In addition to the powers granted by any other provisions of this part, the chief governing body of a political subdivision that establishes an investment trust under this part shall have the powers necessary or convenient to carry out the purposes and provisions of this part and the purposes and objectives of the investment trust, including, but not limited to, the following express powers:

(1) To invest any funds of the trust in any instrument, obligation, security, or property that constitutes legal investments, as provided in the investment policy adopted pursuant to § 8-50-1203(2);
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Terms Used In Tennessee Code 8-50-1205

  • board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • funding board: means the board created pursuant to §. See Tennessee Code 8-50-1202
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Political subdivision: means any Tennessee local governmental entity, including, but not limited to, any municipality, metropolitan government, county, utility district, school district, public building authority, and development district created and existing pursuant to the laws of Tennessee, or any instrumentality of government created by any one (1) or more of the named local governmental entities or by an act of the general assembly. See Tennessee Code 8-50-1202
  • post-employment benefits: means nonpension benefits paid on behalf of former employees or the former employees' beneficiaries after separation from service. See Tennessee Code 8-50-1202
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: means the state of Tennessee. See Tennessee Code 8-34-101
(2) To contract for the provision of all or any part of the services necessary for the management and operation of the investment trust;
(3) To contract with financial consultants, auditors, and other consultants as necessary to carry out its responsibilities under this part;
(4) To contract with an actuary or actuaries in determining the level of funding necessary by that political subdivision to fund the other post-employment benefits offered by the subdivision;
(5) To prepare annual financial reports, including financial statements, following the close of each fiscal year relative to the activities of the trust. The statements and reports shall contain the information that is prescribed by the board and shall be prepared in accordance with the governmental accounting standards board; and
(6) Upon the request of the state funding board, to file the annual report and financial statements with the chair of the funding board. The report and statements shall be filed with the chair of the board within ninety (90) calendar days from the date of the request, unless the chair extends the time in writing.
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