2018 Tennessee Code
Title 49 - Education
Chapter 3 - Finances
Part 4 - Volunteer Public Education Trust Fund Act of 1985
§ 49-3-405. Contributions -- Minimum trust fund amount.

Universal Citation: TN Code § 49-3-405 (2018)

The state treasurer shall add all voluntary contributions, constituting principal, to the special trust fund for education. Income accruing on voluntary contributions shall be deposited in the special trust fund by the state treasurer until the minimum trust fund amount is met. For the purposes of this part, the "minimum trust fund amount" is the threshold amount of principal that must be accumulated in the trust until income may be disbursed. For the purposes of this part, "income" means the income from the fund's investment portfolio from whatever source derived, including, but not limited to, interest, dividends, and realized capital gains and losses. Once the minimum trust fund amount is met, the commissioner of education and the state treasurer may allow the income on the minimum trust fund amount to be available for disbursement from the fund pursuant to the plan required by § 49-3-404. The commissioner of education and the state treasurer shall establish a minimum trust fund amount pursuant to the plan required by § 49-3-404. The state treasurer is authorized to establish separate accounting for the fund's principal and income.

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