Show POLICY WITH REFERENCE TO THE DEPOSIT OF SCHOOL FUNDS the doard board of education adopted the following policy with regard to the safeguarding safe guarding of school funds at the regular meeting held may 3rd ard the policy was recommended by superintendent erin paxton 1 the school treasurer must furnish a surety bond tor for before he qualities qualifies for or office lie ho shall be the custodian of all monies belonging to the school district and be responsible upon his bond tor for all monies received by him as treasurer 2 the depository selected by the treasurer tor for the sate safe keeping of the funds shall be approved by the doard board ot of education before deposits are made be it further provided that the amount of money deposited in any one bank shall not be more than 50 per cent of the banks capital and surplus 3 the depository shall furnish collateral security in the form of federal state county or municipal bonds which shall always be at market price and not in excess of 0 the following amounts a percent of 0 the penalty of the corporate surety bonds or bonds and or percent of 0 the market value not exceeding par dar of 0 the obligations of the united states or of the state of 0 utah and or b 90 percent of 0 the market value not exceeding par ot of any of 0 the other enumerated securities offered and so accepted the amount of collateral so furnished by the depository tory shall le be as large as the largest amount ot of school money on deposit at any ono one time provided that the bank may furnish a surety bond to the school district covering the amount ot of money so deposited 4 the collateral so pledged shall be held in another bank to insure adequate protection in exchange for a receipt or it must be kept in a safety deposit box which cannot be opened except in the presence ot of the treasurer of 0 the school district the clerk of the school chool district and the cashier or his representative ot of the depository bank it must always be borne in mind that safeguards must be employed and should any change in policy be permitted regarding paragraph 4 that the board of education should make requirements that the bank Is bonded and that it must insure the districts deposits against loss 5 the depository so selected shall pay the minimum amount required by law tor for these funds on oil daily balance the board also voted to require a report from the treasurer each month showing the amount ot of monies ies received amount spent where deposited the collateral pledged as security for the deposit and where it is being held |