15-1103. Insurance proceeds fund; disposition
of proceeds
A. Monies received for and derived from insurance losses shall be deposited with
the county treasurer who shall credit the deposits to the insurance proceeds fund of the
respective school district. The insurance proceeds fund of a school district is a
continuing fund not subject to reversion.
B. The governing board, or the superintendent or chief administrative officer with
the approval of the governing board, may apply the proceeds from insurance recoveries to
the payment of any outstanding bonded indebtedness of the school district which is
payable from the levy of taxes upon property within the school district.
C. The governing board, or the superintendent or chief administrative officer with
the approval of the governing board, may apply the proceeds of insurance recoveries to
construct, acquire, improve, repair or furnish school buildings after notice and a
hearing.
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