§ 4-31-1204 — Transfer of funds from existing fund - Capitalization of fund - Soliciting funds - Prohibition against commingling funds - Entering cooperative agreements

(a) The state treasurer shall transfer the balance from the existing fund for the Tennessee state infrastructure bank, administered by the department of transportation, on July 1, 2009, to the fund established in § 4-31-1203 . (b) The following sources may be used to capitalize the fund and for the authority to carry out its purposes: (1) Appropriations by the general assembly; (2) Federal funds apportioned and available to the state, as approved by the department of transportation; (3) Contributions, donations, grants and deposits from the federal government, government units, private entities and any other source as may become available to the fund; and (4) All payments of principal and interest on loans or pursuant to the financing agreements. (c) In addition to the powers specified in part 1 of this chapter, the authority may request and receive funds from federal, state or other government sources or from private entities. The authority may request the department of transportation, or other state agencies or officials, as appropriate, to act on its behalf or to assist in making application for such funds. All funds received from government or private sources shall be deposited in the fund to be used in accordance with this part. (d) The authority shall comply with all applicable federal laws and regulations prohibiting the commingling of certain federal funds deposited in the fund. (e) The authority may enter into cooperative agreements with agencies of the federal government or other state agencies as necessary or desirable to implement this part.

Legislative History

Acts 2009, ch. 525, § 1.