reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 5 - COLLATERAL POOL FOR PUBLIC DEPOSITS ACT OF 1990 (§§ 9-4-501 — 9-4-523) › Section 9-4-523 - State treasurer empowered to act as successor pledgee

(a)
At such time as a public depository joins the collateral pool, the state treasurer is empowered to assume responsibility as successor pledgee of any and all collateral pledged on or after July 1, 1992, to individual public depositors by that public depository. The state treasurer is further empowered to assume responsibility as successor pledgee of any and all collateral pledged prior to July 1, 1992, to individual public depositors by such public depository, upon the written consent of the public depositors.
(b)
Upon assuming responsibility as successor pledgee as provided in subsection (a), the state treasurer is empowered to sign such documents on behalf of individual public depositors as may be required by a trustee custodian.
Acts 1990, ch. 1043, § 1; 1992, ch. 592, § 23.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 6 - DISBURSEMENT AND INVESTMENT OF STATE FUNDS (§§ 9-4-601 — 9-4-612) › Section 9-4-603 - Pooled investment fund

(a)
There is hereby established the "pooled investment fund" for the purpose of receiving and investing any money in the custody of any officer or officers of the state unless prohibited by statute to be invested.
(b)
Participants in the fund under this section shall be deemed to be the general fund of the state and 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 and which are authorized by the state treasurer to participate in the fund.
(c)
The state treasurer shall administer the pooled investment fund on behalf of the participants in accordance with §
9-4-602
and shall have the authority to establish accounts and different classes of shares within the fund.
(d)
All investments purchased belong jointly to the participants in the fund and the participants will share capital gains, income, and losses pro rata.
(e)
The state 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 shall report monthly to every participant having a beneficial interest in the pooled 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 pooled 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)
As the administrator of the pooled 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, restrictions or conditions on the acceptance of moneys into the fund and the withdrawal of moneys from the fund.
(i)
At any time, a participant in the fund may request the return of its principal investment or investment income or both; however, a redemption of shares does not guarantee that a participant will receive the entire amount of the principal investment or investment income or both.
Amended by 2013 Tenn. Acts, ch. 208,Secs.s1, s2, s3 eff. 4/23/2013.
Acts 1985, ch. 118, § 43; 2002, ch. 514, §§ 3, 4.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 6 - DISBURSEMENT AND INVESTMENT OF STATE FUNDS (§§ 9-4-601 — 9-4-612) › Section 9-4-604 - Payments to debtor of state

No person shall draw any money from the public treasury until all debts, dues, and demands owing by such person to the state are first liquidated and paid off. The commissioner of finance and administration shall not issue any warrant upon the treasury in favor of a person in default until all of such person's arrearages to the treasury are audited and paid, otherwise than by allowing such defaulter or delinquent credits on the amounts of such person's delinquencies for such sum or sums as may at any time be due and owing to such person from the treasury. Notwithstanding the provisions of this section to the contrary, the commissioner may issue such a warrant upon the commissioner's determination that refusing to issue such a warrant would result in an interruption of essential services.
Acts 1985, ch. 118, § 44; 2004, ch. 931, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 6 - DISBURSEMENT AND INVESTMENT OF STATE FUNDS (§§ 9-4-601 — 9-4-612) › Section 9-4-605 - Issuance of duplicate warrants

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.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 6 - DISBURSEMENT AND INVESTMENT OF STATE FUNDS (§§ 9-4-601 — 9-4-612) › Section 9-4-606 - Appropriation release requirements

(a)
The commissioner of finance and administration is authorized to require the preparation and submission of work programs, financial reports and any other fiscal information the commissioner deems necessary before releasing any appropriations or grant to any agency, association, district, center, or other organization that is not under the direct control of an executive department or agency of state government.
(b)
The comptroller of the treasury is authorized and empowered to audit the fiscal records of any such agency, association, district, center or other such organization receiving state appropriations or grants.
Acts 1985, ch. 118, § 46.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 6 - DISBURSEMENT AND INVESTMENT OF STATE FUNDS (§§ 9-4-601 — 9-4-612) › Section 9-4-607 - Refunds of erroneously paid amounts

