701.01 - Depository of Funds

Each year at its annual meeting, the board will designate by resolution the name and location of the Iowa financial depository institution or institutions to serve as the official school district 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 at least once every [five] years or when an increase or additional depository is needed. 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 §§ 12C2; 279.33

I.C. Iowa Code              Description
Iowa Code § 12C.2                  Deposit of Public Funds - Approval
Iowa Code § 279.33                  Directors - Powers and Duties - Annual Settlements

Cross References:  206.03  Secretary (I, II)
                                         206.04  Treasurer
                                         210.01  Annual Meeting
                                         702  Cash in School Buildings
                                         704.01  Local - State - Federal - Miscellaneous Revenue