reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 11 - EDUCATIONAL INSTITUTIONS LAW OF 1943 (§§ 49-3-1101 — 49-3-1110) › Section 49-3-1102 - Part definitions

As used in this part, unless the context otherwise requires:
(1)
"Board" means both the board of trustees of the University of Tennessee and the state board of education, or either of them;
(2)
"Bonds" means any bonds of the board issued pursuant to this part;
(3)
"Federal agency" means the United States, the president of the United States, the administrator of general services or such other agency or agencies as may be designated or created to make loans or grants or both pursuant to the recovery act or any further acts;
(4)
"Institution" means any one of the East Tennessee State University, Middle Tennessee State University, the University of Memphis, the Tennessee Technological University, the University of Tennessee and the University of Tennessee, Martin branch;
(5)
"Project" means and includes buildings, structures, improvements and equipment of every kind, nature and description that may be required by or convenient for the purpose of an institution, including, without limiting the generality of the foregoing, administration, dining, exhibition, lecture, recreational and teaching halls, or parts of or additions to them; heat, light, sewer and waterworks plants or systems, or parts of or extensions to them; commons, dining halls, dormitories, auditoriums, libraries, infirmaries, laundries, laboratories, metallurgical plants, museums, swimming pools, water towers, fire prevention and fire fighting systems, gymnasia, stadia, dwellings, greenhouses, farm buildings and stables, or parts of or additions to them; or any one (1) or more than one (1) or all of the projects listed in this subdivision (5), or any combination of the projects listed in this subdivision (5), acquired pursuant to this part;
(6)
"Recovery act" means all acts or resolutions of the congress of the United States to encourage public works, to provide relief, work relief, or to increase employment by providing for useful projects and providing for the making of loans or grants or both; and
(7)
"To acquire" includes to purchase, erect, build, construct, reconstruct, repair, replace, extend, better, equip, develop or improve a project.
Acts 1943, ch. 135, § 2; mod. C. Supp. 1950, § 2316.2 (Williams, § 2316.14); impl. am. Acts 1951, ch. 27, § 1; modified; impl. am. Acts 1965, ch. 30, §§ 1, 2; T.C.A. (orig. ed.), § 49-3502.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 11 - EDUCATIONAL INSTITUTIONS LAW OF 1943 (§§ 49-3-1101 — 49-3-1110) › Section 49-3-1103 - Construction with other statutes

(a)
The powers conferred by this part are in addition to the powers conferred by other laws; and the limitations imposed by this part shall not affect the powers conferred by any other law, general or special. Bonds may be issued under this part, notwithstanding any such other law, and without regard to the procedure required by any other such law.
(b)
(1)
Insofar as this part is inconsistent with any other law, general or special, this part is controlling.
(2)
Subdivision (b)(1) does not apply to the board of trustees of the University of Tennessee.
Acts 1943, ch. 135, § 12; C. Supp. 1950, § 2316.11 (Williams, § 2316.24); T.C.A. (orig. ed.), § 49-3511.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 11 - EDUCATIONAL INSTITUTIONS LAW OF 1943 (§§ 49-3-1101 — 49-3-1110) › Section 49-3-1104 - General powers of board

The board has the power and is authorized to:
(1)
Acquire by purchase, gift or the exercise of the right to eminent domain and hold real or personal property or rights or interests in real or personal property and water rights;
(2)
Make contracts and execute all instruments necessary or convenient to effectuate the purposes of this part;
(3)
Acquire by contract or contracts or by its own agents and employees, or otherwise than by contract, any project or projects, and operate and maintain the projects;
(4)
Accept grants of money or materials or property of any kind from a federal agency, upon such terms and conditions as such federal agency may impose;
(5)
With prior approval of the state school bond authority, borrow money and issue bonds and provide for the payment of the bonds and for the rights of the holders of the bonds as provided in this part; and
(6)
Perform all acts and do all things necessary or convenient to carry out the powers granted in this part, obtain loans, with prior approval of the state school bond authority, or grants or both from any federal agency, and accomplish the purposes of this part and secure the benefits of the recovery act.
Acts 1943, ch. 135, § 3; C. Supp. 1950, § 2316.3 (Williams, § 2316.15); Acts 1979, ch. 116, §§ 7, 8; T.C.A. (orig. ed.), § 49-3503.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 11 - EDUCATIONAL INSTITUTIONS LAW OF 1943 (§§ 49-3-1101 — 49-3-1110) › Section 49-3-1105 - Bond issuance and sale

