§ 5.04.140. Prohibition on use of real property proceeds.

A.

Proceeds from the sale of real property owned by the metropolitan government shall not be used for operating expenses of the metropolitan government.

B.

Proceeds from the sale of real property owned by the metropolitan government, other than real property acquired pursuant to section 67-5-2501 of the Tennessee Code Annotated, shall not be relied upon as a funding source for operating expenses in any proposed operating budget.

C.

Any proceeds from the sale of real property owned by the metropolitan government, other than real property acquired pursuant to section 67-5-2501 of the Tennessee Code Annotated, shall be used exclusively for the payment of debt service or the purchase other real property.

D.

This section is not intended to interfere with the procedures for the disposition of property for the Metropolitan Government pursuant to Chapter 2.24, Part II, of the Metropolitan Code of Laws.

(Amdt. 1 to Ord. BL2018-1283 § 1, 2018; Ord. BL2018-1283 § 1, 2018)