HB1040 - Tennessee - Municipal Government

Municipal Government - Requires a referendum be conducted before a publicly funded entity can be sold or leased; "sale or lease" means that more than 30 percent of the assets of the entity are subject to sale or lease. - Amends TCA Title 7, Chapter 51.

Other Fiscal Impact - To the extent that voters approve sales that would have taken place in the absence of this bill, the fiscal impact is minimal. To the extent that voters do not approve sales that would have taken place in the absence of this bill, there will be a decrease in local government revenues estimated to exceed $100,000. Further, to the extent that any such sale that does not occur would have been to a non-exempt entity or for a non-exempt purpose, there will be property tax revenue foregone in an amount estimated to exceed $25,000.