(1) The cabinet may receive and accept gifts and endowments of every kind including gifts and endowments for special purposes and may receive grants from the federal government. Moneys acquired through gifts, endowments or grants shall be deposited in the State Treasury to the credit of a trust or agency fund to be used for the purposes for which they are received. Gifts or endowments with special restrictions as to use or purpose shall be expended in accordance with such restrictions.
(2) The cabinet may mortgage, pledge, sell or convey lands or goods so received unless specifically prohibited by the terms of the gift, proceeds therefrom to go to the credit of a trust or agency fund set out in subsection (1) of this section.

Terms Used In Kentucky Statutes 211.280

  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010

Effective: June 17, 1954
History: Created 1954 Ky. Acts ch. 157, sec. 22, effective June 17, 1954.

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