162.790. Donated funds, how handled--special funds created--annual report on all money in trust funds required.

MISSOURI STATUTES AND CODES

162.790. Donated funds, how handled--special funds created--annual report on all money in trust funds required.

Donated funds, how handled--special funds created--annual reporton all money in trust funds required.

162.790. 1. All funds derived from grants, gifts, donationsor bequests or from the sale or conveyance of any propertyacquired through any grant, gift, donation, devise or bequest toor for the use of the Missouri School for the Blind or incomereceived or earned on property so acquired, at the discretion ofthe state board of education, may be deposited in the statetreasury and credited to a special fund known as the "School forthe Blind Trust Fund", which is hereby created, or may beinvested or reinvested by the state board of education for theMissouri School for the Blind in bonds, stocks, deeds of trust orother investment securities in the amounts and in the proportionsthat the state board of education prudently selects.

2. All funds derived from grants, gifts, donations orbequests or from the sale or conveyance of any property acquiredthrough any grant, gift, donation, devise or bequest to or forthe use of the Missouri School for the Deaf or income received orearned on property so acquired, at the discretion of the stateboard of education, may be deposited in the state treasury andcredited to a special fund known as the "School for the DeafTrust Fund", which is hereby created, or may be invested orreinvested by the state board of education for the MissouriSchool for the Deaf in bonds, stocks, deeds of trusts or otherinvestment securities in the amounts and in the proportions thatthe state board of education prudently selects.

3. All funds derived from grants, gifts, donations orbequests or from the sale or conveyance of any property acquiredthrough any grant, gift, donation, devise or bequest to or forthe use of the state schools for severely handicapped children orincome received or earned on property so acquired, at thediscretion of the state board of education, may be deposited inthe state treasury and credited to a special fund known as the"Handicapped Children's Trust Fund", which is hereby created, ormay be invested or reinvested by the state board of education forthe respective schools in bonds, stocks, deeds of trust or otherinvestment securities in the amounts and in the proportions thatthe state board of education prudently selects.

4. The moneys in the school for the blind trust fund, in theschool for the deaf trust fund or in the handicapped children'strust fund shall not be appropriated for the support of theschools in lieu of general state revenues but shall beappropriated only for the purpose of carrying out the objects forwhich the grant, gift, donation, devise or bequest was made.

5. The state board of education shall make an annual reportin writing to the governor, commissioner of administration andthe general assembly, on or before the first day of February ofeach year in which the general assembly convenes in regularsession, of all moneys in the trust funds referred to herein andof all moneys administered by it pursuant to this section. Thereport shall include the amount of all receipts anddisbursements, the name of the depositary and investment officer,a description of the securities or other investments beingadministered, and the plans and projects contemplated by thestate board of education for use of the moneys.