§ 58-2-904 — Resilient Tennessee Revolving Loan Fund

Tennessee § 58-2-904

• Jurisdiction: Tennessee
• Title: 58

Text

(a) There is created in the state treasury a revolving loan fund to be known as the "Resilient Tennessee Revolving Loan Fund." (b) The following moneys must be deposited into the fund: (1) Moneys received through the federal emergency management agency (FEMA) and the STORM Act; (2) Moneys appropriated by the general assembly to the fund; (3) Investment and interest earnings of the fund; (4) Moneys received as repayment of loan principal and interest; and (5) All other moneys received by the fund from any other source. (c) Moneys in the fund must be used to provide loans, at an interest rate of not more than one percent (1%), to eligible recipients for local resilience and hazard mitigation projects. (d) The state treasurer shall invest the moneys of the fund in the same manner as other state moneys may be invested. All interest earnings of the fund must be credited to the fund. (e) The fund balance must remain available in perpetuity to provide loans under this part. All moneys deposited into the fund and interest earned on the balance of the fund must be available to the director for expenditures consistent with this part. (f) Moneys expended from the fund must be supplemental to funding that otherwise would be appropriated or provided to eligible recipients. (g) In accordance with the limitations set forth in the STORM Act, moneys in the fund may be used to provide loans and financial assistance for projects or activities of eligible recipients that mitigate the impacts of natural hazards, including: (1) Drought and prolonged episodes of intense heat; (2) Severe storms, including hurricanes, tornadoes, wind storms, cyclones, and severe winter storms; (3) Wildfires; (4) Earthquakes; (5) Flooding; (6) Shoreline erosion; and (7) High water levels.

Legislative History

Added by 2024 Tenn. Acts, ch. 686,s 1, eff. 7/1/2024.