(a) Donation agreement. The donor and the executive administrator shall execute a donation agreement which includes the following information:
  (1) a description of the donation, including a determination of the value;
  (2) a statement by the donor attesting to its ownership rights in the property;
  (3) the signature of the donor if the donor is an individual or its official representative if the donor is a business organization;
  (4) the signature of the executive administrator;
  (5) any conditions restricting the use of the donation;
  (6) the mailing address of the donor and principal place of business if the donor is a business entity;
  (7) a statement identifying any official relationship between the donor and the board; and
  (8) a statement advising the donor to seek legal and/or tax advice from its own legal counsel.
(b) Deposited funds. The board shall deposit monetary contributions from gifts or donations in accordance with state law. The money contributed shall be used to carry out the purposes of the board and, to the extent possible, the purposes specified by the donors.

Source Note: The provisions of this §353.83 adopted to be effective July 7, 1994, 19 TexReg 4962; amended to be effective February 11, 1999, 24 TexReg 762