Amends TCA Title 4; Title 8; Title 9; Title 54; Title 55 and Title 67.

This bill creates the Tennessee infrastructure bank (the bank). This bill states that the purpose of the bank is to sustainably finance infrastructure projects and drive economic growth in this state. Under this bill, the bank: (1) Will monitor and oversee infrastructure projects, establish criteria for determining project eligibility for financial assistance under this bill, and have certain powers such as the power to issue bonds and provide direct subsidies to infrastructure projects and to borrow on the global capital market and lend to entities and commercial banks for funding infrastructure projects; (2) May provide financial assistance if an applicant for such assistance has demonstrated to the satisfaction of the board of directors (discussed below) that the project for which such assistance is being sought meets the requirements of this bill and any criteria established in accordance with this bill by the board; (3) Must conduct an analysis that considers the economic, environmental, and social benefits and costs of each project under consideration for financial assistance, and must prioritize projects that contribute to economic growth, lead to job creation, and are of regional or local significance; (4) Must establish disclosure and application procedures for entities nominating projects for assistance; (5) Must accept, for consideration, projects proposals relating to the development of infrastructure projects, which meet the basic criteria established by the board and which are submitted by an entity; (6) Must provide recommendations to the board and place accepted project proposals on the list for consideration for financial assistance from the board; (7) Must provide technical assistance to entities receiving financing from the bank and otherwise implement decisions of the board; (8) Must comply with all federal and state laws regulating budgetary, auditing, and ethics practices of a governmental entity; and (9) Must submit to the governor and general assembly, on or before October 1 of each fiscal year, a complete and detailed report with respect to the preceding fiscal year. The bank will have a board of directors (the board) consisting of five members representing the regions of this state, appointed by the governor from a list of members recommended by the speakers of the senate and house as follows: two members must have public sector experience and three members must have private sector experience. This bill details the requirements for such appointments, subsequent appointments, and terms. For the purposes of the board: (A) A director is prohibited from participating in any review or decision affecting a project under consideration for assistance under this bill if the director has a direct business or familial relation to, or is otherwise affiliated with, any person who has an interest in such project; (B) The chair of the board must appoint, remove, fix the compensation of, and define the duties of such qualified personnel to serve under the board, such as a chief risk officer; (C) The board must have an executive committee consisting of nine members, appointed by the executive director of the bank. A majority of the board has the authority to appoint and reappoint the executive director; and (D) The executive director is the chief executive officer of the bank, with such executive functions, powers, and duties as may be prescribed by this bill, the bylaws of the bank, or the board. The full text of this bill details what experience and expertise are required of the executive director and other executive officers, including in transportation infrastructure. Executive officers are prohibited from holding any other public office, having any interest in an infrastructure project considered by the board, having any interest in an investment institution, commercial bank, or other entity seeking financial assistance for any infrastructure project from the bank or having any such interest during the two-year period beginning on the date such officer ceases to serve in such capacity. The criteria established by the board must provide for the consideration of several factors, as detailed in the full text of this bill, in determining eligibility for financial assistance, including the likelihood that the provision of assistance by the bank will cause such development to proceed more promptly and with lower costs for financing than would be the case without such assistance. The board must conduct assessments of such criteria with qualified personnel, including from relevant state agencies. A fee may be charged for the review of any project proposal in such an amount as may be considered appropriate by the executive committee to cover the costs of the review. Any determination of the board to assist in any project, and the manner in which the assistance is provided, including the terms, conditions, fees, and charges, will be at the sole discretion of the board. The provision of assistance by the board in accordance with this bill does not relieve any recipient of assistance or the related project of any obligation to obtain required, state, local, and federal permit and approvals. An entity receiving assistance from the board must make annual reports to the board on the use of any such assistance, criteria set forth in this section, and a disclosure of all entities with a development, ownership, or operational interest in a project assisted or proposed to be assisted by the bank. All notes, debentures, bonds, or other such obligations issued by the bank, and the interest on or credits with respect to the bonds or other obligations, will be exempt from taxation by this state or another state, or any county, municipality, or local taxing authority of this state or another state. A member of the bank or any person executing bonds of the bank will not be liable personally on the bonds by reason of their issuance or execution. This bill provides that the bank may be funded from state funds as appropriated by the general assembly in the appropriations act or from federal funds available to or received by the state.