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:
(1)Bonds, registered warrants, or promissory notes of the school district making the investment, or securities issued and guaranteed by the United States government; or
(2)Investments authorized by §4-5-6.2.
The interest accruing on the investment or deposit shall be credited to the respective fund or the general fund. Other than permanent, trust, retirement, building, and depreciation reserve funds, such securities shall mature within eighteen months from the date of purchase or be redeemable at par at the option of the holder within eighteen months from the date of purchase.
Moneys in any bond redemption fund may be invested only in the types of investments listed in subdivision (1). The investments shall be due and payable on or before the date when the bonds for the payment of which the 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; SL 2011, ch 26, §2.
Structure South Dakota Codified Laws
Chapter 16 - School District Funds And Accounts
Section 13-16-1 - Sources of school district funds.
Section 13-16-2 - Funds to comport with generally accepted accounting principles.
Section 13-16-3 - General fund defined.
Section 13-16-6 - Capital outlay fund--Definition--Uses--Levy.
Section 13-16-6.2 - Capital outlay certificates authorized--Issuance--Sale--Election--Maturity.
Section 13-16-7.2 - Maximum taxes--Pledge of taxes.
Section 13-16-7.3 - Maximum pledge of taxes--Limitations.
Section 13-16-7.4 - Maximum pledge of taxes--Transition.
Section 13-16-8 - Bond and certificate proceeds placed in capital outlay fund.
Section 13-16-9 - Expenditure of money from capital outlay fund.
Section 13-16-9.1 - Validation of prior school district contracts.
Section 13-16-9.2 - Five-year plan required when fund used to construct new facilities or additions.
Section 13-16-9.3 - Public hearing for use of capital outlay fund--Notice.
Section 13-16-13 - Tax proceeds paid into bond redemption fund--Purposes for which used.
Section 13-16-14 - Restriction on transfers from bond redemption fund.
Section 13-16-15 - Designation of depositories for school district--Resolution.
Section 13-16-15.1 - Domestic savings and loan associations as official depositories--Restrictions.
Section 13-16-18.1 - Domestic federal credit union as public depository--Requirement.
Section 13-16-19 - Custodial funds--Stewardship--Designation of employee--Surety bond.
Section 13-16-21 - Custodial funds--Monthly and annual reports--Audits.
Section 13-16-24 - Unlawful contracts and warrants void.
Section 13-16-26 - Transfers between school district funds.
Section 13-16-26.2 - Transfers from general fund--Prohibited--Exceptions.
Section 13-16-28 - Audit of school district books called by state, school board, or voters.
Section 13-16-30 - Title VIII of the Elementary and Secondary Education Act fund.
Section 13-16-31 - Transfers from Title VIII fund.
Section 13-16-32 - Special education fund--Legal costs allowable expenditures.