Tennessee § 41-22-124 - Expenditures for capital improvements.

§ 41-22-124. Expenditures for capital improvements.

If the TRICOR board deems it desirable to use the proceeds from sales, revenues or other funds obtained from the operation of TRICOR for the purchase or construction of buildings, roads, walls, driveways, equipment or other capital improvements, the board shall make a written request to the comptroller of the treasury and the governor to obtain an authorization to expend the funds for any of those purposes. The written request shall describe the improvement and the estimated cost of the improvement. If the comptroller of the treasury and the governor approve the proposed expenditure, their approval shall be evidenced by endorsing their written approval upon the request and the same shall be the authority of the board to expend the funds for the improvement; provided, that it is unlawful to expend an amount greater than is stated in the approved request. If the amount of the expenditure exceeds two thousand five hundred dollars ($2,500) for buildings, walls or other capital improvements, the planning and construction of those improvements shall be under the requirements, direction and supervision of the state building commission. Acts 1937, ch. 278, § 6; impl. am. Acts 1939, ch. 11, § 1; C. Supp. 1950, § 12209.6 (Williams, § 12209.11); Acts 1957, ch. 155, § 1; T.C.A. (orig. ed.), § 41-426; Acts 1994, ch. 737, §§ 18, 19; 1996, ch. 564, § 2; 2003, ch. 187, § 7.