Skip to main content
Find a Lawyer

Tennessee Code Title 9. Public Finances § 9-1-107

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

(a)(1) Counties, municipalities, districts, and other public or quasi-public corporations and public officials, boards, agencies, or other public or quasi-public entities, other than the state, are expressly authorized and empowered to invest or deposit funds held by them, including sinking funds and pension and retirement funds in accounts of federal savings banks, whose deposits are insured by the federal deposit insurance corporation.

(2)(A) Deposits in excess of the limits of insurance on such accounts are authorized where the collateral given is eligible collateral, as defined in § 9-4-103, or where the collateral given is an irrevocable letter of credit issued by a federal savings bank.

(B) If the security is released, or if the value of the security is impaired, the bank shall promptly substitute collateral meeting the requirements of this section sufficient to cover the deposits to be secured.

(C) Deposits in excess of the limits of insurance are, as to each bank, limited to no more than five percent (5%) of the assets of such bank with respect to each depositor, and are limited to no more than ten percent (10%) of the assets of such association with respect to all depositors.

(b) Counties, municipalities, districts and other public or quasi-public entities are authorized to deposit or invest funds in the local government investment pool under chapter 4, part 7 of this title. The governing body of such local government may delegate revocable investment authority to the financial officer charged with custody of the funds of the local government, who shall thereafter assume full responsibility for transactions with the local government investment pool.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Tennessee Code Title 9. Public Finances § 9-1-107 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-9-public-finances/tn-code-sect-9-1-107/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard