The maximum loan term is seven (7) years. A participating local government may prepay the loan at any time without penalty. TDEC will announce the loan interest rate for local governments in distressed counties and the loan interest rate for local governments in non-distressed counties in an annual program directive memorandum.

Authority: T.C.A. §§ 4-3-510 through 4-3-515, 4-5-201 et seq., 11-1-101, and Governor Haslam’s Executive Order Number 25. Administrative History: Original rules filed January 17, 2017; effective April 17, 2017. Rule renumbered from 0500-03-05.