State Rep. Fred Atchley, R-Sevierville, spearheaded passage of his first bill in the Tennessee House of Representatives on March 3.
NASHVILLE, Tenn. – State Rep. Fred Atchley, R-Sevierville, spearheaded passage of his first bill in the Tennessee House of Representatives on March 3.
House Bill 136 streamlines reporting requirements for local governments and removes outdated provisions from state law.
“It’s an honor to pass my first bill in the 114th General Assembly and officially become a lawmaker,” Atchley said. “I’m grateful for the opportunity to collaborate with the Comptroller’s office to improve government efficiency and I look forward to advancing my remaining bills in the coming weeks. Thank you to my colleagues for their support.”
Current state law requires local governments with publicly traded debt to report monetary defaults to the Municipal Securities Rulemaking Board (MSRB) but does not require them to notify the Comptroller of the Treasury.
House Bill 136 addresses this gap this by requiring all local governments, regardless of whether they have publicly traded debt, to report any defaults, covenant violations and credit rating reductions to the Comptroller of the Treasury.
The bill’s companion, Senate Bill 114, was approved on Feb. 24 and will head to Gov. Bill Lee’s desk for his signature in the coming weeks.
Fred Atchley represents District 12, which includes part of Sevier County.
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