§ 59016. Special Fund or Account in County Treasury: Gift or Bequest for Special Purpose; Rules and Regulations by Governing Board.

(a) Any gift or bequest of money which is to be invested pursuant to this article shall be placed in a fund as designated by the California Community Colleges Budget and Accounting Manual in the county treasury. If the gift or bequest of money is required to be used for specific purposes according to the terms of the gift or bequest, the governing board shall place the money in a separate account by the name that it shall be known, including in its name the term trust account.

(b) The money deposited in a separate account in the designated fund shall be invested pursuant to this article or expended only for the purposes of the gift or bequest.

(c) The governing board shall adopt rules and regulations to effectuate the purposes of this article, not inconsistent with law.

HISTORY

1. New section filed 3-4-91 by Board of Governors of California Community Colleges with the Secretary of State; operative 4-5-91 (Register 91, No. 23). Submitted to OAL for printing only pursuant to Education Code Section 70901.5(b).

2. Editorial correction of History 1 (Register 95, No. 29).

Note

Note: Authority cited: Sections 66700 and 70901, Education Code. Reference: Section 70901, Education Code.