Tennessee HB1309 amends utility system management to ensure interest income from investments is credited to a separate account and not returned to.
Tennessee HB1309 amends Tennessee Code Annotated, Section 64-9-107, concerning the management of utility systems. The bill introduces a new subsection (e) that mandates interest income from investments and deposits to be credited to a separate account. This income must be used for the purposes outlined in the section and cannot revert to the general fund. Additionally, the interest income must be carried forward into each subsequent fiscal year. The act takes effect immediately upon becoming law, as deemed necessary for the public welfare.
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