VIII-18: Depository of Funds
North Sanpete School District
Board Policy with Guidelines
|Policy Number: VIII-18
Effective Date: 12/16/1982
Subject: Depository of Funds
All public treasurers shall deposit daily, whenever practicable, but not later than within seven days, all public funds received by them. Except when necessary to deposit money in a bank or banks outside the state in order to provide for payment of maturing bonds or other evidence of indebtedness or the interest thereon, all such deposits shall be made in regular depository or limited depository in accordance with the provisions of this act and with the rulings of the Board.
Nothing in this act shall limit the right of public treasurers to invest surplus funds in such manner as may now or hereafter be provided by law.
When public funds are deposited by a public treasurer in a regular depository, such public treasurer and his bondsmen shall be relieved of liability for any loss of any such funds which result from the failure or insolvency of such depository.
The Board of Education feels that its working funds should be deposited with a local bank. This bank will be chosen by the services offered and its willingness and ability to work with the School District to accomplish the district's objectives.