Bill > HB6003

This bill creates two new funds within the Tennessee state treasury to help local governments and communities recover from emergencies, specifically Hurricane Helene. The first fund, called the Hurricane Helene interest payment fund, is designed to help local governments in counties affected by Hurricane Helene by covering up to three years of interest costs (not exceeding 5% or the prime interest rate) on money borrowed for disaster recovery. The second fund, known as the governor's response and recovery fund, is more broadly aimed at responding to and recovering from emergencies, with specific provisions for agricultural recovery, unemployment assistance, and business recovery efforts. The Tennessee Emergency Management Agency can use this fund to provide grants or loans to third parties, and all loan repayments will be returned to the fund. The bill requires the agency to submit an annual report detailing the fund's expenditures and remaining balance to legislative committees. Both funds will be composed of grants, legislative appropriations, federal funds, and other available moneys, and the funds will not revert to the general fund but remain available for their specific purposes. The bill takes effect immediately upon becoming law.

Budget and Finance, Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB6003&ga=114