Amends TCA Title 58, Chapter 2.

FUNDING<br /> <br /> This bill creates in the state treasury a revolving loan fund to be known as the "Resilient Tennessee Revolving Loan Fund" ("fund"). The following moneys must be deposited into the fund:<br /> <br /> (1) Moneys received through the federal emergency management agency (FEMA) and the Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act;<br /> <br /> (2) Moneys appropriated by the general assembly to the fund;<br /> <br /> (3) Investment and interest earnings of the fund;<br /> <br /> (4) Moneys received as repayment of loan principal and interest; and<br /> <br /> (5) All other moneys received by the fund from any other source.<br /> <br /> This bill requires moneys in the fund to be used to provide loans, at an interest rate of not more than 1 percent, to Tennessee counties and local governments, as well as other entities or persons eligible under FEMA eligibility guidelines, or amendments to eligibility in the STORM Act, in effect at the time of the award ("eligible recipients") for local resilience and hazard mitigation projects.<br /> <br /> This bill requires the fund balance to remain available in perpetuity to provide loans under this bill. All moneys deposited into the fund and interest earned on the balance of the fund must be available to the director of the Tennessee emergency management agency ("director"; "agency") for expenditures consistent with this bill. Moneys expended from the fund must be supplemental to funding that otherwise would be appropriated or provided to eligible recipients.<br /> <br /> In accordance with the limitations set forth in the STORM Act, this bill authorizes moneys in the fund to be used to provide loans and financial assistance for projects or activities of eligible recipients that mitigate the impacts of natural hazards.<br /> <br /> ADMINISTRATION AND RULEMAKING<br /> <br /> This bill requires the agency to administer the fund. The agency must adopt rules for the fund's administration that implement the requirements of the STORM Act and establish application procedures and eligibility criteria for loans from the fund. For loans, the rules establishing eligibility criteria must include that an eligible recipient demonstrate: the need for a loan to address hazard mitigation; and the ability to repay the loan, if required, at a later date.<br /> <br /> This bill grants the agency such other authority as is necessary and appropriate for the exercise of the powers and duties conferred by this bill. The agency may pay the administrative expenses and costs associated with the fund, as authorized by the STORM Act. Additionally, the agency must publicly publish and periodically update information about all projects receiving funding from the fund.<br />