(a) Notwithstanding any other law to the contrary, state universities and community colleges may set aside an amount not to exceed ten percent (10%) of the total amount of funds allocated for the procurement of personal property and services for the purpose of entering into contracts with small businesses and minority-owned businesses. The contracts shall be competitively bid among small businesses and minority-owned businesses.
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Terms Used In Tennessee Code 49-8-114

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Minor: means any person who has not attained eighteen (18) years of age. See Tennessee Code 1-3-105
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • sex: means a person's immutable biological sex as determined by anatomy and genetics existing at the time of birth and evidence of a person's biological sex. 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
(b) For the purposes of this section, “small businesses” and “minority-owned businesses” mean a business that is solely owned, or at least fifty-one percent (51%) of the outstanding stock of which is owned, by a person who is impeded from normal entry into the economic mainstream because of past practices of discrimination based on race, religion, ethnic background, sex or service in the armed forces during the Vietnam War; provided, that it is not the policy of the state to encourage employment outside the home of mothers of minor children. “Minority-owned businesses” includes a business that is solely owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by an individual who is impeded from normal entry into the economic mainstream because of a disability as defined in § 4-26-102. “Minority owned businesses” also includes a business that is solely owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by an individual who is impeded from normal entry into the economic mainstream because of past practices of racial discrimination against African-Americans.
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