Tennessee HB1672 amends local government debt provisions, allowing for grant anticipation notes and extending note issuance timelines.
Tennessee HB1672 amends local government debt provisions by allowing local governments to issue interest-bearing grant anticipation notes for public works projects in anticipation of state or federal grants. The notes can be secured by a general obligation pledge or a revenue pledge from a special revenue or enterprise fund. Additionally, the bill extends the timeline for issuing notes that mature beyond the fiscal year, requiring approval from the comptroller of the treasury or their designee under specific conditions, including economic distress due to natural disasters.
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