(a)

(1) With respect to the institutions they govern, each state university board and the board of regents has the power to:

(A) Select and employ the chief executive officers of the institutions and to confirm the appointment of administrative personnel, teachers, and other employees of each state institution and to fix their salaries and terms of office;

(B) Prescribe curricula and requirements for diplomas and degrees. The board of regents and the state university boards shall maintain alignment across state higher education by working to develop curricula requirements that promote student success, postsecondary completion, and advancement of the Tennessee higher education commission state master plan;

(C) Approve the operating budgets and set the fiscal policies for the schools and programs under its control. Each state university board shall have the power to approve the operating budget and set the fiscal policy for the university under its control. In order to ensure the ability to satisfy both contractual obligations to the Tennessee state school bond authority and obligations to that authority's bondholders, the board of regents shall have authority over, and shall give final approval to, the operating budget of each state university. The funds appropriated for each state university shall initially be distributed by the department of finance and administration to the board of regents, which shall then distribute such funds to each state university in such amounts as were appropriated minus any deduction or deductions required to be made by the board of regents pursuant to any financing agreement, or other similar agreement, then existing by and between the board of regents and the Tennessee state school bond authority or any successor organization. Notwithstanding any provision of law, the board of regents shall retain all powers and duties with respect to each state university, state community college, and Tennessee college of applied technology, including, but not limited to, any projects at such institutions which are necessary for the board of regents to fulfill its covenants, representations, agreements, and obligations under any financing agreement, then existing by and between the board of regents and the Tennessee state school bond authority, or any successor organization, on July 1, 2016, as the same may be amended pursuant to the terms thereof, or any successor or similar agreement subsequently entered into by and between the board of regents and the Tennessee state school bond authority;

(D) Establish policies and regulations regarding the campus life of the institutions, including, but not limited to, the conduct of students, student housing, parking, and safety; and

(E) Assume general responsibility for the operation of the institutions, delegating to the chief executive officer of each respective institution such powers and duties as are necessary and appropriate for the efficient administration of the institution and its programs.

(2) The board of regents has the power to receive donations of money, securities, and property from any source on behalf of the community colleges and the Tennessee colleges of applied technology, which gifts shall be used in accordance with the conditions set by the donor. Each state university board has the power to receive donations of money, securities, and property from any source on behalf of the institution it governs, which gifts shall be used in accordance with the conditions set by the donor.

(3) The board of regents and each state university board has the power to purchase land subject to the terms and conditions of state regulations, to condemn land, to erect buildings, and to equip them for the institution subject to the requirements of the state building commission and to the terms and conditions of legislative appropriations. Each board shall be vested with title to property so purchased or acquired.

(4) The board of regents and each state university board has other powers, not otherwise prescribed by law, that are necessary to carry out this part, and it is the expressed legislative intent and purpose to vest similar and comparable responsibility and authority in each board as is authorized for the board of trustees of the University of Tennessee; provided, that in exercising any power to borrow money for any purpose, whether by the issuance of bonds or notes or by any other method, each board shall first secure the approval of the state school bond authority.

(b) Notwithstanding any other law, the board of regents, a state university board, or any institution subject to this chapter is not authorized to borrow money for any purpose, whether by the issuance of bonds or notes or by any other method, without first securing the approval of the state school bond authority.

(c) State university boards shall manage and initiate capital and real estate transactions; provided, that such transactions are within the scope of a master plan approved by the Tennessee higher education commission.

(d) The title of the property held on behalf of the state universities named in § 49-8-101(a)(2)(A) by the board of regents shall be transferred to the respective state university board upon assumption of responsibility no later than June 30, 2017.

(e) A state university board shall ensure the board's institution remains in compliance with the transfer and articulation provisions of § 49-7-202.

(f) The board of regents, the state university boards, and the institutions subject to this chapter shall not enter into any final agreement or other final arrangement for a merger or consolidation with a private institution of higher education without the authorization of the general assembly, acting through legislation, resolution, or appropriations.

(g) It is unlawful for any member of a state university board or the board of regents to be financially interested in any contract or transaction affecting the interests of any institution governed by the board, or to procure, or be a party in any way to procuring, the appointment of any relative to any position of financial trust or profit connected with the universities and colleges governed. A violation of this subsection (g) shall subject the member so offending to removal by the governor or the board.

(h) Except for the purposes of inquiry or information, a member of the state university board shall not give direction to or interfere with any employee, officer, or agent under the direct or indirect supervision of the chief executive officer of the respective institution.

(i) Each institution subject to this chapter shall provide data to the Tennessee higher education commission for information, assessment, and accountability purposes, to be used in a statewide data system that facilitates the public policy agenda developed by the commission. The commission shall determine the data elements necessary to carry out this task.

(j) Notwithstanding any provision of this part or any law to the contrary, the state university boards and their respective institutions shall continue to be participating employers in the Tennessee consolidated retirement system and utilize such claims administration services, risk management programs, investment funds and trusts, and retirement and deferred compensation programs, or any successor programs and services in the same fields, as are provided or administered by the department of treasury to any of the state universities on the effective date of the act until the effective date of any subsequent legislation authorizing procurement from another provider.

(k) Institutions shall ensure that any data system employed for student information is interoperable with the statewide student information system used by the board of regents and the higher education commission.

(l) Each institution subject to this chapter shall make a report annually to the higher education commission on any academic program terminations which shall be submitted by the higher education commission to the education committee of the senate and the education committee of the house of representatives.

(m) Upon formal request by the higher education commission, the board of regents and each state university board authorized under this chapter shall assist the commission in convening representatives of the institutions and governing boards, as authorized by § 49-7-202(p), to help ensure a cohesive and coordinated system of higher education public policy in Tennessee.