212.500 Selection of custodian for funds from donations and investments -- Bond --
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/ky/212-500A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Audits -- Compliance with KRS 65A.010 to 65A.090.
(1)The board shall annually select a strong, safe, and conservative trust company,
doing business in the city in which said board exists, as custodian of the funds and
securities of the board received from donations and investments for specific
purposes, as set out above, and may authorize said trust company to make the actual
investment and reinvestment of said funds, but the proposed sale or purchase of
land and securities must first be submitted to and approved of by the board. The
board shall exact from such trust company a bond in double the amount of any
money or property received under KRS 212.350 to 212.620, that comes into said
trust company's hands, and may take the capital stock of the trust company as
security or require an additional surety bond or other form of security, in such
amount as it shall deem necessary as security for the funds and property in the
custody of the trust company.
(2)All expenditures of said funds shall be made only by order of the board or by the
proper officers designated by said board.
(3)The board shall cause an annual audit to be made of the receipts, expenditures and
investments of said fund by a certified public accountant who shall be approved by
the mayor and county judge/executive of the city and county where such board is
located.
(4)The board shall comply with the provisions of KRS 65A.010 to 65A.090.