Any money belonging to a district may be deposited by the officer of the district who has legal custody of the money, in accordance with the general laws governing the deposit of public money.
DepositsDeposits Generally
Section § 24350
This law states that district funds must be deposited by the district officer who legally holds the money, following the general laws for depositing public funds.
district funds public money deposit officer legal custody
Section § 24351
If a bank has money deposited from a district and that money is insured by the Federal Deposit Insurance Corporation (FDIC), the bank doesn't need to provide any extra security for the insured portion of the deposits.
Where the deposit of money is insured by the Federal Deposit Insurance Corporation no additional security need be required from the bank for the portion of the district’s deposits so insured.
FDIC insurance bank deposits district deposits
Section § 24352
This law allows a district to deposit its funds in the Federal Reserve Bank or any of its branches without needing security or interest if there is an arrangement with the Reconstruction Finance Corporation.
Where arrangements have been made by the district with the Reconstruction Finance Corporation for deposit of district funds in the Federal Reserve Bank of the United States, such deposits may be made in that bank or any branch of it without requiring any security or interest.
district funds deposition Reconstruction Finance Corporation Federal Reserve Bank
