The Board of Education shall adopt a resolution every five (5) years designating those banks and other depositories of public funds in which the Treasurer may deposit interim funds of the District, and authorizing the Treasurer to enter agreements with said banks and other depositories on behalf of the Board. The Board shall also make interim changes if it is in the Board’s best interest to appoint an additional depository or if one (1) or more of the designated depositories are found to be insolvent or operating in an unsound manner.

R.C. 135.12