11-14-305 - Source of revenue. - Tennessee Statutes

11-14-305. Source of revenue.

(a)  Except as otherwise provided in subsection (b), the state treasurer shall deposit and hold all revenues from the following sources in the trust fund:

     (1)  Royalties, lease payments, or other revenues collected under leases or other agreements for the extraction of, or right to extract, any state-owned minerals from the land, and the proceeds from the disposal of state-owned mineral interests in land, including state-owned minerals and mineral interests under navigable streams and other waters;

     (2)  Proceeds from the sale or other conveyance of state-owned real property, including any interest therein;

     (3)  Bequests, grants, contributions and appropriations which are designated or authorized for receipt into the trust fund; and

     (4)  Trust fund investment income, less reasonable expenses for investing the trust fund assets.

(b)  The following revenues are excluded from the trust fund:

     (1)  Proceeds necessary to pay administration and disposal costs;

     (2)  Rental income from nonmineral interests;

     (3)  Proceeds from the sale and conveyance of real property made with the purpose of acquiring or constructing improvements on other real property to replace that which was conveyed, as determined by the commissioner of finance and administration at the time of the conveyance;

     (4)  Proceeds from the disposal of minerals excavated incidental to highway or other construction;

     (5)  Proceeds which, because of federal laws or regulations, are restricted to uses which prevent their being placed in the trust fund;

     (6)  Proceeds from the sale and conveyance of property deemed surplus right-of-way by the department of transportation under § 12-2-112(a)(7);

     (7)  Proceeds from the sale and conveyance of property by a college or university if those funds are controlled by § 49-8-111;

     (8)  Proceeds from the disposal of timber;

     (9)  Proceeds from the sale and conveyance of property which is otherwise specified by statute as restricted to some other use;

     (10)  Proceeds from the sale and conveyance of improved property if the appraised fair market value of the improvements exceeds the appraised fair market value of the land, as determined by the commissioner of finance and administration;

     (11)  Proceeds from the sale and conveyance of property by the University of Tennessee; and

     (12)  Proceeds described in subdivision (a)(1), which are generated from lands in Campbell and Scott counties which make up the Royal Blue wildlife management area. These proceeds shall be dedicated for use by the wildlife resources agency to manage and maintain the Royal Blue wildlife management area.

(c)  The state treasurer is authorized to deposit, hold, invest and manage in the trust fund, subject to the provisions of this part, any money received pursuant to any bequest, grant or contribution to the state from any person, firm, association, corporation, estate, trust, or other entity, including the United States or any agency thereof; provided, that the bequest, grant or contribution is designated or authorized to be so held and used. The state treasurer is also authorized to receive any security, as defined in § 47-8-102, or other property, pursuant to any such bequest, grant or contribution, and to hold, sell, invest, reinvest and manage the same in the trust fund, or to sell the same and reinvest the proceeds if it is not a lawful investment under the constitution and laws of this state.

[Acts 1985, ch. 189, § 5; 1986, ch. 768, § 1; 1998, ch. 778, § 1.]