Senate Bill 1690 amends various sections of the Tennessee Code Annotated to facilitate the establishment and management of investment pools specifically for school districts. The bill allows school districts to create one or more investment pools for their funds, granting them the same powers as the state treasurer and the state funding board in managing these pools. It requires that any written agreement establishing such a pool must include an investment policy that aligns with existing investment guidelines and must be filed with the comptroller of the treasury. Additionally, the bill mandates that these pools are subject to audit and review by the comptroller.

The bill also outlines procedures for other school districts to apply for participation in these investment pools, ensuring that the establishing districts are not required to submit applications. It emphasizes the need for electronic transfer of funds and the filing of reports, as well as the return of principal investments or investment income. Overall, the legislation aims to enhance the investment capabilities of school districts while promoting fiscal responsibility and transparency.

Statutes affected:
Introduced: 9-1-107(b), 9-1-107, 9-4-701, 9-4-702, 9-4-705, 9-4-706