KRS 164A.805: Board of trustees -- Appointment -- Terms -- General powers.

(1) There is established a mining and minerals trust fund at the University of Kentucky

under the control and direction of a board of trustees. The board of trustees shall

consist of three (3) members of the university board of trustees appointed by the

chairman of that board; two (2) members appointed by the Speaker of the House of

Representatives of the Kentucky General Assembly; and two (2) members

appointed by the President of the Senate of the Kentucky General Assembly. For the

first term, one (1) appointm ent each shall be for one (1) year. All other

appointments and all subsequent appointments shall be for two (2) years.

(2) The members shall select from themselves one (1) member to serve as chairman.

The members shall serve without pay but shall be entitl ed to reasonable expense

reimbursement from the fund.

(3) The board may receive and accept for deposit in the fund bequests, gifts, grants, and

any appropriations by the General Assembly and may make decisions regarding

disbursal of those funds consistent with the provisions of KRS 164A.800 to

164A.840.