Bill > HB1309

This bill amends Tennessee law to specify how interest income generated by the Megasite Authority of West Tennessee (a state entity responsible for managing utility systems) must be handled. Specifically, the bill requires that any interest income earned from investments and deposits related to the water and wastewater systems operated by the authority must be credited to a separate, dedicated account, and cannot be transferred to the state's general fund. Furthermore, any unused interest income must be carried forward into subsequent fiscal years, ensuring that these funds remain available for the authority's use. The provision is set to automatically expire on June 30, 2029, which means the special accounting treatment will be in effect for approximately six years from the bill's enactment. The bill takes effect immediately upon becoming law, reflecting the state legislature's determination that this change serves the public welfare by providing financial flexibility for the utility system management.

Budget and Finance, Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1309&ga=114