City of Newport v. Cocke County

OPINION

FRANKS, Judge.

The City of Newport’s suit for a pro rata share of the proceeds of school improvement bonds issued by Cocke County was dismissed by the chancellor. On appeal, the city insists that it is entitled to 13.43 per cent of the $1,253,000.00 bond proceeds,1 under the authority of T.C.A., § 49-3-1003.

The pertinent provision of the statute is T.C.A., § 49-3-1003(b)(l):

In counties having a city or cities operating schools independent of said county, the trustee of said county shall pay over to the treasurer of said city that amount of said funds which shall bear the same ratio to…