Senate Bill 1690, also known as House Bill 1794, 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 introduces provisions for the participation of other school districts in the investment pools created by establishing districts, outlining the necessary application procedures. It emphasizes the need for electronic transfer of funds and reporting, ensuring that the investment processes are efficient and transparent. Overall, the legislation aims to enhance the financial management of school district funds while reducing the need for additional taxation.

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