Deposit and Custody of Proceeds

  1. Law
  2. Tennessee Code
  3. Public Finances
  4. Local Government Public Obligations Act of 1986
  5. General Provisions Applicable to All Bonds and Notes Issued by Local Governments
  6. Deposit and Custody of Proceeds

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  1. The proceeds received from the sale of bonds or notes issued under this chapter by a local government shall be deposited with, in the case of counties, the county trustee or, in the case of municipalities or metropolitan governments, with the official designated by law as custodian of the funds, or be deposited as provided in the resolution authorizing the bonds or notes.
  2. The official designated as custodian of the funds shall not receive extra compensation for handling the funds.


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