(a) Any profits derived from sales facilities authorized by § 4-12-108 shall be used in the programs of the state museum.
lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 4-12-110

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) There is established within the general fund a special agency account to be known as the earned revenue reserve fund for the purpose of assuring sufficient funding for the administration and programs of the state museum. All sales facilities revenue and other program fees collected shall be deposited into the fund. No part of the fund shall revert to the general fund, but shall be carried forward until expended in accordance with this chapter.
(c) The fund shall be administered by the museum executive director.
(d) For each fiscal year, there is allocated a sum sufficient from the fund to provide for the administrative and program costs of the state museum.
(e) Prior to the start of each fiscal year, and to the extent necessary during the fiscal year, certifications shall be made and delivered to the commissioner of finance and administration who has final authority regarding the actual expenditures of the fund.
  Previous section
Next section  
 Part 1 Contents