72-17,129. Same; custody of fund; payment for services of banks, trust companies.
72-17,129
72-17,129. Same; custody of fund; payment for services of banks,trust companies.Except as provided in K.S.A. 72-17,127 and this section thecustody of money and securities of each retirement fund shall remain inthe custody of the respective school district treasurer, except thateach board of education may arrange for the custody of such money andsecurities as it considers advisable with a member bank or trust companyof the federal reserve system in the state of Kansas to be held insafekeeping by the bank or trust company for the collection of theprincipal and interest or other income or of the proceeds of sale. Theservices provided by any such bank or trust company shall be paid forout of the gross receipts from such interest or other income, and thenet interest or other income after such payment shall be consideredincome of the respective retirement fund.
History: L. 1973, ch. 282, § 12; July 1.