With respect to any revenues or receipts collected by any department or agency with the exception of those collected by the department of revenue, other law to the contrary notwithstanding, such amounts as are determined to have been erroneously paid may be refunded by such procedure as shall be developed by the commissioner of finance and administration and approved by the comptroller of the treasury.
Acts 1985, ch. 118, § 47.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 6 - DISBURSEMENT AND INVESTMENT OF STATE FUNDS (§§ 9-4-601 — 9-4-612) › Section 9-4-609 - Restriction on expending public funds for advertising or public relations

(a)
As used in this section, "public funds" means state revenues appropriated in the general appropriations act.
(b)
The general assembly finds that it is the public policy of this state that public funds shall not be obligated nor expended, nor shall a contract be entered into with an advertising, government affairs, or public relations firm, to promote, achieve, establish or restore a favorable relationship with the Tennessee public solely related to the image of any department, agency or office of the legislative, judicial or executive branch of government, when such advertising or public relations material, advertisement or communication provides no useful information, service or benefit to the public, unless such expenditure is included as a specific identifiable item in the general appropriations act.
(c)
The board of regents and the board of trustees shall develop policies governing the expenditure of public funds which, while promoting the respective institutions of higher education included within their systems and adequately informing the general public about the specific educational opportunities, nature and uniqueness of each institution, are not used to represent the institution as being superior to any other specific state public institution of higher education.
(d)
If a governmental entity has entered into a contract that includes the expenditure of funds prohibited under this section, the governmental entity shall immediately exercise any available cancellation clause in such contract that may be exercised related to such advertising or public relations material or communication.
(e)
Nothing in this section shall apply to funds appropriated in the general appropriations act to promote state agriculture, industry, trade, commerce, tourism or recreation or to participate in or promote conferences, training or similar meetings.
Acts 1999, ch. 260, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 6 - DISBURSEMENT AND INVESTMENT OF STATE FUNDS (§§ 9-4-601 — 9-4-612) › Section 9-4-611 - Compensation of members of state boards and commissions

Notwithstanding any law to the contrary, no member of any state board or commission established by law or pursuant to law, which receives an appropriation, regardless of the source of funding, shall receive any compensation, whether denominated per diem or by whatever name called, except for days in which such member actually works four (4) or more hours performing duties directly relating to that board's or commission's activities or for time or days spent attending meetings of that board or commission. This section shall not preclude payment of salaries which are set by law in annual or monthly amounts. The chair or head of each board or commission, the department head to which such board or commission is attached administratively, and the commissioner of finance and administration shall prescribe procedures to contain, as a minimum, a certification of time worked by each member claiming compensation.
Added by 2013 Tenn. Acts, ch. 454,s 17, eff. 5/16/2013.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 6 - DISBURSEMENT AND INVESTMENT OF STATE FUNDS (§§ 9-4-601 — 9-4-612) › Section 9-4-612 - Investments of state funds in obligations guaranteed by United States government

(a)
Notwithstanding any requirement of this part, or any other law to the contrary, on and after April 22, 2015, the state treasurer may, in the state treasurer's sole discretion, invest money in the custody of any officer or officers of the state, which is otherwise required to be invested pursuant to §
9-4-603
or §
9-4-608
, pursuant to this section, if the state officer or officers who have custody of the money request that the money be invested pursuant to this section.
(b)
Investments made pursuant to this section are not subject to §
9-4-602
.
(c)
The authorized instruments for investment under this section shall be:
(1)
Bonds, notes, and treasury bills of the United States or any other obligations guaranteed as to principal and interest by the United States or any of its agencies; and
(2)
Obligations guaranteed as to principal and interest by the federal home loan mortgage corporation, federal national mortgage association, student loan marketing association, and other United States government sponsored corporations.
(d)
Investments made pursuant to this section shall not be pooled, and each investor will bear the capital gains, income, and losses for that investor's investment.
(e)
The state treasurer shall keep a separate account, designated by name and number of each investor. Individual transactions and totals of all investments belonging to each investor shall be recorded in the accounts.
(f)
The state treasurer shall report monthly to every investor under this section. The report shall show any 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, investment costs, and any other expenses associated with investments made pursuant to this section. The state treasurer may deduct from each investor's earnings, a reasonable charge for administering the investor's investment. In the event that the state treasurer does deduct an administrative fee, it shall be deposited and expended through the revolving account.
(h)
(1)
Subject to subdivision (h)(2), at any time, an investor may request the return of the investor's principal investment or investment income or both; however, a redemption of the investment does not guarantee that an investor will receive the entire amount of the principal investment or investment income or both.
(2)
In any case where an investor requests the return of an investment that will require liquidation of the investment prior to the investment reaching full maturity, the liquidation and return of the investment shall not be made unless the state treasurer approves the liquidation of the investment.
Amended by 2018 Tenn. Acts, ch. 909,s 1, eff. 5/3/2018.
Added by 2015 Tenn. Acts, ch. 196,s 1, eff. 4/22/2015.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 7 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 9-4-701 — 9-4-707) › Section 9-4-701 - Purpose and findings

