Tenn. Code Ann. § 9-21-133 — TN Code / Title 9 / Chapter 21 / Section 9-21-133
Approval of comptroller of treasury required prior to issuance of balloon indebtedness - Evaluation of plan
Status: in_force

(a) As used in this section: (1) "Balloon indebtedness": (A) Means any indebtedness that: (i) Has a final term to maturity totaling thirty-one (31) or more years from the original date of issuance of the indebtedness to the date the indebtedness is fully amortized, including any subsequent refinancing thereof; (ii) Delays principal repayment for more than three (3) years after the date of issuance; (iii) Capitalizes interest beyond the later of the construction period or three (3) years from the date of issuance; or (iv) Does not have substantially level or declining debt service; and (B) Does not include any indebtedness that: (i) Has at least seventy-five percent (75%) of total principal amortized within ten (10) years from the date of issuance with no more than twenty-five percent (25%) of principal subject to payment in any one (1) year; (ii) Has a debt service schedule in which each annual principal installment is not more than fifty percent (50%) in excess of the smallest prior installment; (iii) Has a general obligation pledge and is being issued by a local government or local government instrumentality that has some amount of long-term general obligation indebtedness outstanding or proposed to be issued that is rated in the highest rating category for long-term debt instruments (AAA/Aaa) or the first tier (AA+/Aa1) of the second highest rating category for long-term debt instruments by a nationally recognized rating agency for municipal securities, without regard to the effect of any credit agreement or other form of credit enhancement entered into in connection with such rated indebtedness; (iv) Is secured solely by a revenue pledge and is being issued by a local government or local government instrumentality that has some amount of long-term revenue indebtedness outstanding or proposed to be issued that is rated in the highest rating category for long-term debt instruments (AAA/Aaa) or the first tier (AA+/Aa1) of the second highest rating category for long-term debt instruments by a nationally recognized rating agency for municipal securities, without regard to the effect of any credit agreement or other form of credit enhancement entered into in connection with such rated indebtedness; (v) State or federal law requires the local government or local government instrumentality to participate in the financing program; (vi) Is a conduit transaction for a nongovernmental entity; (vii) Is evidenced by a loan with either the United States department of agriculture or the United States department of housing and urban development; or (viii) Is a note the issuance of which is otherwise subject to the approval of the comptroller of the treasury; (2) "Indebtedness" means: (A) Any bond, note, loan agreement or any other evidence of a debt obligation in which a local government or local government instrumentality, either directly or indirectly, incurs a definite and absolute obligation to the payment of the principal of and interest on the debt obligation; and (B) Does not include bonds and loan agreements authorized by title 7, chapter 53; (3) "Local government" means, solely for the purposes of this section, any incorporated city or town, metropolitan government, county, or utility district; and (4) (A) "Substantially level or declining debt service" means an amortization schedule in which the aggregate amount of debt service calculated as principal plus interest that is payable in each year is not in excess of the lowest aggregate amount of debt service payable in any prior year by more than the greater of five percent (5%) or ten thousand dollars ($10,000); (B) For purposes of determining whether debt service is substantially level or declining in accordance with the preceding sentence, the first three (3) years of debt service do not need to be taken into account. For purposes of determining whether debt service is substantially level or declining on bonds issued with a variable interest rate, the average rate of interest at which fixed interest rate bonds of the same maturities would be sold should be estimated and the total principal amount should be amortized based upon such interest rate assumption. (b) For purposes of this section, principal of debt will be treated as being payable or amortized upon its stated maturity, upon any mandatory redemption date, and upon any date on which the holder of the debt has the option to require the debt to be prepaid, redeemed, or purchased, other than with the proceeds of a liquidity facility provided by a third party. (c) Solely for purposes of this section, a local government may account for the amortization of principal and the payment of debt service on: (1) A fiscal year basis; (2) A calendar year basis; or (3) An annual basis commencing on the date upon which debt is issued. (d) On and after July 1, 2014, if any local government or local government instrumentality proposes to issue any balloon indebtedness, then the local government or local government instrumentality shall first obtain approval from the comptroller of the treasury in accordance with subsection (e). (e) Prior to the adoption by the local government or local government instrumentality of any action authorizing the issuance of balloon indebtedness, the local government or local government instrumentality shall submit a plan of balloon indebtedness to the comptroller of the treasury or the comptroller's designee for approval. The comptroller of the treasury or the comptroller's designee may request any additional information as may be required to properly review the proposed plan of balloon indebtedness. The comptroller of the treasury or the comptroller's designee shall evaluate each plan of balloon indebtedness based on the plan's particular circumstances and shall approve the plan only if a determination is made that the repayment structure is in the public's interest. (f) The comptroller of the treasury or the comptroller's designee shall report the comptroller's approval or disapproval of the plan of balloon indebtedness to the governing body within fifteen (15) business days after receipt of the plan and all requested supplemental documentation. After receiving the approval of the comptroller of the treasury or the comptroller's designee of the plan of balloon indebtedness or after the expiration of fifteen (15) business days from the date the plan of balloon indebtedness is received by the comptroller of the treasury or the comptroller's designee and no disapproval having been reported by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the governing body may take such action with reference to the proposed plan of balloon indebtedness as it deems advisable in accordance with this part. (g) The state funding board is authorized to establish guidelines, rules, or regulations with respect to the comptroller of the treasury's approval of balloon indebtedness and may exempt certain classes or issues of indebtedness from such approval. Acts 2010, ch. 982, § 6; repealed by its own provisions, effective 6/30/2012.
(a) As used in this section: (1) "Balloon indebtedness": (A) Means any indebtedness that: (i) Has a final term to maturity totaling thirty-one (31) or more years from the original date of issuance of the indebtedness to the date the indebtedness is fully amortized, including any subsequent refinancing thereof; (ii) Delays principal repayment for more than three (3) years after the date of issuance; (iii) Capitalizes interest beyond the later of the construction period or three (3) years from the date of issuance; or (iv) Does not have substantially level or declining debt service; and (B) Does not include any indebtedness that: (i) Has at least seventy-five percent (75%) of total principal amortized within ten (10) years from the date of issuance with no more than twenty-five percent (25%) of principal subject to payment in any one (1) year; (ii) Has a debt service schedule in which each annual principal installment is not more than fifty percent (50%) in excess of the smallest prior installment; (iii) Has a general obligation pledge and is being issued by a local government or local government instrumentality that has some amount of long-term general obligation indebtedness outstanding or proposed to be issued that is rated in the highest rating category for long-term debt instruments (AAA/Aaa) or the first tier (AA+/Aa1) of the second highest rating category for long-term debt instruments by a nationally recognized rating agency for municipal securities, without regard to the effect of any credit agreement or other form of credit enhancement entered into in connection with such rated indebtedness; (iv) Is secured solely by a revenue pledge and is being issued by a local government or local government instrumentality that has some amount of long-term revenue indebtedness outstanding or proposed to be issued that is rated in the highest rating category for long-term debt instruments (AAA/Aaa) or the first tier (AA+/Aa1) of the second highest rating category for long-term debt instruments by a nationally recognized rating agency for municipal securities, without regard to the effect of any credit agreement or other form of credit enhancement entered into in connection with such rated indebtedness; (v) State or federal law requires the local government or local government instrumentality to participate in the financing program; (vi) Is a conduit transaction for a nongovernmental entity; (vii) Is evidenced by a loan with either the United States department of agriculture or the United States department of housing and urban development; or (viii) Is a note the issuance of which is otherwise subject to the approval of the comptroller of the treasury; (2) "Indebtedness" means: (A) Any bond, note, loan agreement or any other evidence of a debt obligation in which a local government or local government instrumentality, either directly or indirectly, incurs a definite and absolute obligation to the payment of the principal of and interest on the debt obligation; and (B) Does not include bonds and loan agreements authorized by title 7, chapter 53; (3) "Local government" means, solely for the purposes of this section, any incorporated city or town, metropolitan government, county, or utility district; and (4) (A) "Substantially level or declining debt service" means an amortization schedule in which the aggregate amount of debt service calculated as principal plus interest that is payable in each year is not in excess of the lowest aggregate amount of debt service payable in any prior year by more than the greater of five percent (5%) or ten thousand dollars ($10,000); (B) For purposes of determining whether debt service is substantially level or declining in accordance with the preceding sentence, the first three (3) years of debt service do not need to be taken into account. For purposes of determining whether debt service is substantially level or declining on bonds issued with a variable interest rate, the average rate of interest at which fixed interest rate bonds of the same maturities would be sold should be estimated and the total principal amount should be amortized based upon such interest rate assumption.
(1) "Balloon indebtedness": (A) Means any indebtedness that: (i) Has a final term to maturity totaling thirty-one (31) or more years from the original date of issuance of the indebtedness to the date the indebtedness is fully amortized, including any subsequent refinancing thereof; (ii) Delays principal repayment for more than three (3) years after the date of issuance; (iii) Capitalizes interest beyond the later of the construction period or three (3) years from the date of issuance; or (iv) Does not have substantially level or declining debt service; and (B) Does not include any indebtedness that: (i) Has at least seventy-five percent (75%) of total principal amortized within ten (10) years from the date of issuance with no more than twenty-five percent (25%) of principal subject to payment in any one (1) year; (ii) Has a debt service schedule in which each annual principal installment is not more than fifty percent (50%) in excess of the smallest prior installment; (iii) Has a general obligation pledge and is being issued by a local government or local government instrumentality that has some amount of long-term general obligation indebtedness outstanding or proposed to be issued that is rated in the highest rating category for long-term debt instruments (AAA/Aaa) or the first tier (AA+/Aa1) of the second highest rating category for long-term debt instruments by a nationally recognized rating agency for municipal securities, without regard to the effect of any credit agreement or other form of credit enhancement entered into in connection with such rated indebtedness; (iv) Is secured solely by a revenue pledge and is being issued by a local government or local government instrumentality that has some amount of long-term revenue indebtedness outstanding or proposed to be issued that is rated in the highest rating category for long-term debt instruments (AAA/Aaa) or the first tier (AA+/Aa1) of the second highest rating category for long-term debt instruments by a nationally recognized rating agency for municipal securities, without regard to the effect of any credit agreement or other form of credit enhancement entered into in connection with such rated indebtedness; (v) State or federal law requires the local government or local government instrumentality to participate in the financing program; (vi) Is a conduit transaction for a nongovernmental entity; (vii) Is evidenced by a loan with either the United States department of agriculture or the United States department of housing and urban development; or (viii) Is a note the issuance of which is otherwise subject to the approval of the comptroller of the treasury;
(A) Means any indebtedness that: (i) Has a final term to maturity totaling thirty-one (31) or more years from the original date of issuance of the indebtedness to the date the indebtedness is fully amortized, including any subsequent refinancing thereof; (ii) Delays principal repayment for more than three (3) years after the date of issuance; (iii) Capitalizes interest beyond the later of the construction period or three (3) years from the date of issuance; or (iv) Does not have substantially level or declining debt service; and
(i) Has a final term to maturity totaling thirty-one (31) or more years from the original date of issuance of the indebtedness to the date the indebtedness is fully amortized, including any subsequent refinancing thereof;
(ii) Delays principal repayment for more than three (3) years after the date of issuance;
(iii) Capitalizes interest beyond the later of the construction period or three (3) years from the date of issuance; or
(iv) Does not have substantially level or declining debt service; and
(B) Does not include any indebtedness that: (i) Has at least seventy-five percent (75%) of total principal amortized within ten (10) years from the date of issuance with no more than twenty-five percent (25%) of principal subject to payment in any one (1) year; (ii) Has a debt service schedule in which each annual principal installment is not more than fifty percent (50%) in excess of the smallest prior installment; (iii) Has a general obligation pledge and is being issued by a local government or local government instrumentality that has some amount of long-term general obligation indebtedness outstanding or proposed to be issued that is rated in the highest rating category for long-term debt instruments (AAA/Aaa) or the first tier (AA+/Aa1) of the second highest rating category for long-term debt instruments by a nationally recognized rating agency for municipal securities, without regard to the effect of any credit agreement or other form of credit enhancement entered into in connection with such rated indebtedness; (iv) Is secured solely by a revenue pledge and is being issued by a local government or local government instrumentality that has some amount of long-term revenue indebtedness outstanding or proposed to be issued that is rated in the highest rating category for long-term debt instruments (AAA/Aaa) or the first tier (AA+/Aa1) of the second highest rating category for long-term debt instruments by a nationally recognized rating agency for municipal securities, without regard to the effect of any credit agreement or other form of credit enhancement entered into in connection with such rated indebtedness; (v) State or federal law requires the local government or local government instrumentality to participate in the financing program; (vi) Is a conduit transaction for a nongovernmental entity; (vii) Is evidenced by a loan with either the United States department of agriculture or the United States department of housing and urban development; or (viii) Is a note the issuance of which is otherwise subject to the approval of the comptroller of the treasury;
(i) Has at least seventy-five percent (75%) of total principal amortized within ten (10) years from the date of issuance with no more than twenty-five percent (25%) of principal subject to payment in any one (1) year;
(ii) Has a debt service schedule in which each annual principal installment is not more than fifty percent (50%) in excess of the smallest prior installment;
(iii) Has a general obligation pledge and is being issued by a local government or local government instrumentality that has some amount of long-term general obligation indebtedness outstanding or proposed to be issued that is rated in the highest rating category for long-term debt instruments (AAA/Aaa) or the first tier (AA+/Aa1) of the second highest rating category for long-term debt instruments by a nationally recognized rating agency for municipal securities, without regard to the effect of any credit agreement or other form of credit enhancement entered into in connection with such rated indebtedness;
(iv) Is secured solely by a revenue pledge and is being issued by a local government or local government instrumentality that has some amount of long-term revenue indebtedness outstanding or proposed to be issued that is rated in the highest rating category for long-term debt instruments (AAA/Aaa) or the first tier (AA+/Aa1) of the second highest rating category for long-term debt instruments by a nationally recognized rating agency for municipal securities, without regard to the effect of any credit agreement or other form of credit enhancement entered into in connection with such rated indebtedness;
(v) State or federal law requires the local government or local government instrumentality to participate in the financing program;
(vi) Is a conduit transaction for a nongovernmental entity;
(vii) Is evidenced by a loan with either the United States department of agriculture or the United States department of housing and urban development; or
(viii) Is a note the issuance of which is otherwise subject to the approval of the comptroller of the treasury;
(2) "Indebtedness" means: (A) Any bond, note, loan agreement or any other evidence of a debt obligation in which a local government or local government instrumentality, either directly or indirectly, incurs a definite and absolute obligation to the payment of the principal of and interest on the debt obligation; and (B) Does not include bonds and loan agreements authorized by title 7, chapter 53;
(A) Any bond, note, loan agreement or any other evidence of a debt obligation in which a local government or local government instrumentality, either directly or indirectly, incurs a definite and absolute obligation to the payment of the principal of and interest on the debt obligation; and
(B) Does not include bonds and loan agreements authorized by title 7, chapter 53;
(3) "Local government" means, solely for the purposes of this section, any incorporated city or town, metropolitan government, county, or utility district; and
(4) (A) "Substantially level or declining debt service" means an amortization schedule in which the aggregate amount of debt service calculated as principal plus interest that is payable in each year is not in excess of the lowest aggregate amount of debt service payable in any prior year by more than the greater of five percent (5%) or ten thousand dollars ($10,000); (B) For purposes of determining whether debt service is substantially level or declining in accordance with the preceding sentence, the first three (3) years of debt service do not need to be taken into account. For purposes of determining whether debt service is substantially level or declining on bonds issued with a variable interest rate, the average rate of interest at which fixed interest rate bonds of the same maturities would be sold should be estimated and the total principal amount should be amortized based upon such interest rate assumption.
(A) "Substantially level or declining debt service" means an amortization schedule in which the aggregate amount of debt service calculated as principal plus interest that is payable in each year is not in excess of the lowest aggregate amount of debt service payable in any prior year by more than the greater of five percent (5%) or ten thousand dollars ($10,000);
(B) For purposes of determining whether debt service is substantially level or declining in accordance with the preceding sentence, the first three (3) years of debt service do not need to be taken into account. For purposes of determining whether debt service is substantially level or declining on bonds issued with a variable interest rate, the average rate of interest at which fixed interest rate bonds of the same maturities would be sold should be estimated and the total principal amount should be amortized based upon such interest rate assumption.
(b) For purposes of this section, principal of debt will be treated as being payable or amortized upon its stated maturity, upon any mandatory redemption date, and upon any date on which the holder of the debt has the option to require the debt to be prepaid, redeemed, or purchased, other than with the proceeds of a liquidity facility provided by a third party.
(c) Solely for purposes of this section, a local government may account for the amortization of principal and the payment of debt service on: (1) A fiscal year basis; (2) A calendar year basis; or (3) An annual basis commencing on the date upon which debt is issued.
(1) A fiscal year basis;
(2) A calendar year basis; or
(3) An annual basis commencing on the date upon which debt is issued.
(d) On and after July 1, 2014, if any local government or local government instrumentality proposes to issue any balloon indebtedness, then the local government or local government instrumentality shall first obtain approval from the comptroller of the treasury in accordance with subsection (e).
(e) Prior to the adoption by the local government or local government instrumentality of any action authorizing the issuance of balloon indebtedness, the local government or local government instrumentality shall submit a plan of balloon indebtedness to the comptroller of the treasury or the comptroller's designee for approval. The comptroller of the treasury or the comptroller's designee may request any additional information as may be required to properly review the proposed plan of balloon indebtedness. The comptroller of the treasury or the comptroller's designee shall evaluate each plan of balloon indebtedness based on the plan's particular circumstances and shall approve the plan only if a determination is made that the repayment structure is in the public's interest.
(f) The comptroller of the treasury or the comptroller's designee shall report the comptroller's approval or disapproval of the plan of balloon indebtedness to the governing body within fifteen (15) business days after receipt of the plan and all requested supplemental documentation. After receiving the approval of the comptroller of the treasury or the comptroller's designee of the plan of balloon indebtedness or after the expiration of fifteen (15) business days from the date the plan of balloon indebtedness is received by the comptroller of the treasury or the comptroller's designee and no disapproval having been reported by the comptroller of the treasury or the comptroller's designee, whichever date is earlier, the governing body may take such action with reference to the proposed plan of balloon indebtedness as it deems advisable in accordance with this part.
(g) The state funding board is authorized to establish guidelines, rules, or regulations with respect to the comptroller of the treasury's approval of balloon indebtedness and may exempt certain classes or issues of indebtedness from such approval.
Acts 2010, ch. 982, § 6; repealed by its own provisions, effective 6/30/2012.
Tenn. Code Ann. § 9-9-103 — TN Code / Title 9 / Chapter 9 / Section 9-9-103
Debt service payments
Status: in_force

