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Code · Kentucky · Chapter 160 — School districts

160.570 Depository of board -- Bond -- Duties.

323 words·~1 min read·/ky/chapter-160/160-570

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(1)Each board of education shall appoint a bank, trust company, or savings and loan
association to serve as its depository, and if its annual receipts from all sources
exceed one hundred thousand dollars ($100,000), it may designate additional
depositories. The depository may be designated for a period not to exceed two
years, and before entering upon its duties shall agree with the board as to the rate of
interest to be paid on average daily or monthly balances.
(2)The depository selected shall, before entering upon its duties, provide collateral in
accordance with KRS 41.240, to be approved by the local board of education in
accordance with Kentucky Board of Education administrative regulations, and to be
approved by the commissioner of education. A board of education may enter into an
agreement with its depository whereby the premium on collateral guaranteed by a
surety company may be paid either by the board or by the depository. If the board
pays the premium, the depository shall allow the board not less than two percent
(2%) interest on its average daily or average monthly balances.
(3)The depository shall hold for the board all funds deposited by the treasurer of the
board or its tax collector or duly authorized agent, subject to withdrawal by the
board at any time, and shall pay all funds so deposited to such person and in such
manner as the board directs. The depository shall keep full and complete accounts
of all of the board's funds, and make reports to the board or its authorized agents
upon request. The depository shall keep all records relating to the transactions and
duties of the office and turn them over to the successor of its office along with all
school funds in hand. The board of education may at any time require a due and
proper audit of the depository's records of the funds of the board by a competent
outside agent.
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