49-50-1305 - Endowment fund. - Tennessee Statutes

49-50-1305. Endowment fund.

(a)  There is created the Tennessee Foreign Language Institute endowment fund within the state treasury.

(b)  The state treasurer is authorized to accept moneys from any person, association or corporation wishing to contribute voluntarily to the endowment fund and to invest the moneys for the benefit of the fund pursuant to § 9-4-603.

(c)  The income from the endowment fund shall be used for the operation and maintenance of the institute. All interest and earnings on deposit in the fund shall become a part of and remain in the Tennessee Foreign Language Institute endowment fund. No funds in the Tennessee Foreign Language Institute endowment fund shall revert to the state general fund on June 30 of any year, but shall remain available for expenditure in accordance with this part.

(d)  Subject to the general appropriations act, all private contributions to the fund shall be matched by the state on a dollar-for-dollar basis.

[Acts 1986, ch. 801, § 5; 1990, ch. 702, §§ 4, 5.]