72-8804. Use of moneys in capital outlay fund; investments authorized. - Kansas Statutes

72-8804

Chapter 72.--SCHOOLS Article 88.--CAPITAL OUTLAY LEVY, FUND AND BONDS

      72-8804.   Use of moneys in capital outlay fund; investments authorized.Any moneys in the capital outlay fund of any school district and anymoneys received from issuance of bonds under K.S.A. 72-8805 or 72-8810,and amendments thereto,may be used for the purpose of the acquisition, construction, reconstruction, repair,remodeling, additions to, furnishing and equipping of buildings necessaryfor school district purposes, including housing and boarding pupils enrolledin an area vocational school operated under the board of education,architectural expenses incidental thereto, the acquisition of buildingsites, the undertaking and maintenance of asbestos control projects,the acquisition of schoolbuses and the acquisition of other equipment. The board of education ofany school district is hereby authorized to invest any portion of thecapital outlay fund of the school district which is not currently neededin investments authorized by K.S.A. 12-1675, and amendmentsthereto, in the manner prescribed therein or may invest the same indirect obligations of the United States government maturing orredeemable at par and accrued interest within three years from dateof purchase, the principal and interest whereof is guaranteed by thegovernment of the United States. All interest received on any suchinvestment shall upon receipt thereof be credited to the capital outlayfund.

      History:   L. 1969, ch. 353, § 4; L. 1974, ch. 320, § 2; L.1977, ch. 54, § 38; L. 1981, ch. 286, § 3;L. 1988, ch. 285, § 2; April 7.