15-1223. Bank accounts; employee insurance;
interest; accounting procedures
A. The governing board of a school district may establish bank accounts in which to
deposit the monies it withholds for employee insurance programs, the monies contributed
by the district for employee insurance programs and the monies received from former
employees, board members, former board members and surviving spouses and dependents of
board members or former board members for the insurance programs. The governing board
may disburse monies from the bank accounts only by check payable to the insurance
carriers or to make refunds of insurance to individuals.
B. The bank accounts 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.
C. The auditor general in conjunction with the department of education shall
prescribe the procedures for accounting for monies pursuant to this section in the
uniform system of financial records.
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