North Sanpete School District
Board Policy with Guidelines
|Policy Number: VIII-8
Effective Date: 12/16/1982
In the various school district funds, the cash flow is such that the school board may need to borrow or invest money on a short-term basis.
- When it becomes necessary to borrow money to conduct the necessary business of the school district, the Superintendent may cause a notice of these requirements to be advertised in the local daily newspapers without prior approval of the board. The lowest bidder that complies with the specifications of the bid as determined by the administration shall be recommended to the school board as having submitted the best bid.
- Since there appears to be a positive correlation between the cost of borrowing money and the amount of investments purchased through any one banking institution, it should be the general practice of the administration to .invest rated fund monies through the institution that successfully provided the most recent financial loan. However, the administration may choose any other institution that has an investment plan which is more desirable and advantageous to the school district than is offered by the institution which provided the most recent loan.
- The following is a list of approved investments:
- U.S. Treasury Bills
- Re-purchase Agreements
- Certificates of Deposit
- All other securities that meet the criteria of the State Board of Accounts.