BRADENTON, Fla. — Tennessee’s Division of Local Finance will merge with the Division of Bond Finance on Thursday, state Comptroller Justin Wilson announced yesterday.
Through the merger the state is creating the Office of State and Local Finance. The new agency will assume all duties and responsibilities of the former two divisions and will be directed by Mary-Margaret Collier, who formerly headed the Division of Bond Finance.
“This merger allows us to provide efficient services and make government work better in all Tennessee communities and for our investors,” Wilson said in a statement.
The Division of Bond Finance has managed the state’s debt, including issuance of all bonds, notes and payments of the debt. The Division of Local Finance was responsible for approving budgets and debt obligations and providing technical assistance to local governments throughout Tennessee and was headed by David Bowling, who has retired.
The new mailing address for the Office of State and Local Finance is James K. Polk Bldg., 505 Deaderick St., Suite 1600, Nashville, TN 37243-0273. Collier can be reached at 615-401-7872 or firstname.lastname@example.org. The new office will have a page on the comptroller’s Web site at http://www.comptroller1.state.tn.us.
The comptroller is continuing to revise a proposed model debt-management policy for local governments based on initial public comments, an agency spokesman said.
The proposed policy will be released for another round of comments before being forwarded to the State Funding Board for approval.