Senate Bill 1281 amends Tennessee Code Annotated, Section 64-9-107, to enhance the management of utility systems. The bill introduces a new subsection (e), which stipulates that interest income generated from investments and deposits related to subsection (a) must be credited to a separate account specifically for the purposes outlined in this section. Importantly, this interest income is not allowed to revert to the general fund and must be carried forward into each subsequent fiscal year.

The bill aims to ensure that funds generated from interest are utilized effectively for the management of utility systems, thereby promoting better financial oversight and resource allocation. The act is set to take effect immediately upon becoming law, emphasizing the urgency of its implementation for the public welfare.

Statutes affected:
Introduced: 64-9-107