Amends TCA Title 9, Chapter 4, Part 8.

This bill authorizes the state treasurer to:<br /> <br /> (1) Purchase and sell gold or precious metal bullion or specie that will be directly owned by the state, and in the custody of the state treasurer; and<br /> <br /> (2) Enter contracts and other instruments with a person to effectuate this bill.<br /> <br /> The physical gold and precious metal purchased under this bill must be custodied by the state treasurer in a state depository and maintained in a vault within the state depository's banking facilities within the geographical boundaries of Tennessee. <br /> <br /> This bill requires the state treasurer to ensure that the gold or precious metal bullion or specie is securely maintained and transported; adequately insured; independently audited; and physically segregated from the other assets custodied at the state depository. <br /> <br /> This bill requires that the expenses for the administration and implementation of the purchase, sale, transportation, maintenance, valuation, security, insurance, and custody of the gold or precious metal bullion or specie must be paid from state funds appropriated in the general appropriations act.<br />