part of its general fund. If the property and funds are insufficient to meet all the municipality's current obligations, the county legislative body may levy and collect taxes upon the property within the boundaries of the former municipality and pay the revenue to the trustees for the purpose of meeting the current deficit. The trustees shall terminate the affairs of the municipality as soon as possible, but in no event shall the trusteeship continue for more than thirty-six (36) months. Any matters, including obligations maturing after thirty-six (36) months, not disposed of within the thirty-six-month period shall become the responsibility of the county legislative body of the county in which the municipality is located. Acts 1991, ch. 154, § 1. Compiler's Notes. Former part 3, §§ 6-1-301 — 6-1-304 (Acts 1875, ch. 92, § 14; 1877, ch. 121, § 1; Shan., §§ 1904-1907; Code 1932, §§ 3315-3318; Acts 1970, ch. 426, §§ 7, 8; T.C.A. (orig. ed.), §§ 6-122 — 6-125), concerning existing municipalities, was repealed and replaced by Acts 1991, ch. 154, § 1, effective July 1, 1991.