(a) The board shall manage, lend, maintain, keep or deposit such funds for the benefit and uses of the public school teachers’ retirement fund.

Terms Used In Tennessee Code 49-5-913

  • 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.
(b) The board shall receive all moneys from donations, legacies, gifts, bequests, and any surplus that may remain at the end of any fiscal year, from the sum or sums contributed and paid by both the teachers and by the school boards.
(c) The fund shall be invested in solvent and approved interest-bearing securities or well-secured mortgages or municipal bonds.
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