Public Funds and Financing - As enacted, redefines "local government" to include a water, wastewater, or energy authority for purposes of the present law applicable to bonds and notes issued by local governments; makes other related revisions. - Amends TCA Section 9-21-133 and Title 9, Chapter 21, Part 4.

SB 191 expands the definition of "local government" to include water, wastewater, and energy authorities for bond and note issuance purposes. It requires these entities to obtain state comptroller approval before issuing debt with "heightened risk" features like variable interest rates, interest rate resets, or early repayment options. The bill mandates the comptroller evaluate such requests to ensure debt terms serve the public interest, with a 15-day review timeline. This directly affects cities, counties, and utility authorities when they issue certain types of debt, effective July 1, 2025.