| 9 | | - | Substituted for: House Bill No. 185 |
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| 10 | | - | By Renea Jones, Hawk, Farmer |
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| 11 | | - | AN ACT to amend Tennessee Code Annotated, Title 6, Chapter 56, Part 4, relative to contracted |
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| 12 | | - | certified municipal finance officers. |
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| 7 | + | |
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| 8 | + | |
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| 9 | + | SB0109 |
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| 10 | + | 000681 |
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| 11 | + | - 1 - |
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| 12 | + | |
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| 13 | + | AN ACT to amend Tennessee Code Annotated, Title 6, |
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| 14 | + | Chapter 56, Part 4, relative to contracted certified |
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| 15 | + | municipal finance officers. |
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| 16 | + | |
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| 14 | | - | SECTION 1. Tennessee Code Annotated, Section 6-56-406(d), is amended by deleting the |
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| 15 | | - | subsection and substituting instead: |
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| 16 | | - | (d) Notwithstanding this section, a municipality may contract with a certified public |
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| 17 | | - | accountant to perform the duties of a CMFO. The contracted CMFO shall devote a minimum |
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| 18 | | - | of sixteen (16) hours per month to financial oversight on behalf of the municipality, unless the |
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| 19 | | - | municipality has sought and received written approval from the comptroller of the treasury for |
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| 20 | | - | its contracted CMFO to devote less than sixteen (16) hours per month to financial oversight |
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| 21 | | - | on behalf of the municipality. Such approvals are valid for one (1) year. Municipalities must |
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| 22 | | - | request a new approval from the comptroller of the treasury each year. |
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| 23 | | - | SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it. PASSED: |
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| 24 | | - | SENATE BILL NO. 109 |
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| 25 | | - | March 6, 2025 |
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| 26 | | - | R----~ 1-.« \M. t ~ \,..l'" |
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| 27 | | - | -- RANDY,.McNALL Y |
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| 28 | | - | SPEAKER OF THE SENATE |
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| 29 | | - | CA~EXTON,SPEAKER |
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| 30 | | - | HOUSE OF REPRESENTATIVES |
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| 31 | | - | APPROVED this L day of (Y\a~ 2025 |
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| 32 | | - | BILL LEE, GOVERNOR |
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| 18 | + | SECTION 1. Tennessee Code Annotated, Section 6-56-406(d), is amended by deleting |
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| 19 | + | the subsection and substituting instead: |
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| 20 | + | (d) Notwithstanding this section, a municipality may contract with a certified |
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| 21 | + | public accountant to perform the duties of a CMFO. The contracted CMFO shall devote |
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| 22 | + | a minimum of sixteen (16) hours per month to financial oversight on behalf of the |
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| 23 | + | municipality, unless the municipality has sought and received written approval from the |
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| 24 | + | comptroller of the treasury for its contracted CMFO to devote less than sixteen (16) |
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| 25 | + | hours per month to financial oversight on behalf of the municipality. Such approvals are |
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| 26 | + | valid for one (1) year. Municipalities must request a new approval from the comptroller |
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| 27 | + | of the treasury each year. |
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| 28 | + | SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it. |
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