Public Funds and Financing - As enacted, authorizes use of the Hurricane Helene interest payment fund to pay local governments' loan charges; makes related changes. - Amends TCA Title 4; Title 5; Title 6; Title 7; Title , the official text

m~

                                                                                                                                 C~I

                                                                              ~

                          ~

                       ~tate of \!Cennessee

                           PUBLIC CHAPTER NO. 521

                                                  HOUSE BILL NO. 1278

       By Representatives Hill, Renea Jones, Tim Hicks, Alexander, Hulsey, Crawford,
        Gary Hicks, Williams, Faison, Hawk, Eldridge, Howell, Clemmons, White, Todd

                                        Substituted for: Senate Bill No. 646

             By Senators Crowe, Harshbarger, Bailey, Bowling, Southerland, Yarbro

         AN ACT to amend Tennessee Code Annotated, Title 4; Title 5; Title 6; Title 7; Title 9 and
Title 58, relative to providing financial assistance in counties impacted by Hurricane Helene.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

          SECTION 1. Tennessee Code Annotated, Section 9-4-215(b), is amended by deleting
the subsection and substituting instead:

                    (b) The purpose of the Hurricane Helene interest payment fund is to pay local
          governments' loan charges and, for up to three (3) years, interest costs on money
          borrowed to pay eligible disaster recovery costs related to Hurricane Helene; provided,
          that moneys from the fund that are used to pay interest costs must only be paid up to
          five percent (5%) or the prime interest rate, whichever is lower; provided, further, that the
          local government is located in a county that was included in the federal disaster
          declaration resulting from Hurricane Helene. As used in this subsection (b), "loan
          charges" means charges, fees, and other costs associated with loan processing and
          servicing that are imposed by a lender, including origination fees, application fees,
          appraisal fees, payment processing fees, and brokerage fees.

          SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it.
                    HOUSE BILL NO. 1278

PASSED:  April 22, 2025

                         C-7~

                          CAMERON SEXTON, SPEAKER
                         HOUSE OF REPRESENTATIVES

                                                  RANDY MCN4,.LY
                                     SPEAKER OF THE SE~TE

Mo ,-y APPROVED this ~,1)\-- day of-t1   2025

BILL LEE, GOVERNOR