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Upon this chapter's becoming law in a county, the county legislative body shall appoint members of the committee at the next meeting of such body.
Within thirty (30) days after such appointment, the committee shall meet, elect a chair, and start the process for hiring a director.
The committee shall also develop plans for implementing the financial management system beginning July 1 of the next fiscal year, and completing the implementation process by August 1 of the second fiscal year.
In implementing the system, the committee and director shall seek recommendations from the comptroller of the treasury, the state department of education, the University of Tennessee's county technical assistance service, and other such organizations.
After an implementation plan has been developed and approved by the committee, a report shall be submitted to the county governing body by July 1 of the fiscal year in which the system is to be implemented.
The committee shall publish in a local newspaper of county-wide circulation a notice specifying that:
The county has adopted the “Local Option Financial Management System” and all employees, vendors and contractors must abide by its provisions beginning on a date specified in the notice; and
The act or policies to implement the act will be available on a date specified in the notice and copies may be obtained at that time.