15-1221. Bank account; federal savings bonds;
withholdings; vendor electronic payments; payroll direct
deposit
A. The governing board may establish a bank account for the purpose of depositing
the monies it withholds for each employee for payments under federal savings bond plans
until the employee accumulates sufficient monies for the purchase of bonds under the
plan. The governing board may make disbursements from the bank account only by check
payable to the financial institution in which the monies are deposited for the purchase
of bonds by the employee from the financial institution. The bank account may be
interest-bearing, and the governing board shall transfer any interest at the end of the
fiscal year to the county treasurer for credit to the maintenance and operation fund of
the school district.
B. The governing board may establish a bank account for the purpose of making
electronic payments to vendors. The account may be a revolving account, funded by the
school district by a warrant requested from the county school superintendent and drawn on
the county treasurer for an amount equal to the vendor's payment amount. The account may
be an interest bearing account. The account shall be a clearing account maintaining a
zero balance and shall not accumulate funds except for any account interest
balances. The district governing board shall transfer any interest at the end of the
fiscal year to the county treasurer for credit to the maintenance and operation fund of
the school district.
C. The governing board of a school service program established pursuant to section
15-365 may establish a bank account for the purpose of making electronic payments to
vendors. The account may be a revolving account, funded by the school service program by
a warrant requested from the county school superintendent and drawn on the county
treasurer for an amount equal to the vendor's payment amount. The account may be an
interest bearing account. The account shall be a clearing account maintaining a zero
balance and shall not accumulate funds except for any account interest balances.
D. The governing board may establish a bank account for the purpose of making
payroll direct deposit payments to financial institutions designated by school district
employees. The account shall be funded by the school district with warrants requested
from the county school superintendent and drawn by the county treasurer for an amount
equal to the payroll direct deposit payment. The account shall be a clearing account that
maintains a zero balance and that does not accumulate monies except for interest earned
on the account. The school district governing board shall transfer any interest earned on
the account at the end of the fiscal year to the county treasurer who shall credit a
corresponding amount to the maintenance and operation fund of the school district.
E. The auditor general in conjunction with the department of education shall
prescribe the procedures for accounting for the monies withheld pursuant to this section
in the uniform system of financial records.
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