Policy DG Banking Services

File: DG

Banking Services

(And Deposit of Funds)

All revenue received by the school district shall be deposited in an official bank or banks or savings and loan institutions as designated by the Board. Such financial institution must qualify as an eligible public depository in accordance with state law.

When moneys are withdrawn from the custody of the county treasurer, such withdrawn moneys and all other moneys belonging to the district including moneys derived from food services and school activities shall be deposited by the treasurer of the Board or official custodian to the credit of the district in a depository designated by the Board.

The treasurer or official custodian shall comply with all requirements of state law regarding the deposit of district funds.

Bond redemption fund

Revenues from a tax levy for the purposes of satisfying bonded indebtedness obligations shall be administered by a commercial bank or depository trust company located in Colorado or placed in an escrow account in accordance with the requirements set forth in state law.

Safety deposit box

The Board shall maintain a safety deposit box at a designated depository and shall name the superintendent, business manager and a Board member as official custodians of the safety deposit box.

Adopted: December 14, 1993

Revised: August 9, 2005

Revised: September 23, 2014

LEGAL REFS.: C.R.S. 11-10.5-101 et seq. (relates to deposits of public funds in banks)

C.R.S. 11-47-101 et seq. (relates to deposits of public funds in savings and loan institutions)

C.R.S. 22-32-104 (4)(c)

C.R.S. 22-32-107 (3), (4), (6)

C.R.S. 22-32-109 (1)(g)

C.R.S. 22-32-110 (1)(x)

C.R.S. 22-40-104 (relates to county treasurer)

C.R.S. 22-40-105

C.R.S. 22-45-103 (bond redemption fund trustee or escrow requirement)

C.R.S. 22-45-104 (relates to collection and deposit of fees and fines)

CROSS REF.: BDB, School Board Officers

Huerfano School District Re-1, Walsenburg, Colorado