(a)
(1)
Bonds issued under this part shall be authorized by resolution of the board.
(2)
These bonds shall bear interest at such rate or rates, payable semiannually, may be issued in one (1) or more series, may bear such date or dates, may be in such denomination or denominations, may mature at such time or times, not exceeding fifty (50) years from their respective dates, may be in such form, either coupon or registered, may carry such registration privileges, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be subject to such terms of redemption, with or without premium, may contain such terms, covenants and conditions, and may be declared or become due before the maturity date of the bonds, as such resolution or other resolutions may provide.
(3)
The bonds may be sold at public or private sale at not less than par.
(4)
Pending the preparation of the definitive bonds, interim receipts or certificates, in such form and with such provisions as the board may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this part.
(5)
These bonds and interim receipts and certificates shall be fully negotiable within the meaning and for all the purposes of the Uniform Commercial Code, compiled in title 47, chapters 1-9.
(b)
(1)
The bonds bearing the signature of officers in office on the date of the signing of the bonds shall be valid and binding obligations, notwithstanding that before the delivery of the bonds and payment for the bonds any or all of the persons whose signatures appear on the bonds have ceased to be officers of the board.
(2)
The validity of the bonds shall not be dependent on nor affected by the validity or regularity of any proceedings to acquire the project financed by the bonds or taken in connection with the bonds.
Acts 1943, ch. 135, §§ 4, 8; C. Supp. 1950, §§ 2316.4, 2316.8 (Williams, §§ 2316.16, 2316.20); Acts 1963, ch. 300, § 1; modified; Acts 1980, ch. 601, § 14; T.C.A. (orig. ed.), §§ 49-3504, 49-3508.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 11 - EDUCATIONAL INSTITUTIONS LAW OF 1943 (§§ 49-3-1101 — 49-3-1110) › Section 49-3-1106 - State approval for bond issuance

Notwithstanding any other law, neither the board nor any institution that is authorized under this part to borrow money, issue bonds or notes or obtain loans shall do so without first securing the approval of the state school bond authority.
Acts 1943, ch. 135, § 9; C. Supp. 1950, § 2316.9 (Williams, § 2316.21); Acts 1979, ch. 116, § 9; T.C.A. (orig. ed.), § 49-3506.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 11 - EDUCATIONAL INSTITUTIONS LAW OF 1943 (§§ 49-3-1101 — 49-3-1110) › Section 49-3-1108 - Funds obligated by bonds

(a)
(1)
All bonds issued pursuant to this part shall be obligations of the board, payable only in accordance with the terms of the bonds, and shall not be obligations general, special or otherwise of the state.
(2)
The bonds shall not be a debt of the state, and shall not be enforceable against the state, nor shall payment for the bonds be enforceable out of any funds of the board other than the income and revenue pledged and assigned to, or in trust for the benefit of, the holder or holders of the bonds.
(b)
Nothing contained in this part shall be construed to authorize the board to contract a debt on behalf of, or in any way to obligate the state, or to pledge, assign or encumber in any way, or to permit the pledging, assigning, or encumbering in any way of, appropriations made by the general assembly, or revenue derived from the investment of the proceeds of the sale, and from the rental of such lands as have been set aside by legislative enactments of the United States, for the use and benefit of the respective state educational institutions.
Acts 1943, ch. 135, §§ 9, 10; C. Supp. 1950, §§ 2316.9, 2316.10 (Williams, §§ 2316.21, 2316.22); Acts 1979, ch. 116, § 9; T.C.A. (orig. ed.), §§ 49-3506, 49-3507.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 11 - EDUCATIONAL INSTITUTIONS LAW OF 1943 (§§ 49-3-1101 — 49-3-1110) › Section 49-3-1109 - Proceeds of grants and loans

(a)
No moneys derived from the sale of bonds or otherwise borrowed under this part, or received as a grant, shall be required to be paid into the state treasury, but shall be deposited by the treasurer or other fiscal officer of the board in a separate bank account or accounts in such bank or banks or trust company or trust companies as may be designated by the board.
(b)
The separate bank account or accounts shall be designated with the name of the institution where the project is acquired.
(c)
All deposits of such moneys shall, if acquired by the board, be secured by obligations of the United States, of a market value equal at all times to the amount of the deposit; and all banks and trust companies are authorized to give such security.
(d)
The money shall be disbursed as directed by the board and in accordance with the terms of any agreements with the holder or holders of any bonds.
(e)
This action shall not be construed as limiting the power of the board to agree in connection with the issuance of any of its bonds, or the receipt of any grant, as to the custody and disposition of the moneys received from the sale of the bonds or as the payment of any such grant or the income and revenue of the institution pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.
Acts 1943, ch. 135, § 7; C. Supp. 1950, § 2316.7 (Williams, § 2316.19); T.C.A. (orig. ed.), § 49-3509.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 11 - EDUCATIONAL INSTITUTIONS LAW OF 1943 (§§ 49-3-1101 — 49-3-1110) › Section 49-3-1110 - Bondholders' remedies

