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Bill > SB1281
TN SB1281
TN SB1281AN ACT to amend Tennessee Code Annotated, Section 64-9-107, relative to the management of utility systems.
summary
Introduced
02/06/2025
02/06/2025
In Committee
Crossed Over
03/10/2025
03/10/2025
Passed
04/16/2025
04/16/2025
Dead
Signed/Enacted/Adopted
04/29/2025
04/29/2025
Introduced Session
114th General Assembly
Bill Summary
As enacted, requires that interest income accruing on investments and deposits as a result of the Megasite Authority of West Tennessee's collection of rates to customers of a water system or wastewater system operated by the authority be credited to a separate account and carried forward into each subsequent fiscal year. - Amends TCA Section 64-9-107.
AI Summary
This bill amends Tennessee law regarding the Megasite Authority of West Tennessee by establishing new rules for managing interest income generated from utility system investments and deposits. Specifically, the bill requires that any interest income accruing from rates collected by the authority must be credited to a separate, dedicated account and cannot be transferred to the general fund. Instead, these funds must be carried forward into subsequent fiscal years, ensuring that the money remains available for the authority's operational purposes. The provision is time-limited, with the new subsection automatically being deleted on June 30, 2029, which suggests this is a temporary measure intended to provide financial flexibility for the Megasite Authority. The bill takes effect immediately upon becoming law, reflecting the legislature's determination that the public welfare requires this change in financial management procedures.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Effective date(s) 04/24/2025 (on 04/29/2025)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB1281&ga=114 |
| BillText | https://publications.tnsosfiles.com/acts/114/pub/pc0274.pdf |
| Fiscal Note - SB1281 | https://www.capitol.tn.gov/Bills/114/Fiscal/SB1281.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/SB1281.pdf |
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