There is hereby appropriated to the state funding board on a direct and continuing basis a sum sufficient for payment of debt service (principal, interest and premium, if any) on outstanding bonds and other debt obligations (including notes), amounts due on contracts or agreements authorized under this chapter, and necessary related expenses. The state funding board is authorized to make debt service payments on outstanding bonds and other debt obligations (including notes), and make payments due under contracts and agreements authorized under this chapter, and necessary related expenses, as provided in this section from any funds held in the state treasury not otherwise legally restricted, independent of an appropriation bill as contemplated by chapter 4, part 51 of this title. Amended by 2013 Tenn. Acts, ch. 176,s 4, eff. 7/1/2013. Acts 1937, ch. 165, § 1 (Williams, § 1811.12); impl. am. Acts 1949, ch. 52, § 1; modified; T.C.A. (orig. ed.), § 9-904; Acts 1998, ch. 582, § 7; 2001, ch. 264, § 1.
There is hereby appropriated to the state funding board on a direct and continuing basis a sum sufficient for payment of debt service (principal, interest and premium, if any) on outstanding bonds and other debt obligations (including notes), amounts due on contracts or agreements authorized under this chapter, and necessary related expenses. The state funding board is authorized to make debt service payments on outstanding bonds and other debt obligations (including notes), and make payments due under contracts and agreements authorized under this chapter, and necessary related expenses, as provided in this section from any funds held in the state treasury not otherwise legally restricted, independent of an appropriation bill as contemplated by chapter 4, part 51 of this title.
Amended by 2013 Tenn. Acts, ch. 176,s 4, eff. 7/1/2013.
Acts 1937, ch. 165, § 1 (Williams, § 1811.12); impl. am. Acts 1949, ch. 52, § 1; modified; T.C.A. (orig. ed.), § 9-904; Acts 1998, ch. 582, § 7; 2001, ch. 264, § 1.
Tenn. Code Ann. § 9-4-1102 — TN Code / Title 9 / Chapter 4 / Section 9-4-1102
State employee legacy pension stabilization reserve trust fund
Status: in_force

The state employee legacy pension stabilization reserve trust is created. The state employee legacy pension stabilization reserve trust fund shall be established and funded through appropriations made in the general appropriations act from time to time for such purpose. The trust and the funds therein shall be administered by the department of the treasury. The trust fund shall be an irrevocable trust exclusively for the benefit of state employees who are members of the legacy plan. The assets of the trust fund shall be preserved, invested, and expended solely pursuant to and for the purposes of this part and shall not be loaned or otherwise transferred or used for any other purpose. It shall be impossible, at any time prior to the satisfaction of all liabilities with respect to state employees and their beneficiaries under the legacy pension plan and this trust, for any part of the corpus or income of the trust to be used or diverted for purposes other than for the exclusive benefit of the state employees or their beneficiaries. The attorney general and reporter shall approve the terms of the trust instrument. Amended by 2018 Tenn. Acts, ch. 590,s 4, eff. 3/22/2018. Added by 2017 Tenn. Acts, ch. 374,s 7, eff. 5/11/2017.
The state employee legacy pension stabilization reserve trust is created. The state employee legacy pension stabilization reserve trust fund shall be established and funded through appropriations made in the general appropriations act from time to time for such purpose. The trust and the funds therein shall be administered by the department of the treasury. The trust fund shall be an irrevocable trust exclusively for the benefit of state employees who are members of the legacy plan. The assets of the trust fund shall be preserved, invested, and expended solely pursuant to and for the purposes of this part and shall not be loaned or otherwise transferred or used for any other purpose. It shall be impossible, at any time prior to the satisfaction of all liabilities with respect to state employees and their beneficiaries under the legacy pension plan and this trust, for any part of the corpus or income of the trust to be used or diverted for purposes other than for the exclusive benefit of the state employees or their beneficiaries. The attorney general and reporter shall approve the terms of the trust instrument.
Amended by 2018 Tenn. Acts, ch. 590,s 4, eff. 3/22/2018.
Added by 2017 Tenn. Acts, ch. 374,s 7, eff. 5/11/2017.
Tenn. Code Ann. § 9-4-706 — TN Code / Title 9 / Chapter 4 / Section 9-4-706
Ownership of investments - Negative earnings - Use of charges
Status: in_force

(a) All investments purchased in the fund belong jointly to the fund participants and the participants must share capital gains, income, and losses on a pro rata basis. (b) In the event that the local government investment pool experiences a negative interest rate, it may result in a loss to pool participants, and may result in the loss of principal. The state treasurer may deduct the negative earnings from each participant's local government investment pool account as a right of setoff. (c) The reasonable charge that is deducted from each participant's account balance or balances that is deposited in the revolving account may be expended for the following purposes, including, but not limited to, payment: (1) In whole or in part, of any loss experienced by pool participants or a pool participant to be distributed on a pro rata basis; (2) In whole or in part, of the state treasurer's administrative fee for the operation of the local government investment pool; (3) In whole or in part, of any expenses, losses, shortfalls, deficits, or deficiencies resulting from operational, accounting, or administrative errors; (4) Of the expenses for the administration of the local government investment pool, including, but not limited to, the procurement and implementation of electronic systems and functionality; and (5) Of any other expenses necessary and appropriate as determined by the state treasurer. Amended by 2022 Tenn. Acts, ch. 824, s 6, eff. 4/14/2022. Acts 1986, ch. 923, § 6.
(a) All investments purchased in the fund belong jointly to the fund participants and the participants must share capital gains, income, and losses on a pro rata basis.
(b) In the event that the local government investment pool experiences a negative interest rate, it may result in a loss to pool participants, and may result in the loss of principal. The state treasurer may deduct the negative earnings from each participant's local government investment pool account as a right of setoff.
(c) The reasonable charge that is deducted from each participant's account balance or balances that is deposited in the revolving account may be expended for the following purposes, including, but not limited to, payment: (1) In whole or in part, of any loss experienced by pool participants or a pool participant to be distributed on a pro rata basis; (2) In whole or in part, of the state treasurer's administrative fee for the operation of the local government investment pool; (3) In whole or in part, of any expenses, losses, shortfalls, deficits, or deficiencies resulting from operational, accounting, or administrative errors; (4) Of the expenses for the administration of the local government investment pool, including, but not limited to, the procurement and implementation of electronic systems and functionality; and (5) Of any other expenses necessary and appropriate as determined by the state treasurer.
(1) In whole or in part, of any loss experienced by pool participants or a pool participant to be distributed on a pro rata basis;
(2) In whole or in part, of the state treasurer's administrative fee for the operation of the local government investment pool;
(3) In whole or in part, of any expenses, losses, shortfalls, deficits, or deficiencies resulting from operational, accounting, or administrative errors;
(4) Of the expenses for the administration of the local government investment pool, including, but not limited to, the procurement and implementation of electronic systems and functionality; and
(5) Of any other expenses necessary and appropriate as determined by the state treasurer.
Amended by 2022 Tenn. Acts, ch. 824, s 6, eff. 4/14/2022.
Acts 1986, ch. 923, § 6.
Tenn. Code Ann. § 9-1-118 — TN Code / Title 9 / Chapter 1 / Section 9-1-118
Depositing, investing or placing for deposit funds held by state and government entities
Status: in_force

(a) In addition to other investments authorized by law, and notwithstanding any other law, the state and other government entities, including counties, municipalities, districts, and other public or quasi-public corporations and public officials, boards, agencies, or other public or quasi-public entities, are expressly authorized and empowered to deposit, invest or place for deposit funds held by them, including sinking funds and pension and retirement funds, in accordance with the following conditions: (1) The funds are initially deposited, invested, or placed for deposit through a bank or savings and loan association with a branch in Tennessee authorized to accept deposits that is selected by the government entity; (2) To prevent deposits from exceeding the insurance coverage provided by the federal deposit insurance corporation (FDIC), the government entity making the deposit shall provide the selected depository with written notification of the names of all banks and savings and loan associations that are holding funds, other than funds deposited or placed in accordance with this section on behalf of the governmental entity, and on behalf of any department, agency, or other instrumentality having the same federal employer identification number (FEIN) as the governmental entity; (3) The selected depository arranges for the deposit of the moneys, in one (1) or more federally insured banks or savings and loan associations, wherever located, for the account of the government entity; provided, that the selected depository shall not arrange for the deposit of the moneys with any bank or savings and loan association listed in the notification provided by the government entity, pursuant to subdivision (a)(2); (4) The full amount of principal and any accrued interest of each such deposit is insured by the FDIC; (5) The selected depository is authorized to and acts as custodian for the government entity with respect to such deposit issued for its account, or if uncertified deposits, books and records evidencing the deposit; and (6) At the same time that the government entity funds are deposited, the selected depository receives an amount of federally insured deposits from customers of other financial institutions, wherever located, equal to or greater than the amount of the funds initially invested by the government entity through the selected depository. (b) To the extent insured by applicable federal deposit insurance, funds invested, deposited or placed for deposit in accordance with the conditions prescribed in this section shall not be subject to any additional security or collateral that may be applicable to the deposit or investment of public funds. (c) Any funds invested, deposited or placed for deposit that are not covered by federal deposit insurance shall be collateralized in the same manner as state deposits, as provided in chapter 4 of this title, or in the collateral pool as provided in chapter 4, part 5 of this title. (d) The selected depository shall not utilize any organization to perform or otherwise provide the services under this section, unless the state treasurer has approved the organization's request to perform such services. Such approval by the state treasurer shall be submitted to the commissioners of financial institutions and finance and administration for their concurrence. (e) This investment is subject to the approval of the state funding board for investments made by the state treasurer. This investment is subject to the approval of the respective boards of the University of Tennessee and the board of regents for their systems. For political subdivision officials responsible for investing funds of local governments, this investment is subject to the approval of the appropriate committee, that being the investment committee or the finance committee. (f) Each authorizing body shall establish policies and procedures for the investments as approved by this section. Such policies and procedures shall include the establishment of appropriate controls to ensure that full FDIC insurance coverage is obtained. Controls may include, but not be limited to, using a single official FEIN or taxpayer identification number (TIN) for deposits made by a public unit as determined by the FDIC. Acts 2005, ch. 432, §1; 2012 , ch. 544, §§ 1-4.
(a) In addition to other investments authorized by law, and notwithstanding any other law, the state and other government entities, including counties, municipalities, districts, and other public or quasi-public corporations and public officials, boards, agencies, or other public or quasi-public entities, are expressly authorized and empowered to deposit, invest or place for deposit funds held by them, including sinking funds and pension and retirement funds, in accordance with the following conditions: (1) The funds are initially deposited, invested, or placed for deposit through a bank or savings and loan association with a branch in Tennessee authorized to accept deposits that is selected by the government entity; (2) To prevent deposits from exceeding the insurance coverage provided by the federal deposit insurance corporation (FDIC), the government entity making the deposit shall provide the selected depository with written notification of the names of all banks and savings and loan associations that are holding funds, other than funds deposited or placed in accordance with this section on behalf of the governmental entity, and on behalf of any department, agency, or other instrumentality having the same federal employer identification number (FEIN) as the governmental entity; (3) The selected depository arranges for the deposit of the moneys, in one (1) or more federally insured banks or savings and loan associations, wherever located, for the account of the government entity; provided, that the selected depository shall not arrange for the deposit of the moneys with any bank or savings and loan association listed in the notification provided by the government entity, pursuant to subdivision (a)(2); (4) The full amount of principal and any accrued interest of each such deposit is insured by the FDIC; (5) The selected depository is authorized to and acts as custodian for the government entity with respect to such deposit issued for its account, or if uncertified deposits, books and records evidencing the deposit; and (6) At the same time that the government entity funds are deposited, the selected depository receives an amount of federally insured deposits from customers of other financial institutions, wherever located, equal to or greater than the amount of the funds initially invested by the government entity through the selected depository.
(1) The funds are initially deposited, invested, or placed for deposit through a bank or savings and loan association with a branch in Tennessee authorized to accept deposits that is selected by the government entity;
(2) To prevent deposits from exceeding the insurance coverage provided by the federal deposit insurance corporation (FDIC), the government entity making the deposit shall provide the selected depository with written notification of the names of all banks and savings and loan associations that are holding funds, other than funds deposited or placed in accordance with this section on behalf of the governmental entity, and on behalf of any department, agency, or other instrumentality having the same federal employer identification number (FEIN) as the governmental entity;
(3) The selected depository arranges for the deposit of the moneys, in one (1) or more federally insured banks or savings and loan associations, wherever located, for the account of the government entity; provided, that the selected depository shall not arrange for the deposit of the moneys with any bank or savings and loan association listed in the notification provided by the government entity, pursuant to subdivision (a)(2);
(4) The full amount of principal and any accrued interest of each such deposit is insured by the FDIC;
(5) The selected depository is authorized to and acts as custodian for the government entity with respect to such deposit issued for its account, or if uncertified deposits, books and records evidencing the deposit; and
(6) At the same time that the government entity funds are deposited, the selected depository receives an amount of federally insured deposits from customers of other financial institutions, wherever located, equal to or greater than the amount of the funds initially invested by the government entity through the selected depository.
(b) To the extent insured by applicable federal deposit insurance, funds invested, deposited or placed for deposit in accordance with the conditions prescribed in this section shall not be subject to any additional security or collateral that may be applicable to the deposit or investment of public funds.
(c) Any funds invested, deposited or placed for deposit that are not covered by federal deposit insurance shall be collateralized in the same manner as state deposits, as provided in chapter 4 of this title, or in the collateral pool as provided in chapter 4, part 5 of this title.
(d) The selected depository shall not utilize any organization to perform or otherwise provide the services under this section, unless the state treasurer has approved the organization's request to perform such services. Such approval by the state treasurer shall be submitted to the commissioners of financial institutions and finance and administration for their concurrence.
(e) This investment is subject to the approval of the state funding board for investments made by the state treasurer. This investment is subject to the approval of the respective boards of the University of Tennessee and the board of regents for their systems. For political subdivision officials responsible for investing funds of local governments, this investment is subject to the approval of the appropriate committee, that being the investment committee or the finance committee.
(f) Each authorizing body shall establish policies and procedures for the investments as approved by this section. Such policies and procedures shall include the establishment of appropriate controls to ensure that full FDIC insurance coverage is obtained. Controls may include, but not be limited to, using a single official FEIN or taxpayer identification number (TIN) for deposits made by a public unit as determined by the FDIC.
Acts 2005, ch. 432, §1; 2012 , ch. 544, §§ 1-4.
Tenn. Code Ann. § 9-9-401 — TN Code / Title 9 / Chapter 9 / Section 9-9-401
Small-denominations bonds authorized - Terms and sale - Limitations
Status: in_force

(a) Notwithstanding any other law to the contrary, whenever the state funding board is authorized to issue and sell bonds of the state, it may by resolution authorize the issuance and sale of all or any portion of such bonds in denominations of less than five thousand dollars ($5,000), to be known as "Tennessee citizens bonds," hereinafter referred to as "citizens bonds." Such bonds shall be issued and sold by the state funding board through the state treasurer either at public or private sale, maturing in such amounts and upon such dates, at such interest rate or rates, payable at such time and in such manner, at par or at discount, in bearer or registered form, and upon such other terms and conditions as shall be determined to be in the best interests of the state in accordance with a plan approved by resolution of the funding board. It is the legislative intent that the interest rate set by the funding board on the sale of citizens bonds shall be approximately the same yield to the investor as was available from the most recent sale of general obligation bonds. (b) Not more than two million dollars ($2,000,000) principal amount of citizens bonds shall be sold by the state treasurer in any one (1) fiscal year. If sold at discount, the discount of such bonds may not exceed thirty percent (30%) of the bond's value at maturity, and the principal amount shall be the discounted value for which the bonds are sold. The face value of citizens bonds sold at discount will be the principal amount and all interest which will be owed on the bond if it is held to full maturity. The maximum rate of interest in no instance shall exceed the legal rate as provided in § 47-14-103 . No citizens bond shall mature more than five (5) years after its date of issue. Each citizens bond shall provide that it will be redeemed by the state, upon due presentation by the appropriate person on any business day after its date of sale by the state treasurer, at such price as the state treasurer shall determine according to a schedule established with respect to each issue of citizens bonds prior to the sale thereof. (c) It is the legislative intent that the aggregate principal amount of citizens bonds sold to an individual purchaser should not exceed five thousand dollars ($5,000) of the primary sale during any fiscal year. Citizens bonds shall be executed in the name of the state by the state treasurer, either manually or by facsimile signature and shall be countersigned by the secretary of state, with the great seal of the state or a facsimile thereof attached thereto. The secretary of state may direct that the secretary of state's signature be placed on citizens bonds by mechanical or electronic device at the time of issuance. Acts 1980, ch. 480, § 1; 1981, ch. 46, § 1.
(a) Notwithstanding any other law to the contrary, whenever the state funding board is authorized to issue and sell bonds of the state, it may by resolution authorize the issuance and sale of all or any portion of such bonds in denominations of less than five thousand dollars ($5,000), to be known as "Tennessee citizens bonds," hereinafter referred to as "citizens bonds." Such bonds shall be issued and sold by the state funding board through the state treasurer either at public or private sale, maturing in such amounts and upon such dates, at such interest rate or rates, payable at such time and in such manner, at par or at discount, in bearer or registered form, and upon such other terms and conditions as shall be determined to be in the best interests of the state in accordance with a plan approved by resolution of the funding board. It is the legislative intent that the interest rate set by the funding board on the sale of citizens bonds shall be approximately the same yield to the investor as was available from the most recent sale of general obligation bonds.
(b) Not more than two million dollars ($2,000,000) principal amount of citizens bonds shall be sold by the state treasurer in any one (1) fiscal year. If sold at discount, the discount of such bonds may not exceed thirty percent (30%) of the bond's value at maturity, and the principal amount shall be the discounted value for which the bonds are sold. The face value of citizens bonds sold at discount will be the principal amount and all interest which will be owed on the bond if it is held to full maturity. The maximum rate of interest in no instance shall exceed the legal rate as provided in § 47-14-103 . No citizens bond shall mature more than five (5) years after its date of issue. Each citizens bond shall provide that it will be redeemed by the state, upon due presentation by the appropriate person on any business day after its date of sale by the state treasurer, at such price as the state treasurer shall determine according to a schedule established with respect to each issue of citizens bonds prior to the sale thereof.
(c) It is the legislative intent that the aggregate principal amount of citizens bonds sold to an individual purchaser should not exceed five thousand dollars ($5,000) of the primary sale during any fiscal year. Citizens bonds shall be executed in the name of the state by the state treasurer, either manually or by facsimile signature and shall be countersigned by the secretary of state, with the great seal of the state or a facsimile thereof attached thereto. The secretary of state may direct that the secretary of state's signature be placed on citizens bonds by mechanical or electronic device at the time of issuance.
Acts 1980, ch. 480, § 1; 1981, ch. 46, § 1.
Tenn. Code Ann. § 9-8-408 — TN Code / Title 9 / Chapter 8 / Section 9-8-408
Confidentiality of medical records maintained by division
Status: in_force

