(a) No moneys derived from the sale of bonds or otherwise borrowed under this part, or received as a grant, shall be required to be paid into the state treasury, but shall be deposited by the treasurer or other fiscal officer of the board in a separate bank account or accounts in such bank or banks or trust company or trust companies as may be designated by the board.

Terms Used In Tennessee Code 49-3-1109

  • Board: means both the board of trustees of the University of Tennessee and the state board of education, or either of them. See Tennessee Code 49-3-1102
  • Bonds: means any bonds of the board issued pursuant to this part. See Tennessee Code 49-3-1102
  • Institution: means any one of the East Tennessee State University, Middle Tennessee State University, the University of Memphis, the Tennessee Technological University, the University of Tennessee and the University of Tennessee, Martin branch. See Tennessee Code 49-3-1102
  • Project: means and includes buildings, structures, improvements and equipment of every kind, nature and description that may be required by or convenient for the purpose of an institution, including, without limiting the generality of the foregoing, administration, dining, exhibition, lecture, recreational and teaching halls, or parts of or additions to them. See Tennessee Code 49-3-1102
  • 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
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) The separate bank account or accounts shall be designated with the name of the institution where the project is acquired.
(c) All deposits of such moneys shall, if acquired by the board, be secured by obligations of the United States, of a market value equal at all times to the amount of the deposit; and all banks and trust companies are authorized to give such security.
(d) The money shall be disbursed as directed by the board and in accordance with the terms of any agreements with the holder or holders of any bonds.
(e) This action shall not be construed as limiting the power of the board to agree in connection with the issuance of any of its bonds, or the receipt of any grant, as to the custody and disposition of the moneys received from the sale of the bonds or as the payment of any such grant or the income and revenue of the institution pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.
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