58-2433. Same; funds maintained in special account; use; use or pledging of other funds for trust purposes; lease of property necessary for execution of trust.
58-2433
58-2433. Same; funds maintained in special account; use; use orpledging of other funds for trust purposes; lease of property necessary forexecution of trust.Funds received by the beneficiary under the provisions of any trustcreated under the provisions of this act shall be kept and maintained in aspecial account or accounts and used only for the purpose of such trust andno funds of said beneficiary derived from any source whatsoever other thanthe trust property, or the operation thereof, shall be charged with, orexpended for the execution of said trust, except by express action of thelegislative authority of the beneficiary first had and no funds derivedfrom the levy of ad valorem taxes shall be used for or pledged for thepurposes or execution of such trust. The officers or any other governmentalagencies or authorities having the custody, management or control of anyproperty, real or personal or both, of the beneficiary of such trust, or ofsuch a proposed trust, which property shall be needful for the execution ofthe trust purposes, hereby are authorized and empowered to lease suchproperty for said purposes, after the acceptance of the beneficial interesttherein by the beneficiary as hereinafter provided, or conditioned uponsuch acceptance.
History: L. 1974, ch. 235, § 3; July 1.