Tennessee § 8-27-805 - Powers of trustees.

§ 8-27-805. Powers of trustees.

In addition to the powers granted by any other provisions of this part, the trustees shall have the powers necessary or convenient to carry out the purposes and provisions of this part and the purposes and objectives of the investment trust or trusts, including, but not limited to, the following express powers: To invest any funds of the trust in any instrument, obligation, security, or property that constitutes legal investments, as provided in the investment policy adopted pursuant to § 8-27-802(b); To contract for the provision of all or any part of the services necessary for the management and operation of the investment trust; To contract with financial consultants, auditors, and other consultants as necessary to carry out its responsibilities under this part; To contract with an actuary or actuaries in determining the level of funding necessary by the state or certain local education agencies, if authorized by the trustees, to fund the other post-employment benefits offered by the subdivision; To prepare annual financial reports, including financial statements following the close of each fiscal year relative to the activities of the trust or trusts. The statements and reports shall be prepared in accordance with the governmental accounting standards board. The annual report, including financial statements, all books, accounts and financial records of any trust created under this part shall be subject to audit by the comptroller of the treasury. Acts 2015, ch. 426, § 5; 2018, ch. 631, § 9. Amendments. The 2018 amendment inserted “or certain local education agencies, if authorized by the trustees,” in (4). Effective Dates. Acts 2018, ch. 631, § 11. April 2, 2018.