TN HB1672

Expands local government debt provisions to include "utility authorities" in addition to utility districts

Allows local governments to issue notes maturing beyond the fiscal year when approved by the comptroller and guaranteed by the state funding board, or when economic distress results from a FEMA-certified natural disaster

Authorizes local governments to issue interest-bearing grant anticipation notes for public works projects, secured by pledged state or federal grant money, with comptroller approval required

Permits local governments to add general obligation pledges or revenue pledges from special revenue/enterprise funds as additional security for grant anticipation notes

Authorizes local governments to levy ad valorem taxes to pay interest on grant anticipation notes; takes effect immediately upon becoming law