A. The governing board of a school district may establish bank accounts in which to deposit the monies it withholds for employee insurance programs, the monies contributed by the district for employee insurance programs and the monies received from former employees, board members, former board members and surviving spouses and dependents of board members or former board members for the insurance programs. The governing board may disburse monies from the bank accounts only by check payable to the insurance carriers or to make refunds of insurance to individuals.

Terms Used In Arizona Laws 15-1223

  • 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
  • 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

B. The bank accounts may be interest-bearing, and the governing board shall transfer any interest at the end of the fiscal year to the county treasurer for credit to the maintenance and operation fund of the school district.

C. The auditor general in conjunction with the department of education shall prescribe the procedures for accounting for monies pursuant to this section in the uniform system of financial records.

  Previous section
Next section  
 Article 8 Contents