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160.570 Depository of board -- Bond -- Duties.
(1)
(2)
(3)
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
three (3) depositories, except boards of education of school districts in counties
containing cities of the first class may designate up to six (6) depositories. The
depository may be designated for a period not to exceed two (2) 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.
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.
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.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 155, sec. 1, effective July 15, 2010. -Amended 2001 Ky. Acts ch. 99, sec. 1, effective June 21, 2001. -- Amended
2000 Ky. Acts ch. 389, sec. 8, effective July 14, 2000. -- Amended 1996 Ky.
Acts ch. 362, sec. 6, effective July 15, 1996. -- Amended 1990 Ky. Acts ch. 476,
Pt. IV, sec. 236, effective July 13, 1990. -- Amended 1982 Ky. Acts ch. 43,
sec. 1, effective July 15, 1982. -- Amended 1980 Ky. Acts ch. 337, sec. 1,
effective July 15, 1980. -- Amended 1978 Ky. Acts ch. 155, sec. 82, effective
June 17, 1978. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 4399-43.
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