Tennessee SB0191 amends local government debt regulations, defining "heightened risk debt" and requiring approval from the comptroller for such debt.
Tennessee SB0191 amends Tennessee Code Annotated to redefine "heightened risk debt" as any debt obligation with a variable interest rate, an interest rate reset provision, or a put option. The bill also mandates that local governments submit requests to the comptroller of the treasury for approval before issuing such debt. The comptroller must approve the request if the debt terms are in the public's interest, and must report the decision to the local government within fifteen business days. The changes take effect July 1, 2025.
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