Bill > SB1690

This bill authorizes school districts in Tennessee to create their own investment pools for managing their funds, similar to how local governments can already invest in a "local government investment pool" (a fund where multiple local entities combine their money to invest). This means school districts can work together, or a single district can establish a pool, to invest their money more effectively. These new pools will need a written investment policy outlining how the money can be invested, and this policy must generally align with existing state guidelines for investing public funds. The agreements establishing these pools and their investment policies must be filed with the state comptroller, who will also have the authority to audit these school district investment pools. The bill also clarifies that school districts can delegate investment authority to a financial officer or a designated board, and that these pools will be subject to state oversight.