The fund constitutes a special trust derived from a contractual relationship between the State and the members of the public whose investments contribute to the fund. In recognition of the special trust, the following limitations and restrictions are placed on expenditures from the fund:
(1) Any limitations or restrictions specified by the donors on the uses of the income derived from the gifts, grants, and voluntary contributions are respected but are not binding.
(2) After applying income received and accruing from the investments of gifts, grants, and contributions, the board of trustees of the fund may liquidate and expend principal of the fund.
(3) The income received and accruing from the investments of the fund must be spent only to acquire additional real property complementary to or protective of the Jocassee Gorges and in furthering the operation and maintenance of the Jocassee Gorges.
HISTORY: 1998 Act No. 419, Part II, Section 66.
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