(a) Medical records received and maintained by the division of claims and risk management shall be treated as confidential and shall not be open for inspection by members of the public pursuant to title 10, chapter 7. (b) As used in this section: (1) "Healthcare provider" means healthcare professionals, establishments, or facilities licensed, registered, certified, or permitted pursuant to title 63 or title 68 and regulated under the authority of either the department of health or any agency, board, council, or committee attached to the department of health; and (2) "Medical record" means any and all documents maintained by a healthcare provider relating to a patient's diagnosis, care, and treatment, including, but not limited to, notes, reports, memos, e-mails, facsimile transmissions, laboratory tests, billing documents, and medication orders. Added by 2015 Tenn. Acts, ch. 47,s 2, eff. 3/27/2015.
(a) Medical records received and maintained by the division of claims and risk management shall be treated as confidential and shall not be open for inspection by members of the public pursuant to title 10, chapter 7.
(b) As used in this section: (1) "Healthcare provider" means healthcare professionals, establishments, or facilities licensed, registered, certified, or permitted pursuant to title 63 or title 68 and regulated under the authority of either the department of health or any agency, board, council, or committee attached to the department of health; and (2) "Medical record" means any and all documents maintained by a healthcare provider relating to a patient's diagnosis, care, and treatment, including, but not limited to, notes, reports, memos, e-mails, facsimile transmissions, laboratory tests, billing documents, and medication orders.
(1) "Healthcare provider" means healthcare professionals, establishments, or facilities licensed, registered, certified, or permitted pursuant to title 63 or title 68 and regulated under the authority of either the department of health or any agency, board, council, or committee attached to the department of health; and
(2) "Medical record" means any and all documents maintained by a healthcare provider relating to a patient's diagnosis, care, and treatment, including, but not limited to, notes, reports, memos, e-mails, facsimile transmissions, laboratory tests, billing documents, and medication orders.
Added by 2015 Tenn. Acts, ch. 47,s 2, eff. 3/27/2015.
Tenn. Code Ann. § 9-4-608 — TN Code / Title 9 / Chapter 4 / Section 9-4-608
Intermediate-term investment fund
Status: in_force

(a) The state funding board shall determine whether a need exists for a longer-term investment fund for funds in the custody of the state treasurer. Upon determining that such a need exists, the state funding board may, by resolution duly adopted, create an intermediate-term investment fund as an additional investment vehicle for money in the custody of any department or agency of the state which is required by court order, contract, state or federal law or federal regulation to receive interest on invested funds. The funding board shall establish the terms of participation in the fund, and shall set the minimum and maximum amounts which may be invested in the fund by each participant. The investment fund shall be administered by the state treasurer within the guidelines established by the funding board. (b) The authorized instruments for investment in the intermediate-term investment fund shall be those instruments contained in § 9-4-602 , as well as the pooled investment fund set forth in § 9-4-603 . (c) Any department or agency of the state which is required by court order, contract, state or federal law or federal regulation to receive interest on invested funds may apply with the state treasurer to participate in the fund. Upon approval of any such application and upon investment of cash in the fund, the respective department or agency shall be deemed a participant in the fund. The general fund of the state may also participate in the fund. A participant may invest its cash for any length of time in the fund; provided, that the funding board may establish restrictions for withdrawal and/or penalties for early withdrawal. (d) All securities purchased shall belong jointly to the participants in the fund and the participants will share capital gains, income, and losses pro rata. (e) The state treasurer shall keep a separate account, designated by name and number of each participant. Individual transactions and totals of all investments belonging to each participant shall be recorded in the accounts. (f) The state treasurer shall report monthly to every participant having a beneficial interest in the intermediate-term investment fund. The report shall show the changes in investments made during the preceding month. (g) The state treasurer shall establish a revolving account, under the state treasurer's custody, to defray administrative costs of the investment fund. The state treasurer may deduct from each participant's pro rata earnings through the fund, a reasonable charge for administering the fund. In the event that the state treasurer does deduct an administrative fee, it shall be deposited and expended through the revolving account. (h) The county legislative body shall determine whether a need exists for a longer-term investment for funds in the custody of the county trustee. Upon determining that such a need exists, the county legislative body may, by resolution duly adopted, authorize the county trustee to invest county funds in the state intermediate-term investment fund, notwithstanding § 5-8-301 . The resolution shall contain a disclosure statement as the treasurer shall periodically require. County investments in the state intermediate-term investment fund shall be administered by the county trustee within the guidelines established. (i) Notwithstanding § 5-8-301 , any entity that is eligible to participate in the pooled investment fund codified in § 9-4-603 may participate in the state intermediate-term investment fund. (j) Local governments may invest in the intermediate-term investment fund by having the local government's legislative body, council, commission or other authorizing individual or authorizing governing body submit a duly adopted resolution to the state treasurer demonstrating its authority to participate, along with any other documents required by the state treasurer. The resolution shall contain a disclosure statement as the state treasurer shall periodically require. (k) As the administrator of the intermediate-term investment fund, the state treasurer is authorized to receive, invest and distribute a participant's funds by means of an electronic transfer or other reasonable methods. The state funding board may establish limits, conditions or restrictions on the acceptance of moneys into the fund and the withdrawal of moneys from the fund. Amended by 2013 Tenn. Acts, ch. 208,Secs.s4, s5, s6, s7 eff. 4/23/2013. Acts 1997, ch. 217, § 13; 2012, ch. 1002, § 1.
(a) The state funding board shall determine whether a need exists for a longer-term investment fund for funds in the custody of the state treasurer. Upon determining that such a need exists, the state funding board may, by resolution duly adopted, create an intermediate-term investment fund as an additional investment vehicle for money in the custody of any department or agency of the state which is required by court order, contract, state or federal law or federal regulation to receive interest on invested funds. The funding board shall establish the terms of participation in the fund, and shall set the minimum and maximum amounts which may be invested in the fund by each participant. The investment fund shall be administered by the state treasurer within the guidelines established by the funding board.
(b) The authorized instruments for investment in the intermediate-term investment fund shall be those instruments contained in § 9-4-602 , as well as the pooled investment fund set forth in § 9-4-603 .
(c) Any department or agency of the state which is required by court order, contract, state or federal law or federal regulation to receive interest on invested funds may apply with the state treasurer to participate in the fund. Upon approval of any such application and upon investment of cash in the fund, the respective department or agency shall be deemed a participant in the fund. The general fund of the state may also participate in the fund. A participant may invest its cash for any length of time in the fund; provided, that the funding board may establish restrictions for withdrawal and/or penalties for early withdrawal.
(d) All securities purchased shall belong jointly to the participants in the fund and the participants will share capital gains, income, and losses pro rata.
(e) The state treasurer shall keep a separate account, designated by name and number of each participant. Individual transactions and totals of all investments belonging to each participant shall be recorded in the accounts.
(f) The state treasurer shall report monthly to every participant having a beneficial interest in the intermediate-term investment fund. The report shall show the changes in investments made during the preceding month.
(g) The state treasurer shall establish a revolving account, under the state treasurer's custody, to defray administrative costs of the investment fund. The state treasurer may deduct from each participant's pro rata earnings through the fund, a reasonable charge for administering the fund. In the event that the state treasurer does deduct an administrative fee, it shall be deposited and expended through the revolving account.
(h) The county legislative body shall determine whether a need exists for a longer-term investment for funds in the custody of the county trustee. Upon determining that such a need exists, the county legislative body may, by resolution duly adopted, authorize the county trustee to invest county funds in the state intermediate-term investment fund, notwithstanding § 5-8-301 . The resolution shall contain a disclosure statement as the treasurer shall periodically require. County investments in the state intermediate-term investment fund shall be administered by the county trustee within the guidelines established.
(i) Notwithstanding § 5-8-301 , any entity that is eligible to participate in the pooled investment fund codified in § 9-4-603 may participate in the state intermediate-term investment fund.
(j) Local governments may invest in the intermediate-term investment fund by having the local government's legislative body, council, commission or other authorizing individual or authorizing governing body submit a duly adopted resolution to the state treasurer demonstrating its authority to participate, along with any other documents required by the state treasurer. The resolution shall contain a disclosure statement as the state treasurer shall periodically require.
(k) As the administrator of the intermediate-term investment fund, the state treasurer is authorized to receive, invest and distribute a participant's funds by means of an electronic transfer or other reasonable methods. The state funding board may establish limits, conditions or restrictions on the acceptance of moneys into the fund and the withdrawal of moneys from the fund.
Amended by 2013 Tenn. Acts, ch. 208,Secs.s4, s5, s6, s7 eff. 4/23/2013.
Acts 1997, ch. 217, § 13; 2012, ch. 1002, § 1.
Tenn. Code Ann. § 9-23-105 — TN Code / Title 9 / Chapter 23 / Section 9-23-105
Administrative expenses
Status: in_force

(a) Notwithstanding any tax increment statute to the contrary, any plan may provide that a total of up to five percent (5%) of incremental tax revenues may be set aside for administrative expenses, including expenses incurred by the tax increment agency and tax agency administrative offices (assessor of property and/or trustee or other tax collecting official) in administering the plan, and including a reasonable allocation of overhead expenses. (b) Notwithstanding subsection (a), a transit-oriented redevelopment plan approved pursuant to title 13, chapter 20, part 7, that includes tax increment financing of one million dollars ($1,000,000) or more may provide that not more than three percent (3%) of incremental tax revenues may be set aside for administrative expenses, including expenses incurred by the tax increment agency and tax agency administrative offices (assessor of property and/or trustee or other tax collecting official) in administering the plan, including a reasonable allocation of overhead expenses. Amended by 2019 Tenn. Acts, ch. 317,s 3, eff. 7/1/2019. Acts 2012, ch. 605, § 2.
(a) Notwithstanding any tax increment statute to the contrary, any plan may provide that a total of up to five percent (5%) of incremental tax revenues may be set aside for administrative expenses, including expenses incurred by the tax increment agency and tax agency administrative offices (assessor of property and/or trustee or other tax collecting official) in administering the plan, and including a reasonable allocation of overhead expenses.
(b) Notwithstanding subsection (a), a transit-oriented redevelopment plan approved pursuant to title 13, chapter 20, part 7, that includes tax increment financing of one million dollars ($1,000,000) or more may provide that not more than three percent (3%) of incremental tax revenues may be set aside for administrative expenses, including expenses incurred by the tax increment agency and tax agency administrative offices (assessor of property and/or trustee or other tax collecting official) in administering the plan, including a reasonable allocation of overhead expenses.
Amended by 2019 Tenn. Acts, ch. 317,s 3, eff. 7/1/2019.
Acts 2012, ch. 605, § 2.
Tenn. Code Ann. § 9-21-128 — TN Code / Title 9 / Chapter 21 / Section 9-21-128
Debt necessary to fund school building improvements, demolition or new construction
Status: in_force

Whenever the commissioner of education is authorized by the state board of education to take responsibility for the operation of any local school system or school that has been placed on probation pursuant to title 49, chapter 1, part 6, the state acting under the authority of the state building commission may issue debt necessary to fund school building improvements, demolition or new construction as approved by the commissioner and the state board of education. Such debt may be required to be repaid from any funds available to such local school system. Acts 1998, ch. 737, § 2.
Whenever the commissioner of education is authorized by the state board of education to take responsibility for the operation of any local school system or school that has been placed on probation pursuant to title 49, chapter 1, part 6, the state acting under the authority of the state building commission may issue debt necessary to fund school building improvements, demolition or new construction as approved by the commissioner and the state board of education. Such debt may be required to be repaid from any funds available to such local school system.
Acts 1998, ch. 737, § 2.
Tenn. Code Ann. § 9-11-106 — TN Code / Title 9 / Chapter 11 / Section 9-11-106
Limitation of actions to invalidate bonds
Status: in_force

Any action or proceedings in any court to set aside a bond order, or to obtain any other relief upon the ground that the order is invalid, or that the indebtedness to be funded or refunded is invalid, or that there is no authority for the levy of a tax to pay the principal of and interest on the bonds, must be commenced within thirty (30) days after the first publication of the notice aforementioned and the bond order referred to in the notice. After the expiration of such period of limitation, no right of action or defense founded upon the invalidity of the bond order or the indebtedness to be funded or refunded or the tax to be levied shall be asserted, nor shall the validity of the bond order or of the funding or refunding bonds to be issued or the tax to be levied for the payment of the principal of and interest thereon, be open to question in any court upon any ground whatever, except in an action or proceedings commenced within such period. Acts 1937, ch. 300, § 7; C. Supp. 1950, § 3516.17; T.C.A. (orig. ed.), § 9-1106.
Any action or proceedings in any court to set aside a bond order, or to obtain any other relief upon the ground that the order is invalid, or that the indebtedness to be funded or refunded is invalid, or that there is no authority for the levy of a tax to pay the principal of and interest on the bonds, must be commenced within thirty (30) days after the first publication of the notice aforementioned and the bond order referred to in the notice. After the expiration of such period of limitation, no right of action or defense founded upon the invalidity of the bond order or the indebtedness to be funded or refunded or the tax to be levied shall be asserted, nor shall the validity of the bond order or of the funding or refunding bonds to be issued or the tax to be levied for the payment of the principal of and interest thereon, be open to question in any court upon any ground whatever, except in an action or proceedings commenced within such period.
Acts 1937, ch. 300, § 7; C. Supp. 1950, § 3516.17; T.C.A. (orig. ed.), § 9-1106.
Tenn. Code Ann. § 9-4-605 — TN Code / Title 9 / Chapter 4 / Section 9-4-605
Issuance of duplicate warrants
Status: in_force

The commissioner of finance and administration may issue a duplicate warrant to any person to whom an original warrant was issued and which was lost, mislaid, or destroyed, in accordance with procedures established by the commissioner and approved by the state treasurer and comptroller of the treasury. Acts 1985, ch. 118, § 45.
The commissioner of finance and administration may issue a duplicate warrant to any person to whom an original warrant was issued and which was lost, mislaid, or destroyed, in accordance with procedures established by the commissioner and approved by the state treasurer and comptroller of the treasury.
Acts 1985, ch. 118, § 45.
Tenn. Code Ann. § 9-8-402 — TN Code / Title 9 / Chapter 8 / Section 9-8-402
Claims
Status: in_force

