SB 6003 creates two new state funds to support disaster recovery in Tennessee. The Hurricane Helene interest payment fund helps local governments in counties affected by Hurricane Helene pay interest costs (capped at 5% or prime rate) on loans used for eligible recovery spending. The governor's response and recovery fund provides broader assistance for agricultural, unemployment, and business recovery efforts following declared emergencies, including Hurricane Helene. Both funds are managed by the Tennessee Emergency Management Agency and must be used exclusively for these purposes, with annual reporting required to legislative committees. The bill became effective February 12, 2025.
SB 6006 creates the Tennessee Transportation Financing Authority (TTF Authority) to provide bonds and financing for state transportation projects like highways, bridges, and transit systems. The authority, governed by a board including the governor and state finance officials, can issue bonds and use user fees to cover project costs - including construction, land acquisition, and engineering expenses. This directly affects how Tennessee funds and manages transportation infrastructure development, maintenance, and improvements statewide. The bill replaces previous financing mechanisms with a dedicated state authority to streamline project funding.
HB 6005 is a state budget bill that allocates funds for Tennessee's 2024-2025 fiscal years, covering state operations and specific programs. It provides $225.8 million annually for Education Freedom Scholarships, $210 million for Hurricane Helene disaster recovery funds (split between interest payments and emergency response), and $20 million to rebuild Hampton High School in Carter County. Additional funds include $240 million for military and disaster relief cost-sharing, $17 million for high-performing schools, and $6.2 million to cover expenses for the 114th General Assembly's extraordinary session. The bill directs state agencies to manage these funds for designated purposes without policy changes.
