Rules & Regulations of the State of Tennessee Title 1375 - State Funding Board
Rules & Regulations of the State of Tennessee — Title 1375: State Funding Board
I. Overview
Title 1375 of the Tennessee Rules and Regulations governs the State Funding Board, the state agency responsible for managing state debt and related financial matters. It establishes:
How the Board conducts meetings
Who may execute official documents
Delegation of duties to secretaries and assistants
The Board operates under statutory authority from Tennessee Code Annotated § 9‑9‑101, which defines the composition, powers, and procedural rules of the Board.
II. Statutory Authority (T.C.A. § 9‑9‑101)
The State Funding Board is composed of:
Governor (Chair)
Commissioner of Finance & Administration
State Treasurer
Secretary of State
Comptroller of the Treasury (Vice Chair and Secretary)
Key provisions:
Quorum: A majority is needed to act; at least three votes are required for decisions.
Powers: The Board may adopt rules, regulations, and procedures it considers necessary to conduct its business.
Responsibilities: Authorizing state debt, guiding debt issuance, and managing the financial obligations of the state.
III. Structure of Title 1375
Title 1375 contains only active Chapter 1375‑01‑01, which governs meetings and procedures. Other chapters (1375‑01‑02 and 1375‑01‑03) have been repealed.
Chapter 1375‑01‑01 — Meetings and Procedures
Sections:
1. § 1375‑01‑01‑.01 — Meetings of the Board
The Board meets as necessary to conduct business.
Public notice must be given in accordance with Tennessee open meeting laws.
Meetings are usually held at the office of the Comptroller of the Treasury.
Chair presides: If the Chair is absent, the Secretary acts as chair; if both are absent, the Board designates an acting chair.
Ensures meetings are lawful and transparent.
2. § 1375‑01‑01‑.02 — Powers and Duties of the Secretary
The Secretary can execute documents for the sale or delivery of bonds, notes, or other obligations, subject to Board ratification.
The Secretary may also execute other instruments necessary to carry out the Board’s business.
Actions are overseen by the Board to prevent unauthorized transactions.
3. § 1375‑01‑01‑.03 — Assistant Secretaries
The Secretary may appoint Assistant Secretaries to help execute duties.
Assistants may act in the Secretary’s absence, with their actions also subject to Board ratification.
Ensures continuity of operations, especially for executing financial instruments.
IV. Principles of Operation
Meetings:
Must follow quorum rules and proper notice.
Decisions require a majority of the Board present.
Execution of Documents:
Secretary and assistants may sign official documents, particularly bonds and financial instruments.
All such actions must be ratified to ensure validity.
Delegation:
Authority can be delegated but remains accountable to the Board.
Provides flexibility in day-to-day operations.
V. Legal and Judicial Context
There is no widely reported case law specifically interpreting Title 1375. However, Tennessee courts generally review administrative agencies under the Uniform Administrative Procedures Act (UAPA). Courts may overturn agency actions if they:
Violate statutory or constitutional provisions
Exceed statutory authority
Follow unlawful procedures
Are arbitrary or capricious
Lack substantial evidence
This principle would apply if a dispute arose regarding Board meetings, document execution, or procedural compliance.
Key Takeaways
Title 1375 is procedural: It focuses on how the State Funding Board operates, not on policy decisions.
Board actions are controlled by statute: T.C.A. § 9‑9‑101 gives authority and defines composition.
Execution of financial documents is structured: Only Secretary or authorized assistants can act, always with Board oversight.
Judicial review is possible: Courts can check whether the Board followed its rules and statutory authority, even though no major case law directly challenges Title 1375.
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