Arizona Laws 15-386. Insurance refund fund
Current as of: 2024 | Check for updates
|
Other versions
A. Monies retained for insurance premium payments which are refunded to a school district at the end of a fiscal year by an insurer with which the governing board contracted for that fiscal year may be deposited with the county treasurer who shall credit the deposits to the insurance refund fund of the district.
Terms Used In Arizona Laws 15-386
- Budget year: means the fiscal year for which the school district is budgeting and that immediately follows the current year. See Arizona Laws 15-901
- Fiscal year: means the year beginning July 1 and ending June 30. See Arizona Laws 15-101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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
- 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 insurance refund fund of a school district is a continuing fund not subject to reversion. Monies from the insurance refund fund may:
1. Be expended for insurance premium payments.
2. Be placed into a trust to be used for payments of uninsured losses, claims, defense costs and other related expenses as provided in section 15-382.
3. Be used for reduction of taxes in the budget year.