Each year at its annual meeting, the board shall 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 shall 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.

Legal Reference: Iowa Code 12C; 279.33 (2003).

Cross Reference: 210.1 Annual Meeting 206.4 Treasurer 704.1 Local-State-Federal-Miscellaneous Revenue

Approved Dec. 13, 2004

Reviewed October 9, 2023

Revised February 9, 2009

The board may loan monies between funds as it deems necessary. The board shall exercise this authority judiciously.

When the necessity for an account has ceased to exist, the balance may be transferred to another account or fund by resolution of the board. Only monies that were received for use without a designated purpose may be transferred in this manner. Funds received for a specific use or upon vote of the people shall only be used for the purpose designated unless that purpose no longer exists.

It shall be the responsibility of the superintendent to make recommendations to the board regarding loans and transfers and to provide supporting evidence for the transfer.

Legal Reference: Iowa Code 24.21-.22; 279.8; 291.13 (2003).

Cross Reference: 703 Budget

Approved Dec. 13, 2004

Reviewed October 9, 2023

Revised February 9, 2009