(a) (1) The claimant must give written notice of the claimant's claim to the division of claims and risk management as a condition precedent to recovery, except claims for recovery of taxes shall be filed directly with the administrative clerk of the claims commission. The filing of a false notice with the division of claims and risk management is punishable as a Class A misdemeanor. (2) The notice shall state the circumstances upon which the claim is based, including, but not limited to: the state department, board, institution, agency, commission or other state entity that allegedly caused the injury; the time and place of the incident from which the claim arises; and the nature of the claimant's injury. (3) The entire disputed amount of tax, penalty and interest must be paid under protest before any action can be filed contesting the assessment of any tax. The claim for recovery of taxes must be filed with the claims commission within six (6) months of the payment under protest. This is the sole and exclusive jurisdiction for determining tax liability, except that any tax collected or administered by the commissioner of revenue shall be contested according to chapter 749 of the Acts of 1986, and any unemployment insurance tax collected or administered by the commissioner of labor and workforce development shall be contested according to title 50, chapter 7. (4) No writ for the prevention of the collection of any revenue claimed, or to hinder and delay the collection of the same, shall in anywise issue, either injunction, supersedeas, prohibition, or any other writ or process whatever; but in all cases in which, for any reason, any person shall claim that the tax so collected was wrongfully or illegally collected, the remedy for that party shall be as herein provided, and in no other manner. (5) The notice to the division is deemed to be notice to the employer for workers' compensation purposes. Claims not within the jurisdiction of the claims commission shall be sent to the board of claims. A copy of any claim filed with or transferred to the claims commission must be served on the attorney general and reporter and the division of claims and risk management by certified mail, return receipt requested, or by such other method as the attorney general and reporter deems appropriate. (b) The claim is barred unless the notice is given within the time provided by statutes of limitations applicable by the courts for similar occurrences from which the claim arises; provided, however, that, for workers' compensation purposes, the right to compensation and other benefits under the Workers' Compensation Law, compiled in title 50, chapter 6, shall be barred, unless the notice required by subsection (a) is filed with the division of claims and risk management within one (1) year after the accident resulting in injury. The filing of the notice by the claimant tolls all statutes of limitations as to other persons potentially liable to the claimant due to the occurrence from which the claim before the commission arises. The applicable statute of limitations for the recovery of taxes shall continue to be six (6) months after the payment of the taxes under protest. Absent prior written consent of the commission, it is mandatory that any claim filed with the claims commission upon which no action is taken by the claimant to advance the case to disposition within any one-year period of time be dismissed with prejudice. (c) The division of claims and risk management shall investigate every claim and shall make every effort to honor or deny each claim within ninety (90) days of receipt of the notice. If the claim is denied, the division shall so notify the claimant and inform the claimant of the reasons therefor and of the claimant's right to file a claim with the claims commission within ninety (90) days of the date of the denial notice. If the claim is honored and the damages may be ascertained within the ninety-day settlement period, the division shall so notify the claimant, and inform the claimant of the conditions of the settlement offer, and of the claimant's right to file such claimant's claim with the claims commission within ninety (90) days of the date of the settlement notice if the conditions of the settlement offer are unacceptable. If the claim is honored and the amount of damages may not be ascertained within the ninety-day settlement period because evidence of loss will be obtained after the ninetieth day of the settlement period, the division shall so notify the claimant and inform the claimant of the claimant's right to file a claim with the claims commission within ninety (90) days of the date the division forwards final compensation to the claimant or upon written request for transfer to the commission by the claimant; provided, that final compensation shall be forwarded to the claimant within one (1) year of the date of the settlement notice. If the division fails to honor or deny the claim within the ninety-day settlement period, the division shall automatically transfer the claim to the administrative clerk of the claims commission. (d) (1) Notwithstanding subsection (c) or any other law to the contrary, if the division denies the compensability of a workers' compensation claim, the division shall so notify the claimant and inform the claimant of the reasons for the denial, and of the claimant's right to request an alternative dispute resolution, pursuant to § 50-6-236 , within ninety (90) days from the date of the denial notice. If the division fails to honor or deny the compensability of a workers' compensation claim within the ninety-day settlement period, the division shall submit the dispute to the alternative dispute resolution process, as provided in § 50-6-236 . (2) Where the division of claims and risk management has paid workers' compensation benefits, either voluntarily or as a result of an order to do so, within one (1) year following the accident resulting in injury, the claimant must file a petition for benefit determination, pursuant to § 50-6-236 , no later than one (1) year from the latter of the date of the last authorized treatment or the time the division ceased to make payments of compensation to or on behalf of the claimant, in order for the claimant to recover any unpaid or further workers' compensation benefits. For purposes of this section, the issuing date of the last voluntary payment of compensation, not the date of its receipt, shall constitute the time the division ceased making payments and the division shall provide such date on request. (3) In conducting any alternative dispute resolution pursuant to this subsection (d), the conference shall be held in the county where the employee lives, unless otherwise agreed to between the parties or otherwise directed by the commissioner. A workers' compensation specialist, as defined in § 50-6-102 , shall have the authority to continue or reschedule an alternative dispute resolution. (4) In the event an agreement cannot be reached through alternative dispute resolution as to all issues related to the claim, the claimant shall have ninety (90) days, after the issuance of a dispute certification notice as provided in § 50-6-236 , to file a claim with the claims commission. A claim for workers' compensation benefits must be instituted in the claims commission within that ninety (90) days. (5) No claim for workers' compensation shall be filed with the claims commission until the alternative dispute resolution process, as provided in § 50-6-236 , has been exhausted. Notwithstanding this subsection (d), if the parties have mutually agreed to a compromise and settlement of a claim for workers' compensation, the parties shall not be required to exhaust the alternative dispute resolution process before filing a claim and submitting the compromise and settlement to the claims commission for approval, pursuant to § 9-8-307(a)(1)(K) , or to a workers' compensation judge pursuant to § 50-6-240 . If the settlement is not approved, the parties shall then exhaust the alternative dispute resolution process. (6) The right to compensation for an occupational disease, or a claim for death benefits as a result of an occupational disease, must be initiated within the time periods set forth in this section; provided, however, that the applicable time limitation period or periods shall commence as of the date of the beginning of the incapacity for work resulting from an occupational disease, or upon the date death results from the occupational disease; provided, however, that, if, upon the date of the death of the employee, the employee's claim has become barred, the claim of the employee's dependent or dependents shall likewise be barred. (7) In case of physical or mental incapacity, other than minority, of the injured person or such injured person's dependents to perform or cause to be performed any action required within the time specified in this section, then the period of limitation in such case shall be extended for one (1) year from the date when such incapacity ceases. Amended by 2013 Tenn. Acts, ch. 289,s 96, eff. 7/1/2014. Acts 1984, ch. 972, § 10; 1985, ch. 105, §§ 2, 9, 10; 1986, ch. 626, § 11; 1986, ch. 749, § 2; 1989, ch. 591, §§ 1, 6; 1998, ch. 785, §§ 16, 17; 2004, ch. 699, § 2; 2005, ch. 384, §§ 4 - 6.
(a) (1) The claimant must give written notice of the claimant's claim to the division of claims and risk management as a condition precedent to recovery, except claims for recovery of taxes shall be filed directly with the administrative clerk of the claims commission. The filing of a false notice with the division of claims and risk management is punishable as a Class A misdemeanor. (2) The notice shall state the circumstances upon which the claim is based, including, but not limited to: the state department, board, institution, agency, commission or other state entity that allegedly caused the injury; the time and place of the incident from which the claim arises; and the nature of the claimant's injury. (3) The entire disputed amount of tax, penalty and interest must be paid under protest before any action can be filed contesting the assessment of any tax. The claim for recovery of taxes must be filed with the claims commission within six (6) months of the payment under protest. This is the sole and exclusive jurisdiction for determining tax liability, except that any tax collected or administered by the commissioner of revenue shall be contested according to chapter 749 of the Acts of 1986, and any unemployment insurance tax collected or administered by the commissioner of labor and workforce development shall be contested according to title 50, chapter 7. (4) No writ for the prevention of the collection of any revenue claimed, or to hinder and delay the collection of the same, shall in anywise issue, either injunction, supersedeas, prohibition, or any other writ or process whatever; but in all cases in which, for any reason, any person shall claim that the tax so collected was wrongfully or illegally collected, the remedy for that party shall be as herein provided, and in no other manner. (5) The notice to the division is deemed to be notice to the employer for workers' compensation purposes. Claims not within the jurisdiction of the claims commission shall be sent to the board of claims. A copy of any claim filed with or transferred to the claims commission must be served on the attorney general and reporter and the division of claims and risk management by certified mail, return receipt requested, or by such other method as the attorney general and reporter deems appropriate.
(1) The claimant must give written notice of the claimant's claim to the division of claims and risk management as a condition precedent to recovery, except claims for recovery of taxes shall be filed directly with the administrative clerk of the claims commission. The filing of a false notice with the division of claims and risk management is punishable as a Class A misdemeanor.
(2) The notice shall state the circumstances upon which the claim is based, including, but not limited to: the state department, board, institution, agency, commission or other state entity that allegedly caused the injury; the time and place of the incident from which the claim arises; and the nature of the claimant's injury.
(3) The entire disputed amount of tax, penalty and interest must be paid under protest before any action can be filed contesting the assessment of any tax. The claim for recovery of taxes must be filed with the claims commission within six (6) months of the payment under protest. This is the sole and exclusive jurisdiction for determining tax liability, except that any tax collected or administered by the commissioner of revenue shall be contested according to chapter 749 of the Acts of 1986, and any unemployment insurance tax collected or administered by the commissioner of labor and workforce development shall be contested according to title 50, chapter 7.
(4) No writ for the prevention of the collection of any revenue claimed, or to hinder and delay the collection of the same, shall in anywise issue, either injunction, supersedeas, prohibition, or any other writ or process whatever; but in all cases in which, for any reason, any person shall claim that the tax so collected was wrongfully or illegally collected, the remedy for that party shall be as herein provided, and in no other manner.
(5) The notice to the division is deemed to be notice to the employer for workers' compensation purposes. Claims not within the jurisdiction of the claims commission shall be sent to the board of claims. A copy of any claim filed with or transferred to the claims commission must be served on the attorney general and reporter and the division of claims and risk management by certified mail, return receipt requested, or by such other method as the attorney general and reporter deems appropriate.
(b) The claim is barred unless the notice is given within the time provided by statutes of limitations applicable by the courts for similar occurrences from which the claim arises; provided, however, that, for workers' compensation purposes, the right to compensation and other benefits under the Workers' Compensation Law, compiled in title 50, chapter 6, shall be barred, unless the notice required by subsection (a) is filed with the division of claims and risk management within one (1) year after the accident resulting in injury. The filing of the notice by the claimant tolls all statutes of limitations as to other persons potentially liable to the claimant due to the occurrence from which the claim before the commission arises. The applicable statute of limitations for the recovery of taxes shall continue to be six (6) months after the payment of the taxes under protest. Absent prior written consent of the commission, it is mandatory that any claim filed with the claims commission upon which no action is taken by the claimant to advance the case to disposition within any one-year period of time be dismissed with prejudice.
(c) The division of claims and risk management shall investigate every claim and shall make every effort to honor or deny each claim within ninety (90) days of receipt of the notice. If the claim is denied, the division shall so notify the claimant and inform the claimant of the reasons therefor and of the claimant's right to file a claim with the claims commission within ninety (90) days of the date of the denial notice. If the claim is honored and the damages may be ascertained within the ninety-day settlement period, the division shall so notify the claimant, and inform the claimant of the conditions of the settlement offer, and of the claimant's right to file such claimant's claim with the claims commission within ninety (90) days of the date of the settlement notice if the conditions of the settlement offer are unacceptable. If the claim is honored and the amount of damages may not be ascertained within the ninety-day settlement period because evidence of loss will be obtained after the ninetieth day of the settlement period, the division shall so notify the claimant and inform the claimant of the claimant's right to file a claim with the claims commission within ninety (90) days of the date the division forwards final compensation to the claimant or upon written request for transfer to the commission by the claimant; provided, that final compensation shall be forwarded to the claimant within one (1) year of the date of the settlement notice. If the division fails to honor or deny the claim within the ninety-day settlement period, the division shall automatically transfer the claim to the administrative clerk of the claims commission.
(d) (1) Notwithstanding subsection (c) or any other law to the contrary, if the division denies the compensability of a workers' compensation claim, the division shall so notify the claimant and inform the claimant of the reasons for the denial, and of the claimant's right to request an alternative dispute resolution, pursuant to § 50-6-236 , within ninety (90) days from the date of the denial notice. If the division fails to honor or deny the compensability of a workers' compensation claim within the ninety-day settlement period, the division shall submit the dispute to the alternative dispute resolution process, as provided in § 50-6-236 . (2) Where the division of claims and risk management has paid workers' compensation benefits, either voluntarily or as a result of an order to do so, within one (1) year following the accident resulting in injury, the claimant must file a petition for benefit determination, pursuant to § 50-6-236 , no later than one (1) year from the latter of the date of the last authorized treatment or the time the division ceased to make payments of compensation to or on behalf of the claimant, in order for the claimant to recover any unpaid or further workers' compensation benefits. For purposes of this section, the issuing date of the last voluntary payment of compensation, not the date of its receipt, shall constitute the time the division ceased making payments and the division shall provide such date on request. (3) In conducting any alternative dispute resolution pursuant to this subsection (d), the conference shall be held in the county where the employee lives, unless otherwise agreed to between the parties or otherwise directed by the commissioner. A workers' compensation specialist, as defined in § 50-6-102 , shall have the authority to continue or reschedule an alternative dispute resolution. (4) In the event an agreement cannot be reached through alternative dispute resolution as to all issues related to the claim, the claimant shall have ninety (90) days, after the issuance of a dispute certification notice as provided in § 50-6-236 , to file a claim with the claims commission. A claim for workers' compensation benefits must be instituted in the claims commission within that ninety (90) days. (5) No claim for workers' compensation shall be filed with the claims commission until the alternative dispute resolution process, as provided in § 50-6-236 , has been exhausted. Notwithstanding this subsection (d), if the parties have mutually agreed to a compromise and settlement of a claim for workers' compensation, the parties shall not be required to exhaust the alternative dispute resolution process before filing a claim and submitting the compromise and settlement to the claims commission for approval, pursuant to § 9-8-307(a)(1)(K) , or to a workers' compensation judge pursuant to § 50-6-240 . If the settlement is not approved, the parties shall then exhaust the alternative dispute resolution process. (6) The right to compensation for an occupational disease, or a claim for death benefits as a result of an occupational disease, must be initiated within the time periods set forth in this section; provided, however, that the applicable time limitation period or periods shall commence as of the date of the beginning of the incapacity for work resulting from an occupational disease, or upon the date death results from the occupational disease; provided, however, that, if, upon the date of the death of the employee, the employee's claim has become barred, the claim of the employee's dependent or dependents shall likewise be barred. (7) In case of physical or mental incapacity, other than minority, of the injured person or such injured person's dependents to perform or cause to be performed any action required within the time specified in this section, then the period of limitation in such case shall be extended for one (1) year from the date when such incapacity ceases.
(1) Notwithstanding subsection (c) or any other law to the contrary, if the division denies the compensability of a workers' compensation claim, the division shall so notify the claimant and inform the claimant of the reasons for the denial, and of the claimant's right to request an alternative dispute resolution, pursuant to § 50-6-236 , within ninety (90) days from the date of the denial notice. If the division fails to honor or deny the compensability of a workers' compensation claim within the ninety-day settlement period, the division shall submit the dispute to the alternative dispute resolution process, as provided in § 50-6-236 .
(2) Where the division of claims and risk management has paid workers' compensation benefits, either voluntarily or as a result of an order to do so, within one (1) year following the accident resulting in injury, the claimant must file a petition for benefit determination, pursuant to § 50-6-236 , no later than one (1) year from the latter of the date of the last authorized treatment or the time the division ceased to make payments of compensation to or on behalf of the claimant, in order for the claimant to recover any unpaid or further workers' compensation benefits. For purposes of this section, the issuing date of the last voluntary payment of compensation, not the date of its receipt, shall constitute the time the division ceased making payments and the division shall provide such date on request.
(3) In conducting any alternative dispute resolution pursuant to this subsection (d), the conference shall be held in the county where the employee lives, unless otherwise agreed to between the parties or otherwise directed by the commissioner. A workers' compensation specialist, as defined in § 50-6-102 , shall have the authority to continue or reschedule an alternative dispute resolution.
(4) In the event an agreement cannot be reached through alternative dispute resolution as to all issues related to the claim, the claimant shall have ninety (90) days, after the issuance of a dispute certification notice as provided in § 50-6-236 , to file a claim with the claims commission. A claim for workers' compensation benefits must be instituted in the claims commission within that ninety (90) days.
(5) No claim for workers' compensation shall be filed with the claims commission until the alternative dispute resolution process, as provided in § 50-6-236 , has been exhausted. Notwithstanding this subsection (d), if the parties have mutually agreed to a compromise and settlement of a claim for workers' compensation, the parties shall not be required to exhaust the alternative dispute resolution process before filing a claim and submitting the compromise and settlement to the claims commission for approval, pursuant to § 9-8-307(a)(1)(K) , or to a workers' compensation judge pursuant to § 50-6-240 . If the settlement is not approved, the parties shall then exhaust the alternative dispute resolution process.
(6) The right to compensation for an occupational disease, or a claim for death benefits as a result of an occupational disease, must be initiated within the time periods set forth in this section; provided, however, that the applicable time limitation period or periods shall commence as of the date of the beginning of the incapacity for work resulting from an occupational disease, or upon the date death results from the occupational disease; provided, however, that, if, upon the date of the death of the employee, the employee's claim has become barred, the claim of the employee's dependent or dependents shall likewise be barred.
(7) In case of physical or mental incapacity, other than minority, of the injured person or such injured person's dependents to perform or cause to be performed any action required within the time specified in this section, then the period of limitation in such case shall be extended for one (1) year from the date when such incapacity ceases.
Amended by 2013 Tenn. Acts, ch. 289,s 96, eff. 7/1/2014.
Acts 1984, ch. 972, § 10; 1985, ch. 105, §§ 2, 9, 10; 1986, ch. 626, § 11; 1986, ch. 749, § 2; 1989, ch. 591, §§ 1, 6; 1998, ch. 785, §§ 16, 17; 2004, ch. 699, § 2; 2005, ch. 384, §§ 4 - 6.
Tenn. Code Ann. § 9-21-504 — TN Code / Title 9 / Chapter 21 / Section 9-21-504
Security for bond anticipation notes
Status: in_force

(a) Bond anticipation notes issued in anticipation of bonds secured by the full faith and credit of the local government shall be secured by a pledge of the taxing power of the local government, as to all taxable property in the local government or a portion of the local government, if applicable, which shall be subject to taxation for the payment of the bonds, the issuance of which is anticipated by such notes, and may, at the option of the local government, be additionally secured by the same revenues which will secure the bonds, the issuance of which is anticipated by such notes and identified in the initial resolution authorizing such bonds. When the bond anticipation notes are so issued and sold, they shall be direct obligations of the local government, the payment of which shall be made according to the tenor and effect thereof. The governing body of the local government is hereby authorized to levy and provide for the collection of a special tax over and above all other taxes authorized or limited by law to be imposed and levied on all the taxable property in the local government or a portion of the local government, if applicable, to create a sinking fund to retire the notes with interest as they fall due. (b) Bond anticipation notes issued in anticipation of the issuance of bonds secured by and payable solely from revenues of a public works project may be secured by the revenues from the public works project. (c) When bonds shall have been issued and sold for a public works project, a sufficient amount of the proceeds shall be applied to the payment at their maturity or redemption of any bond anticipation notes issued for such public works project then outstanding. Nothing in this chapter shall prohibit the retirement of bond anticipation notes from other local government funds available and authorized for such purpose. Acts 1986, ch. 770, § 5-4.
(a) Bond anticipation notes issued in anticipation of bonds secured by the full faith and credit of the local government shall be secured by a pledge of the taxing power of the local government, as to all taxable property in the local government or a portion of the local government, if applicable, which shall be subject to taxation for the payment of the bonds, the issuance of which is anticipated by such notes, and may, at the option of the local government, be additionally secured by the same revenues which will secure the bonds, the issuance of which is anticipated by such notes and identified in the initial resolution authorizing such bonds. When the bond anticipation notes are so issued and sold, they shall be direct obligations of the local government, the payment of which shall be made according to the tenor and effect thereof. The governing body of the local government is hereby authorized to levy and provide for the collection of a special tax over and above all other taxes authorized or limited by law to be imposed and levied on all the taxable property in the local government or a portion of the local government, if applicable, to create a sinking fund to retire the notes with interest as they fall due.
(b) Bond anticipation notes issued in anticipation of the issuance of bonds secured by and payable solely from revenues of a public works project may be secured by the revenues from the public works project.
(c) When bonds shall have been issued and sold for a public works project, a sufficient amount of the proceeds shall be applied to the payment at their maturity or redemption of any bond anticipation notes issued for such public works project then outstanding. Nothing in this chapter shall prohibit the retirement of bond anticipation notes from other local government funds available and authorized for such purpose.
Acts 1986, ch. 770, § 5-4.
Tenn. Code Ann. § 9-8-401 — TN Code / Title 9 / Chapter 8 / Section 9-8-401
Creation
Status: in_force

There is hereby created a division of claims and risk management as a division of the department of the treasury. The staff of the present board of claims shall also be the staff of the division of claims and risk management. Acts 1984, ch. 972, § 9.
There is hereby created a division of claims and risk management as a division of the department of the treasury. The staff of the present board of claims shall also be the staff of the division of claims and risk management.
Acts 1984, ch. 972, § 9.
Tenn. Code Ann. § 9-21-110 — TN Code / Title 9 / Chapter 21 / Section 9-21-110
Appointment of a fiscal agent
Status: in_force

Any local government has the power in connection with the issuance of bonds or notes to appoint a fiscal agent, to provide for the powers, duties, functions and compensation of such fiscal agent, to limit the liabilities of the fiscal agent, to prescribe a method for the resignation, removal, merger or consolidation of the fiscal agent, the appointment of a successor fiscal agent, and the transfer of rights and properties to the successor fiscal agent. Acts 1986, ch. 770, § 1-10.
Any local government has the power in connection with the issuance of bonds or notes to appoint a fiscal agent, to provide for the powers, duties, functions and compensation of such fiscal agent, to limit the liabilities of the fiscal agent, to prescribe a method for the resignation, removal, merger or consolidation of the fiscal agent, the appointment of a successor fiscal agent, and the transfer of rights and properties to the successor fiscal agent.
Acts 1986, ch. 770, § 1-10.
Tenn. Code Ann. § 9-4-1202 — TN Code / Title 9 / Chapter 4 / Section 9-4-1202
Teacher legacy pension stabilization reserve trust fund
Status: in_force

The teacher legacy pension stabilization reserve trust is created. The teacher legacy pension stabilization reserve trust fund shall be established and funded through a mechanism and methodology as shall be determined in the future by the commissioner of finance and administration and the state treasurer. The trust and the funds therein shall be administered by the department of the treasury. The trust fund shall be an irrevocable trust exclusively for the benefit of teachers who are members of the legacy plan. The assets of the trust fund shall be preserved, invested, and expended solely pursuant to and for the purposes of this part and shall not be loaned or otherwise transferred or used for any other purpose. It shall be impossible, at any time prior to the satisfaction of all liabilities with respect to teachers and their beneficiaries under the legacy pension plan and this trust, for any part of the corpus or income of the trust to be used or diverted for purposes other than for the exclusive benefit of the teachers or their beneficiaries. The attorney general and reporter shall approve the terms of the trust instrument. Amended by 2018 Tenn. Acts, ch. 590,s 6, eff. 3/22/2018. Added by 2017 Tenn. Acts, ch. 374,s 8, eff. 5/11/2017.
The teacher legacy pension stabilization reserve trust is created. The teacher legacy pension stabilization reserve trust fund shall be established and funded through a mechanism and methodology as shall be determined in the future by the commissioner of finance and administration and the state treasurer. The trust and the funds therein shall be administered by the department of the treasury. The trust fund shall be an irrevocable trust exclusively for the benefit of teachers who are members of the legacy plan. The assets of the trust fund shall be preserved, invested, and expended solely pursuant to and for the purposes of this part and shall not be loaned or otherwise transferred or used for any other purpose. It shall be impossible, at any time prior to the satisfaction of all liabilities with respect to teachers and their beneficiaries under the legacy pension plan and this trust, for any part of the corpus or income of the trust to be used or diverted for purposes other than for the exclusive benefit of the teachers or their beneficiaries. The attorney general and reporter shall approve the terms of the trust instrument.
Amended by 2018 Tenn. Acts, ch. 590,s 6, eff. 3/22/2018.
Added by 2017 Tenn. Acts, ch. 374,s 8, eff. 5/11/2017.
Tenn. Code Ann. § 9-13-203 — TN Code / Title 9 / Chapter 13 / Section 9-13-203
Part definitions
Status: in_force

