49-3-403. Establishment of fund Deposits, investments and expenditures.
(a) There is established within the state treasury a special trust fund for education.
(b) (1) The state treasurer is authorized to accept funds from any person, association or corporation wishing to contribute voluntarily to the special trust fund for education.
(2) Any person, association or corporation may deposit funds for the special trust fund for education to the credit of the state treasurer in the appropriately designated state depositories, and in every such case, the depositor shall send to the state treasurer a statement of each deposit certified by the bank receiving it.
(c) Funds in the special trust fund for education established by this part shall be invested by the state treasurer pursuant to policy guidelines, established by resolution of the funding board established by § 9-9-101, within the laws, guidelines and policies that govern investments of the Tennessee consolidated retirement system.
(d) Income from the investment of the special trust fund for education shall be expended solely in accordance with §§ 49-3-404 and 49-3-405, except that reasonable expenses for investment of the trust may be deducted from income. The principal, as set forth in § 49-3-405, may not be expended for any purpose.
49-3-403. Establishment of fund Deposits, investments and expenditures.
(a) There is established within the state treasury a special trust fund for education.
(b) (1) The state treasurer is authorized to accept funds from any person, association or corporation wishing to contribute voluntarily to the special trust fund for education.
(2) Any person, association or corporation may deposit funds for the special trust fund for education to the credit of the state treasurer in the appropriately designated state depositories, and in every such case, the depositor shall send to the state treasurer a statement of each deposit certified by the bank receiving it.
(c) Funds in the special trust fund for education established by this part shall be invested by the state treasurer pursuant to policy guidelines, established by resolution of the funding board established by § 9-9-101, within the laws, guidelines and policies that govern investments of the Tennessee consolidated retirement system.
(d) Income from the investment of the special trust fund for education shall be expended solely in accordance with §§ 49-3-404 and 49-3-405, except that reasonable expenses for investment of the trust may be deducted from income. The principal, as set forth in § 49-3-405, may not be expended for any purpose.
49-3-403. Establishment of fund Deposits, investments and expenditures.
(a) There is established within the state treasury a special trust fund for education.
(b) (1) The state treasurer is authorized to accept funds from any person, association or corporation wishing to contribute voluntarily to the special trust fund for education.
(2) Any person, association or corporation may deposit funds for the special trust fund for education to the credit of the state treasurer in the appropriately designated state depositories, and in every such case, the depositor shall send to the state treasurer a statement of each deposit certified by the bank receiving it.
(c) Funds in the special trust fund for education established by this part shall be invested by the state treasurer pursuant to policy guidelines, established by resolution of the funding board established by § 9-9-101, within the laws, guidelines and policies that govern investments of the Tennessee consolidated retirement system.
(d) Income from the investment of the special trust fund for education shall be expended solely in accordance with §§ 49-3-404 and 49-3-405, except that reasonable expenses for investment of the trust may be deducted from income. The principal, as set forth in § 49-3-405, may not be expended for any purpose.
