In addition to the powers granted by any other provisions of this part, the trustees shall have the powers necessary or convenient to carry out the purposes and provisions of this part and the purposes and objectives of the investment trust or trusts, including, but not limited to, the following express powers:

(1) To invest any funds of the trust in any instrument, obligation, security, or property that constitutes legal investments, as provided in the investment policy adopted pursuant to § 8-27-802(b);

Terms Used In Tennessee Code 8-27-805

  • board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • post-employment benefits: means non-pension benefits paid on behalf of former state employees, former state employees' beneficiaries, authorized local education agency employees or the authorized local education agency employees' beneficiaries after separation from service. See Tennessee Code 8-27-801
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: means the state of Tennessee. See Tennessee Code 8-34-101
  • Trustees: means the four (4) trustees designated in §. See Tennessee Code 8-27-801
(2) To contract for the provision of all or any part of the services necessary for the management and operation of the investment trust;
(3) To contract with financial consultants, auditors, and other consultants as necessary to carry out its responsibilities under this part;
(4) To contract with an actuary or actuaries in determining the level of funding necessary by the state or certain local education agencies, if authorized by the trustees, to fund the other post-employment benefits offered by the subdivision;
(5) To prepare annual financial reports, including financial statements following the close of each fiscal year relative to the activities of the trust or trusts. The statements and reports shall be prepared in accordance with the governmental accounting standards board. The annual report, including financial statements, all books, accounts and financial records of any trust created under this part shall be subject to audit by the comptroller of the treasury.
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