{"data":{"id":"us-ky/krs-160.570","jurisdiction":"us-ky","citation":"KRS 160.570","heading":"Depository of board -- Bond -- Duties.","body":"(1) Each board of education shall appoint a bank, trust company, or savings and loan\nassociation to serve as its depository, and if its annual receipts from all sources\nexceed one hundred thousand dollars ($100,000), it may designate additional\ndepositories. The depository may be designated for a period not to exceed two (2)\nyears, and before entering upon its duties shall agree with the board as to the rate of\ninterest to be paid on average daily or monthly balances.\n(2) The depository selected shall, before e ntering upon its duties, provide collateral in\naccordance with KRS 41.240, to be approved by the local board of education in\naccordance with Kentucky Board of Education administrative regulations, and to be\napproved by the commissioner of education. A board of education may enter into an\nagreement with its depository whereby the premium on collateral guaranteed by a\nsurety company may be paid either by the board or by the depository. If the board\npays the premium, the depository shall allow the board not le ss than two percent\n(2%) interest on its average daily or average monthly balances.\n(3) The depository shall hold for the board all funds deposited by the treasurer of the\nboard or its tax collector or duly authorized agent, subject to withdrawal by the\nboard at any time, and shall pay all funds so deposited to such person and in such\nmanner as the board directs. The depository shall keep full and complete accounts\nof all of the board's funds, and make reports to the board or its authorized agents\nupon request. The depository shall keep all records relating to the transactions and\nduties of the office and turn them over to the successor of its office along with all\nschool funds in hand. The board of education may at any time require a due and\nproper audit of  the depository's records of the funds of the board by a competent\noutside agent.","path":["KRS Chapter 160"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55595","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:08Z","sha256":"5c483af9d0d5ce45f9e2f1279846ead438f46158146e48ce21faea7a96b4a5b7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-160.560","next":"us-ky/krs-160.580"},"notice":"GroundRules: Original legal text. Not legal advice."}