Legal Issues for Financially Distressed City-Owned Water and Wastewater Systems. 
T.C.A. § 1715-04-.01 provides for state intervention into the financial affairs of city-owned water and wastewater systems who are operating with continuous financial losses. The Tennessee Comptroller has established a Board to ensure that systems operate on a sound financial basis. Bond covenants and local legal requirements, such as inter-local contracts, must be considered as well.