title
An ordinance amending Title 5 of the Metropolitan Code of Laws to add a new section authorizing the rounding of certain cash payments to the Metropolitan Government due to the discontinuation of United States onecent coin production.
body
WHEREAS, the United States Government has discontinued the minting of onecent coins, colloquially called “pennies”, resulting in reduced circulation and availability; and,
WHEREAS, the limited availability of onecent coins makes it difficult for the Metropolitan Government and payors to tender or return exact change for inperson cash transactions; and,
WHEREAS, Public Chapter 602 of the Public Acts of the 114th Tennessee General Assembly, which authorizes the rounding of transactions up or down due to the discontinuation of the one-cent coin, applies only to private entities; and,
WHEREAS, establishing a similar cashrounding procedure for the Metropolitan Government will promote administrative convenience and provide a consistent method for handling transactions when there is not exact change; and,
WHEREAS, it is in the best interests of the Metropolitan Government to adopt an efficient rounding policy to address potential shortages of one-cent coins.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That Title 5 of the Metropolitan Code of Laws be amended by adding the following as a new section:
5.04.011 – Cash transaction rounding.
Unless otherwise provided by applicable law, all transactions that result in an in-person payment of cash to the metropolitan government shall be rounded in the following manner if the payor cannot pay in exact change and onecent coins are insufficiently available when change is due:
If the total transaction amount ends in digits that include one cent ($0.01), two cents ($0.02), six cents ($0.06), or seven cents ($0.07), the amount of cents shall be rounded down to the nearest fivecent ($0.05) interval.
If the total t...
Click here for full text