9-4-704 - Consolidation with state funds Interest Charges Accounts Reports. - Tennessee Statutes

9-4-704. Consolidation with state funds Interest Charges Accounts Reports.

(a)  Funds in the local government investment pool established by this part shall be consolidated with state funds held in the pooled investment fund created under § 9-4-603; provided, that accurate and detailed accounting records are maintained for the funds for each participating local government. Each participating local government shall be deemed a participant in the pooled investment fund created under § 9-4-603.

(b)  The state treasurer shall deduct from each participant's pro rata earnings from the fund a reasonable charge for administering the fund which shall be deposited and expended through the revolving account established in § 9-4-603(g).

(c)  A separate account designated by name and number for each participant in the fund shall be kept to record individual transactions and totals of all investments belonging to each participant.

(d)  A monthly report showing the changes in investments made during the preceding month shall be furnished to each participant having a beneficial interest in the investment pool.

[Acts 1985, ch. 118, § 51; 2002, ch. 514, §§ 1, 2.]