Any holder or holders of bonds, including a trustee or trustees for holders of the bonds, shall have the right, in addition to all other rights:
(1)
By mandamus or other suit, action or proceeding in any court of competent jurisdiction to enforce the holder's or holders' rights against the board and any officer, agent or employee of the board to fix and collect such rentals and other charges adequate to carry out any agreement as to or pledge of fees, rentals or other charges, and require the board and any of its officers, agents or employees to carry out any other covenants and agreements and to perform their duties under this part; and
(2)
By action to enjoin any acts or things that may be unlawful or a violation of the rights of the holders of bonds.
Acts 1943, ch. 135, § 6; C. Supp. 1950, § 2316.6 (Williams, § 2316.18); T.C.A. (orig. ed.), § 49-3510.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 12 - TENNESSEE STATE SCHOOL BOND AUTHORITY ACT (§§ 49-3-1201 — 49-3-1212) › Section 49-3-1201 - Short title

This part shall be known and may be cited as the "Tennessee State School Bond Authority Act."
Acts 1965, ch. 256, § 1; T.C.A., § 49-3512.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 12 - TENNESSEE STATE SCHOOL BOND AUTHORITY ACT (§§ 49-3-1201 — 49-3-1212) › Section 49-3-1203 - Construction with other statutes

(a)
The powers conferred by this part shall be in addition to the powers conferred by other laws, and the limitations imposed by this part shall not affect the powers conferred by any other law, general or special, and notes and bonds may be issued under this part notwithstanding any other such law and without regard to the procedure required by any other such law. The authority may sell bonds pursuant to the Baccalaureate Education Savings for Tennessee Act, compiled in chapter 7, part 9 of this title.
(b)
Insofar as this part is inconsistent with any other law, general or special, this part shall be controlling.
Acts 1965, ch. 256, § 12; T.C.A., § 49-3522; Acts 1989, ch. 190, § 10.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 12 - TENNESSEE STATE SCHOOL BOND AUTHORITY ACT (§§ 49-3-1201 — 49-3-1212) › Section 49-3-1204 - Composition of authority

(a)
(1)
There is created the Tennessee state school bond authority.
(2)
The authority shall be a corporate governmental agency and instrumentality of this state.
(b)
(1)
Its membership shall consist of the governor, the state treasurer, the secretary of state, the commissioner of finance and administration, the comptroller of the treasury, the chief executive officer of the state university and community college system and the president of the University of Tennessee.
(2)
The governor shall serve as chair of the authority and the comptroller of the treasury shall serve as secretary.
(c)
(1)
The members shall serve without salary, but each member shall be entitled to reimbursement for the member's actual and necessary expenses incurred in the performance of the member's official duties.
(2)
All reimbursement for travel expenses shall be in accordance with the comprehensive travel regulations promulgated by the department of finance and administration and approved by the attorney general and reporter.
(d)
(1)
The authority and its corporate existence shall continue until terminated by law; provided, that no such law shall take effect so long as the authority has bonds, notes or other obligations outstanding.
(2)
Upon termination of the existence of the authority, all its rights and properties shall pass to and be vested in the state.
(e)
(1)
The powers of the authority shall be vested in and exercised by no less than three (3) of the members of the authority.
(2)
The authority may delegate to one (1) or more of its members or its officers such powers and duties as it may deem proper.
(f)
(1)
Written minutes covering all meetings and actions of the authority shall be prepared by the secretary of the authority and shall be kept on file, open to public inspection.
(2)
The minutes and all other records of the authority shall be kept in the office of the comptroller of the treasury.
(g)
A member of the authority may designate a member of the member's respective staff to attend meetings of the authority or its committees and to exercise the member's right to vote in the member's absence. The designation must be made in writing addressed to the secretary of the authority specifying the meeting for which the designation is effective and filed with the secretary of state.
Acts 1965, ch. 256, § 3; 1973, ch. 4, § 3; 1976, ch. 806, § 1(72); T.C.A., § 49-3514; Acts 1999, ch. 429, § 9.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 12 - TENNESSEE STATE SCHOOL BOND AUTHORITY ACT (§§ 49-3-1201 — 49-3-1212) › Section 49-3-1208 - Bondholders' remedies

