Tennessee HB0561 amends utility laws to allow various entities to issue notes for emergency cash flow.
Tennessee HB0561 amends Tennessee Code to allow municipal, metropolitan-government, and county-owned water or wastewater systems, utility districts, and authorities to borrow money and issue negotiable notes for emergency cash flow. The comptroller of the treasury or their designee must approve the issuance of these notes. If approved, the comptroller must refer the entity to the Tennessee board of utility regulation, which can order remedial measures. The notes must be secured by a pledge of and lien on the revenues of the entity.
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