Text: HSB00219                          Text: HSB00221
Text: HSB00200 - HSB00299               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 220

Bill Text

PAG LIN
  1  1    Section 1.  Section 279.42, Code 2001, is amended to read
  1  2 as follows:
  1  3    279.42  GIFTS TO SCHOOLS – TRUSTS.
  1  4    1.  The board of directors of a school district corporation
  1  5 which receives funds through gifts, devises, and bequests
  1  6 shall deposit these funds in a trust and agency fund and use
  1  7 them in accordance with the terms of the gift, devise, or
  1  8 bequest.
  1  9    2.  The board of directors of a school corporation may
  1 10 accept and administer trusts and may authorize nonprofit
  1 11 foundations acting solely for the support of the school
  1 12 corporation to accept and administer trusts deemed by the
  1 13 board to be beneficial to the operation of a school
  1 14 corporation.  Notwithstanding section 633.63, the board and
  1 15 the nonprofit foundations may act as trustees in these
  1 16 instances.  The board shall require that moneys belonging to
  1 17 such a nonprofit foundation are audited annually.  
  1 18                           EXPLANATION
  1 19    This bill provides that the board of directors of a school
  1 20 corporation may accept and administer trusts and may authorize
  1 21 nonprofit foundations acting solely for the support of the
  1 22 school corporation to accept and administer trusts if
  1 23 determined by the board to be beneficial to the school
  1 24 corporation.  The bill provides that notwithstanding Code
  1 25 section 633.63, which authorizes a specified list of
  1 26 individuals or entities to serve as a fiduciary, the board and
  1 27 the nonprofit foundations may act as trustees.  These
  1 28 provisions would enable a school district board of directors
  1 29 to establish foundations to administer gifts and trusts for
  1 30 the benefit of the school corporation.  The bill provides that
  1 31 the board shall require that moneys belonging to a nonprofit
  1 32 foundation are audited annually.  
  1 33 LSB 3243HC 79
  1 34 rn/gg/8
     

Text: HSB00219                          Text: HSB00221
Text: HSB00200 - HSB00299               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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