12-1252.   Acceptance of gifts for library purposes by cities and boardsof education, or jointly; conditions.The board of education of any school district, or the governing body ofany city, or the board of education of any school district jointly with thegoverning body of any city in such school district is hereby authorized toreceive gifts of not to exceed five hundred thousand dollars ($500,000)upon conditions provided in this act. Such a gift may be conditioned asfollows:

      (a)   That the money given will be used only for the purpose ofconstruction and furnishing of a library in a particular city or otherplace.

      (b)   That the board of education of the school district or the governingbody of the city or both, as the case may be, shall by resolution contractand agree to pay the donor during his or her lifetime interest on theprincipal sum of such gift at such rate as the donor and the recipient mayagree upon. The interest so agreed upon shall be paid by the schooldistrict or city, or both, in periodic semiannual payments in the samemanner as interest on bonded indebtedness. Such interest may be paid by theschool district or city, or both, from bond funds, or from special capitaloutlay funds, or if there are insufficient amounts in such funds, then fromthe general operating fund of the school district, or city, or both. Theboard of education of any school district making an agreement and receivingany gift under this act may make an annual tax levy on the taxable tangibleproperty in the school district in an amount necessary to meet the interestrequirements agreed upon in the resolution accepting such gift. Any taxlevied under authority of this act shall not be subject to any tax levylimitation not specified in this act and expenditures for interest paidunder authority hereof shall not be counted as operating expenses withinthe meaning of K.S.A. 72-7001 et seq. The aggregate amountof such periodic payments, using a standard annuity table, shall not at thetime of the gift be estimated to exceed the principal amount of the gift.

      (c)   Such additional conditions as the donor and board of education orgoverning body, or both, may agree upon.

      History:   L. 1968, ch. 151, § 1; March 26.