Amends TCA Title 4; Title 8; Title 9; Title 10; Title 12; Title 49; Title 66 and Title 67.

Tennessee SB1359 allows institutions of higher education to request the redirection of their capital outlay funds for purposes not specified in the 2022 appropriations act, contingent upon approval from the commissioner of finance and administration and the comptroller of the treasury. Key provisions include the requirement for a memorandum of understanding that outlines the responsibilities and benchmarks for fund redirection, as well as the necessity for institutions to comply with information requests to demonstrate adherence to the established requirements. The bill affects public higher education institutions in Tennessee and introduces a structured process for fund management and oversight.