(a) The board of trustees for the University of Tennessee, the board of regents, and each state university board shall adopt and implement a policy regarding the use of revenues generated by the out-of-state undergraduate tuition and fees charged by the institutions governed by the respective board.
(b) The policy must:(1) Describe the board's utilization plan for revenues derived from the out-of-state undergraduate tuition and fees charged by the institutions it governs and how those revenues may be used to mitigate the tuition and fee costs for in-state undergraduate students; and(2) Be implemented no later than July 1, 2026.
(1) Describe the board's utilization plan for revenues derived from the out-of-state undergraduate tuition and fees charged by the institutions it governs and how those revenues may be used to mitigate the tuition and fee costs for in-state undergraduate students; and
(2) Be implemented no later than July 1, 2026.