A. There is hereby created a special cash fund in the State Treasury for each state agency which requests that the Director sell, trade, or redistribute to other state agencies any surplus property.
B. All proceeds received from such transaction, and the proceeds of any insurance claim arising from the loss by fire, theft or casualty of insured material, supplies, or equipment shall be deposited in such special cash fund of such state agency and may be expended for the purchase or replacement of materials, supplies, or equipment of such state agency and for the payment of the cost of conducting any such transaction.
C. Whenever an unencumbered balance exists in said fund after June 30, the close of each fiscal year, such balance shall lapse and be transferred to the General Revenue Fund of the current fiscal year.
Added by Laws 1963, c. 267, § 2, emerg. eff. June 13, 1963. Amended by Laws 1978, c. 159, § 1, emerg. eff. April 7, 1978; Laws 1995, c. 342, § 5, emerg. eff. June 9, 1995. Renumbered from § 85.9A of this title by Laws 1995, c. 342, § 9, emerg. eff. June 9, 1995.