8-50-1205 - Powers and duties. - Tennessee Statutes

8-50-1205. Powers and duties.

In addition to the powers granted by any other provisions of this part, the chief governing body of a political subdivision that establishes an investment trust under this part shall have the powers necessary or convenient to carry out the purposes and provisions of this part and the purposes and objectives of the investment trust, including, but not limited to, the following express powers:

     (1)  To invest any funds of the trust in any instrument, obligation, security, or property that constitutes legal investments, as provided in the investment policy adopted pursuant to § 8-50-1203(2);

     (2)  To contract for the provision of all or any part of the services necessary for the management and operation of the investment trust;

     (3)  To contract with financial consultants, auditors, and other consultants as necessary to carry out its responsibilities under this part;

     (4)  To contract with an actuary or actuaries in determining the level of funding necessary by that political subdivision to fund the other post-employment benefits offered by the subdivision;

     (5)  To prepare annual financial reports, including financial statements, following the close of each fiscal year relative to the activities of the trust. The statements and reports shall contain the information that is prescribed by the board and shall be prepared in accordance with the governmental accounting standards board; and

     (6)  Upon the request of the state funding board, to file the annual report and financial statements with the chair of the funding board. The report and statements shall be filed with the chair of the board within ninety (90) calendar days from the date of the request, unless the chair extends the time in writing.

[Acts 2006, ch. 771, § 1.]