49-3-405 - Contributions Minimum trust fund amount. - Tennessee Statutes

49-3-405. Contributions Minimum trust fund amount.

The state treasurer shall add all voluntary contributions to the special trust fund for education. The state board of education shall establish a minimum trust fund amount pursuant to the plan required by § 49-3-404. Interest accruing on voluntary contributions shall be deposited in the special trust fund by the state treasurer until the minimum trust fund amount is met and such interest shall be considered as principal. When the minimum trust fund amount is met, interest income on the minimum trust fund amount will be available for disbursement from the fund pursuant to the plan required by § 49-3-404. Voluntary contributions received after the minimum trust fund amount is met, as well as unexpended interest income at the end of each fiscal year, shall be added to the special trust fund as principal and shall serve to increase the minimum trust fund amount established by the state board of education.

[Acts 1985, ch. 351, § 5.]