Tenn. Code Ann. § 42-5-118: Application of airport revenues and sale proceeds

The revenues obtained by a municipality from the ownership, control or operation of any airport or air navigation facility, including proceeds from the sale of any airport or portion thereof or air navigation facility property, may, subject to any contractual obligations with respect thereto, be used by a municipality for any municipal purpose, and any use thereof made prior to March 17, 1961, for any municipal purpose is ratified, validated and confirmed.