Tennessee SB0518 amends Tennessee Code to allow certain utility districts and water or wastewater systems to issue notes for emergency cash flow.
Tennessee SB0518 amends Tennessee Code to allow municipal, metropolitan-government, or county-owned water or wastewater systems to borrow money and issue negotiable notes for emergency cash flow. The notes must be secured by a pledge of and lien on the revenues of the system. The comptroller of the treasury or the comptroller's designee must approve the sale of any notes. The act also allows utility districts to borrow money and issue negotiable notes for emergency cash flow, subject to similar conditions.
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