§6F 7 - Judiciary history center trust fund.
[§6F‑7] Judiciary history center
trust fund. (a) There is established as a separate fund of the judiciary,
the judiciary history center trust fund. All funds contributed to the trust
fund, including income and capital gains earned therefrom, shall be used
exclusively to carry out the purposes of the center as defined in this
chapter. The trust fund shall consist of any and all types of private,
federal, and public contributions, which do not include any state funding, and
any income, interest, and capital gains earned; provided that moneys or
properties donated for center use and patrons' deposits shall be deposited and
accounted for in accordance with rules adopted by the supreme court. The
judiciary history center trust fund shall be subject to the following
restrictions:
(1) All funds, and any income, interest, and capital
gains earned by investment of those funds, shall be expended by the friends to
carry out the purposes of the center as set out in section 6F‑5; and
(2) Any other restrictions imposed by the legislature
with respect to the transfer or appropriation of funds.
(b) The judiciary history center trust fund
shall be subject to the terms and conditions provided in this section. The
trust fund shall not be placed in the state treasury and the State shall not
administer the fund nor be liable for its operation or solvency. The trust
fund shall be a trust fund pursuant to section 37‑62 administered by the
friends.
(c) Any funds deposited in the trust fund, and
any income, interest, and capital gains earned therefrom, that are not used for
the purposes of the center as set out in section 6F‑5, shall be invested
in accordance with the provisions of the articles, bylaws, resolutions, or
other instruments executed on behalf of the friends in a manner intended to
obtain a reasonable commercial rate of return on investment of the fund.
(d) If the trust fund is terminated, all
funds, including the income, interest, and capital gains earned by the
investment of funds, shall be transferred to the general fund.
(e) The friends:
(1) May enter into contracts as approved by the chief
justice, with any association, individuals, or corporations to further the
purposes of this section; provided that any blind vendor operating a vending
facility pursuant to section 102‑14 on or before January 1, 1996,
shall not be displaced or dislocated;
(2) Shall require a certified public accountant to
compile the financial statements, the result of which shall be submitted to the
judiciary not more than thirty days after receipt by the friends; and
(3) Shall retain for a period of three years, any
documents, papers, books, records, and other evidence that is pertinent to the
trust fund, and permit inspection or access thereto by the judiciary, the
legislature, the auditor, or their duly authorized representatives.
(f) For purposes of this section,
"friends" means the friends of the judiciary history center. [L 1996,
c 138, pt of §1]