Tennessee Code 49-7-1208 – Creation in state treasury of a workforce advanced training fund – Appropriation of funds – Administration of fund
Terms Used In Tennessee Code 49-7-1208
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
There is created in the state treasury a “workforce advanced training fund,” referred to in this part as the “fund.” The fund shall consist of moneys appropriated to the fund by the general assembly. Interest accruing on investments and deposits of the fund shall be carried forward into the subsequent fiscal year. Any fund balance remaining unexpended at the end of a fiscal year shall remain in the fund and shall not be transferred or revert to the general fund of the state at the end of any fiscal year. Moneys in the fund shall be invested by the state treasurer in accordance with § 9-4-603. The fund shall be administered by the Tennessee higher education commission. Moneys in the fund shall be subject to annual appropriation by the general assembly to the Tennessee higher education commission to cover the costs associated with the establishment of the LEAP and any grants authorized pursuant to this part.