Britton Deerfield School District
Bylaws & Policies


The Board of Education authorizes the Superintendent or Business Manager to make investments of available monies from the several funds of the District in:

 A.bonds, bills, or notes of the United States; obligations, the principal and interest of which are fully guaranteed by the United States; or obligations of the State;

 B.certificates of deposit issued by a state or nationally-chartered bank or a state or Federally-chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office in Michigan under Michigan and Federal laws;

 C.commercial paper rated prime 1 or prime 2 at the time of purchase and maturing not more than 270 days after the date of purchase;

 D.securities issued or guaranteed by agencies or instrumentalities of the United States government;

 E.United States government or Federal agency obligation repurchase agreements;

 F.bankers' acceptances issued by a bank that is a member of the Federal deposit insurance corporation; funds composed entirely of investment vehicles that are legal for direct investment by a school district;

 H.investment pools, as authorized by the surplus funds investment pool act, Act. No. 367 of the Public Acts of 1982, being sections 129.11 to 129.118 of the Michigan Compiled Laws, composed entirely of instruments that are legal for direct investment by a school district.

Money in the several funds of the School District shall not be commingled for the purpose of making an investment authorized by Section 380.1223. The Board, however, may establish and maintain one common debt retirement fund for bond issues of like character.

Earnings on an investment shall become a part of the fund from which the investment was made.

Funds of the Board may be withdrawn from approved public depositories or negotiable instruments owned by the Board and sold before maturity at the sole discretion of the Superintendent or Business Manager acting within the law.

The Board also requires the Business Manager to report to the Board monthly, the types and amounts of each investment and the interest earned on each.

The Board may adopt a resolution at its annual organizational meeting, authorizing electronic transactions and the treasurer or the Electronic Transfer Officer (ETO) as authorized agent(s) to complete such transactions on behalf of the Board. The Automatic Clearing House (ACH) authorizing resolution shall include all of the following:

 A.That an officer or employee designated by the Treasurer or ETO is responsible for the local unitís ACH agreements, including payment approval, accounting, reporting, and generally for overseeing compliance with the ACH policy.

 B.That the officer or employee responsible for disbursement of funds shall submit to the local unit documentation detailing the goods or services purchased, the cost of the goods or services, the date of the payment, and the department levels serviced by payment. This report can be contained in the electronic general ledger software system of the local unit or in a separate report to the governing body of the local unit.

 C.A system of internal accounting controls to monitor the use of ACH transactions made by the local unit.

 D.The approval of ACH invoices before payment.

 E.Any other matters the Treasurer or ETO considers necessary.

M.C.L.A. 124.301 et seq., 380.1223

Revised 6/21/04

© Neola 2004