Public Funds and Financing - As introduced, requires local governments issuing debt under the Local Government Public Obligations Act of 1986 or the Public Building Authorities Act of 1971 to seek approval from the comptroller or the comptroller’s designee prior to issuance of the debt under certain circumstances; makes other related changes. - Amends TCA Section 9-21-133 and Title 9, Chapter 21, Part 4.
  • Bill History
  • Amendments
  • Video
  • Summary
  • Fiscal Note
  • Votes
  • Actions For SB1750Date
    Assigned to General Subcommittee of Senate State and Local Government Committee03/12/2024
    Placed on Senate State and Local Government Committee calendar for 3/12/202403/05/2024
    Passed on Second Consideration, refer to Senate State and Local Government Committee01/22/2024
    Introduced, Passed on First Consideration01/11/2024
    Filed for introduction01/10/2024
    Actions For HB1834Date
    Assigned to s/c Cities & Counties Subcommittee01/24/2024
    P2C, ref. to Local Government Committee01/24/2024
    Intro., P1C.01/22/2024
    Filed for introduction01/11/2024
  • No amendments for SB1750.
    No amendments for HB1834.

  • Videos containing keyword: SB1750

  • Fiscal Summary

    NOT SIGNIFICANT


    Bill Summary

    PRINCIPAL DEBT

    Present law provides that for purposes of the evaluation plan for the approval of the comptroller of treasury ("comptroller") required prior to issuance of balloon indebtedness, principal of debt is treated as being payable or amortized upon its stated maturity, upon any mandatory redemption date, and upon any date on which the holder of the debt has the option to require the debt to be prepaid, redeemed, or purchased, other than with the proceeds of a liquidity facility provided by a third party. This bill changes the present law by no longer treating principal debt as being payable or amortized upon any date on which the holder of the debt has the option to require the debt to be prepaid, redeemed, or purchased, other than with the proceeds of a liquidity facility provided by a third party.

    LOCAL GOVERNMENT DEBT ISSUANCE

    This bill requires local governments issuing debt under the Local Government Public Obligations Act of 1986 or the Public Building Authorities Act of 1971 to seek approval from the comptroller or the comptroller's designee prior to issuance if the debt meets one of the following conditions:

    (1) The debt poses a heightened financial risk, as defined by the state funding board, to the local government that is issuing it; or

    (2) The debt is issued by a local government experiencing financial difficulties, as defined by the state funding board.

    This bill requires the state funding board to develop policies that define "debt instruments that pose a heightened financial risk to issuing local governments," define "financial difficulties", and prescribe the required contents of any requests for approval submitted to the comptroller pursuant to this bill.

  • FiscalNote for SB1750/HB1834 filed under SB1750
  • House Floor and Committee Votes

    Votes for Bill HB1834 by the House are not available.

    Senate Floor and Committee Votes

    Votes for Bill SB1750 by the Senate are not available.