KRS 162.460: Investment and care of insurance fund.

The insurance fund shall be kept on deposit with the treasurer of the board of education,

unless by order of the board it is invested in United States, state, county, or city bonds

that are not payable from assessments, and are registered, if practicable. If the bonds are

coupon bonds, they shall be kept deposited in a safe deposit vault and be opened only by

the business manager or secretary of the board in the presence of a member of the board

authorized to represent it. Every vote upon the use or investm ent of any portion of the

fund shall be by call of the yeas and nays and the record shall show how each member

voted.