Oregon-Davis School Corporation
Bylaws & Policies
 

6144 - INVESTMENT INCOME

The School Board authorizes the Treasurer to make investments of available monies from the several funds of the Corporation 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 financial institutions organized and authorized to operate in this State;

 
 

C.

any other financial instrument authorized by Indiana law.

Money in the several funds of the Corporation may be commingled for the purpose of making an investment for the purpose of investing Corporation funds. S/He shall account for such investments separately.

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

The Board may authorize the Board’s investing officer to invest in certificates of deposit from depositories that have been designated by the State Board of Finance as a depository for State funds under I.C. 5-13-9-5 but have not been designated by the Corporation’s Board of Finance established by Board Bylaw 0151.1. This authorization shall be in the form of a resolution approved by the Board. Such resolution must provide that the authority to invest in these certificates of deposit granted by the resolution expires on a date that is not later than two (2) years after the date of the Board’s vote adopting the resolution.

I.C. 5-13-9, 20-26-5-4
I.C. 5-13-9 –Deposit and investment of public funds
I.C. 5-13-9-5(a) – Authorization to invest in certificates of deposit
I.C. 20-26-5-4 – Specific powers
I.C. 36-1-2-10 – "Municipal corporation" defined to include "school corporation"
I.C. 36-1-2-13 – "Political subdivision" defined to include "municipal corporation"
State Board of Accounts Public Schools Manual Part 14

Revised 6/13/16

© Neola 2013