(a)
In the event that the authority defaults in the payment of principal of or interest on any issue of notes or bonds after the notes or bonds become due, whether at maturity or upon call for redemption, and the default continues for a period of thirty (30) days, or in the event the authority fails or refuses to comply with this part, or defaults in any agreement made with the holders of any issue of notes or bonds, the holders of twenty-five percent (25%) in aggregate principal amount of the notes or bonds of the issue then outstanding, by instrument or instruments filed in the office of the comptroller of the treasury and approved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of the notes or bonds for the purposes provided in this part.
(b)
The trustee may, and upon written request of the holders of twenty-five percent (25%) in principal amount of the notes or bonds then outstanding shall, in the trustee's own name:
(1)
By suit, action or proceeding at law or in equity in any court of competent jurisdiction, enforce all rights of the noteholders or bondholders, including the right to require the authority to collect fees and charges adequate to carry out any agreement as to, or pledge of, the fees and charges and other properties and to require the authority to carry out any other agreements with the holders of the notes or bonds and to perform its duties under this part;
(2)
Bring suit upon the notes or bonds;
(3)
By action or suit, require the authority to account as if it were the trustee of an express trust for the holders of the notes or bonds;
(4)
By action or suit, enjoin any acts or things that may be unlawful or in violation of the rights of the holders of the notes or bonds; and
(5)
Declare all of the notes or bonds due and payable, and if all defaults are made good, then, with the consent of the holders of twenty-five percent (25%) of the principal amount of the notes or bonds then outstanding, to annul the declaration and its consequences.
(c)
The trustee shall, in addition to the powers provided in subsection (b), have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth in this part or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.
Acts 1965, ch. 256, § 9; T.C.A., § 49-3520.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 12 - TENNESSEE STATE SCHOOL BOND AUTHORITY ACT (§§ 49-3-1201 — 49-3-1212) › Section 49-3-1209 - Bonds tax exempt

The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the authority, in consideration of the acceptance of and payment for the notes and bonds, that the notes and bonds of the authority, issued pursuant to this part, and the income from the notes and bonds, and all its fees, charges, gifts, grants, revenues, receipts and other moneys received or to be received, pledged to pay or secure the payment of the notes or bonds, shall at all times be free from taxation by the state or any county, municipality or political subdivision of the state, except for estate and gift taxes and taxes on transfers.
Acts 1965, ch. 256, § 10; T.C.A., § 49-3521.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 12 - TENNESSEE STATE SCHOOL BOND AUTHORITY ACT (§§ 49-3-1201 — 49-3-1212) › Section 49-3-1210 - Delegation of authority to agency

(a)
The state designates the authority as the state education agency within the meaning of § 54E(c)(2) of the Internal Revenue Code of 1986 (
26 U.S.C. § 54E(c)(2)
), and delegates to the agency the authority to allocate on behalf of the state the national zone academy bond limitation allocated to the state among the state, local governments and public charter schools in any manner that the authority determines best supports public education in the state, and directs the authority to adopt such rules and regulations with respect to the allocation process as it deems necessary or appropriate.
(b)
The state delegates to the agency the authority to allocate on behalf of the state the limitation amount allocated to the state under [former] § 54F(d)(1) of the Internal Revenue Code of 1986 (
26 U.S.C. § 54F(d)(1)
[repealed]), and any limitation amount allocated to a Tennessee large local education agency within the meaning of [former] § 54F(d)(2)(E) of the Internal Revenue Code of 1986 (
26 U.S.C. § 54F(d)(2)(E)
[repealed]), and reallocated by such large local education agency to the state pursuant to [former] § 54F(d)(2)(D) of the Internal Revenue Code of 1986 (
26 U.S.C. § 54F(d)(2)(D)
[repealed]), among the state, local governments and public charter schools in any manner that the authority determines best supports public education in the state, and directs the authority to establish procedures with respect to the allocation process as it deems necessary or appropriate.
Acts 1992, ch. 535, § 36; 1998, ch. 913, § 1; 1999, ch. 429, § 8; 2009 , ch. 601, § 8.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 12 - TENNESSEE STATE SCHOOL BOND AUTHORITY ACT (§§ 49-3-1201 — 49-3-1212) › Section 49-3-1211 - Sharing of proceeds of county school credit bonds not required

Notwithstanding anything in this chapter to the contrary, counties having a city or cities operating schools independently of the county or having special school districts operating schools independently of the county shall not be required to share proceeds of any county school credit bonds.
Acts 2009, ch. 601, § 10.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 12 - TENNESSEE STATE SCHOOL BOND AUTHORITY ACT (§§ 49-3-1201 — 49-3-1212) › Section 49-3-1212 - Exclusive power of authority to issue bonds for school credit bond project

The authority shall have power and is authorized to issue its negotiable bonds for a school credit bond project, as such term is defined in §
49-3-1202
. Bonds for school credit bond projects may be issued only by the authority.
Acts 2009 , ch. 601, § 11.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 20 - TENNESSEE INTERCOLLEGIATE STATE LEGISLATURE FOUNDATION (§§ 49-3-2001 — 49-3-2003) › Section 49-3-2001 - Legislative findings

The general assembly finds that the Tennessee Intercollegiate State Legislature Foundation, a 501(c)(3) corporation, serves and benefits this state and the students of its private and public colleges and universities by conducting educational programs on the legislative process and current public issues for college students, by providing them with opportunities for leadership in debate and discussion of such issues and by publishing research on public issues; and further, that the organization is directly related to the functions of government.
Acts 1985, ch. 471, § 1.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 20 - TENNESSEE INTERCOLLEGIATE STATE LEGISLATURE FOUNDATION (§§ 49-3-2001 — 49-3-2003) › Section 49-3-2002 - Eligibility to receive appropriations - Disposition of funds

