Debt Report
Pursuant to Tenn. Code Ann. § 9-21-134, the State Funding Board has approved a Debt Report. Public entities in Tennessee issuing debt must use this form for reporting. The State Funding Board additionally approved Exemptions and Clarifications to the Debt Report.
The Debt Report, 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 Division of Local Government Finance by the below link.
If you need assistance completing the report please contact your LGF Analyst.
The following outlines the required steps and reporting responsibilities after debt has been issued. Please contact your LGF analyst if you need assistance.
Requirements After Issuance of All Notes, Leases, and PBA Loans
• Debt Report
Pursuant to T.C.A. § 9-21-134, a Debt Report shall be completed and filed with the governing body
of the local government no later than forty-five (45) days after the issuance of the debt, with a copy
(including attachments, if any) filed with the Division of Local Government Finance. The online
report may be accessed at: tncot.cc/debt-report.
• Debt Management Policy
Your local government should regularly review and, if necessary, amend its debt management
policy. Please submit any amended policy to our office immediately upon adoption. Guidance
concerning debt management policies is available at: tncot.cc/debt-policy.
• Debt Default, Covenant Violation, or Credit Rating Downgrade (when applicable)
Any default, covenant violation, or credit rating downgrade, regardless of whether the associated
debt obligation was approved or reported on by the Comptroller’s Office, must be reported to the
Division of Local Government Finance.
• Rule 15c2-12 of the Securities Exchange Act
Local governments that have issued municipal securities on or after February 27, 2019, are required
to report certain information related to the issuance of financial obligations. Information on the
reporting requirements is available on the Municipal Securities Rulemaking Board (MSRB)
Electronic Municipal Market Access EMMA® website: emma.msrb.org.
Additional Item for the Issuance of Tax Anticipation Notes
• Documentation of Repayment
The TRANs shall be repaid no later than June 30 of the fiscal year of issuance, and documentation
of repayment shall be provided to our office within 15 days of repayment.
Requirements After Debt is Issued
• Debt Report
Pursuant to T.C.A. § 9-21-134, a Debt Report shall be completed and filed with the governing body
of the local government no later than forty-five (45) days after the issuance of the debt, with a copy
(including attachments, if any) filed with the Division of Local Government Finance. The online
report may be accessed at: tncot.cc/debt-report.
• Debt Management Policy
Your local government should regularly review and, if necessary, amend its debt management
policy. Please submit any amended policy to our office immediately upon adoption. Guidance
concerning debt management policies is available at: tncot.cc/debt-policy.
• Debt Default, Covenant Violation, or Credit Rating Downgrade (when applicable)
Any default, covenant violation, or credit rating downgrade, regardless of whether the associated
debt obligation was approved or reported on by the Comptroller’s Office, must be reported to the
Division of Local Government Finance.
• Bonds not Refunded
If all the loan agreements are not refunded as a part of the proposed refunding transaction and the
City wishes to refund them in a subsequent bond issue, then a new plan must be submitted to our
office for review.
• Required Notification
We recognize that the information provided in the Plan submitted to our office is based on
preliminary analysis and estimates and that actual results will be determined by market conditions
at the time of sale. However, if it is determined prior to the issuance of the debt, that the actual
results will differ significantly from the information provided in the submitted Plan and the City
decides to proceed with the issue, the City’s governing body and our office should be notified after
the sale by the local government’s Chief Executive Officer or the Chief Financial Officer regarding
these differences. The Chief Executive Officer must state that they were aware of the differences
and determined to proceed with the issuance of the debt. Notification will be necessary only if
there is a change of ten percent (10%) or more in any of the following:
(1) An increase in the principal amount of the debt issued;
(2) An increase in costs of issuance; or
(3) A decrease in the cumulative savings or increase in the loss.
The notification must include an explanation for any significant differences and the justification
for a change of ten percent (10%) or more from the amounts in the plan. This notification should
be presented to the City’s governing body and our office with the required filing of the Report on
Debt Obligation.
• Rule 15c2-12 of the Securities Exchange Act
Local governments that have issued municipal securities on or after February 27, 2019, are required
to report certain information related to the issuance of financial obligations. Information on the
reporting requirements is available on the Municipal Securities Rulemaking Board (MSRB)
Electronic Municipal Market Access EMMA® website: emma.msrb.org.
Requirements After Debt is Issued
• Debt Report
Pursuant to T.C.A. § 9-21-134, a Debt Report shall be completed and filed with the governing body
of the local government no later than forty-five (45) days after the issuance of the debt, with a copy
(including attachments, if any) filed with the Division of Local Government Finance. The online
report may be accessed at: tncot.cc/debt-report.
• Debt Management Policy
Your local government should regularly review and, if necessary, amend its debt management
policy. Please submit any amended policy to our office immediately upon adoption. Guidance
concerning debt management policies is available at: tncot.cc/debt-policy.
• Debt Default, Covenant Violation, or Credit Rating Downgrade (when applicable)
Any default, covenant violation, or credit rating downgrade, regardless of whether the associated
debt obligation was approved or reported on by the Comptroller’s Office, must be reported to the
Division of Local Government Finance.
• Required Notification
We recognize that the information provided in the Plan submitted to our office is based on
preliminary analysis and estimates and that actual results will be determined by market conditions
at the time of sale. However, if it is determined prior to the issuance of the debt, that the actual
results will differ significantly from the information provided in the submitted Plan and the City
decides to proceed with the issue, the City’s governing body and our office should be notified after
the sale by the local government’s Chief Executive Officer or the Chief Financial Officer regarding
these differences. The Chief Executive Officer must state that they were aware of the differences
and determined to proceed with the issuance of the debt. Notification will be necessary only if
there is a change of ten percent (10%) or more in any of the following:
(1) An increase in the principal amount of the debt issued;
(2) An increase in costs of issuance; or
The notification must include an explanation for any significant differences and the justification
for a change of ten percent (10%) or more from the amounts in the plan. This notification should
be presented to the City’s governing body and our office with the required filing of the Report on
Debt Obligation.
• Rule 15c2-12 of the Securities Exchange Act
Local governments that have issued municipal securities on or after February 27, 2019, are required
to report certain information related to the issuance of financial obligations. Information on the
reporting requirements is available on the Municipal Securities Rulemaking Board (MSRB)
Electronic Municipal Market Access EMMA® website: emma.ms
Debt Issuances by Entity
Click button below to access portal to search for debt reports by entity instead of calendar year.