{"data":{"id":"us-ky/krs-212.500","jurisdiction":"us-ky","citation":"KRS 212.500","heading":"Selection of custodian for funds from donations and investments -- Bond --","body":"Audits -- Compliance with KRS 65A.010 to 65A.090.\n(1) The board shall annually select a strong, safe, and conservative trust company,\ndoing business in the city in which said b oard exists, as custodian of the funds and\nsecurities of the board received from donations and investments for specific\npurposes, as set out above, and may authorize said trust company to make the actual\ninvestment and reinvestment of said funds, but the p roposed sale or purchase of\nland and securities must first be submitted to and approved of by the board. The\nboard shall exact from such trust company a bond in double the amount of any\nmoney or property received under KRS 212.350 to 212.620, that comes in to said\ntrust company's hands, and may take the capital stock of the trust company as\nsecurity or require an additional surety bond or other form of security, in such\namount as it shall deem necessary as security for the funds and property in the\ncustody of the trust company.\n(2) All expenditures of said funds shall be made only by order of the board or by the\nproper officers designated by said board.\n(3) The board shall cause an annual audit to be made of the receipts, expenditures and\ninvestments of said fund by a certified public accountant who shall be approved by\nthe mayor and county judge/executive of the city and county where such board is\nlocated.\n(4) The board shall comply with the provisions of KRS 65A.010 to 65A.090.","path":["KRS Chapter 212"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41745","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:16Z","sha256":"465bc60b84edf1eb1def0cba3c029c56b2c8e0fef486e84e0656e5d80549a032","source_id":"us-ky","stale":false,"prev":"us-ky/krs-212.490","next":"us-ky/krs-212.510"},"notice":"GroundRules: Original legal text. Not legal advice."}