As used in these regulations:
(1) Board is the Utility Management Review Board
("UMRB") created in the office of the Comptroller of the Treasury by T.C.A.
7-82-701, et seq., or its successor entity.
(2) Board staff is the Board's Technical
Secretary, counsel to the Board, and any other employee of the Comptroller of the
Treasury assigned as staff to the Board.
(3) Financial Distress or Financially Distressed
Utility ("FDU") is used to describe a Utility that, as shown by the audited annual
financial reports, has a deficit in total net position, is in default on an
indebtedness, or has a negative change in net position for two (2) consecutive years
without regard to any grants or capital contributions. This determination may be
made by any division of the Comptroller of the Treasury charged with evaluating the
financial health of the Utility.
Grant is the plan of mitigation payments from the UDRF authorized by the
(5) Merger is the consolidation
of two Utilities into one new Utility or the integration of one Utility into another
Utility with the dissolution of the non-surviving Utility.
(6) Order is the Order entered by the Board,
pursuant to T.C.A. §
7-82-704(a)(8), ordering the merger of an FDU with another
(7) Utility is a water system,
wastewater system, or any other system regulated by the Board under T.C.A.
7-82-701, et seq.
Utility District Revitalization Fund ("UDRF") is the fund created by T.C.A.
7-82-704(b) and -707 to mitigate the financial stress placed on a
Utility when merging with an FDU.