The state funding board may:

(1) Establish and reestablish a local government investment pool that is subject to § 9-4-602, consisting of the aggregate of all participating local government funds placed in the custody of the state treasurer, subsequent to the termination of the fund;
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Terms Used In Tennessee Code 9-4-703

  • 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
(2) Separate the local government investment pool from the state pooled investment fund created under § 9-4-603;
(3) Suspend accepting deposits into the fund from all participants;
(4) Suspend accepting deposits into the fund from some participants on a share or share class basis;
(5) Terminate some of the accounts in the fund on a share or share class basis;
(6) Terminate the fund in the event that the fund is financially infeasible or is not beneficial to the local governments or the state itself. Before termination can occur, the local government investment pool must be separated from the state pool investment fund, such that two (2) separate funds are established for investment, accounting, and administration purposes. The state funding board shall determine the timing of the fund separation, termination, and wind down, which must be based, in part, on market forces;
(7) Liquidate some or all participant accounts upon a partial or total fund suspension or termination by returning some or all funds to participants;
(8) Establish limits, restrictions, or conditions on the acceptance of moneys into and the withdrawal of moneys from the fund, including, but not limited to, a minimum contribution amount or a maximum withdrawal amount;
(9) Determine whether the local government investment pool funds must be commingled, for investment purposes, with the funds held in the pooled investment fund created under § 9-4-603, or maintained separately subject to §§ 9-4-602 and 9-4-603. The commingling of the funds in the local government investment pool with the funds in the pooled investment fund for investment purposes must not prohibit the funds from being established as two (2) separate funds and accounted for separately with accurate and detailed accounting records;
(10) Determine the valuation method applied to the fund, which may include, but need not be limited to, stable value or floating net asset value;
(11) Delegate the day-to-day administration of the local government investment pool to the state treasurer; and
(12) Serve in an advisory capacity to the state treasurer in all matters pertaining to the local government investment pool.
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