Amends TCA Title 9, Chapter 13, Part 2 and Title 9, Chapter 21, Part 7.
Tennessee SB1679 amends the process for local governments to issue and sell grant anticipation notes, allowing the state comptroller to approve these notes if the local government can demonstrate that a natural disaster has resulted in economic distress. This bill primarily affects local governments seeking financial assistance in the aftermath of natural disasters. Key provisions include the introduction of criteria for the comptroller's approval of notes based on demonstrated economic impact from such disasters.
Tennessee SB1679 amends the process for local governments to issue and sell grant anticipation notes, allowing the state comptroller to approve these notes if the local government can demonstrate that a natural disaster has resulted in economic distress. This bill primarily affects local governments seeking financial assistance in the aftermath of natural disasters. Key provisions include the introduction of criteria for the comptroller's approval of notes based on demonstrated economic impact from such disasters.
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