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162.460 Investment and care of insurance fund.

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162.460 Investment and care of insurance fund. The insurance fund shall be kept on deposit with the treasurer of the board of education, <br>unless by order of the board it is invested in United States, state, county, or city bonds <br>that are not payable from assessments, and are registered, if practicable. If the bonds are <br>coupon bonds, they shall be kept deposited in a safe deposit vault and be opened only by <br>the business manager or secretary of the board in the presence of a member of the board <br>authorized to represent it. Every vote upon the use or investment of any portion of the <br>fund shall be by call of the yeas and nays and the record shall show how each member <br>voted. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 582, effective July 13, 1990. -- Amended 1944 Ky. Acts ch. 31, sec. 1. -- Recodified 1942 Ky. Acts <br>ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 3219a-3, 3219a-5.