A. Monies received for and derived from insurance losses shall be deposited with the county treasurer who shall credit the deposits to the insurance proceeds fund of the respective school district. The insurance proceeds fund of a school district is a continuing fund that is not subject to reversion.

Terms Used In Arizona Laws 15-1103

  • Governing board: means a body organized for the government and management of the schools within a school district or a county school superintendent in the conduct of an accommodation school. See Arizona Laws 15-101
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • School district: means a political subdivision of this state with geographic boundaries organized for the purpose of the administration, support and maintenance of the public schools or an accommodation school. See Arizona Laws 15-101
  • Subject: means a division or field of organized knowledge, such as English or mathematics, or a selection from an organized body of knowledge for a course or teaching unit, such as the English novel or elementary algebra. See Arizona Laws 15-101

B. The governing board, or the superintendent or chief administrative officer with the approval of the governing board, may apply the proceeds from insurance recoveries to the payment of any outstanding bonded indebtedness of the school district that is payable from the levy of taxes on property within the school district.

C. The governing board, or the superintendent or chief administrative officer with the approval of the governing board, may apply the proceeds of insurance recoveries to construct, acquire, improve, repair or furnish school property after notice. If the proceeds are applied to a project that costs more than two hundred fifty thousand dollars, the governing board, or the superintendent or chief administrative officer with the approval of the governing board, may apply the proceeds after notice and a hearing.

 

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