RES 2838 - Laserfiche WebLink

III o TERMS AND CONDITIONS APPLICABLE TO PRDPERTY OTHER ,THAN AIRCRAFT HAVING A SINGLE ITEM ACQUISITION COST OF $2,500°00 OR MORE DONATED FOR EDUCATIONAL OR PUBLIC HEALTH PURPOSE~ (1) Such property shall be placed in use for the purpose for which acquired no later than twelve months after acquisition thereof° In the event such property is not placed Lu use within twelve months of receipt, the donee~ within 30 days after the expiration of the twelve-month period~ shall notify the Department in writing through the appropriate State Agency° Title and right to the possession of such property not so placed in use within the above-mentioned period shall at the option of the Department revert to the United States of America~ and upon demand the donee shall release such property to such person as the Department or its designee shall direct. There shall be a period of restriction which will expire after such property has been used for the purpose for which acquired for a period of four years~ except that the period of restric- tion on motor vehicles donated subsequent to June 3, 1955, will expire after a period of two years of such use° During the period of restriction the donee shall not sell~ trade~ leas% lend, bail, encumber~ or otherwise dispose of such prop- erty or remove it for use outside the State without prior written approval of the Department° Any sale~ trad% lease, loan, bail- men% encumbrance or other disposal of property, when such action is authorized by the Department, shall be for the benefit and account of the United States of America and the net proceeds thereof shall be received and held in trust for the United States of America and shall be paid promptly to the Department, except in those instances in which the Department determines that the Goverrment~s administrative costs in connection with receipt thereof will exceed such net proceeds° In the event such property is sold~ traded, leased, loaned~ bailed, encumbered~ or otherwise disposed of during the period of restriction without prior approval~ the donee at the option of the Department, shall be liable to the United States of America for the proceeds of the disposal or for the fair market value of the property at the time of such disposal as determined by the Department. If~ during the period of restriction~ property is no longer suitable~ usable or further needed by the donee for the purpose for which acquired~ the donee shall promptly notify the Depart- ment through the State Agency, and shall~ as dtrected by the Department or State Agency~ either retransfer the property to such department or agency of the United States of America or such other donee as may be designated~ or sell the property at public sale. Such public sale shall be for the benefit and account of the United States of America and the net proceeds thereof shall be received and held in trust for the United States of America, and shall be paid promptly to the Department, except in those instances in which the Department determines that the Government~ s administrative costs in connection with receipt thereof will exceed such net proceeds.