The purpose of this part is to enable local governments in this state to participate in a pooled investment fund for the investment of idle public funds. For purposes of this part, the local governments that can participate in the fund are those entities listed in §
9-1-107(b)
. The general assembly finds and declares that the public interest is satisfied through a pooled investment fund for idle public funds, thereby reducing the need for imposing additional taxes. Each local government participating in the pooled investment fund is deemed a participant.
Amended by 2022 Tenn. Acts, ch. 824, s 1, eff. 4/14/2022.
Acts 1985, ch. 118, § 48.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 7 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 9-4-701 — 9-4-707) › Section 9-4-702 - Local government investment pool - Termination - Custody of funds

The local government investment pool in existence as of April 14, 2022, remains in full force and effect if and until the state funding board terminates the fund pursuant to this part, and is subject to the provisions of this part. The funds invested in the local government investment pool must be in the custody of the state treasurer or the agents of the state treasurer for investment, reinvestment, and the administration of the fund.
Amended by 2022 Tenn. Acts, ch. 824, s 2, eff. 4/14/2022.
Amended by 2013 Tenn. Acts, ch. 208, s 8, eff. 4/23/2013.
Acts 1985, ch. 118, § 49.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 7 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 9-4-701 — 9-4-707) › Section 9-4-703 - State funding board

The state funding board may:
(1)
Establish and reestablish a local government investment pool that is subject to §
9-4-602
, consisting of the aggregate of all participating local government funds placed in the custody of the state treasurer, subsequent to the termination of the fund;
(2)
Separate the local government investment pool from the state pooled investment fund created under §
9-4-603
;
(3)
Suspend accepting deposits into the fund from all participants;
(4)
Suspend accepting deposits into the fund from some participants on a share or share class basis;
(5)
Terminate some of the accounts in the fund on a share or share class basis;
(6)
Terminate the fund in the event that the fund is financially infeasible or is not beneficial to the local governments or the state itself. Before termination can occur, the local government investment pool must be separated from the state pool investment fund, such that two (2) separate funds are established for investment, accounting, and administration purposes. The state funding board shall determine the timing of the fund separation, termination, and wind down, which must be based, in part, on market forces;
(7)
Liquidate some or all participant accounts upon a partial or total fund suspension or termination by returning some or all funds to participants;
(8)
Establish limits, restrictions, or conditions on the acceptance of moneys into and the withdrawal of moneys from the fund, including, but not limited to, a minimum contribution amount or a maximum withdrawal amount;
(9)
Determine whether the local government investment pool funds must be commingled, for investment purposes, with the funds held in the pooled investment fund created under §
9-4-603
, or maintained separately subject to §§
9-4-602
and
9-4-603
. The commingling of the funds in the local government investment pool with the funds in the pooled investment fund for investment purposes must not prohibit the funds from being established as two (2) separate funds and accounted for separately with accurate and detailed accounting records;
(10)
Determine the valuation method applied to the fund, which may include, but need not be limited to, stable value or floating net asset value;
(11)
Delegate the day-to-day administration of the local government investment pool to the state treasurer; and
(12)
Serve in an advisory capacity to the state treasurer in all matters pertaining to the local government investment pool.
Amended by 2022 Tenn. Acts, ch. 824, s 3, eff. 4/14/2022.
Acts 1985, ch. 118, § 50; 1997 , ch. 217, § 12.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 7 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 9-4-701 — 9-4-707) › Section 9-4-704 - Powers of state treasurer

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.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 7 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 9-4-701 — 9-4-707) › Section 9-4-705 - Application and agreement - Electronic transfers and filing - Redemption of shares

(a)
A local government desiring to participate in the local government investment pool shall submit an application and agreement on a form prescribed by the state treasurer with a resolution passed by the local government's governing body demonstrating approval to participate in the fund. Pursuant to §
9-1-107(b)
, the governing body of the local government may delegate revocable investment authority to the financial officer charged with custody of the funds of the local government, who shall thereafter assume full responsibility for transactions with the local government investment pool.
(b)
Once the application and agreement are approved by the state treasurer, the local government may transfer money to the state treasurer to invest in the local government investment pool and purchase shares in the fund on behalf of the local government.
(c)
Money transferred by each participating local government to the local government investment pool for investment as an investment or principal payment must be done electronically. Such local governments shall also electronically file any report or other document with which such electronically transferred payment is associated or on which credit for the payment electronically transferred is taken. In extenuating circumstances, the state treasurer may waive the requirements of this section with respect to any local government. To obtain a waiver, the local government shall demonstrate in writing to the state treasurer that such extenuating circumstances exist.
(d)
At any time, and subject to the limits, conditions, or restrictions imposed by the state funding board, a participant in the fund may request the return of its principal investment or investment income or both; however, a redemption of shares does not guarantee that a participant will receive the entire amount of the principal investment or investment income or both.
Amended by 2022 Tenn. Acts, ch. 824, s 5, eff. 4/14/2022.
Acts 1985, ch. 118, § 52.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 7 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 9-4-701 — 9-4-707) › Section 9-4-706 - Ownership of investments - Negative earnings - Use of charges

(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.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 7 - LOCAL GOVERNMENT INVESTMENT POOL (§§ 9-4-701 — 9-4-707) › Section 9-4-707 - [Repealed]

Repealed by 2022 Tenn. Acts, ch. 824, s 7, eff. 4/14/2022.
Acts 2010 , ch. 728, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-801 - Part definitions

As used in this section:
(1)
"Bullion" means precious metals that are formed into uniform shapes and quantities such as ingots, bars, or plates, with uniform content and purity, as are suitable for or customarily used in the purchase, sale, storage, transfer, and delivery of bulk or wholesale transactions in precious metals; and
(2)
"Specie" means a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.
Added by 2023 Tenn. Acts, ch. 69, s 1, eff. 3/23/2023.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-802 - State purchase of gold and precious metals

(a)
Subject to appropriation, the state treasurer may purchase and sell gold or precious metal bullion or specie that will be directly owned by the state, and in the custody of the state treasurer.
(b)
The state treasurer may make and enter into contracts, trust instruments, agreements, and other instruments with a person to effectuate this section, including, but not limited to, financial institutions, accountants, auditors, attorneys, consultants, and other contractors.
(c)
The physical gold and precious metal purchased under this section must be custodied by the state treasurer in a state depository as defined in §
9-4-107
, and maintained in a vault within the state depository's banking facilities in accordance with accepted industry standards for secure storage, and within the geographical boundaries of this state.
(d)
The state treasurer shall ensure that the gold or precious metal bullion or specie is securely maintained and transported; adequately insured; independently audited; and physically segregated from the other assets custodied at the state depository.
(e)
The expenses for the administration and implementation of the purchase, sale, transportation, maintenance, valuation, security, insurance, and custody of the gold or precious metal bullion or specie must be paid from state funds appropriated in the general appropriations act.
Added by 2023 Tenn. Acts, ch. 69, s 2, eff. 3/23/2023.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-803 - [Repealed]

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1985, ch. 118, § 55.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-804 - [Repealed]

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1985, ch. 118, § 56.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-805 - [Repealed]

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1985, ch. 118, § 57.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-806 - [Repealed]

