{"data":{"id":"us-ky/krs-212.490","jurisdiction":"us-ky","citation":"KRS 212.490","heading":"Power to receive gifts and donations -- Use -- Investment.","body":"(1) The board may receive and accept specific gifts, donations, contributions or\nendowments, the principal or income from which, as the case may be, shall be used\nfor a specific purpose other than the ordinary and regular operating costs and\nexpenses, and the board is hereby authorized to receive same and use the principal\nor income therefrom, as the case may be, for the specific purpose for which such\ngift, devise, bequest or endowment was made. The amount of moneys, funds, or\nassets so on hand or held for the  use and benefit of these specific purposes shall not\nbe considered for the purpose of KRS 212.350 to 212.620 as a balance at the end of\nthe board's respective fiscal years for the purpose of reducing the amounts\nhereinabove provided for operating expenses.\n(2) Any donations given for immediate expenditure may be expended at the discretion\nof the board, and such donations as are given to it for investment may be invested or\nreinvested and the income from such investment or reinvestment expended in\naccordance with the terms of such donations within the purview of KRS 212.350 to\n212.620.\n(3) Such board shall have the power to mortgage, pledge, sell and convey lands or\ngoods so donated unless specifically prohibited by the terms of the donation and\nmay, in it s discretion, expend the proceeds in carrying out the purposes of KRS\n212.350 to 212.620 or may if same are sold, invest or reinvest the proceeds in lands\nor such securities as are permitted for the investment of trust funds in KRS 386.020,\nprovided, howev er, that where the donor has specified any particular method or\nkind of investment the wishes of the donor shall be complied with if possible.","path":["KRS Chapter 212"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=8632","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:15Z","sha256":"f59830f8fe32bc58031de013b303c6c54dc222d1aff8ea00bb7bdc0c421881e0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-212.480","next":"us-ky/krs-212.500"},"notice":"GroundRules: Original legal text. Not legal advice."}