(a) In accordance with § 4-51-105(a)(16), the corporation shall establish and maintain bank accounts only in institutions deemed to be qualified public depositories pursuant to title 9, chapter 4, part 5; provided, however, that if business needs dictate the establishment of accounts with an institution other than a qualified public depository, the corporation may create such accounts after filing a statement with the state funding board describing the business need for accounts at such an institution and the corporation's plan for securing funds on deposit with such an institution.(b) For purposes of § 45-2-611, the corporation shall be considered a 'governmental entity' and funds in its possession shall be deemed to be 'public funds.' Acts 2003, ch. 297, § 2.
Tennessee Legal Code