FILE:  DN

Cf:  DFL

SURPLUS FUNDS

Under law, a parish School Board may invest any funds which it may have on hand in direct obligations of the United States Government and in time certificates of deposit of state banks organized under the Laws of Louisiana, in national banks having their principal office in the State of Louisiana and in savings and load associations up to the amount incurred by the Federal Savings and Loan Association.

The Lincoln Parish School Board authorizes any two (2) of its three (3) designated officers (President, Vice-President, Superintendent) to withdraw such surplus funds as it may have on deposit in various savings and loan and/or other accounts for the purpose of reinvesting them at more favorable rates of interest. School and Student Activities Funds

The School Board recommends that any surplus funds in the various school and organization accounts be invested in short-term treasury bills and/or bank certificates of deposit, whenever possible.

Adopted:  July 1976

Ref:    La. Rev. Stat. Ann. §33:2955

Lincoln Parish School Board