(1) The Tennessee student assistance corporation is authorized and empowered to: Invest and reinvest any funds of the corporation in treasury notes, bonds or other securities of the United States, or bonds of this state; and
(2) Deposit on interest any funds of the corporation in a bank or banks in this state, in which bank or banks the deposits are guaranteed by the federal deposit insurance corporation or collateralized in compliance with § 9-4-105, applicable to deposits of public funds.
(3) Any interest or other earnings received by the corporation shall be added to and shall be made a part of the funds and assets of the corporation.