Code No. 701.01
Depository of Funds
Each year at its annualmeeting, 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 depository or depositories. The board will also designate the maximum amount which may be kept on deposit in each bank. This amount will be designated the first time a new depository is identified, and will be reviewed st least once every year or when an increase or additional depository is needed. The amount 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 § 12C2;279.33
Approved 9-13-93 Reviewed 1-15.24 Revised 3-18-24