All sums received from gifts, donations, bequests and devises in any one year, except such sums as may be necessary for operating, repair and maintenance expense for such current year, shall be placed in an endowment fund, and shall be invested by the Board only in assets eligible for the investment of funds of legal reserve life insurance companies in the State of Kansas as stated in K.S.A. 40-403 and acts amendatory thereof or supplemental thereto. The term “admitted assets” stated in such section shall be deemed to mean the amount of the fund, and the provisions relating to limitation of investments as a percent of surplus and loans to policyholders shall be inapplicable with respect to the investment of the fund. However, it is intended that nothing in this section shall prohibit the Board from using any sums received from gifts, donations, bequests or devises, or any endowment funds for the purpose of constructing, purchasing or acquiring any new hospital buildings, additions, facilities or equipment, or the purchase or acquisition of additional land needed for such construction of buildings, additions or facilities. The use to be made of such donations, gifts, bequests or devises shall not be in conflict with the terms and conditions of the donations, gifts, bequests or devises.