No bonds issued under the authority of §§ 5-3-113 — 5-3-121 shall be subject to taxation by this state or by any county or municipality thereof, and such bonds shall so state on the face thereof.
Debt reorganization — Bonds tax exempt
Tenn. Code Ann. § 5-3-120, under Consolidation of Counties.
Tenn. Code Ann. § 5-3-120