Bill > SB6003

This bill establishes two new funds within the Tennessee state treasury to help local governments and communities respond to and recover from disasters, specifically addressing the aftermath of Hurricane Helene. The Hurricane Helene interest payment fund is designed to help local governments in counties affected by the hurricane by covering up to three years of interest costs (not exceeding 5% or the prime interest rate) on money borrowed for disaster recovery. The governor's response and recovery fund is a more flexible emergency resource that can be used for various recovery efforts, including agricultural recovery, unemployment assistance, and business recovery aid. The fund can provide grants or loans to third parties in response to emergencies declared by the governor. The Tennessee Emergency Management Agency will manage these funds, which can be sourced from grants, legislative appropriations, federal funds, and other available funds. The agency is required to submit an annual report to legislative committees detailing the fund's expenditures and remaining balance. These funds are intended to remain available for their specified purposes and will not revert to the general fund, ensuring ongoing support for disaster-related recovery efforts.

Budget and Finance, Business and Industry, Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB6003&ga=114