(a) There is established within the education trust fund of 1992, created by this part, a special revenue account to be known as the Tennessee investment in student achievement formula (TISA) account.
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
Trustee: A person or institution holding and administering property in trust.
(b) All appropriations from the education trust fund of 1992, and such other appropriations as may be provided by law, will be credited to the TISA account. The appropriations will be credited to the account on the fifteenth day of the second month of each quarter or on such other schedule approved by the commissioners of education and finance and administration.(c) The principal and interest of the TISA account, and any part of the TISA account, will be subject to payment under this chapter. The commissioner shall administer the TISA account and is authorized to make disbursements from the account in accordance with § 9-4-601.(d) Money in the TISA account shall be invested by the state treasurer for the benefit of the account pursuant to § 9-4-603. Interest accruing on investments and deposits to the account shall be returned to the account and become part of the account.(e) Any unencumbered funds or any unexpended balance of the TISA account remaining at the end of any fiscal year shall not revert to the general fund of the state or the education trust fund of 1992, but shall be carried forward until expended in accordance with this chapter.(f) All state funds available to any LEA that exceed the amount of state funds provided for public education in each respective LEA in the 1991-1992 fiscal year shall be exempt from the trustee‘s commission authorized by § 8-11-110.
