Public Funds and Financing - As introduced, enacts the Tennessee bullion depository act; makes gold and silver coinage legal tender; authorizes payment of taxes with gold and silver coinage; makes other changes concerning precious metals. - Amends TCA Title 9; Title 45, Chapter 2 and Title 67.

SB 985 establishes the Tennessee Bullion Depository Act, creating a legal framework for depositories to hold gold and silver bullion. It makes gold and silver coins legal tender for all debts (public and private) at their spot price, requires the state to accept them for tax payments, and mandates that the state purchase such coins at spot price plus verification costs. The bill also requires the state to store accepted coins in depositories and attribute their value to revenue reserves, while allowing private individuals and businesses to sell labeled gold/silver coins compliant with state laws. This directly affects Tennessee residents, businesses, and state tax systems by expanding acceptable payment methods for debts and taxes.