802.08 – Depository of Funds

Each year at its annual meeting, the Board shall designate by resolution the name and location of 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.  

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

Date of Adoption: July 1, 1985                                                                                

Legal Reference: Code of Iowa 12C; 279.33 (1995)

Reviewed & Revised: July 1, 1996; May 4, 1998; February 5, 2005; January 18, 2010; June 27, 2016