As used in this part, unless the context otherwise requires: (1) "Emergency technical assistance" means direction, oversight, management, and approval of all financial dealings and transactions of a local government by the comptroller of the treasury or the comptroller's designee; (2) "Loan guarantee" means the guarantee by the state, acting through the state funding board under this part, of a loan to a local government from a lender other than the state; and (3) "Local government" means any incorporated city or town, metropolitan government, or county, including enterprise funds of such government entity, or utility district for purposes of §§ 9-13-206 and 9-13-212 . Acts 1984, ch. 996, § 4; 1995, ch. 63, § 1; 2010 , ch. 868, § 35; 2010 , ch. 1117, § 2.
As used in this part, unless the context otherwise requires:
(1) "Emergency technical assistance" means direction, oversight, management, and approval of all financial dealings and transactions of a local government by the comptroller of the treasury or the comptroller's designee;
(2) "Loan guarantee" means the guarantee by the state, acting through the state funding board under this part, of a loan to a local government from a lender other than the state; and
(3) "Local government" means any incorporated city or town, metropolitan government, or county, including enterprise funds of such government entity, or utility district for purposes of §§ 9-13-206 and 9-13-212 .
Acts 1984, ch. 996, § 4; 1995, ch. 63, § 1; 2010 , ch. 868, § 35; 2010 , ch. 1117, § 2.
Tenn. Code Ann. § 9-21-114 — TN Code / Title 9 / Chapter 21 / Section 9-21-114
Fees for reselling bonds or notes forbidden
Status: in_force

(a) It is unlawful and deemed a misappropriation of public funds for any official to pay a fee other than underwriting discount to any person, group of persons, firm, company or corporation for selling bonds or notes issued by such official's local government after such bonds or notes have been sold. Nothing in this section shall be construed to prohibit the payment of fees for legal and fiscal services in connection with the issuance of bonds or notes. Nothing in this section shall be construed to prohibit the payment of a remarketing fee to a remarketing agent for remarketing services in connection with the resale of bonds or notes subject to repurchase on demand of the owner or subject to repurchase on demand of the local government. (b) Any local government official who unlawfully misappropriates public funds, in the manner set forth in subsection (a), shall be personally liable to the local government for the total amount of such unlawful misappropriation and reasonable attorney fees incident to the collection of such amount. A suit to recover the total amount for which a local government official is personally liable may be filed by any person who is a resident and taxpayer of the local government for general obligation bonds or notes, or by any person who is a user of the service provided in the case of revenue bonds or notes of the local government. Acts 1986, ch. 770, § 1-14.
(a) It is unlawful and deemed a misappropriation of public funds for any official to pay a fee other than underwriting discount to any person, group of persons, firm, company or corporation for selling bonds or notes issued by such official's local government after such bonds or notes have been sold. Nothing in this section shall be construed to prohibit the payment of fees for legal and fiscal services in connection with the issuance of bonds or notes. Nothing in this section shall be construed to prohibit the payment of a remarketing fee to a remarketing agent for remarketing services in connection with the resale of bonds or notes subject to repurchase on demand of the owner or subject to repurchase on demand of the local government.
(b) Any local government official who unlawfully misappropriates public funds, in the manner set forth in subsection (a), shall be personally liable to the local government for the total amount of such unlawful misappropriation and reasonable attorney fees incident to the collection of such amount. A suit to recover the total amount for which a local government official is personally liable may be filed by any person who is a resident and taxpayer of the local government for general obligation bonds or notes, or by any person who is a user of the service provided in the case of revenue bonds or notes of the local government.
Acts 1986, ch. 770, § 1-14.
Tenn. Code Ann. § 9-3-403 — TN Code / Title 9 / Chapter 3 / Section 9-3-403
Assistance to develop work plan
Status: in_force

If a local government fails to submit a work plan by the date prescribed, the comptroller shall provide assistance to the local government to develop a work plan within sixty (60) days of the date the plan should have been filed. If the local government does not agree to a work plan within this sixty-day period, the comptroller shall provide a work plan that meets the requirements for implementation. Amended by 2018 Tenn. Acts, ch. 499,s 2, eff. 2/22/2018. Acts 2005, ch. 191, § 1.
If a local government fails to submit a work plan by the date prescribed, the comptroller shall provide assistance to the local government to develop a work plan within sixty (60) days of the date the plan should have been filed. If the local government does not agree to a work plan within this sixty-day period, the comptroller shall provide a work plan that meets the requirements for implementation.
Amended by 2018 Tenn. Acts, ch. 499,s 2, eff. 2/22/2018.
Acts 2005, ch. 191, § 1.
Tenn. Code Ann. § 9-4-508 — TN Code / Title 9 / Chapter 4 / Section 9-4-508
Collateral pool boards - Powers and duties
Status: in_force

The collateral pool board has the following powers, together with all powers incidental thereto or necessary for the performance of those hereinafter stated: (1) The board may establish criteria, as may be necessary, to: (A) Approve entry into the collateral pool by a public depository; (B) Order discontinuance of participation in the program by a qualified public depository; (C) Restrict the total amount of public deposits held by a public depository that is subject to the authority of the board; (D) Establish collateral-pledging levels based on qualitative and quantitative standards as well as the number of participating qualified public depositories and the financial performance of such participants; and (E) Suspend or disqualify, or disqualify after suspension, any qualified public depository that has violated this part or rules adopted under this part. Any public depository that is suspended or disqualified pursuant to this subdivision (1) is subject to § 9-4-517 governing withdrawal from the public deposit security program and return of pledged collateral; (2) If the board has reason to believe that any qualified public depository or any other financial institution subject to the authority of the board is or has been violating this part or rules adopted under this part, it may issue to the qualified public depository or other financial institution an order to cease and desist from the violation or to correct the condition giving rise to or resulting from the violation. The board may suspend or disqualify any qualified public depository for violation of any order issued pursuant to this subdivision (2); (3) The board may establish a minimum amount of required collateral to provide for the contingent liability; (4) The board may establish a process by which to determine, to the greatest extent practicable, that a qualified public depository is securing all its public deposits through the collateral pool; (5) The board may review administration of the pool by the state treasurer and prepare an annual report on the condition of the pool; (6) The board may, at its discretion, require every qualified public depository to pay on a periodic basis an operating fee as may be set by the board. In determining whether to set a fee and the amount to be paid, the board may consider any matter which, in its discretion, it deems relevant including, but not limited to, the number of participating qualified public depositories and the financial performance of such participants; (7) The board, upon six (6) affirmative votes, may: (A) Promulgate reasonable and substantive procedural rules as are necessary to carry out the purpose and intent of this part, including, but not limited to, an increase or decrease in collateral pledge levels, except as provided in this part. Such rules must be adopted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; (B) Admit public depositories for participation in the collateral pool; (C) Delegate the board's duties to the state treasurer as the board deems appropriate. In exercising such delegation, the state treasurer is authorized to exercise such powers as are vested in the board that are necessary to fulfill the delegated duties and responsibilities, and may assign any such duties and responsibilities to the state treasurer's staff as the state treasurer deems necessary and proper; and (D) Revise the benchmark levels to be less stringent upon applicants; (8) The board may delegate any of its powers conferred in this section to the state treasurer; (9) The board may purchase insurance from insurers licensed to do business in this state for the purpose of providing coverage against loss caused by the default or insolvency of qualified public depositories. Any loss may be satisfied from such insurance prior to the assessment against qualified public depositories as provided in § 9-4-512(3) ; and (10) In exigent circumstances, and notwithstanding any law to the contrary, including § 9-4-509 and the Uniform Administrative Procedures Act, the board may make temporary changes to the required collateral and collateral pledge levels contained in the board's rules, including, but not limited to, the qualitative and quantitative standards for determining collateral pledge levels and the admission criteria; provided, that the following conditions are met and the substance of the changes are not otherwise inconsistent with applicable law: (A) The changes to the required collateral and collateral pledge levels must be approved by six (6) affirmative votes of the board and in a board meeting that complies with title 8, chapter 44, part 1; (B) In addition to providing a public meeting notice and board agenda, the board shall also provide the following to members of the public and other interested parties: (i) The specific changes to be contemplated by the board; (ii) The reasons for the changes; (iii) The effective date and expiration date of the changes; and (iv) The opportunity for members of the public and other interested parties to submit comments to the changes in advance of the meeting that must be addressed by the board during the board meeting and included in the minutes of the meeting; (C) The board shall make a determination, to be included in the minutes of the meeting, that exigent circumstances exist to necessitate a change in the required collateral or collateral pledge levels; and (D) The changes approved by the board must be made on a defined temporary basis. Once the changes expire, the required collateral and collateral pledge levels, including, but not limited to, the qualitative and quantitative standards for collateral pledge levels, and the admission criteria, must revert to the standards contained in the board's rules. Amended by 2022 Tenn. Acts, ch. 1066, Secs.s7, s8 eff. 5/25/2022. Acts 1990, ch. 1043, § 1; 1992, ch. 592, §§ 17-20, 24; 1996, ch. 621, § 11; 1997 , ch. 217, §§ 4, 7.
The collateral pool board has the following powers, together with all powers incidental thereto or necessary for the performance of those hereinafter stated:
(1) The board may establish criteria, as may be necessary, to: (A) Approve entry into the collateral pool by a public depository; (B) Order discontinuance of participation in the program by a qualified public depository; (C) Restrict the total amount of public deposits held by a public depository that is subject to the authority of the board; (D) Establish collateral-pledging levels based on qualitative and quantitative standards as well as the number of participating qualified public depositories and the financial performance of such participants; and (E) Suspend or disqualify, or disqualify after suspension, any qualified public depository that has violated this part or rules adopted under this part. Any public depository that is suspended or disqualified pursuant to this subdivision (1) is subject to § 9-4-517 governing withdrawal from the public deposit security program and return of pledged collateral;
(A) Approve entry into the collateral pool by a public depository;
(B) Order discontinuance of participation in the program by a qualified public depository;
(C) Restrict the total amount of public deposits held by a public depository that is subject to the authority of the board;
(D) Establish collateral-pledging levels based on qualitative and quantitative standards as well as the number of participating qualified public depositories and the financial performance of such participants; and
(E) Suspend or disqualify, or disqualify after suspension, any qualified public depository that has violated this part or rules adopted under this part. Any public depository that is suspended or disqualified pursuant to this subdivision (1) is subject to § 9-4-517 governing withdrawal from the public deposit security program and return of pledged collateral;
(2) If the board has reason to believe that any qualified public depository or any other financial institution subject to the authority of the board is or has been violating this part or rules adopted under this part, it may issue to the qualified public depository or other financial institution an order to cease and desist from the violation or to correct the condition giving rise to or resulting from the violation. The board may suspend or disqualify any qualified public depository for violation of any order issued pursuant to this subdivision (2);
(3) The board may establish a minimum amount of required collateral to provide for the contingent liability;
(4) The board may establish a process by which to determine, to the greatest extent practicable, that a qualified public depository is securing all its public deposits through the collateral pool;
(5) The board may review administration of the pool by the state treasurer and prepare an annual report on the condition of the pool;
(6) The board may, at its discretion, require every qualified public depository to pay on a periodic basis an operating fee as may be set by the board. In determining whether to set a fee and the amount to be paid, the board may consider any matter which, in its discretion, it deems relevant including, but not limited to, the number of participating qualified public depositories and the financial performance of such participants;
(7) The board, upon six (6) affirmative votes, may: (A) Promulgate reasonable and substantive procedural rules as are necessary to carry out the purpose and intent of this part, including, but not limited to, an increase or decrease in collateral pledge levels, except as provided in this part. Such rules must be adopted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; (B) Admit public depositories for participation in the collateral pool; (C) Delegate the board's duties to the state treasurer as the board deems appropriate. In exercising such delegation, the state treasurer is authorized to exercise such powers as are vested in the board that are necessary to fulfill the delegated duties and responsibilities, and may assign any such duties and responsibilities to the state treasurer's staff as the state treasurer deems necessary and proper; and (D) Revise the benchmark levels to be less stringent upon applicants;
(A) Promulgate reasonable and substantive procedural rules as are necessary to carry out the purpose and intent of this part, including, but not limited to, an increase or decrease in collateral pledge levels, except as provided in this part. Such rules must be adopted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5;
(B) Admit public depositories for participation in the collateral pool;
(C) Delegate the board's duties to the state treasurer as the board deems appropriate. In exercising such delegation, the state treasurer is authorized to exercise such powers as are vested in the board that are necessary to fulfill the delegated duties and responsibilities, and may assign any such duties and responsibilities to the state treasurer's staff as the state treasurer deems necessary and proper; and
(D) Revise the benchmark levels to be less stringent upon applicants;
(8) The board may delegate any of its powers conferred in this section to the state treasurer;
(9) The board may purchase insurance from insurers licensed to do business in this state for the purpose of providing coverage against loss caused by the default or insolvency of qualified public depositories. Any loss may be satisfied from such insurance prior to the assessment against qualified public depositories as provided in § 9-4-512(3) ; and
(10) In exigent circumstances, and notwithstanding any law to the contrary, including § 9-4-509 and the Uniform Administrative Procedures Act, the board may make temporary changes to the required collateral and collateral pledge levels contained in the board's rules, including, but not limited to, the qualitative and quantitative standards for determining collateral pledge levels and the admission criteria; provided, that the following conditions are met and the substance of the changes are not otherwise inconsistent with applicable law: (A) The changes to the required collateral and collateral pledge levels must be approved by six (6) affirmative votes of the board and in a board meeting that complies with title 8, chapter 44, part 1; (B) In addition to providing a public meeting notice and board agenda, the board shall also provide the following to members of the public and other interested parties: (i) The specific changes to be contemplated by the board; (ii) The reasons for the changes; (iii) The effective date and expiration date of the changes; and (iv) The opportunity for members of the public and other interested parties to submit comments to the changes in advance of the meeting that must be addressed by the board during the board meeting and included in the minutes of the meeting; (C) The board shall make a determination, to be included in the minutes of the meeting, that exigent circumstances exist to necessitate a change in the required collateral or collateral pledge levels; and (D) The changes approved by the board must be made on a defined temporary basis. Once the changes expire, the required collateral and collateral pledge levels, including, but not limited to, the qualitative and quantitative standards for collateral pledge levels, and the admission criteria, must revert to the standards contained in the board's rules.
(A) The changes to the required collateral and collateral pledge levels must be approved by six (6) affirmative votes of the board and in a board meeting that complies with title 8, chapter 44, part 1;
(B) In addition to providing a public meeting notice and board agenda, the board shall also provide the following to members of the public and other interested parties: (i) The specific changes to be contemplated by the board; (ii) The reasons for the changes; (iii) The effective date and expiration date of the changes; and (iv) The opportunity for members of the public and other interested parties to submit comments to the changes in advance of the meeting that must be addressed by the board during the board meeting and included in the minutes of the meeting;
(i) The specific changes to be contemplated by the board;
(ii) The reasons for the changes;
(iii) The effective date and expiration date of the changes; and
(iv) The opportunity for members of the public and other interested parties to submit comments to the changes in advance of the meeting that must be addressed by the board during the board meeting and included in the minutes of the meeting;
(C) The board shall make a determination, to be included in the minutes of the meeting, that exigent circumstances exist to necessitate a change in the required collateral or collateral pledge levels; and
(D) The changes approved by the board must be made on a defined temporary basis. Once the changes expire, the required collateral and collateral pledge levels, including, but not limited to, the qualitative and quantitative standards for collateral pledge levels, and the admission criteria, must revert to the standards contained in the board's rules.
Amended by 2022 Tenn. Acts, ch. 1066, Secs.s7, s8 eff. 5/25/2022.
Acts 1990, ch. 1043, § 1; 1992, ch. 592, §§ 17-20, 24; 1996, ch. 621, § 11; 1997 , ch. 217, §§ 4, 7.
Tenn. Code Ann. § 9-21-315 — TN Code / Title 9 / Chapter 21 / Section 9-21-315
Surrender of possession by receiver
Status: in_force

Whenever all that is due upon the revenue bonds, and interest thereon, and upon any other obligations, and interest thereon, having a charge, lien, or encumbrance on the revenues of the public works project and under any of the terms of any covenants or agreements with bondholders shall have been paid or deposited as provided herein, and all defaults shall have been cured and made good, the court may in its discretion, and after such notice and hearing as it deems reasonable and proper, direct the receiver to surrender possession of the public works project to the local government. Upon any subsequent default, the holders of the revenue bonds shall have the same right to secure the appointment of a receiver as provided in this part. Acts 1986, ch. 770, § 3-15.
Whenever all that is due upon the revenue bonds, and interest thereon, and upon any other obligations, and interest thereon, having a charge, lien, or encumbrance on the revenues of the public works project and under any of the terms of any covenants or agreements with bondholders shall have been paid or deposited as provided herein, and all defaults shall have been cured and made good, the court may in its discretion, and after such notice and hearing as it deems reasonable and proper, direct the receiver to surrender possession of the public works project to the local government. Upon any subsequent default, the holders of the revenue bonds shall have the same right to secure the appointment of a receiver as provided in this part.
Acts 1986, ch. 770, § 3-15.
Tenn. Code Ann. § 9-8-310 — TN Code / Title 9 / Chapter 8 / Section 9-8-310
Retaliatory termination for filing of claim - Filing of grievances
Status: in_force

(a) An entity of state government may not terminate a state employee for filing a workers' compensation claim with the claims commission. (b) Any employee terminated for filing a workers' compensation claim may file a grievance in accordance with § 8-30-318 , or may file a claim with the claims commission, at the option of such employee, in accordance with this part. Acts 1998, ch. 738, § 1; 1999, ch. 54, § 1.
(a) An entity of state government may not terminate a state employee for filing a workers' compensation claim with the claims commission.
(b) Any employee terminated for filing a workers' compensation claim may file a grievance in accordance with § 8-30-318 , or may file a claim with the claims commission, at the option of such employee, in accordance with this part.
Acts 1998, ch. 738, § 1; 1999, ch. 54, § 1.
Tenn. Code Ann. § 9-8-206 — TN Code / Title 9 / Chapter 8 / Section 9-8-206
Insurance coverage - Expenses paid from fund - Applicability of coverage
Status: in_force

(a) Coverage provided under this part shall automatically cover all full-time and part-time teachers and student teachers at no cost to the teachers or student teachers. (b) The expenses paid from the fund shall include the costs associated with the administration of the fund, including, but not limited to, any insurance policy, policies, or contracts that may be authorized by the board of claims. (c) Pursuant to this part, the insurance policy or policies that may be purchased or procured, and the contracts that may be executed, shall cover incidents that have occurred on or after May 20, 2015. Acts 2015, ch. 493, § 1.
(a) Coverage provided under this part shall automatically cover all full-time and part-time teachers and student teachers at no cost to the teachers or student teachers.
(b) The expenses paid from the fund shall include the costs associated with the administration of the fund, including, but not limited to, any insurance policy, policies, or contracts that may be authorized by the board of claims.
(c) Pursuant to this part, the insurance policy or policies that may be purchased or procured, and the contracts that may be executed, shall cover incidents that have occurred on or after May 20, 2015.
Acts 2015, ch. 493, § 1.
Tenn. Code Ann. § 9-4-1105 — TN Code / Title 9 / Chapter 4 / Section 9-4-1105
Purpose of trust fund - Certification of amount needed to fund increase in employer contribution rate - Use of assets
Status: in_force

