310             1997 Session Laws of Kansas             Ch. 85

Be it enacted by the Legislature of the State of Kansas:

Section 1. K.S.A. 58-3602 is hereby amended to read as follows:
58-3602. The governing board may appropriate for expenditure for the
uses and purposes for which an endowment fund is established so much
of the net appreciation realized or unrealized in the fair value of the assets
of an endowment fund over the historic dollar value of the fund as is
prudent under the standard established by K.S.A. 58-3606 and amend-

Ch. 85             1997 Session Laws of Kansas             311

ments thereto. This section does not limit the authority of the governing
board to expend funds as permitted under other law, the terms of the
applicable gift instrument, or the character of an institution.

Sec. 2. K.S.A. 58-3602 is hereby repealed.

Sec. 3. This act shall take effect and be in force from and after its
publication in the statute book.

Approved April 10, 1997.