Amends TCA Section 7-34-111; Section 7-36-113; Section 7-82-501; Section 7-82-702; Section 68-221-1311 and Section 68-221-611.
Tennessee SB0518 amends various sections of the Tennessee Code Annotated to authorize municipal, metropolitan, or county-owned water or wastewater systems, along with certain authorities, to issue revenue anticipation notes for emergency cash flow, subject to specific conditions. It affects local utility districts and authorities by allowing them to borrow against future revenues while imposing restrictions on the amount borrowed and requiring approval from the comptroller of the treasury. Key provisions include a cap on the principal value of notes at 60% of projected cash flows and the requirement that all notes be retired within a 12-month period.
Tennessee SB0518 amends various sections of the Tennessee Code Annotated to authorize municipal, metropolitan, or county-owned water or wastewater systems, along with certain authorities, to issue revenue anticipation notes for emergency cash flow, subject to specific conditions. It affects local utility districts and authorities by allowing them to borrow against future revenues while imposing restrictions on the amount borrowed and requiring approval from the comptroller of the treasury. Key provisions include a cap on the principal value of notes at 60% of projected cash flows and the requirement that all notes be retired within a 12-month period.
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