Tennessee Code Title 49. Education § 49-7-3103

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) Upon receipt of a request to redirect capital outlay funds submitted under § 49-7-3102, the comptroller and the commissioner shall, in consultation with the institution and higher education commission staff, enter into a memorandum of understanding with the institution to:

(1) Outline the duties and responsibilities of the parties;

(2) Establish detailed and specific requirements that the institution must meet for its capital outlay funds to be redirected, which must be tailored to the specific institution, including periodic benchmarks for the incremental disbursement of capital outlay funds; and

(3) Other provisions that the parties deem necessary to effectuate the memorandum of understanding.

(b) The comptroller and the commissioner may, after consulting with the institution and higher education commission staff, amend the memorandum of understanding to ensure the requirements are relevant and aligned with state higher education goals and principles of financial stability.

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Cite this article: FindLaw.com - Tennessee Code Title 49. Education § 49-7-3103 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-49-education/tn-code-sect-49-7-3103/

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