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3. SOURCE OF SYSTEM FUNDS. The SYSTEM shall expend for SYSTEM purposes such monies as may be received from: (1) the State of California pursuant to Article.6, Chapter 15, Division 20, Part 4 of the California Education Code or such other grants or appropria- tions as may be made; (2) the Federal Government pursuant to any program related to library purposes; (3) private or public founda- tions, organizations, corporations, companies, unions, or associa- tions; (4) private individuals by gift, devise or bequest. The SYSTEM is empowered and authorized to make any applications and/or agreements necessary to be or become eligible for such financial support, except that such applications or agreements shall not impose conditions of the type prohibited by Education Code Section 27121, or the rules and regulations previously adopted by the SYSTEM pursuant to Clause 2. 4. OWNERSHIP OF SYSTEM-PURCHASED ITEMS. Ownership of items purchased with SYSTEM funds shall be in the SYSTEM or in member li- braries as the System Council may in each instance determine. Such determinations shall be made at the time of purchase. 5. OPERATING EXPENSES OF SYSTEM. The System Council may authorize the payment of necessary SYSTEM salaries and expenses from SYSTEM funds. The System Council may periodically authorize the transfer of SYSTEM funds in such amounts as to them seem advisable, to the ORANGE COUNTY PUBLIC LIBRARY to defray the estimated cost of purchases of materials and supplies to be made for the benifit of SYSTEM during the following period by the said ORANGE COUNTY PUBLIC LIBRARY, acting in its role as fiscal agent of SYSTEM. 6. ACCOUNTING FOR FUNDS. All funds received and disbursed by the SYSTEM shall be strictly accounted for, according to accepted procedures and practices for governmental entities. 7. FISCAL AGENT. The ORANGE COUNTY PUBLIC LIBRARY will perform the following services: