CHAPTER 57-19SCHOOL DISTRICT SPECIAL RESERVE FUND57-19-01. School district may establish special reserve fund. Each school district inthis state may establish and maintain a special reserve fund which must be separate and distinct from all other funds now authorized by law and which may not exceed in amount at any one time the sum which could be produced by a levy of the maximum mill levy allowed by law in that district for that year.57-19-02. Special reserve fund - Separate trust fund. The special reserve fund is aseparate trust fund for the use and benefit of the school district, to be drawn upon as provided in this chapter. Moneys in the fund may be deposited, held, or invested in the same manner as the sinking fund of the district or in the purchase of shares or securities of federal savings and loan associations or state-chartered building and loan associations, within the limits of federal insurance. The school district business manager shall annually, upon a resolution of the school board, transfer to the school district general fund any part or all of the investment income or interest earned by the principal amount of the school district's special reserve fund.57-19-03. Transfer of other funds to special reserve fund. Any school district havingon hand funds, other than sinking or building funds, which are not otherwise encumbered, and which are not required for the payment of the items contained in the current operating budget, by a resolution of the governing board of the school district, may set aside a part or all of such surplus funds in such a special reserve fund, subject to the limitation contained in section 57-19-01 on the size of such fund.57-19-04. May levy tax beyond levy limitations. In each year each school district maylevy a tax sufficient in amount to establish, maintain, or replenish such special reserve fund, but the levy may not exceed the amount produced by a levy of three mills on the taxable valuation of property in the school district. The levy is in addition to tax levy limitations otherwise specified by law.57-19-05. Fund not considered in fixing budget. Such special reserve fund and thefunds therein may not be considered in determining the budget or the amount to be levied for each school fiscal year, for normal tax purposes, but must be shown in such budget as a special trust fund, and may not be deducted therefrom as otherwise provided by law.57-19-06.Special reserve fund - How and when used.Repealed by S.L. 1997,ch. 489,
CHAPTER 57-19SCHOOL DISTRICT SPECIAL RESERVE FUND57-19-01. School district may establish special reserve fund. Each school district inthis state may establish and maintain a special reserve fund which must be separate and distinct from all other funds now authorized by law and which may not exceed in amount at any one time the sum which could be produced by a levy of the maximum mill levy allowed by law in that district for that year.57-19-02. Special reserve fund - Separate trust fund. The special reserve fund is aseparate trust fund for the use and benefit of the school district, to be drawn upon as provided in this chapter. Moneys in the fund may be deposited, held, or invested in the same manner as the sinking fund of the district or in the purchase of shares or securities of federal savings and loan associations or state-chartered building and loan associations, within the limits of federal insurance. The school district business manager shall annually, upon a resolution of the school board, transfer to the school district general fund any part or all of the investment income or interest earned by the principal amount of the school district's special reserve fund.57-19-03. Transfer of other funds to special reserve fund. Any school district havingon hand funds, other than sinking or building funds, which are not otherwise encumbered, and which are not required for the payment of the items contained in the current operating budget, by a resolution of the governing board of the school district, may set aside a part or all of such surplus funds in such a special reserve fund, subject to the limitation contained in section 57-19-01 on the size of such fund.57-19-04. May levy tax beyond levy limitations. In each year each school district maylevy a tax sufficient in amount to establish, maintain, or replenish such special reserve fund, but the levy may not exceed the amount produced by a levy of three mills on the taxable valuation of property in the school district. The levy is in addition to tax levy limitations otherwise specified by law.57-19-05. Fund not considered in fixing budget. Such special reserve fund and thefunds therein may not be considered in determining the budget or the amount to be levied for each school fiscal year, for normal tax purposes, but must be shown in such budget as a special trust fund, and may not be deducted therefrom as otherwise provided by law.57-19-06.Special reserve fund - How and when used.Repealed by S.L. 1997,ch. 489,
CHAPTER 57-19SCHOOL DISTRICT SPECIAL RESERVE FUND57-19-01. School district may establish special reserve fund. Each school district inthis state may establish and maintain a special reserve fund which must be separate and distinct from all other funds now authorized by law and which may not exceed in amount at any one time the sum which could be produced by a levy of the maximum mill levy allowed by law in that district for that year.57-19-02. Special reserve fund - Separate trust fund. The special reserve fund is aseparate trust fund for the use and benefit of the school district, to be drawn upon as provided in this chapter. Moneys in the fund may be deposited, held, or invested in the same manner as the sinking fund of the district or in the purchase of shares or securities of federal savings and loan associations or state-chartered building and loan associations, within the limits of federal insurance. The school district business manager shall annually, upon a resolution of the school board, transfer to the school district general fund any part or all of the investment income or interest earned by the principal amount of the school district's special reserve fund.57-19-03. Transfer of other funds to special reserve fund. Any school district havingon hand funds, other than sinking or building funds, which are not otherwise encumbered, and which are not required for the payment of the items contained in the current operating budget, by a resolution of the governing board of the school district, may set aside a part or all of such surplus funds in such a special reserve fund, subject to the limitation contained in section 57-19-01 on the size of such fund.57-19-04. May levy tax beyond levy limitations. In each year each school district maylevy a tax sufficient in amount to establish, maintain, or replenish such special reserve fund, but the levy may not exceed the amount produced by a levy of three mills on the taxable valuation of property in the school district. The levy is in addition to tax levy limitations otherwise specified by law.57-19-05. Fund not considered in fixing budget. Such special reserve fund and thefunds therein may not be considered in determining the budget or the amount to be levied for each school fiscal year, for normal tax purposes, but must be shown in such budget as a special trust fund, and may not be deducted therefrom as otherwise provided by law.57-19-06.Special reserve fund - How and when used.Repealed by S.L. 1997,ch. 489,