701.1 - Depository of Funds (Feb 2024)

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 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

Cross Reference:  210.1 Annual Meeting
                                      206.4 Treasurer [or 206.3, Secretary-Treasurer]
                                      704.1 Local - State - Federal - Miscellaneous Revenue

Approved: November 1996
Reviewed:  January 2018, July 2021, February 2024
Revised: January 1999