(a) The Tennessee Foreign Language Institute is transferred to and reestablished as a part of the Institute for Public Service and renamed the Tennessee Foreign Language Center.

(b) As a part of the Institute for Public Service, the Tennessee Foreign Language Center shall provide coordination and foreign language services to state and local government entities, as well as private entities. Programming may include, but is not limited to:

(1) Services in support of government, industrial recruitment, and economic and tourist development;

(2) Original research into issues related to foreign language, language instruction, and associated cultural considerations; and

(3) Providing publications, conducting educational conferences, and furnishing technical consultation, training, and field services in the areas of foreign language and culture.

(c)

(1)

(A) On July 1, 2018, the Tennessee Foreign Language Institute endowment fund shall be transferred from the state treasury to the University of Tennessee Institute for Public Service. The fund shall be renamed the Tennessee Foreign Language Center endowment fund. The Institute for Public Service may receive private gifts and contributions for deposit in the Tennessee Foreign Language Center endowment fund for the benefit of the Tennessee Foreign Language Center.

(B) Notwithstanding subdivision (c)(1)(A), the Institute for Public Service may keep the Tennessee Foreign Language Center endowment fund in the state treasury and may enter into an agreement with the state treasurer for its management.

(2) The income from the Tennessee Foreign Language Center endowment fund shall be used for the operation and maintenance of the center. All interest and earnings on deposit in the fund shall become a part of and remain in the Tennessee Foreign Language Center endowment fund. No funds in the Tennessee Foreign Language Center endowment fund shall revert to the state general fund on June 30 of any year, but shall remain available for expenditure in accordance with this part.