Tennessee 2025-2026 Regular Session

Tennessee Senate Bill SB6003 Compare Versions

Only one version of the bill is available at this time.

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2	2	<BillNo> <Sponsor>
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4	4	SENATE BILL 6003
5	5	By Johnson
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8	8	SB6003
9	9	001503
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12	12	AN ACT to amend Tennessee Code Annotated, Title 9,
13	13	Chapter 4, Part 2, relative to disaster relief funds.
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15	15	BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
16	16	SECTION 1. Tennessee Code Annotated, Title 9, Chapter 4, Part 2, is amended by
17	17	adding the following new sections:
18	18	9-4-215. Hurricane Helene interest payment fund.
19	19	(a) There is created a fund within the state treasury to be known as the
20	20	Hurricane Helene interest payment fund. The fund consists of grants, appropriations by
21	21	the general assembly, federal funds, to the extent permitted by federal law and
22	22	regulation, and any other moneys made available to the Tennessee emergency
23	23	management agency for the purposes of such fund from any other source or sources.
24	24	Moneys deposited in the fund must be invested for the benefit of the fund pursuant to §
25	25	9-4-603. Moneys in the fund must not revert to the general fund, but must remain
26	26	available to be used by the Tennessee emergency management agency exclusively for
27	27	the purpose specified in subsection (b). The commissioner of finance and administration
28	28	may promulgate rules in accordance with the Uniform Administrative Procedures Act,
29	29	compiled in title 4, chapter 5, in order to ensure the funds are received and expended for
30	30	the purposes consistent with subsection (b).
31	31	(b) The purpose of the Hurricane Helene interest payment fund is to pay local
32	32	governments' interest costs for up to three (3) years on money borrowed to pay eligible
33	33	disaster recovery costs related to Hurricane Helene; provided, that moneys from the
34	34	fund must only pay interest costs up to five percent (5%) or the prime interest rate,
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39	39	whichever is lower; and provided further, that the local government is located in a county
40	40	that was included in the federal disaster declaration resulting from Hurricane Helene.
41	41	9-4-216. Governor's response and recovery fund.
42	42	(a) There is created a fund within the state treasury to be known as the
43	43	governor's response and recovery fund. The fund consists of grants, appropriations by
44	44	the general assembly, loan repayments, federal funds, to the extent permitted by federal
45	45	law and regulation, and any other moneys made available to the Tennessee emergency
46	46	management agency for the purposes of such fund from any other source or sources.
47	47	Moneys deposited in the fund must be invested for the benefit of the fund pursuant to §
48	48	9-4-603; provided, however, that some or all interest earnings may be transferred to the
49	49	Hurricane Helene interest payment fund created pursuant to § 9-4-215. Moneys in the
50	50	governor's response and recovery fund must not revert to the general fund but must
51	51	remain available to be used by the Tennessee emergency management agency
52	52	exclusively for the purposes specified in subsection (b). The commissioner of finance
53	53	and administration may promulgate rules in accordance with the Uniform Administrative
54	54	Procedures Act, compiled in title 4, chapter 5, in order to ensure the funds are received
55	55	and expended for the purposes consistent with subsection (b).
56	56	(b) The purpose of the governor's response and recovery fund is to respond to,
57	57	or recover from, an emergency, as defined in § 58-2-101, including, but not limited to,
58	58	the following:
59	59	(1) Agricultural recovery efforts related to an emergency;
60	60	(2) Unemployment assistance related to an emergency; and
61	61	(3) Business recovery assistance related to an emergency.
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66	66	(c) Moneys must only be expended in response to Hurricane Helene or another
67	67	event for which the governor declares a state of emergency or disaster declaration
68	68	pursuant to § 58-2-107(b)(1)(A).
69	69	(d) The Tennessee emergency management agency may expend moneys in the
70	70	fund in the form of grants or loans to third parties. Loan repayments must become part
71	71	of the fund and remain available for the purposes described in subsection (b).
72	72	(e) At least annually, the Tennessee emergency management agency shall
73	73	submit to the chair of the finance, ways and means committee of the senate and the
74	74	chair of the committee in the house of representatives having jurisdiction over matters
75	75	related to public funds a report stating the amount expended from the fund in the past
76	76	year, the purposes for which the money was expended, and the amount remaining in the
77	77	fund.
78	78	SECTION 2. The headings in this act are for reference purposes only and do not
79	79	constitute a part of the law enacted by this act. However, the Tennessee Code Commission is
80	80	requested to include the headings in any compilation or publication containing this act.
81	81	SECTION 3. This act takes effect upon becoming a law, the public welfare requiring it.