Sec 15-1223. Bank accounts; employee insurance; interest; accounting procedures

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.

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.