Amends TCA Title 49.
Tennessee SB0593 establishes the "School District Capital Improvements Investment Trust Act," allowing local boards of education to create investment trusts to fund capital improvements for their local education agencies (LEAs). Key provisions include requirements for adopting a capital improvements plan, maintaining a minimum fund balance, and ensuring compliance with applicable laws, as well as stipulations for the irrevocability of the trust and protections against creditor claims. The bill also mandates annual financial reporting and auditing of the investment trusts by the comptroller of the treasury.
Tennessee SB0593 establishes the "School District Capital Improvements Investment Trust Act," allowing local boards of education to create investment trusts to fund capital improvements for their local education agencies (LEAs). Key provisions include requirements for adopting a capital improvements plan, maintaining a minimum fund balance, and ensuring compliance with applicable laws, as well as stipulations for the irrevocability of the trust and protections against creditor claims. The bill also mandates annual financial reporting and auditing of the investment trusts by the comptroller of the treasury.
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Walley, Page
114th General Assembly
January 30, 2025
February 4, 2026
Assigned to General Subcommittee of Senate Education Committee