Amends TCA Title 4; Title 5; Title 6; Title 7; Title 8; Title 9; Title 11; Title 12; Title 13; Title 41; Title 42; Title 49; Title 64; Title 68 and Title 69.

This bill revises various provisions regarding public finance, as follows:<br /> <br /> (1) In the event of a natural disaster, present law authorizes the Tennessee local development authority to issue and purchase bonds and notes to expedite the handling and payment of covered claims against insolvent insurers operating in this state. <br /> <br /> This bill specifies that the authority's power to purchase bonds or notes is in addition and supplemental to the other powers conferred by any other law.<br /> <br /> (2) Under present law, with certain exceptions, contracts between the state and professional persons or groups for legal services, fiscal agent, financial advisor or advisory services, educational consultant services, and "similar services" are awarded on the basis of recognized competence and integrity, not by a competitive procurement method.<br /> <br /> This bill clarifies that "similar services" are similar professional services. <br /> <br /> (3) Present law requires superintendents of prison workhouses to keep or cause to be kept, in a well-bound book to be furnished by the county, an account of all supplies, implements, and tools purchased for the workhouse.<br /> <br /> This bill authorizes superintendents of prison workhouses to keep these accounts electronically. <br /> <br /> (4) Present law authorizes the Tennessee state school bond authority to borrow money and issue negotiable bonds, notes, or other obligations. The notes and bonds from the authority and the income from the notes and bonds are not taxed by the state or any political subdivision, except for estate and gift taxes and taxes on transfers.<br /> <br /> This bill clarifies that the gift tax is not applicable effective January 1, 2012.<br /> <br /> <br />