11-14-306 - Investments Separate account Protection of fund. - Tennessee Statutes

11-14-306. Investments Separate account Protection of fund.

(a)  Funds in the natural resources trust fund established by this part shall be invested by the state treasurer pursuant to policy guidelines, established by resolution of the funding board, created by § 9-9-101. The funding board shall establish the policy guidelines for investment of the natural resources trust fund in any manner which is lawful for the investment of state funds.

(b)  The state treasurer shall establish a separate natural resources trust fund account and shall annually transfer all interest and other earnings of the trust fund into the account, which shall be available for expenditure pursuant to § 11-14-307. The state treasurer shall withhold from the interest and other income of the trust fund such an amount as is necessary to protect the trust fund from inflation based on an appropriate inflation index to be selected by the state funding board. Funds withheld to protect the trust from inflation pursuant to this subsection shall become a part of the corpus of the trust fund.

[Acts 1985, ch. 189, § 6.]