Tennessee HB0993 amends the composition and election process for the board of directors of industrial development corporations.
Tennessee HB0993 modifies the structure and election process for the board of directors of industrial development corporations. The board must consist of at least seven members elected by the municipality's governing body. One member must be the county assessor, and another must be the county trustee or deputy trustee. Directors serve staggered six-year terms, divided into three groups. If a municipality has a closed or downsized federal facility, a minority of directors can be non-residents. Directors serve without compensation but are reimbursed for expenses.
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