Kentucky Revised Statutes Title XIII. Education § 165.110.Bonds of officers to cover duties under bond issue

The president and treasurer of the university shall each give bond with approved surety in a sum fixed by the board of aldermen of the city. The bond shall be payable to the university and obligate the makers to perform faithfully the duties of their offices and faithfully account for and pay over all money or other thing of value that may come into their hands. The bonds shall be kept in force during the time any money received from the bond issue provided for by KRS 165.080 is being handled or administered by the university or its officers.