A. If the activities of a school district require immediate cash outlays for items including postage, freight, express, fuel taxes, parcel post, travel or other minor disbursements but not including salaries or wages, which are proper as ultimate claims for payment from school district school funds, the governing board, or the superintendent or chief administrative officer with the approval of the governing board, may apply to the county school superintendent to establish and maintain a revolving fund. The allowable amount of the fund shall be fifty cents per student count, except that for a common school district or high school district, at the request of the governing board, or the superintendent or chief administrative officer with the approval of the governing board, the fund may be increased to an amount of five thousand dollars, but in no event shall the amount of the fund be more than ten thousand dollars, and for a unified school district, at the request of the governing board, or the superintendent or chief administrative officer with the approval of the governing board, the fund may be increased to an amount of ten thousand dollars, but in no event shall the amount of the fund be more than twenty thousand dollars. The application shall state the purposes for which the fund is required and the amount deemed necessary and shall designate the particular official of the school district who shall be the custodian of and be charged with the handling and accounting for the fund.

B. The county school superintendent may allow such application, draw a warrant to the order of the designated custodian and charge the amount against the school district fund, but no revolving fund shall be established unless the designated custodian is bonded for an amount equal to twice the amount of the fund. The cost of the bond shall be a proper charge against the school district.

C. The designated custodian shall periodically submit a voucher with supporting papers covering disbursements from the revolving fund to the county school superintendent who shall issue a warrant for the voucher to reimburse the fund. If the school district is dissolved, consolidated, unified or subdivided, or if the governing board, or the superintendent or chief administrative officer with the approval of the governing board, decides to terminate the revolving fund, the designated employee shall return the original amount of the revolving fund to the county treasurer by the date that the dissolution, consolidation, unification or subdivision of the district becomes effective or within thirty days after the date that the governing board decides to terminate the revolving fund, whichever is appropriate.