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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 one-cent coin production.
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WHEREAS, the United States Government has discontinued the minting of one-cent coins, colloquially called "pennies", resulting in reduced circulation and availability; and,
WHEREAS, the limited availability of one-cent coins makes it difficult for the Metropolitan Government and payors to tender or return exact change for in-person 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 cash-rounding 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.
A. 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 one-cent coins are insufficiently available when change is due:
1. 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 five-cent ($0.05) interval.
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