House Bill 6003 establishes two new funds within the Tennessee state treasury: the Hurricane Helene interest payment fund and the governor's response and recovery fund. The Hurricane Helene interest payment fund is designed to assist local governments by covering their interest costs for up to three years on loans taken to address eligible disaster recovery expenses related to Hurricane Helene. The fund will consist of various sources of funding, including grants and federal funds, and will ensure that the money remains available for its intended purpose without reverting to the general fund. The interest payments are capped at either five percent or the prime interest rate, whichever is lower, and are limited to local governments in counties affected by the federal disaster declaration.

The governor's response and recovery fund will similarly consist of grants, appropriations, loan repayments, and federal funds, and is intended to support emergency response and recovery efforts, including agricultural recovery, unemployment assistance, and business recovery. Funds from this account can only be used in response to Hurricane Helene or other emergencies declared by the governor. Additionally, the Tennessee emergency management agency is authorized to distribute funds as grants or loans, with repayments reinvested into the fund. The agency is also required to provide an annual report detailing expenditures and remaining balances in the fund to relevant legislative committees.