(a) There is established the Tennessee Center for Earthquake Research and Information, which shall operate as a division of the University of Memphis, to provide services such as the following:
(1) Accurate, immediate reports for individuals, governmental agencies and the news media on the occurrence of earthquakes;
(2) Background information on earthquakes for individuals, civic groups, schools, governmental agencies, the news media and others;
(3) Research related to the causes and consequences of local earthquakes, to develop the information as the precise locations of earthquakes, magnitude-frequency relationships, magnitude-duration relationships, source spectra studies, attenuation studies, bedrock structures studies and behavior of foundation materials studies;
(4) Studies of the desirability of earthquake resistant construction;
(5) Advice to governmental bodies, insurance groups and others on the methods and feasibility of reducing earthquake damage; and
(6) Earthquake prediction.
(b) The university is authorized to accept for the establishment, maintenance or operation of the center gifts, grants, funds and other assistance from any agency of state, federal or local governments, or private entities and individuals, and to use or spend the same on behalf of the center.