2010 Tennessee Code
Title 9 - Public Finances
Chapter 4 - State Funds, State Budget and Appropriations
Part 6 - Disbursement and Investment of State Funds
9-4-603 - Pooled investment fund.
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 the provisions of § 9-4-602.
(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 shall deduct from each participant's pro rata earnings through the fund a reasonable charge for administering the fund, which shall be deposited and expended through the revolving account.
(h) The principal, and any part thereof, of each and every account constituting the pooled investment fund, is subject to payment at any time from the moneys in the fund; provided, that the state treasurer is authorized to receive, invest, and return principal and accrued interest to a participant by means of wire transfer or other means of electronic transfer of funds.
[Acts 1985, ch. 118, § 43; 2002, ch. 514, §§ 3, 4.]
Disclaimer: These codes may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
