Any municipality is authorized to enter into, with any contracting party or parties, contracts, leases or lease-purchase agreements with respect to capital improvement property for terms not to exceed forty (40) years or the useful life of the subject capital improvement property, whichever is less.
Capital improvement property
Tenn. Code Ann. § 7-51-902, under Contracts, Leases and Lease-Purchase Agreements.
Tenn. Code Ann. § 7-51-902