| The Board shall designate one or more banks or
bank and trust companies as depository for the safeguarding of school funds
by a majority vote of the entire Board of School Directors.Each designated
depository shall furnish proper security for such deposits in the amount
designated by the Board in accordance with law.Each designated depository
shall be advised not to cash checks payable to the school district but to
deposit said checks to the district accounts.Each depository shall be required
to report to the Treasurer or Board monthly on the status of such funds
in the manner required by law. |