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1985, ch. 118, § 58.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-807 - [Repealed]

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1985, ch. 118, § 59.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-808 - [Repealed]

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1985, ch. 118, § 60.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-809 - [Repealed]

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1985, ch. 118, § 61.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-810 - [Repealed]

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1985, ch. 118, § 62.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-811 - [Repealed]

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1985, ch. 118, § 63.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 8 - STATE TRUST OF TENNESSEE (§§ 9-4-801 — 9-4-812) › Section 9-4-812 - [Repealed]

Repealed by 2017 Tenn. Acts, ch. 65, s 3, eff. 3/31/2017.
Acts 1989, ch. 115, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 9 - STATE OFFICE BUILDINGS AND SUPPORT FACILITIES REVOLVING FUND (§§ 9-4-901 — 9-4-907) › Section 9-4-901 - Created

There is hereby created within the general fund a special account to be known as the "state office buildings and support facilities revolving fund."
Acts 1993, ch. 332, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 9 - STATE OFFICE BUILDINGS AND SUPPORT FACILITIES REVOLVING FUND (§§ 9-4-901 — 9-4-907) › Section 9-4-902 - Unencumbered funds and unexpended balance

Any unencumbered funds and any unexpended balance of the fund remaining at the end of any fiscal year shall not revert to the general fund, but shall be carried forward until expended in accordance with this part.
Acts 1993, ch. 332, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 9 - STATE OFFICE BUILDINGS AND SUPPORT FACILITIES REVOLVING FUND (§§ 9-4-901 — 9-4-907) › Section 9-4-903 - Interest

Interest accruing on investments and deposits of the fund shall be returned to the fund and remain a part of the fund.
Acts 1993, ch. 332, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 9 - STATE OFFICE BUILDINGS AND SUPPORT FACILITIES REVOLVING FUND (§§ 9-4-901 — 9-4-907) › Section 9-4-904 - Investments - Administration of fund

Moneys in the fund shall be invested by the state treasurer for the benefit of the fund pursuant to §
9-4-603
. The fund shall be administered by the commissioner of general services in accordance with policy established by the state building commission.
Amended by 2013 Tenn. Acts, ch. 454,s 38, eff. 5/16/2013.
Acts 1993, ch. 332, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 9 - STATE OFFICE BUILDINGS AND SUPPORT FACILITIES REVOLVING FUND (§§ 9-4-901 — 9-4-907) › Section 9-4-905 - Purpose of fund

The state office buildings and support facilities revolving fund is to provide for:
(1)
Operating expenses for office buildings and support facilities;
(2)
Debt service payments on general obligation bonds authorized to build or acquire office buildings and support facilities;
(3)
Routine maintenance expenditures on office buildings and support facilities;
(4)
Major maintenance and renovation projects for office buildings and support facilities as approved by the state building commission;
(5)
Relocation expenses for state agencies;
(6)
Payments for leased space occupied by state agencies; and
(7)
Payments to build or acquire buildings or support facilities as approved by the state building commission.
Acts 1993, ch. 332, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 9 - STATE OFFICE BUILDINGS AND SUPPORT FACILITIES REVOLVING FUND (§§ 9-4-901 — 9-4-907) › Section 9-4-906 - Deposits

Notwithstanding any law to the contrary, there shall be deposited in the fund any and all appropriations made either in the general appropriations act, including any rents for leased state facilities covered by the fund, or in any other act which is for the purpose of funding the items listed in §
9-4-905
.
Acts 1993, ch. 332, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 9 - STATE OFFICE BUILDINGS AND SUPPORT FACILITIES REVOLVING FUND (§§ 9-4-901 — 9-4-907) › Section 9-4-907 - Lease payments

Lease payments for space occupied by state agencies, including the legislative and judicial branches, shall be established by policy issued by the commissioner of general services and approved by the state building commission; provided, however, that until such time as a policy shall be issued by the commissioner of general services and approved by the state building commission, the policy formerly issued by the commissioner of finance and administration and approved by the state building commission shall remain effective. The lease payments shall be paid to the fund.
Amended by 2013 Tenn. Acts, ch. 454,s 39, eff. 5/16/2013.
Acts 1993, ch. 332, § 1.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 10 - PENSION STABILIZATION RESERVE TRUST (§§ 9-4-1001 — 9-4-1006) › Section 9-4-1001 - Pension stabilization reserve trust fund

