On June 15, 2021 the State Funding Board approved the issuance of the Tennessee Comptroller of the Treasury – Division of Local Government Finance (LGF) Debt Manual, which is effective immediately.
Some of the major changes in the Debt Manual include:
- All debt issued by counties including capital outlay notes must be pre-approved by LGF.
- Effective January 1, 2022 all lease financing agreements, individually or collectively issued within the same fiscal year, with a principal amount exceeding $100,000 must be pre-approved by LGF per TCA Section 9-24-101.
- More information must be provided to LGF before they can pre-approve any debt issuance.
- LGF will review requests to issue debt and respond to counties within 10 days.