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802.80 Depository of Funds

Each year, at its annual meeting, the board shall designate, by resolution, the name and location of the Iowa-located financial depository institution(s) to serve as the official district depositor(ies). The amount stated in the resolution shall be for all depositories and include all of the district’s funds. The board shall designate the maximum amount that may be kept in each depository. The maximum amounts that may be kept in each depository shall be entered in the official minutes of the board.

All depositories will be federally insured.

Legal Reference:
Iowa Code §§ 12C2; 279.33

Reviewed:
August 18, 2003
April 18, 2011
October 3, 2016
October 21, 2021

Revised:
November 16, 2021