BOARD POLICY  8503

 

Depository of Funds

 

                The Ironton City Board of Education is obligated to comply with provisions concerning the deposit of public money set forth in the Uniform Depository Act.

 

                The Act recognizes three (3) types of public deposits:

 

Active Deposits – designed to meet current demands on the treasury.  Such monies are deposited in a commercial account that is payable or withdrawable on demand.

 

Interim Deposits – monies in the treasury of the Board which are not in an “active” deposit or “inactive” deposit, which exceed the total of inactive deposits since the money will not be needed for immediate use.

 

Inactive Fund – is not expected to be needed during the two (2) - year period of designation.

 

                The Board will meet every two (2) years to designate new public depositories on the third Monday of the month or on its regular meeting date immediately preceding the expiration date for current depositories.

 

                At least three (3) weeks prior to the required date the Board will estimate the total maximum amount of public monies it will award as an inactive deposit.  A written notice of the publication date will be published and such notice will be given to all eligible depositories.

 

                Separate applications for each type of deposit must be made by interested institutions.  There are no required publication or notice guidelines that need to be followed by the Board for interim and active deposits.

 

 

 

 

 

7-1-96