The board of directors of a school district that receives funds through a gift, devise, or bequest shall deposit the funds in a trust fund, permanent fund, or agency fund and shall use the funds in accordance with the terms of the gift, devise, or bequest.

See also §565.6

[C66, 71, 73, 75, 77, 79, 81, §279.42] 94 Acts, ch 1029, §19; 2013 Acts, ch 88, §17