Establishes a School District Capital Improvements Investment Trust Act to fund capital improvements for local education agencies.
The bill amends Tennessee Code Annotated, Title 49, to establish the School District Capital Improvements Investment Trust Act. Local boards of education can create investment trusts to fund capital improvements, including construction, renovations, and maintenance of school buildings and grounds. The act outlines requirements for establishing and maintaining these trusts, such as adopting a capital improvements plan, maintaining a public school fund balance, and ensuring assets are protected from creditors.
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