Tennessee SB1679 amends local government debt regulations, allowing notes to mature beyond the fiscal year of issuance under certain conditions.
Tennessee SB1679 amends local government debt regulations by allowing the governing body to issue notes that mature beyond the fiscal year of issuance, provided they are approved by the comptroller of the treasury or the comptroller's designee and guaranteed by the state funding board. The act also allows local governments to add a general obligation pledge or a revenue pledge from a special revenue or enterprise fund as additional security for grant anticipation notes. The act takes effect immediately upon becoming law.
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- Legal Framework
- Critical Issues
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