212.490 Power to receive gifts and donations -- Use -- Investment.

288 words·~1 min read·/ky/chapter-212/212-490

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The board may receive and accept specific gifts, donations, contributions or

endowments, the principal or income from which, as the case may be, shall be used

for a specific purpose other than the ordinary and regular operating costs and

expenses, and the board is hereby authorized to receive same and use the principal

or income therefrom, as the case may be, for the specific purpose for which such

gift, devise, bequest or endowment was made. The amount of moneys, funds, or

assets so on hand or held for the use and benefit of these specific purposes shall not

be considered for the purpose of KRS 212.350 to 212.620 as a balance at the end of

the board's respective fiscal years for the purpose of reducing the amounts

hereinabove provided for operating expenses.

(2)Any donations given for immediate expenditure may be expended at the discretion

of the board, and such donations as are given to it for investment may be invested or

reinvested and the income from such investment or reinvestment expended in

accordance with the terms of such donations within the purview of KRS 212.350 to

212.620.

(3)Such board shall have the power to mortgage, pledge, sell and convey lands or

goods so donated unless specifically prohibited by the terms of the donation and

may, in its discretion, expend the proceeds in carrying out the purposes of KRS

212.350 to 212.620 or may if same are sold, invest or reinvest the proceeds in lands

or such securities as are permitted for the investment of trust funds in KRS 386.020,

provided, however, that where the donor has specified any particular method or

kind of investment the wishes of the donor shall be complied with if possible.