House Bill 224, sponsored by Haston, introduces the "School District Capital Improvements Investment Trust Act" to the Tennessee Code Annotated, specifically within Title 49, Chapter 2. This legislation allows local boards of education to establish investment trusts aimed at funding capital improvements for their local education agencies (LEAs). To create and maintain such a trust, a local board must adopt a capital improvements plan, maintain a public school fund balance of at least two months of expenditures from the LEA's general purpose budget, and ensure compliance with various legal and regulatory requirements. The bill outlines the irrevocable nature of the trust, stipulating that its assets can only be used for capital improvements or administrative costs, and provides protections against creditors' claims.

Additionally, the bill grants local boards of education the necessary powers to manage the investment trust, including the ability to invest funds, contract for services, and prepare annual financial reports. These reports and the trust's financial records will be subject to audits by the comptroller of the treasury, with provisions for engaging independent public accountants as needed. The act is set to take effect upon becoming law, emphasizing its importance for the public welfare.