This text of Tennessee § 9-4-704 (Powers of state treasurer) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
The state treasurer may:
(1)Implement and administer the local government investment pool, including, but not limited to, effectuating the decisions of the state funding board and any delegated duties;
(2)Approve each participant's application and agreement to participate in the local government investment pool;
(3)Contract with accountants, attorneys, auditors, investment advisors, or other finance and investment professionals to make investments or provide for the public accounting, auditing, and legal compliance necessary for performance reporting, and the proper administration of the local government investment pool. Attorneys must be employed with the approval of the attorney general and reporter;
(4)Invest and reinvest the funds placed in the state treasurer's custody;
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The state treasurer may: (1) Implement and administer the local government investment pool, including, but not limited to, effectuating the decisions of the state funding board and any delegated duties; (2) Approve each participant's application and agreement to participate in the local government investment pool; (3) Contract with accountants, attorneys, auditors, investment advisors, or other finance and investment professionals to make investments or provide for the public accounting, auditing, and legal compliance necessary for performance reporting, and the proper administration of the local government investment pool. Attorneys must be employed with the approval of the attorney general and reporter; (4) Invest and reinvest the funds placed in the state treasurer's custody; (5) Establish shares, accounts, and subaccounts; different classes of shares; and restricted accounts within the fund. The establishment of separate shares or classes of shares must only occur in the local government investment pool once it is separated from the state pool investment fund, such that two (2) separate funds are established for investment, accounting, and administration purposes; (6) Receive, invest, and distribute a pool participant's funds by means of an electronic transfer or other reasonable methods; (7) Open accounts as are permitted by the federal reserve for the safekeeping and other servicing of securities of local governments, and to enter into agreements with local governments to provide for such services; (8) Maintain accurate and detailed accounting records for each participating local government's funds; (9) Deduct a reasonable charge from each participant's account balance or balances which must be deposited and expended through the revolving account established in § 9-4-603(g) ; (10) Provide a monthly report to each fund participant; (11) Develop policies, procedures, guidelines, notices, or disclosures for the effective administration of the fund; and (12) Facilitate local government investment pool participation by: (A) Explaining investments in the local government investment pool to local governments through publication and other appropriate means; (B) Educating local governments about the state's experience in investing short-term funds; and (C) Providing technical assistance in investment of idle funds in the local government investment pool to local governments that request such assistance.