Senate Bill 1460 amends Chapter 403 of the Private Acts of 1951, which governs the City of Erin, Tennessee, by updating the roles and qualifications of city officials, including the Mayor and Aldermen. The bill removes specific definitions and qualifications, such as the term "Elector," and introduces new language stipulating that only qualified voters who have resided in the city for at least 24 months can hold office. It also clarifies the responsibilities of the city recorder, treasurer, and city judge, emphasizing their appointment by the Board of Mayor and Aldermen and detailing their duties. Additionally, the bill addresses procedural aspects related to property taxes and prohibits city officials from profiting from city contracts, while ensuring consistency in terminology and clarifying the appointment process for officials.

Furthermore, the bill modifies property tax levies and penalties for late payments, establishing that the Board of Mayor and Aldermen must set a tax levy as a fixed rate per one hundred dollars of assessed valuation, with the previous year's rate continuing if no new levy is made within ninety days of the tax due date. It also revises the penalty structure for late payments by specifying that penalties will be applied "per month" after the initial three percent penalty. Other amendments include increasing the threshold for unbudgeted expenditures from $2,500 to $5,000 and updating the selection process for official depositories for city funds. The bill will take effect only if approved by a two-thirds vote of the City of Erin's legislative body, with the presiding officer responsible for certifying the outcome to the secretary of state.