(1) The board shall annually select a strong, safe, and conservative trust company, doing business in the city in which said b oard exists, as custodian of the funds and securities of the board received from donations and investments for specific purposes, as set out above, and may authorize said trust company to make the actual investment and reinvestment of said funds, but the p roposed sale or purchase of land and securities must first be submitted to and approved of by the board. The board shall exact from such trust company a bond in double the amount of any money or property received under KRS 212.350 to 212.620, that comes in to said trust company's hands, and may take the capital stock of the trust company as security or require an additional surety bond or other form of security, in such amount as it shall deem necessary as security for the funds and property in the custody of the trust company. (2) All expenditures of said funds shall be made only by order of the board or by the proper officers designated by said board. (3) The board shall cause an annual audit to be made of the receipts, expenditures and investments of said fund by a certified public accountant who shall be approved by the mayor and county judge/executive of the city and county where such board is located. (4) The board shall comply with the provisions of KRS 65A.010 to 65A.090.
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