(a) Except as otherwise provided in subsection (b), the state treasurer shall deposit and hold all revenues from the following sources in the trust fund:

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Terms Used In Tennessee Code 11-14-305

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bequest: Property gifted by will.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
  • Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mineral: means all forms of minerals including, but not limited to, oil, gas, and coal. See Tennessee Code 11-14-302
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • 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
  • Statute: A law passed by a legislature.
  • Trust fund: means the natural resources trust fund created by this part. See Tennessee Code 11-14-302
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) Royalties, lease payments, or other revenues collected under leases or other agreements for the extraction of, or right to extract, any state-owned minerals from the land, and the proceeds from the disposal of state-owned mineral interests in land, including state-owned minerals and mineral interests under navigable streams and other waters;
(2) Proceeds from the sale or other conveyance of state-owned real property, including any interest therein;
(3) Bequests, grants, contributions and appropriations which are designated or authorized for receipt into the trust fund; and
(4) Trust fund investment income, less reasonable expenses for investing the trust fund assets.
(b) The following revenues are excluded from the trust fund:

(1) Proceeds necessary to pay administration and disposal costs;
(2) Rental income from nonmineral interests;
(3) Proceeds from the sale and conveyance of real property made with the purpose of acquiring or constructing improvements on other real property to replace that which was conveyed, as determined by the commissioner of finance and administration at the time of the conveyance;
(4) Proceeds from the disposal of minerals excavated incidental to highway or other construction;
(5) Proceeds which, because of federal laws or regulations, are restricted to uses which prevent their being placed in the trust fund;
(6) Proceeds from the sale and conveyance of property deemed surplus right-of-way by the department of transportation under § 12-2-112(a)(7);
(7) Proceeds from the sale and conveyance of property by a college or university if those funds are controlled by § 49-8-111;
(8) Proceeds from the disposal of timber;
(9) Proceeds from the sale and conveyance of property which is otherwise specified by statute as restricted to some other use;
(10) Proceeds from the sale and conveyance of improved property if the appraised fair market value of the improvements exceeds the appraised fair market value of the land, as determined by the commissioner of finance and administration;
(11) Proceeds from the sale and conveyance of property by the University of Tennessee; and
(12) Proceeds described in subdivision (a)(1), which are generated from lands in Campbell and Scott counties which make up the Royal Blue wildlife management area. These proceeds shall be dedicated for use by the wildlife resources agency to manage and maintain the Royal Blue wildlife management area.
(c) The state treasurer is authorized to deposit, hold, invest and manage in the trust fund, subject to this part, any money received pursuant to any bequest, grant or contribution to the state from any person, firm, association, corporation, estate, trust, or other entity, including the United States or any agency thereof; provided, that the bequest, grant or contribution is designated or authorized to be so held and used. The state treasurer is also authorized to receive any security, as defined in § 47-8-102, or other property, pursuant to any such bequest, grant or contribution, and to hold, sell, invest, reinvest and manage the same in the trust fund, or to sell the same and reinvest the proceeds if it is not a lawful investment under the constitution and laws of this state.
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