TCA § 68-221-513 — Failure of municipality to comply with payment schedule — Withholding of state funds — Rate increases

If a municipality misses loan-schedule payments, the finance commissioner must send written notice, and if the municipality still does not pay within 60 days, the commissioner may withhold state-shared taxes. The municipality must also raise water-service charges or use other revenue sources as needed to meet the loan

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Jurisdiction: United States — Tennessee
Instrument: Act or statute
Version: Undated source snapshot
Language: en
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loan repayment state-shared taxes utility rates

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Provisions of TCA § 68-221-513 — Failure of municipality to comply with payment schedule — Withholding of state funds — Rate increases

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68-221-513
TCA § 68-221-513 — Failure of municipality to comply with payment schedule — Withholding of state funds — Rate increases
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AI-assisted research summary: If a municipality misses loan-schedule payments, the finance commissioner must send written notice, and if the municipality still does not pay within 60 days, the commissioner may withhold state-shared taxes. The municipality must also raise water-service charges or use other revenue sources as needed to meet the loan obligation.

In the event any municipality, having entered into a loan agreement, shall fail to remit funds in accordance with the amortization schedule established by the authority, the commissioner of finance and administration shall deliver by certified mail a written notice of such failure to the municipality within five (5) days of the failure. In the event the municipality shall fail to remit the amount set forth in the notice within sixty (60) days of the receipt of such notice, the commissioner shall, without further authorization, withhold such sum or part of such sum from any state-shared taxes which are otherwise apportioned to the municipality for the benefit of the authority. Furthermore, in the event any municipality having entered into a loan agreement shall fail to remit funds in accordance with the amortization schedule established by the authority, the municipality shall increase its fees, rates or charges for water service and/or pledge additional other available sources of revenue as are necessary to meet the obligation of the municipality according to the loan agreement.

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TCA § 68-221-513 — Failure of municipality to comply with payment schedule — Withholding of state funds — Rate increases

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