Texas Special District Local Laws Code 1005.114 – Gifts and Endowments
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Terms Used In Texas Special District Local Laws Code 1005.114
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
The board may accept for the district a gift or endowment to be held in trust for the purpose and under a written direction, limitation, or provision of the donor that is consistent with the proper management of the district.