The pension stabilization reserve trust is created. The pension stabilization reserve trust fund shall be established and funded through the employer contributions contributed to the trust pursuant to §
8-36-920(d)(4)
, and all income from the investment of the funds in the trust fund. The trust and the funds therein shall be administered by the treasury department. The trust fund shall be an irrevocable trust exclusively for the benefit of the participants and beneficiaries of the Hybrid Retirement Plan for State Employees and Teachers compiled in title 8, chapter 36, part 9. 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 employees and their beneficiaries under the Hybrid Retirement Plan for State Employees and Teachers 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 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 1, eff. 3/22/2018.
Added by 2017 Tenn. Acts, ch. 374,s 1, eff. 5/11/2017.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 10 - PENSION STABILIZATION RESERVE TRUST (§§ 9-4-1001 — 9-4-1006) › Section 9-4-1002 - Trustees

The comptroller of the treasury, the commissioner of financial institutions, the commissioner of finance and administration, the secretary of state, and the state treasurer, or their designees, shall serve as trustees of the trust. The comptroller of the treasury shall serve as the chair of the trustees and shall preside over all meetings and proceedings of the trustees.
Added by 2017 Tenn. Acts, ch. 374,s 1, eff. 5/11/2017.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 10 - PENSION STABILIZATION RESERVE TRUST (§§ 9-4-1001 — 9-4-1006) › Section 9-4-1003 - Investment policy - Individual separate stabilization reserve trust accounts

(a)
The trustees shall adopt an investment policy authorizing how assets in the trust may be invested. The policy shall not authorize assets in the trust to be invested in any instrument, obligation, security, or property that would not constitute a legal investment for assets of the Tennessee consolidated retirement system. The state treasurer shall be responsible for the investment and reinvestment of trust funds in accordance with the policies and guidelines established by the trustees.
(b)
The funds transferred or deposited into the trust may be commingled with, co-invested with, and invested or reinvested with other assets transferred or deposited into the trust. All or a portion of the trust may be invested, reinvested, and co-invested with other funds, not a part of the trust, which are held by the state treasurer, including, but not limited to, assets of the Tennessee consolidated retirement system and the state pooled investment fund established pursuant to part 6 of this chapter. The assets of the trust may also be co-invested in a group trust in accordance with §
8-37-104(f)
.
(c)
The trust fund shall consist of the following individual separate stabilization reserve trust accounts for the purpose of accounting for the employer contributions made to the trust on account of:
(1)
State employees participating in the Hybrid Retirement Plan for State Employees and Teachers, compiled in title 8, chapter 36, part 9; and
(2)
Teachers participating in the Hybrid Retirement Plan for State Employees and Teachers.
(d)
In addition, the trust fund shall consist of individual separate stabilization reserve trust accounts established in the name of each political subdivision participating in the Hybrid Retirement Plan for State Employees and Teachers for the purpose of accounting for the employer contributions made to the trust by the political subdivision on account of its employees.
(e)
The state treasurer shall assess a charge to the trust, in an amount to be determined by the treasurer, to meet the administrative and investment expenses of the treasury department in providing services under this part.
Amended by 2018 Tenn. Acts, ch. 590,s 2, eff. 3/22/2018.
Added by 2017 Tenn. Acts, ch. 374,s 1, eff. 5/11/2017.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 10 - PENSION STABILIZATION RESERVE TRUST (§§ 9-4-1001 — 9-4-1006) › Section 9-4-1004 - Purpose of trust fund - Certification of amount needed to fund benefits - Use of assets

