Tennessee Code Title 7. Consolidated Governments and Local Governmental Functions and Entities § 7-60-210

(a) The bonds and notes of counties are hereby made securities in which all public officers and bodies of this state and all counties, municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks and savings associations, including savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or in other obligations of the state, may properly and legally invest funds, including capital, in their control or belonging to them.

(b) The bonds and notes are also hereby made securities, which may be deposited with and may be received by all public officers and bodies of the state and all counties and municipalities for any purpose for which the deposit of bonds or other obligations of the state is now or may hereafter be authorized.