(a) As provided in this section, the purpose of the state employee legacy pension stabilization reserve trust fund is to protect state employee members of the legacy plan from a reduction or erosion of funds in the legacy plan that are necessary to pay benefits provided by the plan. If in any given year, the actuarially determined employer contribution rate for state employees exceeds the actuarially determined employer contribution rate for state employees as of fiscal year 2018, the board of trustees of the Tennessee consolidated retirement system may certify to the trustees of the trust the amount necessary to fund the increase in the employer contribution rate for that year. Upon receipt of the certification, the trustees of the trust shall determine whether transferring all or a portion of the requested amount from the state employee legacy pension stabilization reserve trust fund would be in the best interests of the trust beneficiaries. If it is, the trustees shall direct the treasurer to transfer such amount as the trustees shall determine from the state employee legacy pension stabilization reserve trust fund to the state accumulation fund of the legacy plan. (b) The assets of the state employee legacy pension stabilization reserve trust fund shall be used exclusively for the purpose set forth in this section and to pay the reasonable expenses incurred in administering and investing the trust assets. Added by 2017 Tenn. Acts, ch. 374,s 7, eff. 5/11/2017.
(a) As provided in this section, the purpose of the state employee legacy pension stabilization reserve trust fund is to protect state employee members of the legacy plan from a reduction or erosion of funds in the legacy plan that are necessary to pay benefits provided by the plan. If in any given year, the actuarially determined employer contribution rate for state employees exceeds the actuarially determined employer contribution rate for state employees as of fiscal year 2018, the board of trustees of the Tennessee consolidated retirement system may certify to the trustees of the trust the amount necessary to fund the increase in the employer contribution rate for that year. Upon receipt of the certification, the trustees of the trust shall determine whether transferring all or a portion of the requested amount from the state employee legacy pension stabilization reserve trust fund would be in the best interests of the trust beneficiaries. If it is, the trustees shall direct the treasurer to transfer such amount as the trustees shall determine from the state employee legacy pension stabilization reserve trust fund to the state accumulation fund of the legacy plan.
(b) The assets of the state employee legacy pension stabilization reserve trust fund shall be used exclusively for the purpose set forth in this section and to pay the reasonable expenses incurred in administering and investing the trust assets.
Added by 2017 Tenn. Acts, ch. 374,s 7, eff. 5/11/2017.
Tenn. Code Ann. § 9-4-105 — TN Code / Title 9 / Chapter 4 / Section 9-4-105
Required collateral
Status: in_force

"Required collateral" means collateral whose market value is equal to one hundred five percent (105%) of the value of the state deposit secured thereby, less so much of such amount as is protected by the federal deposit insurance corporation. Acts 1985, ch. 118, § 17; 1990, ch. 702, § 2.
"Required collateral" means collateral whose market value is equal to one hundred five percent (105%) of the value of the state deposit secured thereby, less so much of such amount as is protected by the federal deposit insurance corporation.
Acts 1985, ch. 118, § 17; 1990, ch. 702, § 2.
Tenn. Code Ann. § 9-3-201 — TN Code / Title 9 / Chapter 3 / Section 9-3-201
Purpose and scope of audit
Status: in_force

(a) An audit shall be made: (1) For purpose of ascertaining errors, irregularities, or defaults, if any, in the offices of any county officials handling and disbursing public funds; (2) For purpose of checking all cost bills to see that all proper items of cost, both county and state, have been duly charged, taxed and reported by the clerks of the courts in all civil, criminal, and chancery cases; and (3) To examine and check the accounts of the county superintendents of public instruction for the purpose of ascertaining that the school funds of the state are being expended according to the laws of the state, and for the maintenance and extension of terms of schools in the counties as provided and contemplated by the laws of the state. (b) The auditors shall have the authority and jurisdiction to audit the books and records of any judge of the court of general sessions when directed to do so by the comptroller of the treasury. Acts 1923, ch. 109, § 1; Shan. Supp., § 948a10; Code 1932, § 1654; Acts 1935, ch. 96, § 1; mod. C. Supp. 1950, § 1654 (Williams, §§ 1654, 1661.1); impl. am. Acts 1979, ch. 68, §§ 2, 3; T.C.A. (orig. ed.), §§ 9-302, 9-3-101; Acts 1985, ch. 118, § 8.
(a) An audit shall be made: (1) For purpose of ascertaining errors, irregularities, or defaults, if any, in the offices of any county officials handling and disbursing public funds; (2) For purpose of checking all cost bills to see that all proper items of cost, both county and state, have been duly charged, taxed and reported by the clerks of the courts in all civil, criminal, and chancery cases; and (3) To examine and check the accounts of the county superintendents of public instruction for the purpose of ascertaining that the school funds of the state are being expended according to the laws of the state, and for the maintenance and extension of terms of schools in the counties as provided and contemplated by the laws of the state.
(1) For purpose of ascertaining errors, irregularities, or defaults, if any, in the offices of any county officials handling and disbursing public funds;
(2) For purpose of checking all cost bills to see that all proper items of cost, both county and state, have been duly charged, taxed and reported by the clerks of the courts in all civil, criminal, and chancery cases; and
(3) To examine and check the accounts of the county superintendents of public instruction for the purpose of ascertaining that the school funds of the state are being expended according to the laws of the state, and for the maintenance and extension of terms of schools in the counties as provided and contemplated by the laws of the state.
(b) The auditors shall have the authority and jurisdiction to audit the books and records of any judge of the court of general sessions when directed to do so by the comptroller of the treasury.
Acts 1923, ch. 109, § 1; Shan. Supp., § 948a10; Code 1932, § 1654; Acts 1935, ch. 96, § 1; mod. C. Supp. 1950, § 1654 (Williams, §§ 1654, 1661.1); impl. am. Acts 1979, ch. 68, §§ 2, 3; T.C.A. (orig. ed.), §§ 9-302, 9-3-101; Acts 1985, ch. 118, § 8.
Tenn. Code Ann. § 9-4-504 — TN Code / Title 9 / Chapter 4 / Section 9-4-504
Collateral for public deposits
Status: in_force

(a) Every qualified public depository shall deposit with the state treasurer eligible collateral equal to or in excess of the required collateral of the depository. Each qualified public depository shall calculate monthly the amount of its required collateral based upon notice of its collateral-pledging level from the board. (b) A qualified public depository shall maintain required collateral to secure public deposits. A qualified public depository which accepts any public deposit that would increase its required collateral by twenty-five percent (25%) shall deposit additional eligible collateral to secure such increase within two (2) business days of the deposit. (c) Upon approval to participate in the collateral pool, a qualified public depository may secure public deposits through the collateral pool. (d) A qualified public depository shall notify its public depositors that all their public deposits are secured through the collateral pool as provided in this part. The notification shall be made at the time the public depository is admitted to the collateral pool or when an account is established by a public depositor with the qualified public depository. A qualified public depository must notify its public depositors of any change in the manner collateral is held. Notice to public depositors under this part shall constitute the mailing of the appropriate information to the individual indicated on the account authorization. (e) A qualified public depository shall carry in its accounting records a general ledger or other appropriate account of all public deposits to be secured through the collateral pool and the total value of eligible collateral pledged to secure such deposits. (f) (1) A qualified public depository may accept deposits, investments or deposits for placement as provided in § 9-1-118 , and may act as custodian of other evidences of the deposits by the public entity. (2) Deposits placed in federally insured institutions, in amounts that are fully insured and that are not liabilities of the qualified public depository, are not included in the term average daily balance, as provided in § 9-4-502 . However, any funds accepted for deposit or placement that are not placed in federally insured institutions shall be included in the term average daily balance and collateralized as provided in this section. (g) [Deleted by 2021 amendment.] (h) [Repealed effective December 31, 2026.] Notwithstanding any law or rule to the contrary, a qualified public depository meeting the board-established criteria to pledge collateral equal to one hundred percent (100%) is authorized to pledge collateral equal to ninety percent (90%) of the public deposits held by the depository on or after November 12, 2021. This subsection (h) is repealed on December 31, 2026. Amended by 2021EX3 Tenn. Acts, ch. 2, s 2, eff. 11/12/2021. Amended by 2021 Tenn. Acts, ch. 393, s 1, eff. 5/11/2021. Acts 1990, ch. 1043, § 1; 1996, ch. 621, § 9; 2005, ch. 432, § 2; 2012 , ch. 544, § 5.
(a) Every qualified public depository shall deposit with the state treasurer eligible collateral equal to or in excess of the required collateral of the depository. Each qualified public depository shall calculate monthly the amount of its required collateral based upon notice of its collateral-pledging level from the board.
(b) A qualified public depository shall maintain required collateral to secure public deposits. A qualified public depository which accepts any public deposit that would increase its required collateral by twenty-five percent (25%) shall deposit additional eligible collateral to secure such increase within two (2) business days of the deposit.
(c) Upon approval to participate in the collateral pool, a qualified public depository may secure public deposits through the collateral pool.
(d) A qualified public depository shall notify its public depositors that all their public deposits are secured through the collateral pool as provided in this part. The notification shall be made at the time the public depository is admitted to the collateral pool or when an account is established by a public depositor with the qualified public depository. A qualified public depository must notify its public depositors of any change in the manner collateral is held. Notice to public depositors under this part shall constitute the mailing of the appropriate information to the individual indicated on the account authorization.
(e) A qualified public depository shall carry in its accounting records a general ledger or other appropriate account of all public deposits to be secured through the collateral pool and the total value of eligible collateral pledged to secure such deposits.
(f) (1) A qualified public depository may accept deposits, investments or deposits for placement as provided in § 9-1-118 , and may act as custodian of other evidences of the deposits by the public entity. (2) Deposits placed in federally insured institutions, in amounts that are fully insured and that are not liabilities of the qualified public depository, are not included in the term average daily balance, as provided in § 9-4-502 . However, any funds accepted for deposit or placement that are not placed in federally insured institutions shall be included in the term average daily balance and collateralized as provided in this section.
(1) A qualified public depository may accept deposits, investments or deposits for placement as provided in § 9-1-118 , and may act as custodian of other evidences of the deposits by the public entity.
(2) Deposits placed in federally insured institutions, in amounts that are fully insured and that are not liabilities of the qualified public depository, are not included in the term average daily balance, as provided in § 9-4-502 . However, any funds accepted for deposit or placement that are not placed in federally insured institutions shall be included in the term average daily balance and collateralized as provided in this section.
(g) [Deleted by 2021 amendment.]
(h) [Repealed effective December 31, 2026.] Notwithstanding any law or rule to the contrary, a qualified public depository meeting the board-established criteria to pledge collateral equal to one hundred percent (100%) is authorized to pledge collateral equal to ninety percent (90%) of the public deposits held by the depository on or after November 12, 2021. This subsection (h) is repealed on December 31, 2026.
Amended by 2021EX3 Tenn. Acts, ch. 2, s 2, eff. 11/12/2021.
Amended by 2021 Tenn. Acts, ch. 393, s 1, eff. 5/11/2021.
Acts 1990, ch. 1043, § 1; 1996, ch. 621, § 9; 2005, ch. 432, § 2; 2012 , ch. 544, § 5.
Tenn. Code Ann. § 9-4-5112 — TN Code / Title 9 / Chapter 4 / Section 9-4-5112
Revision of work programs
Status: in_force

(a) The head of any department, office, or agency of the state government, whenever such head deems it necessary by reason of changed conditions, may revise the work program of such head's department, office, or agency at the beginning of any quarter during the fiscal year, and submit such revised program to the commissioner of finance and administration, with such head's request for a revision of the allotments of the remaining quarters of that fiscal year. If, upon such reexamination of the work program, the commissioner, with the approval of the governor, decides to grant the request for the revision of the allotments, the same procedure, so far as it relates to review, approval, and control, shall be followed as in the making of the original allotments. (b) Revisions to the work programs of the secretary of state, comptroller of the treasury, and state treasurer shall be approved by the commissioner of finance and administration if submitted in accordance with the appropriations act, if within the amounts appropriated, and if submitted with the concurrence of the speaker of the senate and the speaker of the house of representatives. Amended by 2013 Tenn. Acts, ch. 454,s 34, eff. 5/16/2013. Acts 1937, ch. 33, § 22; C. Supp. 1950, § 255.22; impl. am. Acts 1959, ch. 9, § 3; impl. am. Acts 1961, ch. 97, § 3; T.C.A. (orig. ed.), § 9-610; T.C.A. § 9-6-112.
(a) The head of any department, office, or agency of the state government, whenever such head deems it necessary by reason of changed conditions, may revise the work program of such head's department, office, or agency at the beginning of any quarter during the fiscal year, and submit such revised program to the commissioner of finance and administration, with such head's request for a revision of the allotments of the remaining quarters of that fiscal year. If, upon such reexamination of the work program, the commissioner, with the approval of the governor, decides to grant the request for the revision of the allotments, the same procedure, so far as it relates to review, approval, and control, shall be followed as in the making of the original allotments.
(b) Revisions to the work programs of the secretary of state, comptroller of the treasury, and state treasurer shall be approved by the commissioner of finance and administration if submitted in accordance with the appropriations act, if within the amounts appropriated, and if submitted with the concurrence of the speaker of the senate and the speaker of the house of representatives.
Amended by 2013 Tenn. Acts, ch. 454,s 34, eff. 5/16/2013.
Acts 1937, ch. 33, § 22; C. Supp. 1950, § 255.22; impl. am. Acts 1959, ch. 9, § 3; impl. am. Acts 1961, ch. 97, § 3; T.C.A. (orig. ed.), § 9-610; T.C.A. § 9-6-112.
Tenn. Code Ann. § 9-2-127 — TN Code / Title 9 / Chapter 2 / Section 9-2-127
Payments by county officials into treasury or state depository
Status: in_force

Every county official collecting or receiving public money from any source whatsoever belonging to or for the use of the state shall comply with § 9-4-301 . Acts 1937, ch. 33, § 28; 1937, ch. 107, § 1; C. Supp. 1950, § 255.28; impl. am. Acts 1959, ch. 9, § 3; impl. am. Acts 1961, ch. 97, §3; T.C.A. (orig. ed.), § 9-227; Acts 1985, ch. 118, § 6.
Every county official collecting or receiving public money from any source whatsoever belonging to or for the use of the state shall comply with § 9-4-301 .
Acts 1937, ch. 33, § 28; 1937, ch. 107, § 1; C. Supp. 1950, § 255.28; impl. am. Acts 1959, ch. 9, § 3; impl. am. Acts 1961, ch. 97, §3; T.C.A. (orig. ed.), § 9-227; Acts 1985, ch. 118, § 6.
Tenn. Code Ann. § 9-4-5305 — TN Code / Title 9 / Chapter 4 / Section 9-4-5305
Construction of this part
Status: in_force

Nothing in this part shall be construed to reduce the apportionment to local governments of the total amounts due under the statutes cited in § 9-4-5301 . Acts 1979, ch. 436, § 6; T.C.A., §§ 9-635, 9-6-305.
Nothing in this part shall be construed to reduce the apportionment to local governments of the total amounts due under the statutes cited in § 9-4-5301 .
Acts 1979, ch. 436, § 6; T.C.A., §§ 9-635, 9-6-305.
Tenn. Code Ann. § 9-4-5610 — TN Code / Title 9 / Chapter 4 / Section 9-4-5610
Performance review
Status: in_force

(a) Each state agency shall be subject to a performance review of its activities by the comptroller of the treasury. (b) The performance review shall include such matters as the comptroller of the treasury deems appropriate related to the manner in which the entity is delivering its services and achieving its objectives, including but not limited to: (1) The efficient use of all state and federal resources and user fees; (2) Additional non-state revenue or cost savings that the entity could achieve; and (3) The extent to which the entity has achieved the objectives of its strategic plan. (c) Each entity subject to a performance review shall cooperate fully with the comptroller of the treasury and shall timely provide all relevant documents and requested information. If any entity refuses to provide any requested documents or information, the comptroller shall include such refusal in its report, as well as the reasons given by the entity for not furnishing the documents or information. Acts 2002, ch. 875, § 1.
(a) Each state agency shall be subject to a performance review of its activities by the comptroller of the treasury.
(b) The performance review shall include such matters as the comptroller of the treasury deems appropriate related to the manner in which the entity is delivering its services and achieving its objectives, including but not limited to: (1) The efficient use of all state and federal resources and user fees; (2) Additional non-state revenue or cost savings that the entity could achieve; and (3) The extent to which the entity has achieved the objectives of its strategic plan.
(1) The efficient use of all state and federal resources and user fees;
(2) Additional non-state revenue or cost savings that the entity could achieve; and
(3) The extent to which the entity has achieved the objectives of its strategic plan.
(c) Each entity subject to a performance review shall cooperate fully with the comptroller of the treasury and shall timely provide all relevant documents and requested information. If any entity refuses to provide any requested documents or information, the comptroller shall include such refusal in its report, as well as the reasons given by the entity for not furnishing the documents or information.
Acts 2002, ch. 875, § 1.
Tenn. Code Ann. § 9-4-704 — TN Code / Title 9 / Chapter 4 / Section 9-4-704
Powers of state treasurer
Status: in_force

The state treasurer may: (1) Implement and administer the local government investment pool, including, but not limited to, effectuating the decisions of the state funding board and any delegated duties; (2) Approve each participant's application and agreement to participate in the local government investment pool; (3) Contract with accountants, attorneys, auditors, investment advisors, or other finance and investment professionals to make investments or provide for the public accounting, auditing, and legal compliance necessary for performance reporting, and the proper administration of the local government investment pool. Attorneys must be employed with the approval of the attorney general and reporter; (4) Invest and reinvest the funds placed in the state treasurer's custody; (5) Establish shares, accounts, and subaccounts; different classes of shares; and restricted accounts within the fund. The establishment of separate shares or classes of shares must only occur in the local government investment pool once it is separated from the state pool investment fund, such that two (2) separate funds are established for investment, accounting, and administration purposes; (6) Receive, invest, and distribute a pool participant's funds by means of an electronic transfer or other reasonable methods; (7) Open accounts as are permitted by the federal reserve for the safekeeping and other servicing of securities of local governments, and to enter into agreements with local governments to provide for such services; (8) Maintain accurate and detailed accounting records for each participating local government's funds; (9) Deduct a reasonable charge from each participant's account balance or balances which must be deposited and expended through the revolving account established in § 9-4-603(g) ; (10) Provide a monthly report to each fund participant; (11) Develop policies, procedures, guidelines, notices, or disclosures for the effective administration of the fund; and (12) Facilitate local government investment pool participation by: (A) Explaining investments in the local government investment pool to local governments through publication and other appropriate means; (B) Educating local governments about the state's experience in investing short-term funds; and (C) Providing technical assistance in investment of idle funds in the local government investment pool to local governments that request such assistance. Amended by 2022 Tenn. Acts, ch. 824, s 4, eff. 4/14/2022. Amended by 2013 Tenn. Acts, ch. 208, Secs.s 9, s 10 eff. 4/23/2013. Acts 1985, ch. 118, § 51; 2002, ch. 514, §§ 1, 2.
The state treasurer may:
(1) Implement and administer the local government investment pool, including, but not limited to, effectuating the decisions of the state funding board and any delegated duties;
(2) Approve each participant's application and agreement to participate in the local government investment pool;
(3) Contract with accountants, attorneys, auditors, investment advisors, or other finance and investment professionals to make investments or provide for the public accounting, auditing, and legal compliance necessary for performance reporting, and the proper administration of the local government investment pool. Attorneys must be employed with the approval of the attorney general and reporter;
(4) Invest and reinvest the funds placed in the state treasurer's custody;
(5) Establish shares, accounts, and subaccounts; different classes of shares; and restricted accounts within the fund. The establishment of separate shares or classes of shares must only occur in the local government investment pool once it is separated from the state pool investment fund, such that two (2) separate funds are established for investment, accounting, and administration purposes;
(6) Receive, invest, and distribute a pool participant's funds by means of an electronic transfer or other reasonable methods;
(7) Open accounts as are permitted by the federal reserve for the safekeeping and other servicing of securities of local governments, and to enter into agreements with local governments to provide for such services;
(8) Maintain accurate and detailed accounting records for each participating local government's funds;
(9) Deduct a reasonable charge from each participant's account balance or balances which must be deposited and expended through the revolving account established in § 9-4-603(g) ;
(10) Provide a monthly report to each fund participant;
(11) Develop policies, procedures, guidelines, notices, or disclosures for the effective administration of the fund; and
(12) Facilitate local government investment pool participation by: (A) Explaining investments in the local government investment pool to local governments through publication and other appropriate means; (B) Educating local governments about the state's experience in investing short-term funds; and (C) Providing technical assistance in investment of idle funds in the local government investment pool to local governments that request such assistance.
(A) Explaining investments in the local government investment pool to local governments through publication and other appropriate means;
(B) Educating local governments about the state's experience in investing short-term funds; and
(C) Providing technical assistance in investment of idle funds in the local government investment pool to local governments that request such assistance.
Amended by 2022 Tenn. Acts, ch. 824, s 4, eff. 4/14/2022.
Amended by 2013 Tenn. Acts, ch. 208, Secs.s 9, s 10 eff. 4/23/2013.
Acts 1985, ch. 118, § 51; 2002, ch. 514, §§ 1, 2.
Tenn. Code Ann. § 9-3-405 — TN Code / Title 9 / Chapter 3 / Section 9-3-405
Establishment of audit committee - Notice requirements - Open meetings - Confidential, nonpublic executive sessions
Status: in_force

