SB 302--
Session of 1997
By Senator Salisbury

9 AN ACT concerning the uniform management of institutional funds act; 10 relating to appropriation of appreciation; amending K.S.A. 58-3602 11 and repealing the existing section. 12 13 Be it enacted by the Legislature of the State of Kansas: 14 Section 1. K.S.A. 58-3602 is hereby amended to read as follows: 58- 15 3602. The governing board may appropriate for expenditure for the uses 16 and purposes for which an endowment fund is established so much of 17 the net appreciation realized or unrealized in the fair value of the assets 18 of an endowment fund over the historic dollar value of the fund as is 19 prudent under the standard established by K.S.A. 58-3606 and amend- 20 ments thereto. This section does not limit the authority of the governing 21 board to expend funds as permitted under other law, the terms of the 22 applicable gift instrument, or the character of an institution. 23 Sec. 2. K.S.A. 58-3602 is hereby repealed. 24 Sec. 3. This act shall take effect and be in force from and after its 25 publication in the statute book.