Annually at its organizational meeting, the Board shall designate the banks or trust companies in which the funds of the school District may be deposited. Banks authorized to do business in this state whose combined capital and surplus exceeds $50,000 shall be eligible to receive deposits of funds in an amount not more than double the combined capital and unimpaired surplus of the bank.

The Treasurer/Business Manager shall deposit or cause to be deposited funds of the District in banks as designated by the Board.

Revised 9/18/00