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Iran Divestment Act Affects Purchasing In Tennessee Cities and Towns
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Reviewed Date: July 29, 2016
Date of Material:
Jul 29, 2016
Subjects:
Purchasing--Laws and regulations
Purchasing
Iran Divestment Act Affects Purchasing In Tennessee Cities and Towns
Summary:
This article reports that persons or entities determined to be engaged in investment activities with Iran are listed on the state's website and are prohibited from contracting with any political subdivision of this state and any contract entered into shall be void.
With the passage of Public Chapter No. 817 and effective July 1, 2016, the General Assembly of the State of Tennessee added an additional chapter to the Tennessee Code Annotated cited as the “Iran Divestment Act.” Codified in T.C.A. §12-12-101 et. seq., the General Assembly implemented the authority granted under federal law, specifically Section 202 of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Public Law 111-195).
This title requires the state chief procurement officer to publish a list of persons and entities determined to be engaged in investment activities with Iran on the state’s website. Those who are included on this list are prohibited from contracting with any political subdivision of this state and any contract entered into shall be void. The Tennessee Department of General Services, Central Procurement Office has adopted the list created by South Carolina, which will be posted on the state website. The link below will provide access to the list of entities that are covered by the Act:
In addition, when competitive bidding is required, every bid or proposal made to a political subdivision of the state shall contain the following statement affirmed by the bidder as true under the penalties of perjury:
“By submission of this bid, each bidder and each person signing on behalf of any bidder certifies, and in the case of a joint bid each party thereto certifies as to its own organization, under penalty of perjury, that to the best of its knowledge and belief that each bidder is not on the list created pursuant to §12-12-106.”
The affirmation by each bidder may be submitted electronically. No bid shall be considered for award where this condition is not met, except under very narrow limitations stated in the act.
For more information, please contact your MTAS Finance and Accounting Consultant .
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