(a)
As provided in this section, the purpose of the pension stabilization reserve trust fund is to protect the participants and beneficiaries of the Hybrid Retirement Plan for State Employees and Teachers from a reduction or loss of benefits through the implementation of the cost controls contained in §
8-36-922(c)(1)(C)-(G)
or in §
8-36-922(d)(1)
. If in any given year, the total amount in an employer's employer reserve account established pursuant to §
8-36-920(e)
is not sufficient to meet the actuarial liabilities for which the employer's employer reserve account was created, then the board of trustees of the Tennessee consolidated retirement system shall certify to the trustees of the trust the amount necessary to fund current benefits as determined by the actuarial valuation performed by the retirement system's actuary. Upon receipt of the certification, the trustees of the trust shall determine whether transferring all or a portion of the requested amount from the employer's stabilization reserve trust account to the applicable employer reserve account of the employer 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 employer's stabilization reserve trust account to the applicable employer reserve account of the employer.
(b)
The assets of the 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.
Amended by 2018 Tenn. Acts, ch. 590,s 3, eff. 3/22/2018.
Added by 2017 Tenn. Acts, ch. 374,s 1, eff. 5/11/2017.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 10 - PENSION STABILIZATION RESERVE TRUST (§§ 9-4-1001 — 9-4-1006) › Section 9-4-1005 - Suspension of deposits of employer contributions

Deposits of employer contributions into the pension stabilization reserve trust fund as provided in §
8-36-920
shall be suspended effective July 1 of any given year next following the most recent actuarial valuation conducted pursuant to §
8-36-922(b)
for an employer whose stabilization reserve trust account equals or exceeds a certain maximum amount that is determined by the trustees of the trust created pursuant to this part. The amount shall be expressed in dollars, as a percentage, or other form as shall be determined at the sole discretion of the trustees. The trustees, in consultation with board of trustees of the Tennessee consolidated retirement system and the retirement system's actuary, shall establish the methodology and procedures to be used in ascertaining the maximum amount. Deposits into the pension stabilization reserve trust fund shall be reinstated for the employer effective July 1 of any given year next following the most recent actuarial valuation conducted pursuant to §
8-36-922(b)
when the total amount in the employer's stabilization reserve trust account is less than the maximum amount adopted by the trustees pursuant to this section.
Added by 2017 Tenn. Acts, ch. 374,s 1, eff. 5/11/2017.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 10 - PENSION STABILIZATION RESERVE TRUST (§§ 9-4-1001 — 9-4-1006) › Section 9-4-1006 - Annual financial reports

The trustees shall prepare annual financial reports following the close of each fiscal year relative to the activities of the trust. The annual reports, all books, accounts, and financial records of the trust shall be subject to audit by the comptroller of the treasury.
Added by 2017 Tenn. Acts, ch. 374,s 1, eff. 5/11/2017.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 11 - STATE EMPLOYEE LEGACY PENSION STABILIZATION RESERVE TRUST (§§ 9-4-1101 — 9-4-1106) › Section 9-4-1101 - Part definitions

As used in this part, unless the context otherwise requires:
(1)
"Legacy pension plan" means the Tennessee consolidated retirement system that is established in title 8, chapters 34 - 37, excluding the Hybrid Retirement Plan for State Employees and Teachers, compiled in title 8, chapter 36, part 9;
(2)
"State employee" means any person who is a state official, including members of the general assembly, the attorney general and reporter, district attorneys general, state judges, and district public defenders, or any person who is employed in the service of and whose compensation is payable by the state, or any person who is employed by the state whose compensation is paid in whole or in part from federal or other funds. "State employee" also means any person who is employed in the service of and whose compensation is payable by a public institution of higher education, or any person who is employed by a public institution of higher education whose compensation is paid in whole or in part from federal or other funds; and
(3)
"Trustees" means the five (5) trustees designated in §
9-4-1002
.
Added by 2017 Tenn. Acts, ch. 374,s 7, eff. 5/11/2017.
2023 Tennessee Code › Title 9 - PUBLIC FINANCES (§§ 9-1-101 — 9-24-106) › Chapter 4 - STATE FUNDS, STATE BUDGET AND APPROPRIATIONS (§§ 9-4-101 — 9-4-5612) › Part 11 - STATE EMPLOYEE LEGACY PENSION STABILIZATION RESERVE TRUST (§§ 9-4-1101 — 9-4-1106) › Section 9-4-1102 - State employee legacy pension stabilization reserve trust fund

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.