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 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  K.S.A. 58-3602 is hereby repealed.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.