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Depository of Funds

            Code No.  701.1

Each year at its annual meeting, the board will designate by resolution the name and location of the Iowa located financial depository institution or institutions to serve as the official school district depository or depositories.  The maximum deposit amount to be kept in the depository will be stated in the resolution.  The amount stated in the resolution must be for all depositories and include all of the school district's funds.

It is the responsibility of the board secretary to include the resolution in the minutes of the meeting.

Legal Reference:          Iowa Code §§ 279.33 (2013).

Cross Reference:          210.1   Annual Meeting

                                      206.4   Secretary-Treasurer

                                      704.1   Local - State - Federal - Miscellaneous Revenue


Initially Approved 03-08-1999     Last Reviewed 03-10-2014       Last Revision                   

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