Kansas Statutes 12-1677d. Municipally established foundations; investment of funds
(a) As used in this act:
(1) “Municipality” means any city, county or other political or taxing subdivision of the state.
Terms Used In Kansas Statutes 12-1677d
- city: means a city located within Crawford county. See Kansas Statutes 12-16,116
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Foundation: means any not for profit charitable or eleemosynary corporation established by a municipality which has been in existence at least 15 years. See Kansas Statutes 12-1677d
- Municipality: means any city, county or other political or taxing subdivision of the state. See Kansas Statutes 12-1677d
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(2) “Foundation” means any not for profit charitable or eleemosynary corporation established by a municipality which has been in existence at least 15 years. Any such foundation is hereby deemed to be a public body.
(b) The board of directors of any foundation shall invest the funds held by such foundation which are not required immediately for the purposes of the foundation in the manner provided by this section:
(1) Any funds in an amount equal to 110% of the average annual expenses of the foundation for the next preceding five years may be invested in the manner provided by Kan. Stat. Ann. § 12-1675, and amendments thereto. If funds in the amount required by this paragraph are available from the municipality which established the foundation, the foundation may invest all of its funds in the manner provided in paragraph (2).
(2) Any funds exceeding the amount described in paragraph (1) may be invested in such investments that may be lawful for fiduciaries in this state and also may be invested in such investments as would be lawful for a private corporation or other foundation having purposes similar to the foundation. No moneys derived pursuant to any tax may be invested under this paragraph.
(c) Nothing in this act shall effect the status of the foundation as a municipal entity.
(d) The provisions of this section shall apply to foundations whether created before or after the effective date of this act. Any investment of funds by a foundation prior to July 1, 1997, which would have complied with the provisions of this section, as amended by this act, are hereby validated.