TN SB1679

Expands existing 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 either guaranteed by the state funding board or related to natural disaster economic distress (including FEMA-certified disasters)

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

Permits local governments to add optional additional security to grant anticipation notes through general obligation pledges or revenue pledges from special revenue or enterprise funds

Authorizes local governments to levy ad valorem taxes to pay interest on grant anticipation notes and allows issuance of capital outlay or bond anticipation notes in conjunction with grant anticipation notes