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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.