§ 115C-446. Semiannual reports on status of deposits and investments.
§ 115C‑446. Semiannual reports on status of deposits and investments.
Each school finance officer shall report to the Secretary of the LocalGovernment Commission on January 1 and July 1 of each year, or such other datesas the Secretary may prescribe, the amounts of money then in his custody and inthe custody of treasurers of individual schools within the local schooladministrative unit, the amount of deposits of such money in depositories, alist of all investment securities and time deposits held by the local schooladministrative unit and individual schools therein. In like manner, each bankor trust company acting as the official depository of any administrative unitor individual school may be required to report to the Secretary a descriptionof the surety bonds or investment securities securing such public deposits. Ifthe Secretary finds at any time that any moneys of a local schooladministrative unit or an individual school are not properly deposited orsecured, or are invested in securities not eligible for investment, he shallnotify the officer in charge of the moneys of the failure to comply with law.Upon such notification, the officer shall comply with the law within 30 days,except as to the sale of securities not eligible for investment which shall besold within nine months at a price to be approved by the Secretary. The LocalGovernment Commission may extend the time for sale of ineligible securities,but no one extension may cover a period of more than one year. (1975, c. 437, s. 1; 1981, c. 423, s. 1; c. 866, s.3.)