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TennesseeSB 0191114th General Assembly (2025-2026)SenateWALLET

AN ACT to amend Tennessee Code Annotated, Section 9-21-133 and Title 9, Chapter 21, Part 4, relative to local government debt.

Sponsored By: Brent Taylor (Republican)

Became Law

Public Funds and Financing

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Comptroller approval for risky local debt

Beginning July 1, 2025, local governments must get comptroller approval before issuing "heightened risk" debt. This covers variable-rate, interest-reset, or put-option debt. The comptroller reports approval or disapproval within 15 business days of a complete request. If 15 business days pass with no disapproval, the issuer may proceed. Loans or interim certificates with the state or a federal agency are exempt.

Broader debt rules for local governments

Beginning July 1, 2025, the law clarifies who counts as a local government. It includes cities, counties, metro governments, water, wastewater, and energy authorities, and utility districts. Loans with Tennessee or a federal agency count as covered debt. For debt calculations here, principal is counted at stated maturity or any mandatory redemption date.

Sponsors & Cosponsors

Sponsor

  • Brent Taylor

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 37 • No: 0

Senate vote • 3/17/2025

FLOOR VOTE: Third Consideration 3/17/2025

Yes: 29 • No: 0

Senate vote • 3/12/2025

SENATE ENERGY, AGRICULTURE AND NATURAL RESOURCES COMMITTEE

Yes: 8 • No: 0

Actions Timeline

  1. Pub. Ch. 218

    4/29/2025

  2. Effective date(s) 07/01/2025

    4/29/2025

  3. Signed by Governor.

    4/21/2025Senate

  4. Transmitted to Governor for action.

    4/11/2025Senate

  5. Signed by H. Speaker

    4/10/2025House

  6. Signed by Senate Speaker

    4/9/2025Senate

  7. Enrolled and ready for signatures

    4/8/2025Senate

  8. Subst. for comp. HB.

    4/7/2025House

  9. Passed H., Ayes 96, Nays 0, PNV 0

    4/7/2025House

  10. Rcvd. from S., held on H. desk.

    3/20/2025House

  11. Passed Senate, Ayes 29, Nays 0

    3/17/2025Senate

  12. Engrossed; ready for transmission to House

    3/17/2025Senate

  13. Placed on Senate Regular Calendar for 3/17/2025

    3/14/2025Senate

  14. Recommended for passage, refer to Senate Calendar Committee

    3/12/2025Senate

  15. Placed on Senate Energy, Ag., and Nat. Resources Committee calendar for 3/12/2025

    3/6/2025Senate

  16. Passed on Second Consideration, refer to Senate Energy, Ag., and Nat. Resources Committee

    1/27/2025Senate

  17. Introduced, Passed on First Consideration

    1/16/2025Senate

  18. Filed for introduction

    1/15/2025Senate

Bill Text

  • Enrolled / Public Chapter

    PDF

  • Fiscal Note

    PDF

  • Introduced

    PDF

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