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Municipal Banking Services: Public Chapter 277 of 2019

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Reviewed Date: April 14, 2020

Original Author: 
Hodge, Elisha
Co-author: 
Edmonds, Cyndy
Harris, Brad
Stegall, Kay
Date of Material: 
Mar 18, 2020


Subjects:
Finance--Bank services

Municipal Banking Services: Public Chapter 277 of 2019

Summary: 
This MTAS City Byte, a short online tutorial, reviews Public Chapter of 277 of 2019. This law stipulates that municipal banking services must be evaluated at least every four years and proposals must be from at least two banks. The statute also requires a contract for banking services be based on the evaluation of proposals, which should be documented for audit purposes. The law was effective July 1, 2019 thus banking services must be evaluated within the next four years or when the current contract expires whichever is sooner. (MTAS City Byte series)

Follow this link to view the City Byte: 
https://kate.tennessee.edu/MTAS/docs/Courses_2018/public_chapter_277/story_html5.html

Also, visit this page for additional resources on this topic including a Q & A for banking services as well as a sample quote for banking services.
http://www.mtas.tennessee.edu/knowledgebase/municipal-banking-services-must-now-be-evaluated-every-four-years-public-chapter-277
 


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Information written by MTAS staff was based on the law at the time and/or a specific sets of facts. The laws referenced may have changed and/or the technical advice provided may not be applicable to your city or circumstances. Always consult with your city attorney or an MTAS consultant before taking any action based on information posted to this website.