(a) Local governments are encouraged to consider establishing an audit committee. The comptroller may require that an audit committee be established in any local government in this state that: (1) Is in noncompliance with the accounting and financial reporting standards required by the GASB; or (2) Has recurring findings from the annual audit for three (3) or more consecutive years as determined by the comptroller to be a material weakness in internal control or material noncompliance under government auditing standards. (b) The governing body of the local government shall create the audit committee. The audit committee members shall be external to management and may be members of the governing body, citizens from within the boundaries of the local government, or a combination of both. Members of the audit committee shall be selected by the legislative body. The audit committee shall establish responsibilities and duties that are stated in a resolution approved by the legislative body. The responsibilities and duties, at a minimum, shall address financial and other reporting practices, internal control, compliance with laws and regulations, and ethics. The resolution, or any subsequent amendments to the resolution, creating the duties and responsibilities of the audit committee shall be submitted to the comptroller prior to approval by the legislative body. The comptroller shall review the proposed resolution, or any subsequent amendments to the resolution, and report back to the local government on whether the resolution, or subsequent amendments to the resolution, follows recommended guidelines for an audit committee. The resolution, or subsequent amendments to the resolution, adopted by the legislative body must conform to the report issued by the comptroller. Notwithstanding the requirements of this subsection (b), if an audit committee was created by the legislative body of a county whose charter requires charter changes to be approved in a referendum, and if such actions occurred and were approved in a referendum prior to January 1, 2011, then such an audit committee shall be considered created pursuant to this part. (c) Except as provided in subsection (d), all meetings of an audit committee created pursuant to this chapter shall abide by the notice requirements adhered to by the local government to which the audit committee is attached. (d) All meetings of an audit committee created pursuant to this chapter shall be subject to the open meetings provisions of title 8, chapter 44, except, upon a majority vote of those members in attendance for the public portion of the meeting, the audit committee may hold confidential, nonpublic executive sessions to discuss the following items: (1) Items deemed not subject to public inspection under §§ 10-7-503 and 10-7-504 , and all other matters designated as confidential or privileged under this code; (2) Current or pending litigation and pending legal controversies; (3) Pending or ongoing audits or audit related investigations; (4) Information protected by federal law; and (5) Matters involving information under § 9-3-406 where the informant has requested anonymity. (e) The presiding officer shall announce during the public portion of the audit committee meeting that no business, other than that described under subdivisions (d)(1)-(5), shall be considered during the confidential, nonpublic executive session by the audit committee. (f) For purposes of providing notice of a confidential, nonpublic executive session, the agenda must disclose the general nature of the item or items to be discussed as described under subdivisions (d)(1)-(5). (g) A meeting at which both subject matter open to the public and confidential subject matter will be discussed shall be conducted as follows: (1) All business relating to subject matter that is public in nature shall be conducted first; and (2) At the conclusion of the meeting relating to subject matter that is public in nature and upon a successful majority vote to enter into executive session, the chair shall announce to the members and the public assembled that the public portion of the meeting is adjourned and that the remainder of the meeting will concern matters that are confidential under subdivisions (d)(1)-(5). When everyone at the meeting who is not authorized to attend the confidential portion of the meeting has departed, the confidential portion of the meeting shall commence. (h) Only individuals whose presence is reasonably necessary in order for the audit committee to carry out its executive session responsibilities may attend the portion of the executive session relevant to that person's presence; however, nothing contained in this section shall prohibit the comptroller of the treasury or the comptroller's designee from attending or being present during an executive session. (i) This chapter is not intended to prevent the full governing body of the local government from going into confidential, nonpublic executive session with the audit committee at a regularly or specially scheduled meeting of the full governing body for the purpose of further discussing only those matters as described under subdivisions (d)(1)-(5). All portions of meetings of the full governing body of the local government, where matters described under subdivisions (d)(1)-(5) will be discussed, shall be exempt from title 8, chapter 44; provided, that the full governing body of the local government shall abide by the same executive session notice requirements imposed upon the audit committee by this section, and shall not make a decision or deliberate toward a decision on any matter. Amended by 2018 Tenn. Acts, ch. 499,s 6, eff. 2/22/2018. Acts 2005, ch. 191, § 1; 2009, ch. 368, § 1; 2011, ch. 97, § 1.
(a) Local governments are encouraged to consider establishing an audit committee. The comptroller may require that an audit committee be established in any local government in this state that: (1) Is in noncompliance with the accounting and financial reporting standards required by the GASB; or (2) Has recurring findings from the annual audit for three (3) or more consecutive years as determined by the comptroller to be a material weakness in internal control or material noncompliance under government auditing standards.
(1) Is in noncompliance with the accounting and financial reporting standards required by the GASB; or
(2) Has recurring findings from the annual audit for three (3) or more consecutive years as determined by the comptroller to be a material weakness in internal control or material noncompliance under government auditing standards.
(b) The governing body of the local government shall create the audit committee. The audit committee members shall be external to management and may be members of the governing body, citizens from within the boundaries of the local government, or a combination of both. Members of the audit committee shall be selected by the legislative body. The audit committee shall establish responsibilities and duties that are stated in a resolution approved by the legislative body. The responsibilities and duties, at a minimum, shall address financial and other reporting practices, internal control, compliance with laws and regulations, and ethics. The resolution, or any subsequent amendments to the resolution, creating the duties and responsibilities of the audit committee shall be submitted to the comptroller prior to approval by the legislative body. The comptroller shall review the proposed resolution, or any subsequent amendments to the resolution, and report back to the local government on whether the resolution, or subsequent amendments to the resolution, follows recommended guidelines for an audit committee. The resolution, or subsequent amendments to the resolution, adopted by the legislative body must conform to the report issued by the comptroller. Notwithstanding the requirements of this subsection (b), if an audit committee was created by the legislative body of a county whose charter requires charter changes to be approved in a referendum, and if such actions occurred and were approved in a referendum prior to January 1, 2011, then such an audit committee shall be considered created pursuant to this part.
(c) Except as provided in subsection (d), all meetings of an audit committee created pursuant to this chapter shall abide by the notice requirements adhered to by the local government to which the audit committee is attached.
(d) All meetings of an audit committee created pursuant to this chapter shall be subject to the open meetings provisions of title 8, chapter 44, except, upon a majority vote of those members in attendance for the public portion of the meeting, the audit committee may hold confidential, nonpublic executive sessions to discuss the following items: (1) Items deemed not subject to public inspection under §§ 10-7-503 and 10-7-504 , and all other matters designated as confidential or privileged under this code; (2) Current or pending litigation and pending legal controversies; (3) Pending or ongoing audits or audit related investigations; (4) Information protected by federal law; and (5) Matters involving information under § 9-3-406 where the informant has requested anonymity.
(1) Items deemed not subject to public inspection under §§ 10-7-503 and 10-7-504 , and all other matters designated as confidential or privileged under this code;
(2) Current or pending litigation and pending legal controversies;
(3) Pending or ongoing audits or audit related investigations;
(4) Information protected by federal law; and
(5) Matters involving information under § 9-3-406 where the informant has requested anonymity.
(e) The presiding officer shall announce during the public portion of the audit committee meeting that no business, other than that described under subdivisions (d)(1)-(5), shall be considered during the confidential, nonpublic executive session by the audit committee.
(f) For purposes of providing notice of a confidential, nonpublic executive session, the agenda must disclose the general nature of the item or items to be discussed as described under subdivisions (d)(1)-(5).
(g) A meeting at which both subject matter open to the public and confidential subject matter will be discussed shall be conducted as follows: (1) All business relating to subject matter that is public in nature shall be conducted first; and (2) At the conclusion of the meeting relating to subject matter that is public in nature and upon a successful majority vote to enter into executive session, the chair shall announce to the members and the public assembled that the public portion of the meeting is adjourned and that the remainder of the meeting will concern matters that are confidential under subdivisions (d)(1)-(5). When everyone at the meeting who is not authorized to attend the confidential portion of the meeting has departed, the confidential portion of the meeting shall commence.
(1) All business relating to subject matter that is public in nature shall be conducted first; and
(2) At the conclusion of the meeting relating to subject matter that is public in nature and upon a successful majority vote to enter into executive session, the chair shall announce to the members and the public assembled that the public portion of the meeting is adjourned and that the remainder of the meeting will concern matters that are confidential under subdivisions (d)(1)-(5). When everyone at the meeting who is not authorized to attend the confidential portion of the meeting has departed, the confidential portion of the meeting shall commence.
(h) Only individuals whose presence is reasonably necessary in order for the audit committee to carry out its executive session responsibilities may attend the portion of the executive session relevant to that person's presence; however, nothing contained in this section shall prohibit the comptroller of the treasury or the comptroller's designee from attending or being present during an executive session.
(i) This chapter is not intended to prevent the full governing body of the local government from going into confidential, nonpublic executive session with the audit committee at a regularly or specially scheduled meeting of the full governing body for the purpose of further discussing only those matters as described under subdivisions (d)(1)-(5). All portions of meetings of the full governing body of the local government, where matters described under subdivisions (d)(1)-(5) will be discussed, shall be exempt from title 8, chapter 44; provided, that the full governing body of the local government shall abide by the same executive session notice requirements imposed upon the audit committee by this section, and shall not make a decision or deliberate toward a decision on any matter.
Amended by 2018 Tenn. Acts, ch. 499,s 6, eff. 2/22/2018.
Acts 2005, ch. 191, § 1; 2009, ch. 368, § 1; 2011, ch. 97, § 1.
Tenn. Code Ann. § 9-1-104 — TN Code / Title 9 / Chapter 1 / Section 9-1-104
Right of prepayment to appear on instrument
Status: in_force

Whenever the right to pay, prior to maturity, bonds, notes or other obligations of the state of Tennessee, or political subdivisions thereof, exists, the fact of such right of prepayment shall appear on the face of the instrument, or on the reverse side thereof, in a prominent place. Acts 1947, ch. 67, § 1; mod. C. Supp. 1950, § 1811.7 (Williams, § 1811.31); T.C.A. (orig. ed.), § 9-104.
Whenever the right to pay, prior to maturity, bonds, notes or other obligations of the state of Tennessee, or political subdivisions thereof, exists, the fact of such right of prepayment shall appear on the face of the instrument, or on the reverse side thereof, in a prominent place.
Acts 1947, ch. 67, § 1; mod. C. Supp. 1950, § 1811.7 (Williams, § 1811.31); T.C.A. (orig. ed.), § 9-104.
Tenn. Code Ann. § 9-4-5117 — TN Code / Title 9 / Chapter 4 / Section 9-4-5117
Certification of board fees - Regulatory fees
Status: in_force

(a) Notwithstanding any law to the contrary, upon receiving from the commissioner of finance and administration the approved work program, as provided in § 9-4-5110 , for the department of commerce and insurance, division of regulatory boards, and department of health, division of health-related boards, the commissioners of those departments shall certify by October 31 to the commissioner of finance and administration and, as applicable, to the director of the division of regulatory boards, as defined in § 4-3-1304 , and to the director of the division of health-related boards, as defined in § 63-1-131 , the total amount of board fee revenue required by each board for the current fiscal year, based on the approved work program. The commissioners of commerce and insurance and of health shall include the direct costs allocated to each board for the then-current fiscal year and shall reduce the certified amount by the amount of any excess fees from the immediately preceding two-year period, it being the legislative intent that fees and expenditures should be equal over a two-year period for each board, as provided in § 4-29-121 . Such certification shall not preclude the retention of any board fee revenue estimated to be required for support of each board's operation for the then-current two-year period. (b) (1) The fee established pursuant to the amounts certified as set forth in subsection (a) shall be designated as the board fee. (2) In addition to the board fee, each regulatory board shall also assess a state regulatory fee in such amount as is set each year in the general appropriations act. The state regulatory fee shall be in lieu of any allocation of indirect costs that would otherwise be allocated to such boards. (c) (1) Within sixty (60) days after receiving the certification of the amount of fees required by each board, the director of the division of regulatory boards and the director of the division of health-related boards shall provide the commissioner of finance and administration with an official estimate of fees to be collected by each board for the fiscal year. (2) To the extent the estimate of fees for an individual board is less than the certified amount, the appropriation for that board shall be reduced in the amount of the deficiency, and the commissioner of finance and administration is directed to reduce the budget of the board accordingly. (3) The general assembly may supplement any board's appropriation from fee revenue by an appropriation of tax revenue by making a specific appropriation of such tax revenue in the general appropriations act. Amended by 2013 Tenn. Acts, ch. 454,s 10-13. Amended by 2012 Tenn. Acts, ch. 714, Secs.s 1 eff.
(a) Notwithstanding any law to the contrary, upon receiving from the commissioner of finance and administration the approved work program, as provided in § 9-4-5110 , for the department of commerce and insurance, division of regulatory boards, and department of health, division of health-related boards, the commissioners of those departments shall certify by October 31 to the commissioner of finance and administration and, as applicable, to the director of the division of regulatory boards, as defined in § 4-3-1304 , and to the director of the division of health-related boards, as defined in § 63-1-131 , the total amount of board fee revenue required by each board for the current fiscal year, based on the approved work program. The commissioners of commerce and insurance and of health shall include the direct costs allocated to each board for the then-current fiscal year and shall reduce the certified amount by the amount of any excess fees from the immediately preceding two-year period, it being the legislative intent that fees and expenditures should be equal over a two-year period for each board, as provided in § 4-29-121 . Such certification shall not preclude the retention of any board fee revenue estimated to be required for support of each board's operation for the then-current two-year period.
(b) (1) The fee established pursuant to the amounts certified as set forth in subsection (a) shall be designated as the board fee. (2) In addition to the board fee, each regulatory board shall also assess a state regulatory fee in such amount as is set each year in the general appropriations act. The state regulatory fee shall be in lieu of any allocation of indirect costs that would otherwise be allocated to such boards.
(1) The fee established pursuant to the amounts certified as set forth in subsection (a) shall be designated as the board fee.
(2) In addition to the board fee, each regulatory board shall also assess a state regulatory fee in such amount as is set each year in the general appropriations act. The state regulatory fee shall be in lieu of any allocation of indirect costs that would otherwise be allocated to such boards.
(c) (1) Within sixty (60) days after receiving the certification of the amount of fees required by each board, the director of the division of regulatory boards and the director of the division of health-related boards shall provide the commissioner of finance and administration with an official estimate of fees to be collected by each board for the fiscal year. (2) To the extent the estimate of fees for an individual board is less than the certified amount, the appropriation for that board shall be reduced in the amount of the deficiency, and the commissioner of finance and administration is directed to reduce the budget of the board accordingly. (3) The general assembly may supplement any board's appropriation from fee revenue by an appropriation of tax revenue by making a specific appropriation of such tax revenue in the general appropriations act.
(1) Within sixty (60) days after receiving the certification of the amount of fees required by each board, the director of the division of regulatory boards and the director of the division of health-related boards shall provide the commissioner of finance and administration with an official estimate of fees to be collected by each board for the fiscal year.
(2) To the extent the estimate of fees for an individual board is less than the certified amount, the appropriation for that board shall be reduced in the amount of the deficiency, and the commissioner of finance and administration is directed to reduce the budget of the board accordingly.
(3) The general assembly may supplement any board's appropriation from fee revenue by an appropriation of tax revenue by making a specific appropriation of such tax revenue in the general appropriations act.
Amended by 2013 Tenn. Acts, ch. 454,s 10-13.
Amended by 2012 Tenn. Acts, ch. 714, Secs.s 1 eff.
Tenn. Code Ann. § 9-21-118 — TN Code / Title 9 / Chapter 21 / Section 9-21-118
Recital of issuance pursuant to this chapter
Status: in_force

A resolution authorizing bonds or notes under this chapter may provide that such bonds or notes shall contain a recital that they are issued pursuant to this chapter, which recital shall be conclusive evidence of their validity and the regularity of their issuance. Acts 1986, ch. 770, § 1-18.
A resolution authorizing bonds or notes under this chapter may provide that such bonds or notes shall contain a recital that they are issued pursuant to this chapter, which recital shall be conclusive evidence of their validity and the regularity of their issuance.
Acts 1986, ch. 770, § 1-18.
Tenn. Code Ann. § 9-4-203 — TN Code / Title 9 / Chapter 4 / Section 9-4-203
Trust funds
Status: in_force

Unless otherwise provided by law, the funding board established by § 9-9-101 shall act as trustee for any funds which are directed to be held in trust by the state or any agency thereof. Unless otherwise provided by law, the state treasurer shall invest such trust funds under policy guidelines established by resolution of the funding board pursuant to § 9-4-602 . Each trust fund shall be responsible for administrative expenses incurred in the investment of such funds. Acts 1985, ch. 118, § 23.
Unless otherwise provided by law, the funding board established by § 9-9-101 shall act as trustee for any funds which are directed to be held in trust by the state or any agency thereof. Unless otherwise provided by law, the state treasurer shall invest such trust funds under policy guidelines established by resolution of the funding board pursuant to § 9-4-602 . Each trust fund shall be responsible for administrative expenses incurred in the investment of such funds.
Acts 1985, ch. 118, § 23.
Tenn. Code Ann. § 9-21-701 — TN Code / Title 9 / Chapter 21 / Section 9-21-701
Authorization for the issuance of grant anticipation notes
Status: in_force

