Report on Debt Obligation
Pursuant to T.C.A. 9-21-151, the State Funding Board has approved a second revision to the Report on Debt Obligation, Form CT-0253. Public entities issuing debt must use this revised form for reporting. The State Funding Board additionally approved exemptions and clarifications.
The Form CT-0253 must be filed with the governing body of the Public Entity issuing the Debt not later than forty-five (45) days following the issuance or execution of a debt obligation by or on behalf of any Public Entity, with a copy (including attachments, if any) filed with the Director of the Office of State and Local Finance (by email to StateandLocalFinance.PublicDebtForm@cot.tn.gov ).
Public Entities that fail to comply with the requirements of T.C.A. Section 9-21-151 will not be allowed to enter into any further Debt Obligations or Derivatives until they have complied with the law.
A Public Entity sending a Report on Debt Obligation Form to the Office of State and Local Finance must document the names of the authorized representative who reviews the form, and the preparer of the form in block 18 of the form. A Public Entity submitting a form must provide contact information including a mailing address in order to receive an acknowledgement.
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