Section 13-16-18 - Deposit and investment of fund accumulations--Crediting of interest--Maturityof bond redemption fund investments--Filing of resolutions.
13-16-18. Deposit and investment of fund accumulations--Crediting of interest--Maturity of bond redemption fund investments--Filing of resolutions. All accumulations in all school district funds shall be deposited in lawful depositories in checking accounts, savings accounts, or time deposits, or invested, except as hereinafter limited, in bonds, registered warrants, or promissory notes of the school district making such investment, or securities issued and guaranteed by the United States government. The interest accruing on such investment or deposit shall be credited to the respective fund or the general fund.
Moneys in any bond redemption fund may be invested only in such of the above listed types of securities as will become due and payable on or before the date when the bonds for the payment of which such bond redemption fund was created become due and payable, except bonds of the United States redeemable at par.
In carrying out the provisions of this section, all transactions shall be by resolutions of the board, which resolutions shall be regularly filed and recorded with the business manager as a public record.
Source: SDC 1939, § 15.2209; SL 1955, ch 41, ch 10, § 6; SDC Supp 1960, § 15.2206; SL 1976, ch 114; SL 1978, ch 108; SL 1985, ch 126.