There is hereby created in the State Treasury a revolving fund to be designated as the "State Surplus Property Revolving Fund" which shall consist of all monies appropriated thereto by the Legislature and all monies received by the Surplus Property Agent from state departments, boards, commissions, institutions, and agencies and from counties, cities, and towns, and school districts and other authorized program participants as a reimbursement to the state of monies spent in acquiring surplus property for such entities, and for services to the entities. The State Surplus Property Revolving Fund shall be a continuing fund, not subject to fiscal year limitations, and shall be expended by the Surplus Property Agent, under the supervision of the Director of the Office of Management and Enterprise Services, for any expense incurred in the handling, transportation, warehousing, distribution of surplus property received by purchase or donation, including the purchase of trucks and equipment, the salary of the Surplus Property Agent and other employees' salaries, other necessary expenses incurred in program administration and operation and expenses the Office of Management and Enterprise Services incurs to support program operations. Expenditures shall be made from the fund on claims signed by the Surplus Property Agent and approved for payment by the Director of the Office of Management and Enterprise Services. Excess funds above the operational needs may be invested in any of the types of instruments in which the State Treasurer is authorized by law to invest. Interest earned shall be retained by the State Surplus Property Revolving Fund, and the funds may be expended by the Office of Management and Enterprise Services to acquire, improve, or maintain state agency surplus property facilities.
Added by Laws 1947, p. 620, § 6, emerg. eff. May 8, 1947. Amended by Laws 1955, p. 467, § 1, emerg. eff. June 2, 1955; Laws 1959, p. 439, § 3, emerg. eff. July 8, 1959; Laws 1973, c. 46, § 5, operative July 1, 1973; Laws 1983, c. 304, § 163, eff. July 1, 1983; Laws 2000, c. 218, § 9, eff. Nov. 1, 2000; Laws 2003, c. 372, § 14, eff. July 1, 2003; Laws 2008, c. 352, § 4, eff. Nov. 1, 2008; Laws 2012, c. 304, § 1060.