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 eligibility criteria, such as the definition of "Elector," and introduces new provisions that clarify the responsibilities of the city recorder, treasurer, and city judge. It also establishes a prohibition against city officials profiting from city contracts. Additionally, the bill modifies various sections to ensure consistency in terminology and enhance the governance structure, specifying that the Board of Mayor and Aldermen shall appoint key positions and clarifying processes for handling vacancies and conflicts of interest.

Furthermore, the bill addresses property tax levies and penalties, requiring the Board of Mayor and Aldermen to set a tax levy as a fixed rate per one hundred dollars of assessed valuation. If no levy is established within ninety days before the tax due date, the previous year's tax rate will apply. It also specifies a penalty of three percent for each month of delayed payment and raises the threshold for unbudgeted expenditures from $2,500 to $5,000. The bill removes certain language regarding installment payments and allows the Board to select official depositories for city funds in accordance with state law. The bill will take effect only upon a two-thirds vote from the legislative body of the City of Erin, with provisions for immediate effectiveness for approval or rejection.