(a)
The Tennessee Intercollegiate State Legislature Foundation is eligible to receive appropriations for its endowment fund from the state general fund subject to the following conditions:
(1)
Neither an appropriation nor the income from an appropriation may be spent for any organization other than the Tennessee Intercollegiate State Legislature (TISL);
(2)
Any appropriation shall be returned to the state general fund if the TISL general assembly fails to meet in any three (3) consecutive school years;
(3)
Any appropriation shall be released to the foundation only as a dollar-for-dollar match of private contributions to the endowment fund; and
(4)
Any appropriation shall not revert to the general fund at the end of any fiscal year prior to December 31, 2012, but shall be carried over from year-to-year for the purpose of accomplishing this part.
(b)
It is the legislative intent that any funds appropriated to TISL be used by the foundation to eliminate fees paid by colleges and universities to participate in TISL.
Acts 1985, ch. 471, § 2; 1995, ch. 170, § 1; 2008, ch. 625, § 1; 2012, ch. 774, § 1.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 3 - FINANCES (§§ 49-3-101 — 49-3-2003) › Part 20 - TENNESSEE INTERCOLLEGIATE STATE LEGISLATURE FOUNDATION (§§ 49-3-2001 — 49-3-2003) › Section 49-3-2003 - Free or discounted services to the Tennessee Intercollegiate State Legislature Foundation

State agencies may provide free and discounted services to the Tennessee Intercollegiate State Legislature Foundation to support its mission of education, leadership and public research; provided, however, that any cost associated with the operation of the chambers of the senate and the house of representatives shall be borne by the Tennessee Intercollegiate State Legislature Foundation.
Acts 2011, ch. 421, § 1.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-101 - Part definitions

As used in this part, unless the context otherwise requires:
(1)
"Commissioner" means the commissioner of commerce and insurance;
(2)
"Corporation" means a corporation or association not for profit authorized to administer a plan in the state;
(3)
"Fiscal year" means the period beginning January 1 and ending December 31 of each year;
(4)
"Member" means any person who is accepted as a member by the plan and who may later become eligible for a scholarship as provided in the charter and bylaws of the plan;
(5)
"Plan" means any educational cooperative plan or scholarship plan subject to this part;
(6)
"Recipient of scholarship" means any member who has been granted a scholarship by the plan;
(7)
"Scholarship" means educational benefits payable pursuant to a plan which shall not be deemed to be distribution of income to a member of a corporation; and
(8)
"Trustee of member" means the person or persons, including corporations, partnerships or other entities, that, on behalf of a minor, executes an application for membership in the plan.
Acts 1968, ch. 589, § 1; impl. am. Acts 1971, ch. 137, § 2; T.C.A., § 49-4501.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-102 - Plans subject to law

(a)
Any educational cooperative plan or scholarship plan shall be deemed a plan subject to this part if the principal features of the plan consist of:
(1)
Participation by a specific person based on contributions made on behalf of that person; and
(2)
Qualification for participation in whole or in part based upon amount and duration of the contribution.
(b)
Any person, firm, corporation or corporation for profit may advertise or solicit funds for the plans if employed by the corporation not for profit; provided, that the person, firm, corporation or corporation for profit complies fully with the provisions set out in this part.
Acts 1968, ch. 589, § 2; T.C.A., § 49-4502.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-103 - Regulation of plans

(a)
The commissioner is authorized to regulate the operation and administration of any plan or plans, as provided in this section, and to adopt and promulgate reasonable regulations as necessary to the exercise of the powers vested in the commissioner. In the adoption of regulations, the commissioner shall give paramount consideration to the safeguarding of funds and the protection of scholarship recipients.
(b)
No plan shall be approved by the commissioner that does not comply with regulations relating to the following:
(1)
Rights to withdrawal of principal investment;
(2)
Enrollment fees and dues in an amount reasonably necessary to administer the plan as determined by the commissioner and pursuant to recommendation of the board of directors of the nonprofit corporation;
(3)
Incorporation and qualification with the secretary of state by a corporation;
(4)
Security of funds for scholarships;
(5)
Qualifications of institutions in which scholarships may be granted;
(6)
Maximum duration of scholarship;
(7)
Scholastic achievement as qualification for commencement or continuation of scholarship not exceeding average passing grade in institution;
(8)
Amount of contributions and duration necessary to participation in benefits of plan;
(9)
Good moral character of management personnel; and
(10)
Voting rights of members or trustees of members.
Acts 1968, ch. 589, § 3; T.C.A., § 49-4503.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-104 - Unauthorized solicitation or advertising

