(1) Deposit funds and revenues paid to it in the pooled investment fund authorized by § 9-4-603 or in a deposit account at a bank or trust company located within or without the state of Tennessee, which will give such security for such deposit of the kind and type now required by law for the deposit of other state funds; or
(2) Transfer cash, pending its application to the payment of the principal of or interest on the outstanding obligations of the state, into a fiduciary or trust account with a bank or trust company located within or without the state of Tennessee, under terms as the board may require to ensure the safety of the funds.
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