Bill > SB0114

This bill amends Tennessee's debt reporting requirements by expanding disclosure obligations for state and local government entities. The bill introduces new definitions for "covenant violation" (noncompliance with lending document terms) and "credit rating downgrade" (reduction of credit rating by a recognized rating organization). It requires public entities to submit detailed financial transaction information to their governing body and the state comptroller within 45 days of issuing, reissuing, or assuming a financial transaction. Additionally, the bill mandates that public entities promptly disclose financial obligations, events of default, covenant violations, and credit rating downgrades to the comptroller within 10 business days, and requires them to post applicable financial information on the Electronic Municipal Market Access (EMMA) website operated by the Municipal Securities Rulemaking Board (MSRB). These new requirements aim to increase transparency and provide timely financial information to state oversight bodies, helping to ensure better financial accountability and monitoring of public entities' financial health.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0114&ga=114