SB1690 amends Tennessee law to allow school districts to establish investment pools for idle public funds.
SB1690 amends Tennessee Code to allow school districts to establish investment pools for idle public funds, reducing the need for additional taxes. The bill requires written agreements and investment policies for these pools, which must be filed with the comptroller of the treasury. It also mandates electronic transfer of funds and filing of reports. The bill authorizes counties, municipalities, and other public entities to deposit funds in these pools, delegating investment authority to financial officers. The act takes effect immediately upon becoming law.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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