1. All gifts of money which the State Board is authorized to accept for career and technical education must be deposited in a permanent trust fund in the State Treasury designated as the Gift Fund for Career and Technical Education. 2. The money available in the Fund must be used only for the purpose specified by the donor, within the scope of the State Boards powers and duties. The State Board may adopt regulations or establish policies for the disbursement of money from the Fund in accordance with the terms of the gift or bequest on warrants of the State Controller issued upon the orders of the Superintendent of Public Instruction. Any expenditures pursuant to this section may include matching state and federal money available for career and technical education. 3. If all or part of the money accepted by the State Board from a donor is not expended before the end of the fiscal year in which the gift was accepted, the remaining balance of the amount donated must remain in the Fund until needed for the purpose specified by the donor.
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