(a) The department of finance and administration shall establish the Tennessee transportation state infrastructure fund, in the state treasury, under the control of the authority.

Terms Used In Tennessee Code 4-31-1203

  • Authority: means the Tennessee local development authority, a public agency and instrumentality of the state, created by this chapter, or if such authority shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the authority shall be given by law. See Tennessee Code 4-31-102
  • Department: means the department of environment and conservation, or, if the department shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the department shall be given by law. See Tennessee Code 4-31-102
  • Fund: means the Tennessee transportation state infrastructure fund. See Tennessee Code 4-31-1202
  • State: means the state of Tennessee. See Tennessee Code 4-31-102
(b) For necessary and convenient administration of the fund, the authority shall establish accounts and subaccounts as necessary to meet any applicable federal law requirements or as necessary or desirable in order to implement this part.
(c) All federal funds shall be invested as required by applicable federal law, and all other funds shall be invested pursuant to state law.
(d) All interest and earnings of the fund shall remain a part of the fund.
(e) No part of the fund shall revert to the general fund on any June 30, but shall remain a part of the fund available for expenditure in accordance with this part.
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