An Act To Allow the State To Maintain Interest-bearing Accounts of Privately Donated Funds for the Upkeep of Property Managed by the State

Sec. 1. 5 MRSA §1550-B  is enacted to read:

§ 1550-B.  Private donations for upkeep of state-managed property

Notwithstanding any other provision of law to the contrary and subject to any conditions placed by a donor, the State Controller may deposit privately donated funds received by the State for the purpose of the upkeep of property managed by the State into an interest-bearing account. Interest earned on the funds must be used for the same purpose.

SUMMARY

This bill allows the State to deposit privately donated funds received for the purpose of upkeep of property managed by the State into an interest-bearing account. The bill requires that any interest earned on the donated funds be also used for the upkeep of the property.