It is unlawful for any person, firm, corporation or corporation for profit to:
(1)
Solicit funds for the operation of any plan, except as provided in this part; or
(2)
Advertise any plan prior to the approval of the advertisement by the commissioner, to prevent material misrepresentation of law or fact with regard to the plan.
Acts 1968, ch. 589, §§ 2, 4; T.C.A., §§ 49-4502, 49-4504.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-105 - Corporations administering plans

(a)
Any five (5) or more persons may, pursuant to title 48, chapters 51-68, form a corporation not for profit for the purpose of establishing, maintaining and operating a plan or plans subject to regulation under this part. Every corporation so organized and licensed under this part shall be deemed to be a charitable and benevolent institution.
(b)
Each corporation shall have all the powers provided by law for corporations not for profit not inconsistent with this part, but the exercise of such powers shall be subject to the approval of the commissioner where, in the opinion of the commissioner, any such exercise of powers may impair or interfere with the ability of the corporation properly to execute, administer or operate any of the plans approved by the commissioner.
(c)
The charter of each corporation shall provide for a board of directors of no fewer than seven (7) persons.
(d)
The dissolution or liquidation of any corporation shall be under the supervision of the commissioner and pursuant to regulations promulgated by the commissioner for the protection of members and trustees of members. The commissioner shall have the same powers in connection with the dissolution or liquidation of the corporation granted the commissioner under the laws respecting the dissolution and liquidation of insurance companies.
Acts 1968, ch. 589, §§ 5, 11, 14, 15; impl. am. Acts 1968, ch. 523, § 1 (17.06); T.C.A., §§ 49-4505, 49-4511, 49-4514, 49-4515.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-106 - Participation by financial institutions

All banks and trust companies, industrial savings banks, building and loan associations and savings and loan associations are authorized to participate in scholarship plans operating under this part.
Acts 1968, ch. 589, § 17; T.C.A., § 49-4517.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-107 - Certificate of authority

(a)
(1)
No corporation shall commence or continue operation in this state or advertise any plan subject to regulation under this part prior to the issuance to it of a certificate of authority by the commissioner.
(2)
Applications for a certificate of authority shall be made on forms prescribed by the commissioner and shall contain such information as the commissioner deems necessary to determine compliance with this part and regulations adopted pursuant to this part.
(b)
(1)
Applications shall be accompanied by such supplemental data as the commissioner requires, including, but not limited to:
(A)
A charter certified by the secretary of state, together with all amendments to the charter as of the date of the certification;
(B)
The bylaws of the corporation;
(C)
The proposed plan or plans for payment of scholarships;
(D)
Copies of membership certificates, applications and other documents to be used in connection with the operation and administration of the plan;
(E)
A financial statement of the corporation; and
(F)
The names and addresses of officers and directors of the corporation.
(2)
All such data shall be submitted under oath, to be prescribed by the commissioner, taken and subscribed by two (2) officers of the corporation that the facts are true and that documents submitted are truly representative and in use or to be put in use. Proposed changes in the charter, bylaws or forms used, including contracts with educational institutions, shall be submitted to the commissioner for the commissioner's approval at least ten (10) days before the proposed change or use.
(c)
The commissioner shall issue a certificate of authority to each qualified applicant if the commissioner finds that:
(1)
The applicant has been organized bona fide for the purpose of establishing, maintaining and operating a nonprofit plan in accordance with regulations promulgated by the commissioner;
(2)
The plan is fair and reasonable and actuarially capable of providing all or a substantial portion of the educational scholarship needs of members in accordance with representations contained in the plan;
(3)
The operation of the plan complies with §
49-4-108
and regulations of the commissioner respecting the security of scholarship funds; and
(4)
The applicant has paid a filing fee of ten dollars ($10.00), which fee shall be deposited in the general revenue fund unallocated.
Acts 1968, ch. 589, § 6; T.C.A., § 49-4506.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-108 - Deposit of funds

(a)
(1)
All scholarship funds shall be deposited in special funds or trust funds established for the purpose of depositing all funds, contributions, donations, pledged earnings, interest, income and dividends, except enrollment fees and dues as set forth in §
49-4-103(b)(2)
, to be used exclusively and solely for scholarships and educational benefits for members found eligible and uses set out in the plan.
(2)
The deposits or payments into the special funds or trust funds, and disbursements out of the funds, shall not be subject to levy, attachment or garnishment on account of any debts or liabilities of the corporation or of any member, trustee of member or recipient.
(3)
The special fund is to be deposited in and managed by an insured bank or banks having trust powers, as trustees.
(b)
The trustees shall be selected or appointed by the corporation and approved by the commissioner.
(c)
The commissioner is authorized to adopt regulations respecting such security by the depository that is necessary for the protection of the funds and to assure their availability for the purposes set forth in the plan or plans under which the moneys are received.
(d)
Operating capital of the corporation shall not be deemed trust funds. Operating capital shall consist of enrollment fees and annual dues of members. Advancements to the corporation for working capital shall be deemed operating capital repayable from the fees and dues only.
Acts 1968, ch. 589, §§ 7, 8; T.C.A., §§ 49-4507, 49-4508.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-109 - Financial statements and examinations

