§ 7.10. Metropolitan bonds negotiable and tax exempt.
Latest version.
All bonds of the metropolitan government shall be and constitute and have all the
qualities and incidents of negotiable instruments under the law merchant and the negotiable
instruments law of the State of Tennessee, regardless of the source or sources of
payment of such bonds. No bonds issued hereunder shall be invalid for any irregularity
or defect in the proceedings for the issuance and sale thereof, and all such bonds,
upon the delivery thereof and payment therefor, or exchange in the case of refunding
bonds, shall be conclusively deemed to be the valid and legally binding obligations
of the metropolitan government in accordance with the terms thereof, and shall be
incontestable in the hands of the purchasers or holders from time to time thereof.
All bonds of the metropolitan government, and the interest thereon, and all properties,
revenues and other assets of any utility or other revenue producing enterprise or
facility of the metropolitan government shall be exempt from all taxation by the State
of Tennessee, or any county, municipality, political subdivision or taxing agency
thereof, except for inheritance, transfer and estate taxes.
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