(a) The board of trustees of a public junior college may establish an endowment fund
outside the state treasury in a depository selected by the board of trustees.
(b) The board of trustees may deposit local funds collected by the board to the credit
of the endowment fund.
(c) The board of trustees may accept gifts and grants from any public or private source
for the endowment fund.
(d) The endowment fund consists of local funds deposited to the credit of the endowment
fund, gifts, grants, and income from investing the endowment fund.
(e) The board of trustees may invest the endowment fund in securities, bonds, and
other investments that the board considers prudent. In making investments under this section, the board shall exercise the judgment
and care under the circumstances then prevailing that a person of ordinary prudence,
discretion, and intelligence exercises in the management of the person's own affairs.
(f) The board may not spend any money deposited in the endowment fund as local funds,
gifts, or grants but may spend any income from investing the endowment fund for the
operation or maintenance of the junior college.
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