(a)
Each corporation shall annually, on or before March 1 after the end of the fiscal year, file with the commissioner a statement showing the financial condition of the corporation as of the last day of the fiscal year in the form and containing the information the commissioner requires. The report shall be verified by a certified public accountant or be submitted under oath subscribed by two (2) officers of the corporation.
(b)
The commissioner shall have the power of visitation and examination into the affairs of the corporation. All of the books and records of the corporation shall be available to the commissioner for examination by the commissioner. The commissioner and any deputy shall have the power to summon and examine under oath any person in relation to the affairs, transactions and conditions of any corporation and to require the production of books, records, papers and other documents relating to any of the activities of the corporation. The corporation shall pay for the examinations the fees prescribed by the commissioner, which shall not be less than one hundred dollars ($100).
Acts 1968, ch. 589, §§ 9, 10; T.C.A., §§ 49-4509, 49-4510.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-110 - Revocation of authorization

The commissioner shall have the power to revoke the certificate of authority or bring proceedings for the dissolution or liquidation of a corporation pursuant to regulations promulgated by the commissioner relating to notice, hearing and opportunity for review, whenever the commissioner finds that:
(1)
The corporation is being operated for profit;
(2)
The affairs of the corporation are being fraudulently conducted;
(3)
The corporation is guilty of a violation of any of this part;
(4)
The certificate of authority was obtained by fraud;
(5)
The corporation is guilty of false or misleading advertising;
(6)
Trust funds have been or are being used for purposes other than scholarships;
(7)
There has been a material variance between any plan or plans as filed with the commissioner and the actual administration of the plan or plans to the detriment of any member, trustee of member or class of member;
(8)
The corporation has willfully failed to file reports required by the commissioner pursuant to this part; or
(9)
The corporation has refused or prevented examination of its books and records by the commissioner.
Acts 1968, ch. 589, § 12; T.C.A., § 49-4512.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-111 - Tax exemption

Every corporation holding a certificate of authority under this part and its officers, agents and solicitors shall be exempt from the payment of any occupational license taxes levied by virtue of any of its activities or those of its officers, agents or solicitors authorized under this part.
Acts 1968, ch. 589, § 13; T.C.A., § 49-4513.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 1 - COOPERATIVE SCHOLARSHIP PLANS (§§ 49-4-101 — 49-4-112) › Section 49-4-112 - Violations - Penalties

(a)
Any person, firm or corporation that violates this part commits a Class C misdemeanor.
(b)
The willful making of any false and material statement on any report to or required by the commissioner constitutes perjury and is punishable as perjury.
Acts 1968, ch. 589, § 16; T.C.A., § 49-4516; Acts 1989, ch. 591, § 113.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 2 - TENNESSEE STUDENT ASSISTANCE CORPORATION - GENERAL PROVISIONS (§§ 49-4-201 — 49-4-212) › Section 49-4-201 - Creation

There is created a nonprofit corporation, which shall be known as the Tennessee student assistance corporation, to administer student assistance programs authorized by law, which corporation shall be registered with the secretary of state, and shall be subject to the corporate laws of this state, except as provided in parts 2, 3, and 6-9 of this chapter.
Amended by 2020 Tenn. Acts, ch. 794, s 8, eff. 8/1/2020.
Acts 1974, ch. 620, § 1; 1976, ch. 415, § 9; T.C.A., §§ 49-5001, 49-50-101.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 2 - TENNESSEE STUDENT ASSISTANCE CORPORATION - GENERAL PROVISIONS (§§ 49-4-201 — 49-4-212) › Section 49-4-204 - Promulgation of rules

The Tennessee student assistance corporation is authorized and directed to promulgate rules governing the making of awards of financial assistance to students that the corporation deems necessary to carry out and to make effective the purposes of parts 2, 3, and 6-9 of this chapter.
Amended by 2020 Tenn. Acts, ch. 794, s 10, eff. 8/1/2020.
Acts 1974, ch. 620, § 4; 1976, ch. 415, § 11; 1977, ch. 282, § 3; 1980, ch. 711, § 14; T.C.A., § 49-5004; Acts 1982, ch. 861, § 2; T.C.A., §
49-50-104
.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 2 - TENNESSEE STUDENT ASSISTANCE CORPORATION - GENERAL PROVISIONS (§§ 49-4-201 — 49-4-212) › Section 49-4-205 - [Repealed] Reserved

Repealed by 2020 Tenn. Acts, ch. 794, s 11, eff. 8/1/2020.
Acts 1974, ch. 620, § 12; T.C.A., §§ 49-5012, 49-50-112.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 2 - TENNESSEE STUDENT ASSISTANCE CORPORATION - GENERAL PROVISIONS (§§ 49-4-201 — 49-4-212) › Section 49-4-206 - Investment and deposit of funds