The governing body of a local government, acting by resolution, is hereby authorized to issue and sell interest-bearing grant anticipation notes for public works projects secured solely by a pledge of moneys, which pledge shall not be less than the principal amount of such notes, to be received pursuant to a contract or agreement between a state or federal agency and the local government. The resolution shall not be effective until the contract or agreement between the state or federal agency and the local government has been executed by all parties to the contract or agreement. The sale of all interest-bearing grant anticipation notes shall first be approved by the comptroller of the treasury or the comptroller's designee. Acts 1986, ch. 770, § 7-1; 2010, ch. 868, § 61.
The governing body of a local government, acting by resolution, is hereby authorized to issue and sell interest-bearing grant anticipation notes for public works projects secured solely by a pledge of moneys, which pledge shall not be less than the principal amount of such notes, to be received pursuant to a contract or agreement between a state or federal agency and the local government. The resolution shall not be effective until the contract or agreement between the state or federal agency and the local government has been executed by all parties to the contract or agreement. The sale of all interest-bearing grant anticipation notes shall first be approved by the comptroller of the treasury or the comptroller's designee.
Acts 1986, ch. 770, § 7-1; 2010, ch. 868, § 61.
Tenn. Code Ann. § 9-3-103 — TN Code / Title 9 / Chapter 3 / Section 9-3-103
Term of loan agreements - Security for loan agreement
Status: in_force

Whenever any county, metropolitan government, incorporated town or city or special district of this state is authorized by law to enter into any loan agreement, indenture or other contract or instrument for the borrowing of money, such loan agreement, indenture or other contract or instrument may be for such term as the parties thereto may agree, but in no event may such term exceed forty (40) years or the term otherwise authorized by law, and may provide for such security as authorized by law for the term of such loan agreement, indenture or other contract or instrument. Acts 1985, ch. 118, § 11.
Whenever any county, metropolitan government, incorporated town or city or special district of this state is authorized by law to enter into any loan agreement, indenture or other contract or instrument for the borrowing of money, such loan agreement, indenture or other contract or instrument may be for such term as the parties thereto may agree, but in no event may such term exceed forty (40) years or the term otherwise authorized by law, and may provide for such security as authorized by law for the term of such loan agreement, indenture or other contract or instrument.
Acts 1985, ch. 118, § 11.
Tenn. Code Ann. § 9-3-209 — TN Code / Title 9 / Chapter 3 / Section 9-3-209
Attorney's fees for collection of delinquencies
Status: in_force

(a) When suits are instituted by the county mayor or by the comptroller of the treasury as herein provided, the fee to be allowed and paid the attorney for such attorney's services shall be fixed by the county mayor where the suit is instituted by direction of the county mayor, but the same shall be approved by the comptroller of the treasury; and, where suits are instituted by direction of the comptroller of the treasury upon the failure of the county mayor, such attorney's fees shall be fixed by the comptroller of the treasury, with the approval of the governor. (b) No attorney's fees shall accrue against the state or county unless they are collected by the attorney from penalties of delinquents. Acts 1923, ch. 109, § 7; Shan. Supp., § 948a17; Code 1932, § 1661; Acts 1945, ch. 36, § 1; C. Supp. 1950, § 1661; impl. am. Acts 1978, ch. 934, §§ 16, 36; T.C.A. (orig. ed.), §§ 9-310, 9-3-109; Acts 1985, ch. 118, § 8; 2003, ch. 90, § 2.
(a) When suits are instituted by the county mayor or by the comptroller of the treasury as herein provided, the fee to be allowed and paid the attorney for such attorney's services shall be fixed by the county mayor where the suit is instituted by direction of the county mayor, but the same shall be approved by the comptroller of the treasury; and, where suits are instituted by direction of the comptroller of the treasury upon the failure of the county mayor, such attorney's fees shall be fixed by the comptroller of the treasury, with the approval of the governor.
(b) No attorney's fees shall accrue against the state or county unless they are collected by the attorney from penalties of delinquents.
Acts 1923, ch. 109, § 7; Shan. Supp., § 948a17; Code 1932, § 1661; Acts 1945, ch. 36, § 1; C. Supp. 1950, § 1661; impl. am. Acts 1978, ch. 934, §§ 16, 36; T.C.A. (orig. ed.), §§ 9-310, 9-3-109; Acts 1985, ch. 118, § 8; 2003, ch. 90, § 2.
Tenn. Code Ann. § 9-11-104 — TN Code / Title 9 / Chapter 11 / Section 9-11-104
Contents of bond order
Status: in_force

All bonds issued by a unit under this chapter shall be authorized by a bond order passed by the governing body of the unit. Notwithstanding any public or private statute relating to the unit, such bond order may be finally passed at the meeting at which the same shall be introduced. The bond order shall state: (1) A brief description of the indebtedness to be funded or refunded sufficient to identify such indebtedness, and the amount of redemption premium, if any, to be paid upon bonds refunded and the amount of expenses, if any, to be paid from the proceeds of bonds; (2) The maximum aggregate principal amount of bonds to be issued; (3) That a tax sufficient to pay the principal of and interest on the bonds shall be annually levied upon all taxable property in the unit; and (4) That the bond order shall take effect upon its passage and shall not be submitted to the voters of the unit. Acts 1937, ch. 300, § 4; C. Supp. 1950, § 3516.14; T.C.A. (orig. ed.), § 9-1104.
All bonds issued by a unit under this chapter shall be authorized by a bond order passed by the governing body of the unit. Notwithstanding any public or private statute relating to the unit, such bond order may be finally passed at the meeting at which the same shall be introduced. The bond order shall state:
(1) A brief description of the indebtedness to be funded or refunded sufficient to identify such indebtedness, and the amount of redemption premium, if any, to be paid upon bonds refunded and the amount of expenses, if any, to be paid from the proceeds of bonds;
(2) The maximum aggregate principal amount of bonds to be issued;
(3) That a tax sufficient to pay the principal of and interest on the bonds shall be annually levied upon all taxable property in the unit; and
(4) That the bond order shall take effect upon its passage and shall not be submitted to the voters of the unit.
Acts 1937, ch. 300, § 4; C. Supp. 1950, § 3516.14; T.C.A. (orig. ed.), § 9-1104.
Tenn. Code Ann. § 9-4-515 — TN Code / Title 9 / Chapter 4 / Section 9-4-515
Effect of merger or acquisition - Change of name or address
Status: in_force

(a) In the event a qualified public depository not in default is merged into, acquired by, or consolidated with a bank or savings institution that is not a qualified public depository, the resulting institution shall become a qualified public depository, and the contingent liability of the former institution shall be a liability of the resulting institution. Within thirty (30) days after the effective date of the merger, acquisition or consolidation, the resulting institution shall execute in its own name and deliver to the state treasurer the contingent liability agreement required by § 9-4-510 . If the resulting institution chooses not to remain a qualified public depository, it shall comply with the procedures for withdrawal from the collateral pool as provided in § 9-4-516 . (b) The qualified public depository shall notify the state treasurer of any acquisition or merger within three (3) days after the final approval of the acquisition or merger by its appropriate regulator. (c) Collateral subject to a depository pledge agreement may not be released by the state treasurer or the custodian until the assumed liability is evidenced by the deposit of collateral pursuant to the depository pledge agreement of the successor entity. The reporting requirement and pledge of collateral will remain in force until the state treasurer determines that the liability no longer exists. The surviving or new qualified public depository shall be responsible and liable for all of the liabilities and obligations of each qualified public depository merged with or acquired by it. (d) Each qualified public depository shall report any change of name and address to the state treasurer on a form provided by the state treasurer, regardless of whether the name change is a result of an acquisition or merger. Notification must be made within three (3) days of such change. Acts 1990, ch. 1043, § 1.
(a) In the event a qualified public depository not in default is merged into, acquired by, or consolidated with a bank or savings institution that is not a qualified public depository, the resulting institution shall become a qualified public depository, and the contingent liability of the former institution shall be a liability of the resulting institution. Within thirty (30) days after the effective date of the merger, acquisition or consolidation, the resulting institution shall execute in its own name and deliver to the state treasurer the contingent liability agreement required by § 9-4-510 . If the resulting institution chooses not to remain a qualified public depository, it shall comply with the procedures for withdrawal from the collateral pool as provided in § 9-4-516 .
(b) The qualified public depository shall notify the state treasurer of any acquisition or merger within three (3) days after the final approval of the acquisition or merger by its appropriate regulator.
(c) Collateral subject to a depository pledge agreement may not be released by the state treasurer or the custodian until the assumed liability is evidenced by the deposit of collateral pursuant to the depository pledge agreement of the successor entity. The reporting requirement and pledge of collateral will remain in force until the state treasurer determines that the liability no longer exists. The surviving or new qualified public depository shall be responsible and liable for all of the liabilities and obligations of each qualified public depository merged with or acquired by it.
(d) Each qualified public depository shall report any change of name and address to the state treasurer on a form provided by the state treasurer, regardless of whether the name change is a result of an acquisition or merger. Notification must be made within three (3) days of such change.
Acts 1990, ch. 1043, § 1.
Tenn. Code Ann. § 9-3-502 — TN Code / Title 9 / Chapter 3 / Section 9-3-502
Applicability of part
Status: in_force

This part shall apply to political subdivisions that provide defined benefit plans not administered by the Tennessee consolidated retirement system. Added by 2014 Tenn. Acts, ch. 990,s 3, eff. 5/22/2014.
This part shall apply to political subdivisions that provide defined benefit plans not administered by the Tennessee consolidated retirement system.
Added by 2014 Tenn. Acts, ch. 990,s 3, eff. 5/22/2014.
Tenn. Code Ann. § 9-24-102 — TN Code / Title 9 / Chapter 24 / Section 9-24-102
Chapter definitions
Status: in_force

As used in this chapter, unless the context otherwise requires: (1) "Exempt lease financing": (A) Means a lease financing with a principal amount not exceeding one hundred thousand dollars ($100,000); and (B) Does not include a lease financing if the principal amount of that lease financing together with the principal amount of all exempt lease financings issued by the public entity previously in the same fiscal year exceeds one hundred thousand dollars ($100,000); (2) "Governing body" means the body in which the general legislative powers of a public entity are vested; (3) "Interest rate" means an interest rate determined using the true interest cost method and taking into account estimated financing costs and charges in determining such rate; (4) "Lease" means an agreement for the use of property under which a public entity is the lessee; (5) "Lease financing" means any lease under which: (A) The rental payments payable thereunder by the public entity include an identifiable interest component; or (B) The lessee has the right to purchase the property that is subject to the lease at a price that is not based upon the fair market value of the property at the time of the purchase; (6) "Non-appropriation clause" means a provision in a lease financing that, in effect, allows a governing body to terminate a lease financing by not appropriating funds to make payments under the lease financing in any fiscal year; (7) "Public entity": (A) Has the same meaning as defined in § 9-21-134 ; and (B) Does not include the state; and (8) "State" means the state of Tennessee and any agency, authority, branch, bureau, commission, corporation, department, or instrumentality of the state. Added by 2021 Tenn. Acts, ch. 196, s 1, eff. 4/22/2021.
As used in this chapter, unless the context otherwise requires:
(1) "Exempt lease financing": (A) Means a lease financing with a principal amount not exceeding one hundred thousand dollars ($100,000); and (B) Does not include a lease financing if the principal amount of that lease financing together with the principal amount of all exempt lease financings issued by the public entity previously in the same fiscal year exceeds one hundred thousand dollars ($100,000);
(A) Means a lease financing with a principal amount not exceeding one hundred thousand dollars ($100,000); and
(B) Does not include a lease financing if the principal amount of that lease financing together with the principal amount of all exempt lease financings issued by the public entity previously in the same fiscal year exceeds one hundred thousand dollars ($100,000);
(2) "Governing body" means the body in which the general legislative powers of a public entity are vested;
(3) "Interest rate" means an interest rate determined using the true interest cost method and taking into account estimated financing costs and charges in determining such rate;
(4) "Lease" means an agreement for the use of property under which a public entity is the lessee;
(5) "Lease financing" means any lease under which: (A) The rental payments payable thereunder by the public entity include an identifiable interest component; or (B) The lessee has the right to purchase the property that is subject to the lease at a price that is not based upon the fair market value of the property at the time of the purchase;
(A) The rental payments payable thereunder by the public entity include an identifiable interest component; or
(B) The lessee has the right to purchase the property that is subject to the lease at a price that is not based upon the fair market value of the property at the time of the purchase;
(6) "Non-appropriation clause" means a provision in a lease financing that, in effect, allows a governing body to terminate a lease financing by not appropriating funds to make payments under the lease financing in any fiscal year;
(7) "Public entity": (A) Has the same meaning as defined in § 9-21-134 ; and (B) Does not include the state; and
(A) Has the same meaning as defined in § 9-21-134 ; and
(B) Does not include the state; and
(8) "State" means the state of Tennessee and any agency, authority, branch, bureau, commission, corporation, department, or instrumentality of the state.
Added by 2021 Tenn. Acts, ch. 196, s 1, eff. 4/22/2021.
Tenn. Code Ann. § 9-9-402 — TN Code / Title 9 / Chapter 9 / Section 9-9-402
Application of part
Status: in_force

This part shall be applicable to all general obligation bonds which have been authorized but which remain unissued on February 22, 1980, and all subsequent authorizations for general obligation bonds. Acts 1980, ch. 480, § 2.
This part shall be applicable to all general obligation bonds which have been authorized but which remain unissued on February 22, 1980, and all subsequent authorizations for general obligation bonds.
Acts 1980, ch. 480, § 2.
Tenn. Code Ann. § 9-4-1304 — TN Code / Title 9 / Chapter 4 / Section 9-4-1304
Repository of funds received by the state pursuant to judgments on certain claims
Status: in_force

The opioid abatement fund is the designated repository of funds that are either dedicated to opioid abatement or remediation or are otherwise directed to abatement or remediation and that are received by the state pursuant to a judgment on opioid-related claims, a recovery in bankruptcy on opioid-related claims, or a settlement of opioid-related claims. This section does not prevent the opioid abatement fund from also receiving funds from other sources if the funds will be dedicated to abatement. Added by 2021 Tenn. Acts, ch. 491,s 2, eff. 5/24/2021.
The opioid abatement fund is the designated repository of funds that are either dedicated to opioid abatement or remediation or are otherwise directed to abatement or remediation and that are received by the state pursuant to a judgment on opioid-related claims, a recovery in bankruptcy on opioid-related claims, or a settlement of opioid-related claims. This section does not prevent the opioid abatement fund from also receiving funds from other sources if the funds will be dedicated to abatement.
Added by 2021 Tenn. Acts, ch. 491,s 2, eff. 5/24/2021.
Tenn. Code Ann. § 9-4-202 — TN Code / Title 9 / Chapter 4 / Section 9-4-202
Separate account, collateral, and bond
Status: in_force

(a) Notwithstanding any law or regulation to the contrary, any reference to a separate account in state law is deemed to mean a separate account within the state's accounting system and shall not require establishment of a separate account in a state depository. (b) Any reference to separate collateral shall be satisfied if sufficient total collateral is maintained in accordance with parts 1-4 of this chapter. (c) Any reference to separate bond shall be satisfied through coverage of the state treasurer by the state's blanket surety bond pursuant to § 4-4-108 . Acts 1985, ch. 118, § 22.
(a) Notwithstanding any law or regulation to the contrary, any reference to a separate account in state law is deemed to mean a separate account within the state's accounting system and shall not require establishment of a separate account in a state depository.
(b) Any reference to separate collateral shall be satisfied if sufficient total collateral is maintained in accordance with parts 1-4 of this chapter.
(c) Any reference to separate bond shall be satisfied through coverage of the state treasurer by the state's blanket surety bond pursuant to § 4-4-108 .
Acts 1985, ch. 118, § 22.
Tenn. Code Ann. § 9-4-308 — TN Code / Title 9 / Chapter 4 / Section 9-4-308
Transfer of funds through federal reserve banking system
Status: in_force

The state treasurer, in the exercise of the state treasurer's official duties, is hereby authorized to enter into agreements with any federal reserve bank as the state treasurer deems necessary or advisable, for the purpose of transferring funds through the facilities of the federal reserve banking system. Such agreements may contain terms and conditions determined by the state treasurer to be advisable, including, but not limited to, provisions relative to indemnification, hold harmless, and choice of law. Amended by 2020 Tenn. Acts, ch. 755, s 1, eff. 6/22/2020. Acts 1977, ch. 269, § 1; T.C.A., § 9-613; Acts 1980, ch. 446, § 2; T.C.A. § 9-6-115.
The state treasurer, in the exercise of the state treasurer's official duties, is hereby authorized to enter into agreements with any federal reserve bank as the state treasurer deems necessary or advisable, for the purpose of transferring funds through the facilities of the federal reserve banking system. Such agreements may contain terms and conditions determined by the state treasurer to be advisable, including, but not limited to, provisions relative to indemnification, hold harmless, and choice of law.
Amended by 2020 Tenn. Acts, ch. 755, s 1, eff. 6/22/2020.
Acts 1977, ch. 269, § 1; T.C.A., § 9-613; Acts 1980, ch. 446, § 2; T.C.A. § 9-6-115.
Tenn. Code Ann. § 9-4-807 — TN Code / Title 9 / Chapter 4 / Section 9-4-807
[Repealed]
Status: repealed

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017. Acts 1985, ch. 118, § 59.
Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1985, ch. 118, § 59.
Tenn. Code Ann. § 9-4-1303 — TN Code / Title 9 / Chapter 4 / Section 9-4-1303
Trustees of fund
Status: in_force

(a) The trustees of the opioid abatement fund are: (1) The commissioner of finance and administration; (2) The state treasurer; and (3) The chair of the opioid abatement council. (b) The state treasurer shall serve as the chair of the trustees and shall preside over all meetings and proceedings of the trustees. (c) To the extent not prohibited by law, the trustees shall not act contrary to the direction of the opioid abatement council and shall uphold the decisions the council renders regarding disbursement of funds from the opioid abatement fund. The trustees have only a ministerial role and not a discretionary role in the distribution of funds, as directed by the opioid abatement council. The trustees have no duties concerning the opioid abatement fund other than those duties set forth in the opioid abatement fund's trust instrument and in this part. Added by 2021 Tenn. Acts, ch. 491, s 2, eff. 5/24/2021.
(a) The trustees of the opioid abatement fund are: (1) The commissioner of finance and administration; (2) The state treasurer; and (3) The chair of the opioid abatement council.
(1) The commissioner of finance and administration;
(2) The state treasurer; and
(3) The chair of the opioid abatement council.
(b) The state treasurer shall serve as the chair of the trustees and shall preside over all meetings and proceedings of the trustees.
(c) To the extent not prohibited by law, the trustees shall not act contrary to the direction of the opioid abatement council and shall uphold the decisions the council renders regarding disbursement of funds from the opioid abatement fund. The trustees have only a ministerial role and not a discretionary role in the distribution of funds, as directed by the opioid abatement council. The trustees have no duties concerning the opioid abatement fund other than those duties set forth in the opioid abatement fund's trust instrument and in this part.
Added by 2021 Tenn. Acts, ch. 491, s 2, eff. 5/24/2021.