Senate Bill 1281, also known as House Bill 1309, amends Tennessee Code Annotated, Section 64-9-107, to enhance the management of utility systems. The bill introduces a new subsection (e) that mandates 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 prohibited from reverting to the general fund and must be carried forward into each subsequent fiscal year.

The bill aims to ensure that the financial resources generated from utility system investments are properly allocated and utilized for their intended purposes, thereby promoting better financial management within the utility systems. 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