(a)
The Tennessee student assistance corporation is authorized and empowered to:
(1)
Invest and reinvest any funds of the corporation in treasury notes, bonds or other securities of the United States, or bonds of this state; and
(2)
Deposit on interest any funds of the corporation in a bank or banks in this state, in which bank or banks the deposits are guaranteed by the federal deposit insurance corporation or collateralized in compliance with §
9-4-105
, applicable to deposits of public funds.
(b)
Any interest or other earnings received by the corporation shall be added to and shall be made a part of the funds and assets of the corporation.
Acts 1974, ch. 620, § 22; T.C.A., §§ 49-5022, 49-50-120.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 2 - TENNESSEE STUDENT ASSISTANCE CORPORATION - GENERAL PROVISIONS (§§ 49-4-201 — 49-4-212) › Section 49-4-207 - Requests for appropriations

Requests for appropriations to support the programs of the Tennessee student assistance corporation mentioned in this part shall be presented to the higher education commission and, in the form and to the extent approved by the higher education commission, shall be submitted to the governor for consideration and inclusion in the budget document for the next fiscal year.
Acts 1974, ch. 620, § 23; T.C.A., §§ 49-5023, 49-50-121.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 2 - TENNESSEE STUDENT ASSISTANCE CORPORATION - GENERAL PROVISIONS (§§ 49-4-201 — 49-4-212) › Section 49-4-208 - Employee benefits

The employees of the Tennessee student assistance corporation shall be entitled to the same employee benefits as state employees. The required employees' contributions shall be paid by the participating employees, and the employers' contributions and any other costs shall be paid by the Tennessee student assistance corporation rather than by the funds of the state.
Acts 1974, ch. 620, § 25; T.C.A., §§ 49-5025, 49-50-123.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 2 - TENNESSEE STUDENT ASSISTANCE CORPORATION - GENERAL PROVISIONS (§§ 49-4-201 — 49-4-212) › Section 49-4-209 - State financial aid to be applied to tuition and room and board

Notwithstanding any law to the contrary, all state financial aid granted to students, whether in the form of a grant or loan, shall be first applied to tuition, room and board and the excess, if any, shall be distributed to the recipient.
Acts 1983, ch. 351, § 3; T.C.A., § 49-50-124.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 2 - TENNESSEE STUDENT ASSISTANCE CORPORATION - GENERAL PROVISIONS (§§ 49-4-201 — 49-4-212) › Section 49-4-210 - [Repealed] Reserved

Repealed by 2022 Tenn. Acts, ch. 1107, s 3, eff. 7/1/2022.
Acts 2012 , ch. 519, § 6.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 3 - TENNESSEE STUDENT ASSISTANCE CORPORATION - STUDENT ASSISTANCE AWARDS (§§ 49-4-301 — 49-4-307) › Section 49-4-302 - Payment of award

(a)
Students who enroll in a public or nonpublic college or university shall have payments of their awards made directly to the college or university. The college or university shall promptly credit the payments to individual student accounts, if the student owes the institution for any educational expenses. If the student does not owe the institution for any educational expenses, the award proceeds shall be promptly disbursed to the student by the institution.
(b)
Payments of all awards shall be made in approximately equal installments after the beginning of each academic term, upon receipt by TSAC of evidence that the student is officially enrolled in an eligible institution. All payments shall be transmitted by TSAC to the director of financial aid or other designated official at each college or university to ensure proper handling and distribution.
Acts 1976, ch. 415, § 3; T.C.A., § 49-5014; Acts 1981, ch. 32, § 1; T.C.A., § 49-50-114; Acts 2006, ch. 582, § 1.
2023 Tennessee Code › Title 49 - EDUCATION (§§ 49-1-NEW — 49-50-1703) › Chapter 4 - FINANCIAL AID (§§ 49-4-101 — 49-4-1008) › Part 3 - TENNESSEE STUDENT ASSISTANCE CORPORATION - STUDENT ASSISTANCE AWARDS (§§ 49-4-301 — 49-4-307) › Section 49-4-303 - Amount of award

All awards of student assistance shall be based on the financial need of the student as measured by the parents' ability, or the student's ability if the student is emancipated and not receiving any financial assistance from the student's parents or guardian, to contribute to the student's educational expenses, as determined by guidelines established by TSAC. The maximum student assistance award shall not be greater than the total amount of tuition and mandatory fees charged by the postsecondary institution. Financial need of less than one hundred dollars ($100) shall render an applicant ineligible for an award.
Acts 1976, ch. 415, § 4; 1980, ch. 564, § 1; T.C.A., § 49-5015; Acts 1981, ch. 272, § 1; T.C.A., § 49-50-115; Acts 2006, ch. 582, § 2.