Tennessee Code 49-3-357 – Education trust fund of 1992
Terms Used In Tennessee Code 49-3-357
- Commissioner: means the commissioner of education. See Tennessee Code 49-3-302
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- Statute: A law passed by a legislature.
There is created the education trust fund of 1992. The commissioner of finance and administration is authorized and directed to deposit into this fund all revenues earmarked and allocated specifically and exclusively for educational purposes under this part, part 1 of this chapter, §§ 57-4-306, 67-4-1025, 67-6-103, and any other statute providing for the collection of state taxes allocated for educational purposes. All expenditures from this fund shall only be made upon appropriations for educational purposes duly enacted by the general assembly. Educational purposes shall include, but not be limited to, payment of principal and interest on general obligation bonds authorized to fund capital projects for institutions of higher education. Any unencumbered funds and any unexpended balances of the fund remaining at the end of any fiscal year shall not revert to the general fund of the state, but shall be carried forward until expended for educational purposes pursuant to appropriations duly enacted by the general assembly.